My theory is that if MasterCard roll-out a "masterbyte" crypto-currency that can automagically convert to real cash usable in all MasterCard enabled retails, bitcoin will loose all value almost overnight. Prove me wrong using strong arguments and I'll change my mind.
PS: needless to say, downvoting me don't count as an argument. It just keep me thinking that you are in lack of a better one.
A company using credit card technology in combination with bitcoin and other cryptocurrencies is simply leveraging existing technology interfaces for companies that want to accept cryptocurrency without said companies having to deal with alternative payment systems. The payment system handles everything related to the cryptocurrency and the payee simply sees the USD (or other fiat currency) value in their accounts.
I stil don't see any argument, just as-hominem as usual when defending bitcoin: "Pheeww you know nothing...".
I would encourage you to read more about cryptocurrencies and how it has massive disruptive potential. Here are a good set of articles to get you started: https://thecontrol.co/some-blockchain-reading-1d98ec6b2f39
I don't deny that cryptocurrencies might play a huge role in the future. And algorithms are indeed pretty clever. But I don't see why that prevent current bitcoin implementation to be a pyramid scheme and thus I ask. And haven't been answered so far.
It's like arguing that tulips madness wasn't a buble because tulip are beautifull and still sells today. Evrything can be used by speculators to build a buble, even rice or corn (and that's even worse than bitcoin because lots of people don't eat as much as needed as of today).
Leverage is a multiplier in both directions. People do borrow money to invest in bubbles which is what can make the eventual pop so economically devastating.
