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Cashless transactions require a third party to give permission for the transaction, typically in real-time. It's completely normal to be "basically okay" with
by mfringel 9y ago
Cashless transactions require a third party to give permission for the transaction, typically in real-time.
It's completely normal to be "basically okay" with that... I use cards/apps to pay on a regular basis. However, it's a long haul between "okay with cashless transactions being a popular payment method", and "eliminating cash."
- staplers 9y agoCashless transactions require a third party Cryptocurrency.. (miners are decentralized and don't require you to trust them)
- brownbat 9y agoThe network is still the third party. With cash, or bottle caps, or any physical token, all you need are two people that agree it has value. Possession is the ledger.
- ricardobeat 9y agoThe network can still run between those two people alone (if consolidation is solved).
- Paperweight 9y agoNature has an elegant solution to the double-spending problem for physical commodities. If only there was a way to timestamp digital transactions without a write-only ledger...
- jacobush 9y agoYes... I wonder how Nature implemented that...
- mioelnir 9y agoBy dropping transmutative alchemy from the sprint, allowing the implementation of a capability system on top of a now unforgeable subset of existing resources...
- Paperweight 9y agoSounds like the whitepaper for this week's hottest ICO!
- jacobush 9y agoThank you so much. I'm on the verge of framing this and putting it on the wall. Cubicle wall, but still.
- deleted 9y ago[deleted]
- staplers 9y agoall you need are two people that agree it has value Wrong. All currencies need a network (physical or otherwise) or else it's just bartering between two objects. The entire idea of currency requires a network of people who project a common value in the implemented token/object/hash.
- 8note 9y agoyou still need permission to do it, even if you don't need to trust the permission granter.
- kojeovo 9y agoTransactions still have to be approved by the network. ATM it's pretty slow. And many coins have one pool with majority of the hash rate --> not so decentralized
- mrb 9y ago«ATM it's pretty slow» For most cases you don't have to wait for a confirmation. Accepting a typical non-RBF 0-conf transaction is safer than accepting a credit card payment, because it is trivial to reverse a CC charge, but difficult to suppress a 0-conf transaction sitting in the mempool of thousands of Bitcoin nodes. «many coins have one pool with majority» It is not the case for most popular coins: BTC, ETH, BCH, LTC...
- zodiac 9y agoThat's because rejecting RBF transactions without making it part of consensus is not incentive compatible
- dalbasal 9y agoWe really have seen many successful, large scale attacks on digital infrastructure. The 1980s superhacker never took control of traffic lights and caused nationwide havoc. All the security people I know think that it is possible though, and likely to happen sometime. I feel like the longer it takes, the worse. We need something to shake us out of complacency.