Marginal Cost of Processing a Transaction in Bitcoin is far greater than the Cost at Visa/MC
At it's fundamental core level, processing the N+1th transaction is greater for BTC than traditional processors like Visa / MC. Bitcoin processing also has to eat the cost of Volatility and Currency Conversion(which traditional processing systems don't have to) The remaining costs -- fraud protection* (transaction risk), regulation, customer service, staffing, marketing, operations, support infrastructure will be pretty much the same (Although Visa/MC can amortize it over 10000x more transactions than BTC startups). All in all, BTC as Payment Processing system is fundamentally designed to fail. BTC as a store-of-value? May be. But, it'll require decades of trust, non-volatility and network effect
BTC can never prevent a merchant shipping a brick instead of a laptop. This cost has to be eaten by the processing network. BTC magically can't eliminate this risk.
PS: If you are going to reply to this thread telling me Visa charges 2.5%+flat fee, you have no idea what I'm talking about. To help you out, think of iPhone's manufacturing cost of an N+1th device instead of iPhone's selling price
07-02 06:54 - 'bitcoin maxis will hate me but the only other crypto which can challenge bitcoin MC looks to be $VI. Defi is too complicated for the common man (the unbanked defi wants to target). VI take on crypto and universal value income and...' by /u/shkl removed from /r/Bitcoin within 99-109min
''' bitcoin maxis will hate me but the only other crypto which can challenge bitcoin MC looks to be $VI. Defi is too complicated for the common man (the unbanked defi wants to target). VI take on crypto and universal value income and being a rival to tiktok and instagram tells me that this is how crypto will go mainstream. a generation addicted to insta and tiktok will realising they can make money through their addiction should be a game changer. also, its one of the very few shitcoins which have a working product and big big influencers lined up to promote it. ''' Context Link Go1dfish undelete link unreddit undelete link Author: shkl
Sonoran Spores’ 500+ Review GIVEAWAY DAY 4! May the odds be ever in your favor :) Today’s prizes: 1x fully rooted San Pedro “Monstrose” cutting, 1 swab pack of each Cubensis available in swabs, 1x 20 spore syringe grab pack!!! Details, rules, and entry below!
DAY 4 IS NOW CLOSED. WINNERS WILL BE ANNOUNCED IN A FEW HOURS. BE SURE TO ENTER DAY 5! Hello all, welcome to Day 4 of our 500+ review giveaway! Good luck to all. We are so happy to see so many entering, we are apart of the best community ever! <3 🍄🌵RULES AND HOW TO ENTER🌵🍄 -To enter all you have to do is upvote and comment below! -One entry per person per day (if you have more than one account we kindly ask you enter from just one account) -Active spores are ILLEGAL in CA, ID, or GA and therefore cannot be sent to the states. If you are from one of these states and still would like to enter to try and win a San Pedro PLEASE MAKE NOTE IN YOUR COMMENT THAT YOU ARE FROM ONE OF THESE STATES! You will still be eligible to win a cactus as they are legal in those states, but if your name is drawn for an active spore prize then we will be forced to draw another name -Active spores are for microscopy use only -San pedro are for ornamental purposes only -Cacti will only ship in the US as they will most likely not survive the trip due to how long international post has been taking due to the pandemic :( -International winners (spore prizes only) will have to pay for shipping and we can only accept international payments through Bitcoin since our PayPal account got suspended. INTERNATIONAL CONTESTANTS MUST BE ABLE TO PAY FOR SHIPPING THROUGH BITCOIN. We apologize sincerely for any inconvenience -Names will be drawn randomly for random prizes 🍄🌵PRIZES🌵🍄 ———————- PRIZE 1: Fully rooted San Pedro “Monstrose” cutting (shipped bare root) here’s a pic (internal reddit link) WINNER: u/tattooedtwin ———————- PRIZE 2: 1 pack of each of the Cubensis varieties in swabs: * 1x Albino Penis Envy swab pack * 1x Avery’s Albino swab pack * 1x B+ swab pack * 1x Ban Sa Phang Kha swab pack * 1x Blue Meanie swab pack * 1x Ecuadorian swab pack * 1x Golden Mammoth swab pack * 1x Golden Teacher swab pack * 1x Lizard King swab pack * 1x Mazatapec swab pack * 1x Melmac (Homestead Penis Envy swab pack) * 1x McKennaii swab pack * 1x Nepal Chitwan swab pack * 1x PES Amazonian swab pack * 1x PF Classic swab pack * 1x Red boys swab pack * 1x Rusty Whyte swab pack * 1x Z-Strain swab pack WINNER: u/bis_canna ———————- PRIZE 3: 20 spore syringe grab pack* WINNER: u/smprior ———————- You have 24 hours (Today until Midnight MST) to enter!! Good luck and be well🍄💙 *Syringe varieties available for the 20 syringe grab pack
