Yeah, that is the world you see. It’s a weird mess of scams, NFT, cringe Influencers and shrill billionaires. It’s absolutely dumb ■■■■■■■■ and it’s super loud and looks sus af. I feel you.
At the moment there is the Bitcoin Miami 2022 going on and they are love streaming.
I can’t even watch the main stage. it’s so cringe and full of ■■■■■■■■, it gets worse every single year.
But there is also the other side, the plebs and developers, and that is what I’m interested in. I mean you don’t have to watch the whole thing, just take a peak. Does that sound like people who build a ponzi?
He doesn’t explain things well, he’s a fake poser trying to convince naive people or 12 year olds. You explain it better and in a more professional way than he does.
CoinShare prooves he’s a liar, “At the time of writing, the base fee per transaction is 1 satoshi (0.00000001 btc), equivalent to 0.04 cents,” CoinShares said. Besides that, on the standard blockchain, nodes must approve transactions. Thus it’s like I said to you ‘a pre approved transfer that can be reversed if something was wrong’. Note that by then the customer has left the shop with the item. Insurances probably love this guy. It’s a solution for children who believe in Santa, or the other bearded man… Carl Marx who is quoted to make the poor rich. Nothing is free. You need to work for it. And he does by being an actor and playing some role in a fictive series where a failed ‘fils a papa’ banker tries to live a “trading places” movie. For over 10 years now with little to nothing to show. At least he gets some money for his acting so he’s not bleeding money in his bitcoin wallet.
He complains about the high 3% fees, the reality is Mastercard charges between 1.55% and 2.6%, Visa charges between 1.43% – 2.4%, Discover charges between 1.56% – 2.3%, American Express charges between 2.5% – 3.5%. So he’s speaking for American companies that transact in the $10k to $250k range and use a bad payment processor. I guess he’s looking in the range of gas stations rather than wallmart for adopting bitcoin.
It’s also quite an issue I can still quote bitcoins’ steady drop in value “-8.568,08 (17,60%)” since the same day last year which would have been a selling point for “long term investors and those wanting to avoid the inflation”. Not for the other potential customers. Did I say I’ll have to stop using that pitch around mid april or mid may ? Anyways, time will tell.
I do think the crypto can be useful but I am sure those in power will make sure it’s controlled. Anyways, time will tell. And the net is slowly closing in. Jack knows, you know and I know. Only the future will unlock the answers for us and the ‘soon to be’ Bitcoin Gorilionaires.
I somewhat agree here, I was speaking with my girlfriend about bartering and how it doesn’t exist anymore. Obviously life is more advanced these days and many of us don’t live in a small village where bartering might be useful due to the mix of skills in a small community.
I live in the city so I wouldn’t have anything to barter with farmers they just wouldn’t have a consistent need for my skill set, I have to eat though so they are only interested in receiving money for the goods they produce.
So it’s not that we accept what we are told to, we are just following the most logical way of doing a transaction where we exchange physical/crypto money for goods or services.
And they probably wouldn’t. Lets say i help you harvest your crops and then you help me do structural work on my house this would most likely be a verbal agreement so there wouldn’t really be any evidence except the house has signs of being maintained and what the fields were once used for.
Where? Paper wasn’t always as widely used as it is today. apparently paper started to become widespread around 1100AD. So I’m unsure if there was a standard way to write stuff down before this time.
My general point is society seems to go with the most logical idea of achieving something. I believe bitcoin will become and remain a sort of universal currency used by everyone.
Lol, ok dude. You still got half the stuff I already explained wrong.
But anyway, kinda done explaining everything a hundred times. At some point I just have to assume that you want to hate it and don’t even care if your view is accurate.
It doesn’t matter if it’s 1% or 5%, (I usually pay around 2.5%) It’s perfectly clear that it is higher than payments over Lightning. Merchants will earn more money if they receive payments over Lightning and they will want to incentivize customers to use it.
I’m once again surprised this has happened now and not in 5 years or something.
Just in case it’s not obvious: This works globally, international payments don’t add any cost. And this kinda sorta already establishes Bitcoin as reserve currency
Well, neither bitcoin nor Lightning network confims to government standards (check if the recipient isn’t for example ISIS). It’s perfectly clear one can hire a hitman to settle a dispute, that doesn’t make it replace the courts. I can understand some of these complex things as national laws and international laws are something you hate but that doesn’t mean all laws will be abolished just to make you rich.
You don’t explain, you carefully omit simple things like rules and regulations. Yes, in a world that is lawless, has no energy crisis and is composed of pioneers, Bitcoin is a great solution.
