141–150 of 172 posts
what does bitcoin really enable here that normal payment systems don't
Well you can't really tip with a payment system, realistically, right? If I want to toss someone 50 cents Visa or whoever takes a fixed amount plus a percentage, so there are usually minimums.
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> pay someone a tiny fee to monitor the blockchain A.k.a trust a third party. > For most people, using a 3rd party custodial solution for their low balance hot wallet seems to be the norm. Just like Venmo or PayPal?
If you want to eliminate trust, with Bitcoin and lightning you can. If for you it's too much hassle, you don't have to. Unlike every single other blockchain, in which you have no choice but to trust centralised solutions, because they are centralised. See Solana switching their blockchain off for a while, lol [1] https://coingeek.com/solana-blockchain-implodes-what-happene...
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Bitcoin blockchain size: 350 gb 12tb harddrive: $199. Bitcoin blockchain is increasing at less than 100gb per year. The storage cost of 100gb is about $1.6 I'm sure people running nodes can spend more than 1.6 a year to store a bigger chain.
As someone who runs a full node, this is not accurate at all. Space is cheap, bandwidth is expensive. I frequently upload > 1TB a month via my full node, if blocks were twice as big and full, then I would be uploading > 2TB a month. How many people in the world have an internet connection which can handle that? Then you have to process each block, the bigger they are, the most computation needs to be done. Everything…
I'm having a very hard time imagining a scenario in which I would feel the need to tip someone for a Tweet. I understand why I might want to pay someone for, say, a Youtube video, or a substack article. But is there really enough value packed into a tweet that I'd want to send someone money for it? Maybe I'm just not imaginative enough. Or maybe the answer is porn.
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People that call bitcoin "crypto" are likely to describe bitcoin technology incorrectly
This is a cynical stub of a thought if I've ever seen one. Say more?
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Well you can't really tip with a payment system, realistically, right? If I want to toss someone 50 cents Visa or whoever takes a fixed amount plus a percentage, so there are usually minimums.
stuff like the lightning network has similar fees right? I can see the benefit for the smaller scale of tips though
what does bitcoin really enable here that normal payment systems don't
Earlier quoted context omitted.
Bitcoin blockchain size: 350 gb 12tb harddrive: $199. Bitcoin blockchain is increasing at less than 100gb per year. The storage cost of 100gb is about $1.6 I'm sure people running nodes can spend more than 1.6 a year to store a bigger chain.
As someone who runs a full node, this is not accurate at all. Space is cheap, bandwidth is expensive. I frequently upload > 1TB a month via my full node, if blocks were twice as big and full, then I would be uploading > 2TB a month. How many people in the world have an internet connection which can handle that? Then you have to process each block, the bigger they are, the most computation needs to be done. Everything…