Ask HN: Practically accepting cryptocurrency for businesses without middlemen? • Hacker News Board

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#151

Post by Spooky23 » Sun, Oct 10, 2021, 1:35 PM UTC

exo762 wrote: post #104

q1w2 wrote: post #93

I don't have a recommendation - I just want to make you aware of a major issue other stores have... > We do not intend to convert to traditional currency unless needed. This is a big risk due to cash flows. Most stores operate on a margin on merchandise that is under 10%, with a turnover on goods averaging months. If a currency fluctuates in value more than ~10% over several months, this can easily drive an otherwise…

> If a currency fluctuates in value This is why you want to use stablecoins. There is plenty to choose from.

There’s this crazy new stablecoin called the US Dollar. Nobody can trade oil without it, and you can do ACH transfers that settle in a day for a quarter.

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#152

Post by defaultprimate » Sun, Oct 10, 2021, 10:54 PM UTC

djangelic wrote: post #145

defaultprimate wrote: post #132

Earlier quoted context omitted.

>but long-term deflationary Past performance is not indicative of future performance.

True but he’s not talking about performance, he’s talking about availability, and since Bitcoin is set to a certain limit the scarcity of it will rise as people lose access to their private keys.

Deflation and scarcity are not the same thing

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#153

Post by cblconfederate » Mon, Oct 11, 2021, 6:43 AM UTC

foepys wrote: post #106

itake wrote: post #18

I used https://electrum.org/ for accepting btc payments and it worked fine. The bigger issues I had that I am skeptical any self-hosted options have is protecting your wallets from being poisoned by 'black' bitcoin. Coinbase (and maybe others?) keeps a blacklist of banned wallets (stolen or associated with crime or gambling[0]). If a customer pays you from a black address, you may end up poisoning your entire crypto…

Is this for real? Do merchants really rely on some opaque third-party service to determine which accounts are able to pay? Is this third-party able to essentially blacklist aka unbank accounts at their will, without a legal appeal process? How can a system that supports this be considered better than USD or EUR?

because it s not better. it's overrun by speculators who failed in fiat-world. Unless we see a breakthrough implementation or application that solves the problem of financialization of crypto progress will be stunted

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#154

Post by krageon » Mon, Oct 11, 2021, 8:53 AM UTC

matheusmoreira wrote: post #133

krageon wrote: post #118

Earlier quoted context omitted.

> poisoning Did something apocalyptic happen to the many coin mixing services around?

Yes. They don't work. The fact you used them at all is used as evidence against you. If your coins ever touch a mixing service, exchanges will assume you're a money launderer and refuse your coins. You can't cash out. Privacy cannot ever be optional. If it is, most people will not take that option simply because it's not the default. Then everyone who does will stand out.

It's possible that this has changed very recently, but this has not been my experience so far.

Re: Ask HN: Practically accepting cryptocurrency for businesses without middlemen?

#155

Post by RustyRussell » Sun, Oct 17, 2021, 7:41 AM UTC

artfulhippo wrote: post #44

RustyRussell wrote: post #17

Earlier quoted context omitted.

I disagree: BTCPayServer is pretty smooth these days.

I acknowledge that BTCPayServer works smoothly for BTC. What about ETH? Looking at their documentation, it seems like a kludge: https://docs.btcpayserver.org/FAQ/Altcoin/

I didn't know it even supported Eth!