“Let them eat cake” is the most famous quote attributed to Marie-Antoinette, the queen of France during the French Revolution. As the story goes, it was the queen’s response upon being told that her starving peasant subjects had no bread.
I guess those days, eating cake instead of bread, damn, must have been good times, right? I guess that’s what a Bitcoin world looks like, but fantasy and reality aren’t always exactly the same.
“Rand Paul: Crypto could become world’s reserve currency if government trust falls.”
When the people loose trust in the government, we will live in somthing you can compare to CHAZ. Good luck with your vegetables.
I would apreciate that. But I’ll pay for my burgers with my “Carte Bleu” I pay for my “Menu BIG MAC” €6.10 , as far as I know, €0.08 of that goes to the transaction cost. So I don’t know what that millionaire Jack Mallers was complaining about. I dislike him a lot, bnever met him but he’s what’s wrong with society. Or maybe it’s me and I’m the old man not understanding the ‘new and upcoming’ technology.
Imagine being in the board of McDonalds and knowing they could use lightning network and accept crypto. Nothing legally is holding them back. Explain me why a large company wouldn’t just switch and save a certain amount of transaction costs. Let’s just say 1.5 Gorillian US Dollars. Why wouldn’t they just switch? They could keep the bankcards for a while until “Jack Maller’s Vision” comes true?
That’s the weird thing, from hearing him say it, it would look like every merchant in the world is incompetent and likes to throw away money. But we both know Jack spouts infantile gibberish.
I did like the other albeit more boring presentations of teh other youtube video much more, they tried not to act like a mental patient rambling and swearing like Crazy Jack.
So that’s 1.3%, that’s not 3%, but it’s still a lot. Apparently in the USA, around 3% is custom, but they also have cash back programs for customers etc.
Yeah, no, he seems like a really cool young guy. He just says that he can do that transaction for a lot less than whatever they charge, because it’s all completely automated and uses a digital bearer asset that settles instantly instead of complicated ancient processes with fiat.
That may not seem much to you. But let’s say he can do it for 0.3% (I think it will be a lot lower, but we don’t want to make it more complicated than it has to be). So the merchant now gets 1% more on the sell price. But maybe their margin isn’t that good, let’s say it’s 10%. So let’s do the math… rrrrrr… they just earn 10% more money on sales who go over Lightning. The lower the margin the more this will have an impact.
It doesn’t even matter if you like crypto or not. I tried to explain to you a long time ago that the average person will not even know they are using Bitcoin in the background. Various popular apps like Cash App and Robinhood are already or will be integrating Lightning. More will obviously follow, because why would you not use the free and open source technology that gives you direct access to the payment network instead of making deals with some quasi monopolistic credit card company that is always on the longer lever.
Hell you can write your own payment app and use that to pay at McDonalds, how cool is that?
This is good for the merchant, this gives more choice to the consumer, this will drive more innovation, this is good for the economy. This gets rolled out now. If this gets used, and I’m pretty sure it will be, no politician will dare to stand in the way, they will get hate from every side (except their bank bros) and in the end they want to get reelected.
The technology he is using started to be developed ~5 years ago. It’s also a network that first needed to exist for this to work. All that is now in place. Believe me he is extremely early I would not have expected this already happening.
The board of McDonalds probably doesn’t even know this exists. Most people don’t. They heard of crypro, mabye they even tried accepting payments in a crypto hype phase, with regular on-chain payments and then it turned out that it’s super slow and expensive, basically unusable. So they just ignored it.
Also, there are simply not a lot of people who already have the expertise to do this at the moment. I have the first in depth book about the technology and that came out a couple months ago. Previously you hat to scour mailing lists and GIT repos.
Jack simply has an advantage because he is so extremely early. He was also the first to realize that he could use Lightning just as payment rails and convert to fiat at the edges. That is a service Strike provides, the Lightning network can’t do that yet. It will be able to do that with stable coins in the future.
I find him absolutely hilarious. I mean he isn’t just talking, that guy delivers, He will probably be in the news again because of this, that’s also always a good show
If it’s being rolled out, why not? If it’s just plain commercial struggle between the banks that held a grip on that part of transactions and there is a dependable alternative -which happens to also be open source- I guess it’s just letting market forces do the deciding.
It’s good that there are books about it and one day I guess it will be a standardised course.
I guess if the “character” he plays is the annoying obnoxious rebel without a cause, well yes, it will give it some negative attention. But he should have presented it like you do, showing how it can be a low cost alternative. But his awkward explanation won’t help to get this into the boardrooms where the decisions are made.
I kinda expect the banks to react and go into full on lawyering mode in an attempt to suppress that competition. They have much to lose in a free market and they have a lot of political influence and money to spend to drag this out as long as possible.
