[krschultz]

Think through the 3% bit a little bit. Do you think that the banks charge 3% because their settlement software is that much less efficient than a blockchain?

Of course not. You're paying for customer service, marketing, fraud protection & settlement, and a host of other things with that 3%. It's not 3% because that's what it costs to run a computer to figure out payment processing, it's 3% because that's what the banks can charge to run their business. In effect most people pay 2% or less because of credit card points, so really it's just a forced discount on retailers. Again, because the banks can.