“There’s no capacity to kill Bitcoin” - U.S. Congressman Patrick Mc Henry said today on CNBC
“I think the challenge that we all face with this is some of these cryptocurrencies — they’re literally just a piece of open-source software,” said Allaire. “There’s nothing else. It exists on the internet, it’s open-source software, anyone can implement it, it runs wherever the internet runs, and these have a monetary policy where these assets are algorithmically generated . . . That is a challenge that every government in the world now faces — that money, digital money, will move frictionlessly everywhere in the world at the speed of the internet.” These remarks made during Tuesday’s hearing follow comments made by U.S. Congressman Patrick McHenry (R-NC) from earlier in the month when he stated “there’s no capacity to kill Bitcoin” during an interview with CNBC.
Recently I decided to change all my professional and personal plans. I left my job. I left my friends and family. I left my country. All for Bitcoin. Here is why.
Discovering my core values I was born and raised in an upper-middle income family in Mexico City under catholic values but turned agnostic as I grew older. I kept the values that made sense, such as the importance of charity and giving back, and threw away the ones that were outdated, such as the focus on guilt as a motivator of change. As a kid, I remember how conflicting it was to see other kids working in the streets, starving, drugged, and abused. I couldn’t understand why they couldn’t focus on their education the way I did. That planted a seed in my spirit that still grows. Seeing in economics hope As a teenager, I entered the rabbit hole of economics with hope. Economics seemed to be this mystical force capable of solving the world’s biggest problems: poverty, corruption, global warming, and many more. I knew that the way we were doing economics was wrong and I wanted to change that. Just think about the horrible things that have been done under the name of communism, such as the Cambodian genocide, or how the United States, the crown jewel of capitalism, makes of fundamental rights, such as healthcare and education, profitable businesses instead of granting everyone equal access to them. While studying my undergrad, I quickly fell out of love with the idealistic idea of economics as an almighty force that can conquer all evils. I saw how economics was often used as an excuse to force simplistic representations of culture and society into complex problems. I never understood how that approach of thinking about problems in a vacuum could be useful. Understanding the power of financial services Later in my life, while working as a consultant for McKinsey, I finally understood the importance of financial institutions. They decide who should do business and have access to goods and services and who shouldn’t. And financial institutions don’t grant everyone that right. It was clear to me that that was a problem that needed fixing. That’s why I devoted so much time studying this industry back then. I came to Berkeley to Business School more out of inertia than out of will. I was sponsored by McKinsey and had an offer to go back. I didn’t know exactly what to do with the experience, but I knew I wanted to keep exploring financial services. During my MBA, I heard about Bitcoin in a serious academic environment for the first time and it immediately caught my interest. Via Berkeley-SkyDeck, a startup school, I heard about lastbit (lasbit.io) for the first time. I read everything I could about the project and about the founder, this cool, heavy-metal lover, who wanted to change the world with the disruptive power of Bitcoin. I could see myself in him. I had to meet him. After failing to meet him in person at an event, I just cold emailed him praying for him to answer. He did. That’s how I came in contact with Prashanth for the first time, this impressive 25-year-old genius who managed to get Charlie Lee on board of his project with little more than a prototype. There’s a reason why he managed to do this. Today Bitcoin is almost impossible to spend. With Prashanth’s his solution, anyone will be able to swipe a card or tap their phone and pay with Bitcoin instantly anywhere where they are able to pay with their credit card today. Something not so long ago possible only in bitcoiners’ dreams. Through Prashanth I finally understood what Bitcoin really is. It blew my mind. Unveiling the real meaning of Bitcoin Bitcoin is not an investment asset, it’s the possibility of a new social contract. Bitcoin is a decentralized, transparent, and auditable network to store and transmit value to which everyone in the world can have access to. This presents a real opportunity to redefine money, which today is inherently centralized, first by central banks, and then by financial institutions. The