So, this is 'open' as in 'OpenAI', not as in 'open source'. What's the benefit of this compared to something like NOW Payments for merchants (or the myriad of alternatives)? NOW Payments supports a wide range of crypto currencies as well.
OpenNode – Bitcoin Payment Processor
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Re: OpenNode – Bitcoin Payment Processor
#82Earlier quoted context omitted.
Stablecoins frequently get frozen by Tether and Circle for arbitrary reasons, as if an AI system is flagging
DAI exists and is not able to be frozen, but if the merchant's AI system flags a bitcoin transaction do you think you'll be able to cash that out? Just because they can't block it at the protocol level that doesn't mean they'll sign the transaction to send it to you.
TIL DAI cannot be frozen. Perhaps the first stablecoins I might be a little interested in.
The merchant should send the funds (sweep the UTXO) back to you if the funds are flagged. So you should not be out of pocket.
Re: OpenNode – Bitcoin Payment Processor
#83Why not just accept Monero? It acts more like cash. Do you really want to leak every transaction you've ever done, every time you buy something? Bitcoin is surveillance capitalism dream!
Bitcoin is slow as well, unusable for payments. I still think Bitcoin is better than fiat because at least it doesn't require an ID to make a wallet and it's self custody. Monero is the best crypto we have for currencies, though. And currency is the only value I see in crypto.
Lightning ain't slow though.
Re: OpenNode – Bitcoin Payment Processor
#84Earlier quoted context omitted.
Only if they're on the receiving end. You need to remember that businesses also buy things, and often by credit card. Chargebacks exist in the real world because long, long ago people recognized that electronic payment systems are fertile soil for scammers. The "lack of chargeback risk" that cryptobros keep chirping about is nowhere near the flex they think it is.
It's a flex when you compare it to a government based currency where the bank or government can freeze your bank accounts or just empty it. Plenty of stories from The USA and Canada from the last decade of that very thing being done.
Sure. The vast majority of those stories being the freezing of proceeds from criminal activity or funds that are part of a legal dispute and for which there is a high probability that the holder of those funds will attempt to illegally hide or move those funds.
Again, this is by design. Such safeguards exist for a good reason. They are tools that are as necessary as a policeman's gun. Yes, they are tools that can be (and have been) abused and for which there should also be guardrails and oversight in place. But saying that crypto is better than "government based currency" because crypto has no such safeguards in place is the same thing as saying Wal Mart security officers are better than police officers because they don't carry guns. It is a naive thought at best.
Re: OpenNode – Bitcoin Payment Processor
#85Genuine question - why would someone hold bitcoin for regular, everyday purchases? The buying power is all over the place.
I was talking to someone running an ecommerce site, they also run their own lighning nodes and there's many reasons: - High risk customers that the shop can accept if there's no chargeback option. For these users that are excluded from many ecommerce shops that's a good option and they are willing to jump through some hoops - Customers from countries that are restricted from using VISA / Mastercard - People from coun…
> with active sanctions against.
Wouldn't that be breaking the law selling to them?
Re: OpenNode – Bitcoin Payment Processor
#86Why this instead of the opensource, well used, and trusted BTCPay that you can self-host and has 0% fees?
Re: OpenNode – Bitcoin Payment Processor
#87Earlier quoted context omitted.
Only if they're on the receiving end. You need to remember that businesses also buy things, and often by credit card. Chargebacks exist in the real world because long, long ago people recognized that electronic payment systems are fertile soil for scammers. The "lack of chargeback risk" that cryptobros keep chirping about is nowhere near the flex they think it is.
It's a flex when you compare it to a government based currency where the bank or government can freeze your bank accounts or just empty it. Plenty of stories from The USA and Canada from the last decade of that very thing being done.
Meanwhile with cryptocurrencies you have the choice between getting blocked by your exchange or losing your wallet (from your own negligence or a hack)
Re: OpenNode – Bitcoin Payment Processor
#88I don't have much substance to add to the discussion but this kind of topic is very relevant to the GNU project Taler which aims to bring an open payment infrastructure to general use/"the market".
They have significant investment and institutional interest notably from the EU and established organisations such as NLNet.
I am not affiliated but figure this deserves more attention, especially in this conversation.
Re: OpenNode – Bitcoin Payment Processor
#89Earlier quoted context omitted.
I was talking to someone running an ecommerce site, they also run their own lighning nodes and there's many reasons: - High risk customers that the shop can accept if there's no chargeback option. For these users that are excluded from many ecommerce shops that's a good option and they are willing to jump through some hoops - Customers from countries that are restricted from using VISA / Mastercard - People from coun…
> with active sanctions against. Wouldn't that be breaking the law selling to them?
[deleted]
Re: OpenNode – Bitcoin Payment Processor
#90Earlier quoted context omitted.
It's a flex when you compare it to a government based currency where the bank or government can freeze your bank accounts or just empty it. Plenty of stories from The USA and Canada from the last decade of that very thing being done.
Sure. The vast majority of those stories being the freezing of proceeds from criminal activity or funds that are part of a legal dispute and for which there is a high probability that the holder of those funds will attempt to illegally hide or move those funds. Again, this is by design. Such safeguards exist for a good reason. They are tools that are as necessary as a policeman's gun. Yes, they are tools that can be…
It comes down to how much you trust the government, central banks, and the institutions of power, especially post Epstein and COVID.