I was hoping this had to do with Sales Tax and VAT remittance because that's the hardest part.
L402: The Missing Piece in the Internet's Payment Infrastructure
31–40 of 146 posts
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#32Earlier quoted context omitted.
Do you think you're being reasonable in saying that? I think micropayments are desperately needed, and I don't see modern payment networks doing anything to get there
"We must do something, this is something, therefore we must do it" "Micropayments are desperately needed" - this is true. "I don't see modern payment networks doing anything to get there" - this is also true. Neither of those imply we must solve this problem with Bitcoin, and neither of them contradict OP's statement. Bitcoin is slow, energy inefficient, and a shit transaction currency because of philosophies built i…
> "Micropayments are desperately needed" - this is true.
Probably not. They've been proposed all the way back to Chaum's DigiCash, but no micropayment system has ever really taken off. Not just crypto schemes. Schemes to put micropayments on your cellular phone bill were a flop. Even 976 numbers never got traction outside of dial-a-porn and have mostly died out.
All the enthusiasm for micropayments comes from people who want to collect them. Not from consumers wanting to send them.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#33Earlier quoted context omitted.
Do you think you're being reasonable in saying that? I think micropayments are desperately needed, and I don't see modern payment networks doing anything to get there
"We must do something, this is something, therefore we must do it" "Micropayments are desperately needed" - this is true. "I don't see modern payment networks doing anything to get there" - this is also true. Neither of those imply we must solve this problem with Bitcoin, and neither of them contradict OP's statement. Bitcoin is slow, energy inefficient, and a shit transaction currency because of philosophies built i…
If you took time to check out the link, you would see that this post is about the Lightning Network, which can support massive transactional volume.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#34Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#35Bitcoin is not acceptable in 2024, and Lightning doesn't help. Nothing based on a PoW cryptocurrency should get any support from anybody.
100% thanks for saying this and im surprised you weren't flagged and downvoted
in previous crypto bull runs such statements would been censored
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#36Earlier quoted context omitted.
"We must do something, this is something, therefore we must do it" "Micropayments are desperately needed" - this is true. "I don't see modern payment networks doing anything to get there" - this is also true. Neither of those imply we must solve this problem with Bitcoin, and neither of them contradict OP's statement. Bitcoin is slow, energy inefficient, and a shit transaction currency because of philosophies built i…
> "Micropayments are desperately needed" - this is true. Probably not. They've been proposed all the way back to Chaum's DigiCash, but no micropayment system has ever really taken off. Not just crypto schemes. Schemes to put micropayments on your cellular phone bill were a flop. Even 976 numbers never got traction outside of dial-a-porn and have mostly died out. All the enthusiasm for micropayments comes from people…
The number of installs of adblocking software would seem to contradict you. Consumers are cheap and don't want to pay for things, but they also don't want to watch ads. They also don't want 15 $10 subscriptions to things they barely use. But they also want to support creators. So there's some intersection point where people are willing to put some money in, and receive fewer and less aggressive advertisements in exchange.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#37Bitcoin is not acceptable in 2024, and Lightning doesn't help. Nothing based on a PoW cryptocurrency should get any support from anybody.
The customer for this L402 protocol is obviously a media network, especially ebooks, and plausibly an alternative to spotify, applemusic and closer to the bandcamp model, content providers of all kinds who are currently subject to the chokepoint of payment processors. Emerging use cases would be domain specific LLMs trained on proprietary data sets in health, legal, accounting, and other professions. What it needs is…
Frankly, when you describe PoW that way, it sounds like something you'd get by giving an investor a monkey's paw.
If you had a source of power, you had to use it, either directly or indirectly, to make goods and services-- satisfy actual needs somewhere-- to exchange it for stored value. Your model cuts productive economic activity right out of the loop, Why would anyone bother using their hydro/solar/nuclear resources to run a factory when they can just use it to grind for Bitcoin directly?
Well, at least until the economy becomes so wrapped around this delusion that we end up with real-world scarcities, and all the Bitcoin in San Francisco won't buy you one taco.
I arch my back at trying to restore "physical value" to economic prominence. Fiat currencies are a socially progressive tool. It gives us the chance to decide as a civilization whether and how much to incentivize those who hoard, those who invest, and those who spend. Conversely, physical, undilutable wealth reassures only the existing wealthy, who can ossify their position with no fear of inflation undermining their treasuries.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#38Bitcoin is not acceptable in 2024, and Lightning doesn't help. Nothing based on a PoW cryptocurrency should get any support from anybody.
The customer for this L402 protocol is obviously a media network, especially ebooks, and plausibly an alternative to spotify, applemusic and closer to the bandcamp model, content providers of all kinds who are currently subject to the chokepoint of payment processors. Emerging use cases would be domain specific LLMs trained on proprietary data sets in health, legal, accounting, and other professions. What it needs is…
It's not stored value, it's burnt value. Burning large amounts of value will never be an elegant solution.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#39I'm not seeing anything in the protocol that stops the first human from paying for the resource and then sharing their macaroon+preimage with everyone else. Normally, I'd account for that by associating the preimage with a specific human (account) but this seems to be intended for use without accounts?
If it's just for one request, the capability ("macaroon" is just their word for a capability) could be tied to a source IP address, so that only one client can use the service.
That's the least of the problems.
The concept is that each user has a pre-purchased local store of some cryptocurrency. For some reason, they don't actually say that. Servers send an "invoice", with just enough info to get paid but not enough to identify what they're selling or who the seller is. An unconditional "pay invoice" function in the example charges however much the service wants to take. Bad idea.
Automated irrevocable transactions with anonymous parties. What could possibly go wrong?
There's a lot that's not mentioned.
- The server must have a connection to the payment network, and it has to get a success reply back before the transaction can proceed. This is happening within an HTTP transaction, so there's a time limit.
- This lacks atomic transactions. If the connection is broken after the payment is sent but before it is acknowledged, the money has been transferred but nothing was returned. The client doesn't know if the payment was made. This problem is common to all payment systems, and unwinding failed transactions is a part of payment systems that get used.
Re: L402: The Missing Piece in the Internet's Payment Infrastructure
#40Bitcoin is not acceptable in 2024, and Lightning doesn't help. Nothing based on a PoW cryptocurrency should get any support from anybody.
50% of what you say is 100% correct. Bitcoin was hijacked and corrupted on purpose with injected hacks like "segwit" and rbf. So you are 100% right, BTC is broken and LN doesn't help. But POW BITCOIN, as designed and built originally actually works fine at Visa-level scale while maintaining low fees. Bitcoin Cash (BCH) still functions as Bitcoin perfectly well, it just doesn't have the "crypto-bro" idiots pushing it…
Segwit made transactions smaller, right? What was the problem with it?