Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

OpenNode – Bitcoin Payment Processor

opennode.com

Post reply on HN
Print view View original

121–130 of 132 posts

Re: OpenNode – Bitcoin Payment Processor

#121

Post by greyface- »

pooploop64 wrote: post #120
greyface- wrote: post #108

Earlier quoted context omitted.

Bitcoin is designed to be unkillable; the network won't die just because some people dislike it. The difficulty adjustment will keep it going no matter how much or little hash power is spent on it. As long as it doesn't die, it will have stronger Lindy than any permissionless replacement. Permissioned alternatives (stablecoins, Taler, etc) may find some temporary success, but are bound to monetary authorities that ha…

Is this AI? None of it has anything to do with my comment. Power usage is not an "aesthetic" element it's literally as far from that as you can get.

What I'm saying is that your (and others') distaste for the amount of power currently allocated to it is an aesthetic preference, and has no bearing on the viability or utility of the Bitcoin network. It will consume exactly as much or as little energy as people throw at it. And it's not actually being allocated that much energy right now: global air conditioning power consumption is ~10x global bitcoin mining power consumption. Is air conditioning destroying the environment?

Re: OpenNode – Bitcoin Payment Processor

#122

Post by pooploop64 »

greyface- wrote: post #121
pooploop64 wrote: post #120

Earlier quoted context omitted.

Is this AI? None of it has anything to do with my comment. Power usage is not an "aesthetic" element it's literally as far from that as you can get.

What I'm saying is that your (and others') distaste for the amount of power currently allocated to it is an aesthetic preference, and has no bearing on the viability or utility of the Bitcoin network. It will consume exactly as much or as little energy as people throw at it. And it's not actually being allocated that much energy right now: global air conditioning power consumption is ~10x global bitcoin mining power…

We're talking about two different things. I've never doubted that there will always be some people out there pumping and dumping their meme asset until we're all dead. There's still people trying to rally the gamestop thing. But I wanted a currency man. I wanted to buy stuff from artists and tradespeople without christian fundamentalists at some credit card company having to like it. I wanted to truly own my money. And I wanted to be able to buy stuff like food with it, WITHOUT losing money to exchange fees before I can ever use it anywhere. In those regards, distaste for bitcoins many showstopping flaws absolutely made crypto in total go away. Even the people who like it won't talk about it anymore because it's embarrassing. If it was common knowledge that there are other currencies that don't have Bitcoins problems, we could have been in a very different place. But almost 20 years later I still can't use any cryptocurrency for anything except an alternative to Western Union for the literal one person I've ever known who's actually willing to use crypto for a real purpose. As for the air conditioning or whatever, it doesn't matter. Everyone already left.

Re: OpenNode – Bitcoin Payment Processor

#123

Post by akimbostrawman »

kube-system wrote: post #119
akimbostrawman wrote: post #113

Earlier quoted context omitted.

>including monero which they still haven't actually broken despite empty marketing claims which in reality is busting people on KYC CEXs.

I've also seen rumors suggesting they have attacked it via network traffic analysis, which also seems plausible Whether or not they've done it by breaking the protocol itself might be of academic concern but is irrelevant in practical terms.

>but is irrelevant in practical terms

It very much is not. If I use cash to commit a crime but then deposit it into a KYC bank account which is then used as a side channel to get me caught does not mean its the cashes fault.

XMR privacy and anonymity can not protect you from going out of your way to convert it into inferior surveillance currency which then gets you busted.

That's basic logic and should be a obvious technical limitation.

Re: OpenNode – Bitcoin Payment Processor

#124

Post by greyface- »

pooploop64 wrote: post #122
greyface- wrote: post #121

Earlier quoted context omitted.

What I'm saying is that your (and others') distaste for the amount of power currently allocated to it is an aesthetic preference, and has no bearing on the viability or utility of the Bitcoin network. It will consume exactly as much or as little energy as people throw at it. And it's not actually being allocated that much energy right now: global air conditioning power consumption is ~10x global bitcoin mining power…

We're talking about two different things. I've never doubted that there will always be some people out there pumping and dumping their meme asset until we're all dead. There's still people trying to rally the gamestop thing. But I wanted a currency man. I wanted to buy stuff from artists and tradespeople without christian fundamentalists at some credit card company having to like it. I wanted to truly own my money. A…

I share your frustration with the sluggish uptake as everyday currency. This is, however, a social and political issue rather than a technical one. People don't see the problem with just using US government dollars; they buy the energy FUD; they see the IRS telling you that you need to track and pay capital gains on your 5000 sat coffee purchase, and they walk away. A new blockchain with a different monetary base and different technical properties isn't going to change this. Most people just do not yet understand why one would want an uncensorable, self-sovereign money. This will eventually change - maybe within our lifetimes - and when it does, Bitcoin will still be there.

