Why flexa and the spedn app are just giant lies.

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We know gift cards really well. We know crypto really well. We’ve been in both industries for many years. When we heard that retailers were onboard to accept crypto via spedn, our BULLSHIT meter just went off the wall.

Here’s how it ACTUALLY works.

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  1. You deposit crypto into the spedn app.
  2. Spedn purchases a gift card on your behalf (using visa or MasterCard and makes a sweet 2% profit).
  3. They display the gift card barcode which the merchant scans as a gift card.
  4. The merchant just sees a regular gift card transaction, they have zero idea what’s going on.

They’re liars.

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  1. “The merchant receives the payment in dollars”... .
  2. “Flexa integrates with existing merchant payment processing”.... purchasing gift cards isn’t integrating anything.

If you release a crypto product, be transparent about how it works. Don’t make it seem retailers are onboard when you’re just buying gift cards from them and giving them to people paying in crypto.

If you want to actually support adoption use a service like purse.io or alagoria.com. Save a little money also.

“Don’t pee on my leg and tell me it’s raining.”

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Edit: After many PMs, use Purse.io or our site Alagoria.com

Get 10%+ for your purchases online and support the GC and crypto market.

submitted by /u/Shop_Alagoria
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source https://www.reddit.com/r/btc/comments/bpu3i8/why_flexa_and_the_spedn_app_are_just_giant_lies/

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