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You know that 1% - 3% fee banks charge on card transactions?

That's also inflation, except the banks benefit.

1% of $16T = $160B

Every companies billing services based on a percentage of a sales price, where this price has no relation whatsoever with the service provided, are just plant scam. Often it comes with an abuse of position, like mandatory notary fee, bank fee, real estate lobby coordinating on fees, lack of competition in a field...

Bank fee are neglected, because 1-3% fee on 4-5% inflated price is not that much out of everyone pocket but altogheter is a fortune.

Real Estate notary and agency are more impacting, if you sell the exact same house 500k or 1M, the work is not double but fee taken is double.

#Bitcoin has the power to solve both, directly or indirectly.

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Discussion

mike 7mo ago

Interesting you discuss estate agents.

I thought of this point today because we are just putting our house on the market and the 1% fee our agent wishes to charge will generate them more money than our builder has earned renovating the house.

Eluc 7mo ago

Scam artist. In Switzerland there is one company selling your property for a fixed price, but people are afraid to use them, thinking they have no interest to sell your property at the highest price.

mike 7mo ago

Interesting, we have a failing company here called Purple Bricks who offer list your house on the main property portals and will charge you a small fixed price for other services like viewings.

Almost nobody uses them because they are perceived to not be as likely to attain a sale as traditional agents.