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MasterPI

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Programmer from Bulgaria living in Valencia, Spain.

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It's also difficult (impossible) to curb demand for housing if housing is far and away the best investment you can possibly make, both in the short, medium, and long-term.

With the population numbers in decline in the west (especially Europe), will there be enough demand in the medium and long-term for housing?

I doubt the world would have been able to enjoy such a technological progress in general without oil to even have computers and be able to post comments on here for example.

Not denying that the oil industry hasn't got any sins.

I was referring to how the system works here in Europe. I suppose there is no much of a difference in the US.

On each step in the chain (credit card, POS, bank entity, etc.) you have lots of verification and error control each one adding more and more overheadeing.

And let's not forget times regarding the user - pin request, payment type which the user has to select if it is necessary.

It takes considerably more time than simply swiping because chip payment transactions ivolve much more communications between the card the POS terminal, the bank entity, payment provider, etc...

Encyption/Decription times are neglible.