B2B Vault Episode 22: B2B Vault News Round Up Part IV

Written by Allen Kopelman

November 18, 2021

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Video Transcription

Hey, welcome to B2B Vault The Payment Technology Podcast today. And we’re here with the News Roundup. So here’s, what’s going on in the news this week. You know, I try to come up with some stories that I find during the week and we put it out and this is important information. Business owners should do their research on and know what’s going on with, uh, different things in the news and how that’s going to affect business.

So the first topic is how will the new infrastructure bill impact cryptocurrency? So this is interesting. I thought I was going to see some giant bombshell in there, but then after I dug into it, basically they wrote a bit, they wrote something into the bill that makes absolutely no sense. Says, they’re going to try to tax your gains on your crypto investments, but they don’t have a way to do it. They don’t know how they’re going to do it. And even if they did know how to do it and they could figure it out, they wouldn’t be able to do it until 2024. I suspect that this is gonna be, um, attacked with a bunch of lawsuits, because basically, you can’t say you’re gonna attack me. Bitcoin went up and now it’s worth 70 grand. And I bought it for five grand and you’re going to tax me on my profit, but I didn’t take the profit yet. So they can’t do that on stocks. And crypto is the same thing as the stock market. And that would be like saying, oh, we’re going to tax everybody on your gains capital gains. And that could be very dangerous on gains that you didn’t realize yet. So not that. So you didn’t have a capital gain because you didn’t cash it out and get them and get the money. So it’s the same thing it’s like saying if they pass if they’re able to get this done, are they going to come after your house next and say, well, you bought your house for 250 grand. And we say, it’s worth 500,000. So now you owe 200. You need to pay taxes on the $250,000. Well, you didn’t sell your house. Where are you going to get the money to pay tax on 250 grand? If you don’t sell your house, this is the same thing. It’s crazy. I expect this to be attacked with lawsuits, probably go to the Supreme court, um, makes no sense whatsoever. If you’re invested in crypto, I suggest we’re going to post the link to the story. I suggest you write your congressperson. Okay. I write my congressperson. They probably don’t pay attention, but I do it anyway.

The next story is really interesting and doesn’t make a lot of sense to me, but the city of Miami decided they’re going to mine, Bitcoin. And then they’re going to take all this Bitcoin that they’re mining. So they’re using like electricity and my mining uses a ton of electricity, right? So I don’t know why they’re doing this. It’s not friendly for the environment, but that’s a whole nother discussion of whether it’s friendly to the environment or not. Unless they’re using solar power to do this. And then they’re going to take the crypto that they mind and convert it from Bitcoin into this Miami coin. And then everybody who lives in Miami is going to get some of this Miami coin. I have no idea how in the world, goodness, I started laughing because I don’t know how in the world they’re going to distribute this coin to everybody that lives in Miami Dade county. You know, it does kind of a crazy thing. And then they want to be able to accept that Miami going for payments. Like if you get a ticket in Miami, you could pay it with some Miami coin, but who knows when that’s going to happen, how they’re going to distribute it to people, and all that. It just sounds like a lot of pie in the sky. But it’s interesting if you live in Miami, I would be following the story. I’d love to know how much electricity they spent on electricity and computers to do all this mining. And then what is it going to yield? You know, it’s a little crazy. I mean, the mayor is saying like, oh, we want Miami to be the crypto capital of the south and get all involved in this, you know, Bitcoin things. So I, I don’t understand. I see a ton of events going on and all that. Listen, we have a Crypto. You want to take crypto to your business, check out our website. We have a cryptocurrency page. You can, you can read all about it. And like I said, check all the links that we’re going to post, in the story below the video. And if you listened to the podcast, go back to the website and get the links for, the story. Cause it’ll be posted in the show notes down on the bottom. Okay.

The next story, this one’s really interesting because a couple of weeks ago, all the banks came out and they were, and um, and the credit card issuers and they were like, oh, buy now pay later. No good. Uh, they started to, uh, petition Congress to regulate buy. Later, boom, two weeks later, MasterCard is jumping into the buy now pay later space. And there, you know that’s, this is not going to happen quickly, but they’re going to start enabling, you know, banks who have MasterCards to do buy now pay later without using a third-party service, like a farm Klarna and the many other services that are out there. Okay. Um, you can check out more about buy now pay later on our website, under consumer financing. Um, if you need it for your business, we have, we have a product. Okay. So check that out, but buy now pay later. MasterCard jumped in. We’ll probably see ’em in two or three weeks, a story visa, American express discover all, either partnering with one of these companies buying one or launching it themselves. So buy now pay later. It’s here to stay. If you, you know, I think it’s something that, uh, just about every business you consider, you could do it in a retail store. You could do it in an attorney’s office, a CPA office, B2B transactions. You can do it on your website for consumer transactions. It’s hot. Okay.

The last story, this one was a little crazy. A few weeks ago, there was a raid on PAX technology, which makes pin pads and credit card machines. They’re probably one of the largest employers in the world. And the last few years packs came on and they were the lead. They’re the leader probably in deploying pin pads and credit card machines in the United States and across the world, they came out with the first, um, what they call them. Now I’m going to lose my mind on what it’s called on, on integrating payments to the POS system. But then the payments are basically on the side of the machine and that, so it’s called a semi integration and they were the leader in semi integration. So the FBI went in and rated them. There was a bunch of stories online. And then we got notes from the fed, the federal reserve, and the office of cybersecurity, the whole long name after it, that now they did their investigation. And they’re satisfied that PAX terminals did not present a risk, do merchants or payment data or anything being stolen. And I’m assuming from what we read that, you know, packs and we’ve made some updates or something to their software and, you know, so that, you know, that whatever issue was going on no longer exists. And they said, whatever did happen was not a threat to the payment, um, payment data in the United States. It wasn’t a threat to consumers. It’s not a threat to businesses and wasn’t, it’s not a threat to the payment companies. So, you know, everybody can feel safe. Now, if you have a PAX device, some companies might stop deploying that device. But I think that will be short-lived because, as I said, they’re the leader in semi integration. So I’m sure other companies will increase some of their business because people don’t want to do business with them. But you know, if you have this device, uh, nothing to worry about. So that’s this week on the news Roundup from B2B vault. Uh, thank you for listening. Follow us on social media, follow us and click follow on your favorite podcast network. Catch us on YouTube. Catch, read the blog, catch the videos on NPSBANK.COM Everybody has a great week. Thank you.

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Merchant Statement Analysis | Merchant Services Statement Analysis
Merchant Statement Analysis | Merchant Services Statement Analysis
Merchant Statement Analysis | Merchant Services Statement Analysis
Merchant Statement Analysis | Merchant Services Statement Analysis

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