5 ms·

I think cryptocurrency have a future but things like that will prevent it from mass adoption. Good luck explaining this to a non-CS, why a transaction cost .5$

by dk8996 9y ago

I think cryptocurrency have a future but things like that will prevent it from mass adoption. Good luck explaining this to a non-CS, why a transaction cost .5$ one time and 5000$ another time.

wcoenen 9y ago
It's not a cryptocurrency issue in general. For example, Ethereum doesn't have this problem because it keeps track of balances (instead of unspent transaction outputs).
Zak 9y ago
If your bank charges you $0.50 to make a wire transfer, and you make 10,000 wire transfers at once, they will charge you $5000. Making a large number of transfers at once with cryptocurrency is essentially the same thing. This is not difficult for most people to follow.
- Paul-ish 9y ago
  Except your coins can become fragmented (into dust) through no fault of your own. You might not even realize that many inputs are needed to complete your single transaction. I don't see how this would happen with traditional institutions.
  - Zak 9y ago
    I hadn't really considered that; I was only vaguely aware it was possible. Yes, that's a problem. I'm inclined to think of Bitcoin as the beta for widespread adoption of cryptocurrency. It has some issues, including this one that mean it will probably never be what most people use for everyday money. Whatever succeeds it and eventually assumes that role will avoid those problems.
    - Paul-ish 9y ago
      > It has some issues, including this one that mean it will probably never be what most people use for everyday money. Whatever succeeds it and eventually assumes that role will avoid those problems. I wouldn't go as far as to say this is a show stopper. Wallet developers should be (and probably are) aware of this and take it as a challenge optimize the way their wallets spend money to avoid this issue, even in the face of receiving btc in a way that may create dust.
      - Zak 9y ago
        I think the built-in deflation and transaction volume issues are bigger problems, but I only have a passing knowledge of the subject.
mbrock 9y ago
Try explaining any technical feature of the incumbent monetary system to any normie...
- wmf 9y ago
  Because those features are generally safe and unsurprising, people don't need to understand them.

by dk8996 9y ago

I think cryptocurrency have a future but things like that will prevent it from mass adoption. Good luck explaining this to a non-CS, why a transaction cost .5$ one time and 5000$ another time.

wcoenen 9y ago

It's not a cryptocurrency issue in general. For example, Ethereum doesn't have this problem because it keeps track of balances (instead of unspent transaction outputs).

Zak 9y ago

If your bank charges you $0.50 to make a wire transfer, and you make 10,000 wire transfers at once, they will charge you $5000. Making a large number of transfers at once with cryptocurrency is essentially the same thing. This is not difficult for most people to follow.

Paul-ish 9y ago
Except your coins can become fragmented (into dust) through no fault of your own. You might not even realize that many inputs are needed to complete your single transaction. I don't see how this would happen with traditional institutions.
- Zak 9y ago
  I hadn't really considered that; I was only vaguely aware it was possible. Yes, that's a problem. I'm inclined to think of Bitcoin as the beta for widespread adoption of cryptocurrency. It has some issues, including this one that mean it will probably never be what most people use for everyday money. Whatever succeeds it and eventually assumes that role will avoid those problems.
  - Paul-ish 9y ago
    > It has some issues, including this one that mean it will probably never be what most people use for everyday money. Whatever succeeds it and eventually assumes that role will avoid those problems. I wouldn't go as far as to say this is a show stopper. Wallet developers should be (and probably are) aware of this and take it as a challenge optimize the way their wallets spend money to avoid this issue, even in the face of receiving btc in a way that may create dust.
    - Zak 9y ago
      I think the built-in deflation and transaction volume issues are bigger problems, but I only have a passing knowledge of the subject.

mbrock 9y ago

Try explaining any technical feature of the incumbent monetary system to any normie...

wmf 9y ago
Because those features are generally safe and unsurprising, people don't need to understand them.