With all the bitcoin cashback services out there (and the fact that Oshi is basically a cashback service) what makes you say that cashback is a scam?
Great question!
We live in this crazy time where the legacy system and the bitcoin network are running in parallel. Today, with Oshi, someone can effectively pay with dollars over the lightning network (Strike) for goods and services and receive bitcoin 'cashback' (don't say that too fast or you'll wake up Roger Ver). This isn't scammy to me. You pay using dollars, and get bitcoin-back.
The scammy part is traditional cashback, whereby you're paying with dollars, and these debit/credit cards/rewards systems are basically just keeping your change under their 'INTRAnet of money', or walled-garden platform. For the longest time, if a business was offering 3% 'back', that would be called a discount. They would simply give you 3% of that item back in change. Today, they want you paying full price and locking in your rewards on their platform. Your change.
Furthermore, these businesses are passing down the payment processing fees (which are higher than the reward you're getting) to the customer. So when you earn these 'rewards' from your credit card company, you're really just having fun staying poor. The business is going to charge you an extra 3%+ to use your card, and the bank is giving you 1-2% 'cashback'. You're still losing 1%! Where it gets interesting is that if you use cash only, you're still paying the higher cost (unless they have a pay with cash discount) as if you were swiping your card, but getting 0 rewards back.
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🤯 ahh ok i see now.
i'm just gonna say it tho. you're basically the roger ver of a new era lol
bitcoin moses 🤣
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haha i've definitely thought about this. Roger was out there hustlin' trying to get business on a bitcoin standard - he was just really really early. It was unfortunate how his belief and use-case for bitcoin at that time really blinded him.
I also think the narrative he was driving was destroyed a bit right along with his reputation.
With lightning, it's definitely the right time to pick that torch up and start championing for small businesses to accept bitcoin once again, with all sorts of new use-cases and features that Roger could have only dreamed of at the time.
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