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Originally Posted by jimb
unfair as it may seem, a Monopoly is needed in this case of Visa/Mastercard. Reason being that if there wasnt a monopoly then you wouldn't have access to billions and billions of card members. Would you really want to take all the time and effort to go out and collect a million different banks issuing gateways and connect them up to your system. You would spend years.
Visa/Mastercard is one of those monopolies that allows everyone to make more in the end. Yeah sure they take some money, but everyone needs to profit. Think if there was no Visa, where would the adult industry be? Alot further behind.
Jim
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I am not saying monopolies are bad. Microsoft is allowed to operate and there are many other monopolies out there. But there are laws against monopolies abusing their power.
The case against microsoft was not that it was wrong for them to be a monopoly. The case was about them abusing that power.
Visa is in a similar situation in that they are abusing their power.
Since most video transactions are billed at say 9% on average and they should be billed at about 2%. That is 7% of about probably $1 billion a year in transactions. Thats 70 million dollars per year being seized illegally. That is not just "some money".