without fraud being profitable.
Actually… scratch that.
With this fine, it actually was profitable. Interest is always lower than what someone could actually earn on the funds if they just dropped it into some broad market ETF, or reinvested it to commit more fraud.
There were people estimating 40w in earlier threads on lemmy which was ridiculous.
This seems more realistic.
He was fined what he profitted from fraud that the judges agree he committed, plus interest. In what world is that excessive?
Wow… i saw the headlines but didn’t realize this was the case. Not even punitive fines. Literally this is the ABSOLUTE MINIMUM it could be without fraud being profitable.
A person is suing Musk, not the state and if I’m not mistaken, the burden of proof is also less in a civil case so it’s more likely they can win. So they could have chosen civil for that purpose.
If they do win, that could maybe encourage a criminal case to go forward?
It’s at least 60 minutes, not 60 minutes. It’s just bad reporting.
e.g https://youtu.be/pkrANZBUqhY?t=33 [that’s at the point]
Sub penny on L2 and a couple / a few cents on mainnet unless a big event is happening on main.
That’s actually a pretty realistic option given the 2 hour refund window.
Maybe allow it only after 1 successful deposit, and revoke it after 1 failure for a long period and X successful payments.
Also maybe only 1 game is playable if you happen to buy more than 1 in that time
The digital shit is so complicated it takes a huge amount of employees. Integrations with hardware (payment terminals), banks, setting up infrastructure so others can accept your payments, automated fraud detection, digital compliance in every country they want to target, it’s huuuuuuge. Thousands of employees.
It used to be do a carbon copy of the card and send us the receipt.
Valves internal structure wouldn’t scale to that size either, and they have no experience running a company of the size that would be required in a different structure.
And that’s back to my point of people not wanting to leave money places in case they want to buy a game in the future.
That is such a monumental task and valve only has between 350-400 employees.
Stripe has around 8500 employees, and they only integrate with credit card banks who integrate to the credit card companies. But they finally got a license to directly integrate so we might finally see that in the near future.
When sears made the discover card, they had hundreds of thousands of employees, and they didn’t need to deal with all the digital shit we gotta deal with now.
Even having to wait an hour is a fantastic way to lose a sale.
That takes time (days) that people don’t want to wait to make a purchase, nor do people want to leave a balance with companies or have to worry about topping it up so they have enough to buy the next game they happen to want without waiting.
Edit: Not to mention the risk of sharing bank account information.
I keep a $50 bill hidden between my phone/case so I always have some if i lose/forget my wallet, but that’s definitely a prime target for being stolen… might toss one in a shoe as well, that’s a good idea.
I think there might have been some reasonable rationale behind it at one point, but they were paid much better to account for it with a higher hourly rate and great benefits because of it.
But all that’s been erooded to the point of being close to a minimum wage job for new hires now and there’s probably even more responsibilities now resulting in more unpaid work, so it never scaled appropriately.
Using my mandolin where you slightly rotate the onion after each cut works wonderfully.
The problem was the artificially congested network causing unreliable transactions that would take too long which would make the price too volatile. Additionally fees were getting ridiculous when they stopped accepting them due to this congestion
That led to too many refunds or failed payments or payments that were no longer sufficient.
That resulted In a customer service nightmare.
All of those problems can be avoided today using a stable coin not on the bitcoin network.
They could even issue their own stable coin if they were weary of being reliant on another. I think valve would be viewed as trustworthy in keeping the 1:1 backing in a bank account. They could partner with someone else to issue it, like coinbase and Gemini do USDC.
USDV
They know exactly how to do it as they did it before but had to stop because the bitcoin network was artificially congested with insane fees and it caused failed transactions or multi hour long transactions where the price dramatically changed. This resulted in complicated refunds or delays which resulted in unhappy customers.
They can avoid that all now by simply accepting stable coins like USDC. For every issued usdc there is 1 usd in a bank account somewhere. The value barely fluctuates. There are networks that can handle the volume this would create without getting congested nowadays as well.
Given the mess that happened last time though I imagine they are highly reluctant, although this could be enough motivation.
Some states (not sure if this one was) tried to get an injunction against it and failed in court.
It’s possible that the state doesn’t think they have a strong enough case to win a criminal trial? (Edit assuming this was one of those states)