Re: OpenNode – Bitcoin Payment Processor

#125

Post by kube-system »

akimbostrawman wrote: post #123
kube-system wrote: post #119

Earlier quoted context omitted.

I've also seen rumors suggesting they have attacked it via network traffic analysis, which also seems plausible Whether or not they've done it by breaking the protocol itself might be of academic concern but is irrelevant in practical terms.

>but is irrelevant in practical terms It very much is not. If I use cash to commit a crime but then deposit it into a KYC bank account which is then used as a side channel to get me caught does not mean its the cashes fault. XMR privacy and anonymity can not protect you from going out of your way to convert it into inferior surveillance currency which then gets you busted. That's basic logic and should be a obvious t…

If they've attacked it via netflow analysis, then it doesn't matter to a criminal whether or not it's a problem in the protocol because how is a criminal supposed to use it if not on the internet?

By "practical terms" I mean that a criminal sitting in prison isn't going to care whether the vulnerability that got them there was layer 7 or not. It doesn't fucking matter to them at that point.

Everything on the internet is vulnerable to netflow traffic deanonymization; it is a fundamental limitation with the design of the internet. The only thing that stops these attacks from being more common is the relative difficulty of obtaining the required data.

Re: OpenNode – Bitcoin Payment Processor

#126

Post by Ferret7446 »

Anon1096 wrote: post #43
Hasz wrote: post #2

Very impressed at net cost. I used to run a small ecom business targeting total prices in the range of $3-10. At $3, payment processing is nearly 11-12% of costs, which is absurd, more if you amortize the occasional chargeback/fraud. Lightning can do it for For whoever posted, your cost calculator should be first thing on the page, and you "How we calculated this number" link is broken

I would guess the price for payment processing drops tremendously when you don't need to handle fraud or chargebacks at all. It's for sure worse for consumers but I do think it has its place (for example adult content that has huge chargeback risk or straight up blocked by other processors).

Or without a monopoly/mafia taking its protection fee cut

Re: OpenNode – Bitcoin Payment Processor

#127

Post by Ferret7446 »

akimbostrawman wrote: post #114
agalush wrote: post #74

Earlier quoted context omitted.

Lightning payments are not stored onchain and have already been proved more private than monero payments

considering actual criminals do not use lightning but monero it should be obvious that is not the case.

That's more the fact that lightning is a bit of a pain to use. It has a chicken and egg network growth problem, which is doubled on top of the chicken and egg problem of its host crypto

Re: OpenNode – Bitcoin Payment Processor

#128

Post by dfish »

charcircuit wrote: post #54
dfish wrote: post #30

Earlier quoted context omitted.

Stablecoins can be censored. You deposited into Huobi 5 years ago? Banned. Now we keep your stablecoins, thanks for playing. You can't censor Bitcoin.

>You can't censor Bitcoin. Your payment processor could be legally restricted from paying you your bitcoin.

You can use lightning with mixes funds. There are ways to move your Bitcoin. The main premise of my comment is that they can't *take away* your bitcoin. But they can take a way your USDC.

Re: OpenNode – Bitcoin Payment Processor

#129

Post by stevenicr »

stymaar wrote: post #64
lesuorac wrote: post #23

Earlier quoted context omitted.

Worst for whom? Lack of chargeback risk seems nice for businesses.

Until customers don't want to but because they are afraid they have no way to get their money back if anything goes wrong. (Chargeback exists for a reason, and the reason isn't to piss off businesses).

So you become.. Ebay and or Alibaba.

People afraid to buy because they are likely to be ripped off.

Sure lots of people stop buying there. But they seem to still be doing business every second of the day I assume.

Re: OpenNode – Bitcoin Payment Processor

#130

Post by akimbostrawman »

Ferret7446 wrote: post #127
akimbostrawman wrote: post #114

Earlier quoted context omitted.

considering actual criminals do not use lightning but monero it should be obvious that is not the case.

That's more the fact that lightning is a bit of a pain to use. It has a chicken and egg network growth problem, which is doubled on top of the chicken and egg problem of its host crypto

That does not make any sense. btc even lightning still has about 100 times the user and ecosystem. Nobody uses it because it obviously it is not secure.
Post reply on HN