centralization of money has at least three critical problems that Bitcoin solves. First, there is a macroeconomic problem that has to do with monetary policy and that today with the COVID-19 economic crisis is more relevant than ever. Money is supposed to be a reflection of real economic value, but some central banks print money arbitrarily. Bitcoin’s monetary supply is limited by design. Second, centralized financial services are discriminatory and don’t allow free access to everyone. Bitcoin is universal and free. This means that for the first time in human history, everyone will be able to participate in the global economy. And participation is the pillar of democracy. Third, central authorities control private information. The recent attacks to high profile account on Twitter illustrate how vulnerable private information is when stored in centralized networks. Bitcoin allows people to have full ownership and control of their personal and financial information, protecting both their identity and their wealth. As such, Bitcoin emerged in front of my eyes as a way to instrument basic democratic principles in a way in which everyone can have equal representation. Money as we know it will soon be a thing of the past because money as we know it not fair nor egalitarian and now people can choose. I had to quit McKinsey. I had to leave Mexico. I had to stay with lastbit. I had to give this project my all.
[Twitter/Clubhouse/News Media?] Silicon Valley v The New York Times: Overpriced Suitcases, Insta Stories, Insular Apps and Bitcoin Bounties
Background: What is Clubhouse? You know all those stories of people interrupting Zoom calls by spamming the link and getting in? What if that, as a business model. It is still in private beta, has only 1500 users and yet somehow venture capitalists have $12 million invested at a $100 milion dollar valuation in this. What is Away? Hardcover suitcases that cost $225 and above. Hipsters seem to like it. "The brand is more than just luggage. It’s about travel." It is treated like a tech company by VCs for some godforsaken reason (it has raised $100 million at a $1.4 billion valuation), and the CEO uses a lot of Lean In rhetoric (female led, inclusive etc.) How New York Times? The New York Times has hired a reporter, Taylor Lorenz, specifically for "Internet Culture" i.e. HobbyDrama reporting. (No, seriously, look at the stories she gets to write. For the NYT!) Pre-Drama Events: In December 2019, an elaborate investigation was posted by The Verge (not the NYT, important) about the toxic work culture at Away, with the CEO, Steph Corey, calling workers brain dead and firing someone based on chat in an internal private Slack channel called #Hot-Topics "filled with LGBTQ folks and people of color" (from article). Korey stepped down as CEO in December, with another CEO to be selected. She came back as co-CEO in January because she 'should not have fallen on the sword.' Course of the Drama: June 30/July 1: On an Instagram AMA, returned co-CEO Korey answered a question about "women being targeted by the media" (I presume the AMA went in that direction) by talking about media having an incentive to clickbait in the social media era that and women (like her) were targeted because women are supposed to be motherly, ambitious women like Hillary are targeted by the media, some millennial women who work in the media forgo their ethics to advance their career because old media ethics are being eroded. The Verge investigation was done by Zoë Schiffer, a “millennial woman.” Incensed by this, Lorenz posts the IG pics on twitter (previous link from her) and speculates that this AMA exists because of a piece on the disgracing of the “girlboss” stereotype. To recap, neither the original story, nor the Atlantic op-ed were written by her. Techbros start sharing the same pics of the AMA as a balanced perspective. Until this point, #bothsides, let them fight, etc. Enter Balaji Srinivasan. Here is a pompous bio. He starts attacking Lorenz (again, not the writer of any of the stories). Lorenz says the guy has been obsessively attacking her for quite some time on Clubhouse gussied up public Webex calls (in tweets after the linked tweet). Then anti-Lorenz sockpuppet accounts start being created to attack her. An elaborate website is linked by the accounts, specifically to attack her. (Click the link, it is deranged as all hell.) Taylor asks Ben Horowitz (of multi-billion dollar Andreessen Horowitz, where Balaji has worked before) to get him to stop. Gets blocked. Then the Andreessen Horowitz batch have a conversation on Clubhouse Discord without texting with Lorenz. After Taylor leaves, (this part leaked to Vice, so you can go listen) Ben Horowitz’ wife, Felicia says that Taylor is playing the “woman card to defend herself.” Balaji implies that she may be “afraid of a brown man.” And then the conversations ascend:
