[ggm]

Fees on payment methods are a good example of the kind of friction we wanted to get rid of, agreeing to use these intermediaries.

If we've just replaced stupid inter-bank 3 day cheque clearing bullshit fees with stupid microtransaction fees which are variable at-will by the guy in the middle, whats the point?

Money is regulated. Money flows should be regulated. This industry should be regulated, and the fees set to cost recovery, not profit point. If that reduces to one interchange agency per economy, I'd be fine: Nationalise them all.

Does it cost the CPU more to process $1b in one transaction than to process 10c?