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102 sats \ 3 replies \ @gmd 12 Feb \ parent \ on: On Folds Credit Card, What is Sutton Bank? bitcoin
what was Fold before the debit card?
Man 2021 was the glory days… I was regularly getting such high % back by saving daily spins and from small purchases and using them strategically on bigger purchases.
I don’t know squat about banks but I love my Fold card. It’s been fun to see the fiat value of those sats creep up this past year.
Yeah fold had a great mission of trying to use lightning but they ran into the issue of no one was using lightning to buy things so they went the rewards amount. What some maxis don't understand is fiat isn't going anywhere any time soon meanwhile you can use fold and get every sat you can. Every sat you get and secure is a sat I can't get from you unless I earn it by providing some sort of good or service.
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Yup! The purity clerics are annoying. Goal is to stack sats...
I'm still not quite sure where the yield comes from though... if I make a 20k tax payment I'm getting $100 back in BTC (minus the $3 fee)... great for me but seems like quite an expensive transaction cost for them to recoup at scale.
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It’s all made on the fees to move dollars around. It’s just visa and fold are using the spoils from the fees earned to pay you out in rewards and keeping some for themselves.
Maxis hate this because visa is making revenue off bitcoiners spending dollars but every single bitcoiner on this planet needs a dollar at some point. Not a single producer that matters on a large scale is accepting sats for payment and if they are 99% chance the dump it for a dollar because that is what their expenses are in. No one is truly living on a bitcoin only standard it’s impossible in 2025.
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