”the entire tech press was complicit in covering up the threat of COVID-19,” relying on the press is “outsourcing your information supply chain to folks who are disaligned with you,” ”Media corporations are not the free press, any more than chain restaurants are food “ “why does press have a right to investigate private companies, let the market decide, I don’t understand who gives them that right” (Note: Probably from another conversation by some CEO)
Also something about Github, VC funding and Blockchains being a better model for journalism. (Bitconeeeect!!) Then Vice reports on it. Tech media rallies around Taylor [retweets on her twitter]. Glenn Greenwald pokes his nose and says otherwise, because Greenwald. VCs support their own (along with MC Hammer?? because he’s also on Clubhouse the conference calls you join “for fun” app? So is Oprah???), with opinions like
And other nuclear fucking takes retweeted by Felicia Horowitz And Balaji? When reached for comment, Balaji claims recording it was illegal (which, idk, haven’t seen the Terms of Service, only 1500 people can use Clubhouse the Twitch app, but you don’t have video and chat has audio) And then heannouncesa $1000 bounty for memes and analysis of this event. (paid in Bitcoin, obviously, this whole scenario is a damn meme) This gets the creator of Ruby on Rails/Basecamp to defect to the media’s side Aftermath? (This is a current story): VCs (like Paul Graham) declare that the media hates them because they are losing power Media Twitter decides VC Twitter is trying to reanimate the corpse of #GamerGate Steph Korey, the instigator of this spiraling nonsense? Away says she has decided to step down (redux) because an employee revolt over her IG post. (Recap: Away sells hardcases to hypebeasts. They are worth a billion because of VCs) Balaji, rich VC guy, has memes on his timeline? [Elon Musk has not weighed in yet, if you are curious]
Preface - I'm only posting because its nice to have some positive reminders floating around the community. The trolls are out in full force. We can already, albeit theoretical, process as many transactions at this very moment, if not many more.
If you haven't read through that article, I would strongly encourage you to do so. Sure its theoretical in nature but there aren't any more assumptions being made than the white paper already assumes. Also, I think a lot of new comers (to crypto in general) fail to realize that we're competing with an industry that takes days to settle transactions. Most of the current cryptocurrencies, BCH in particular, settle transactions in seconds. There is no "pending payment" or waiting for you payment to clear. 0-conf, zero confirmations, is something that gets tossed around here and other subs quite frequently.
Here's the ELI5 of 0-conf for those who are new:
When a transaction is sent using BCH, it hits the network in a matter of seconds (2-5 seconds). At the time it appears on the network it has zero confirmations. 1 confirmation means that the transaction is in the latest block added to the chain. 1 confirmation means that 1 extra block has been added to the blockchain behind the transaction that it originally appeared in. This is "more trustworthy" than zero because the network has validated that the original block (containing the tx) is valid. The more confirmations, the more blocks behind the original, the more concrete or trustworthy that payment is. Which is why some merchants and exchanges require several confirmations. The truth is that it would be a very expensive endeavor (estimated at $68,000 by CSW) to invalidate the original block containing the transaction. Which means that for any transaction under $68,000 0-conf is completely safe. Try and beat 0-conf here. Thanks to Cryptonize.it for the challenge. EDIT: Gained some knowledge from u/KarlTheProgrammer - Edited the post accordingly
Bitcoub's low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets? — John McAfee (@officialmcafee) July 17, 2017 Bitcoin Era. This robot was founded in 2014 and gained popularity in 2016 at the beginning of the crypto boom. Furthermore, it is currently a big name among traders with most claiming to make up Bitcoin Boom. Bitcoin Boom is a trading bot founded in 2014. The bot allegedly generates up to $100 per day from a deposit of $250. Most of the reviews we have come across point out that it is Search titles only; Posted by Member: Separate names with a comma. Newer Than: Search this category only. Search only resource descriptions Bitcoin is a digital or virtual currency created in 2009 that uses peer-to-peer technology to facilitate instant payments. It follows the ideas set out in a whitepaper by the mysterious Satoshi
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