When it comes to the question of payment systems and their reliability, platforms like Patreon often take center stage. With the recent problems identified in Patreon’s Payoneer payout system, one can see first-hand the detriment of relying solely on traditional financial structures for efficient and convenient transactions. The announcement of these issues was made on August 2nd, according to Patreon’s public feed on an unnamed platform.
The timing couldn’t be more illustrative, especially when it coincides with crypto developers keeping an eagle eye on incidents of this nature. These tech minds are driven by the desire to give life to a key notion of the blockchain industry – the need for an improved, trustworthy and efficient infrastructure, something that has the potential to outshine the current options.
Amid the inconvenience, it draws one’s attention towards the fact that an unrelated issue is adding to the misery of the platform’s users, both creators and patrons alike. The alarming rise in the number of patron payments being wrongfully flagged as fraudulent by banks is a predicament only adding to the general chaos. Addressing this unfortunate issue, Patreon has assured its user base that all possible efforts are being put to work to manage the situation.
Users started noticing something amiss with Patreon’s payment system as early as Wednesday, with conversations on open-source alternative platforms like Nitter and Reddit hitting max volume. What’s intriguing is that Patreon’s system failure has snatched away a significant portion of income from the creators using the platform.
An example of the severity of the situation came from a user named @JasonKPargin who took to Nitter to express his concern over his vanished income, indicating that Patreon’s system appears to have stumbled down the rabbit hole.
The comparison between the disruptions of the traditional finance systems and the promise of blockchain technology is hard to ignore. Events like these make the implications of blockchain development a pretty shiny proposition. But, of course, there will always be critics who’d snarl at the thought of embracing the blockchain revolution. After all, it’s a brave new digital world out there, and with its arrival, we can only wait and see if blockchain technology can arise as the phoenix from the ashes of these traditional system failures.
Source: Coindesk
