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> Crypto is going to come back with vengeance. Bold statement. > Right now there isn't such a way and crypto might solve it. weak support. Why do people nee
by lbotos 8y ago
> Crypto is going to come back with vengeance.
Bold statement.
> Right now there isn't such a way and crypto might solve it.
weak support.
Why do people need to exchange tiny amounts of money?
EDIT for clarity: Why do people need Crypto to exchange tiny amounts of money?
- mattdeboard 8y agoPeople already exchange tiny amounts of money. It's done through this cutting edge service called "banking." I think the implication of the GP's comment is that he considers blockchain/cryptocurrency tech a replacement for banking.
- dlubarov 8y agoWhat banking service are you referring to? Credit networks, debit networks, ACH, something else? AFAIK none of them are practical for micropayments, in the US at least. It's possible that the banking industry could invent a network on which micropayments are practical, but it hasn't happened yet.
- sdenton4 8y agoCompletely disagree with the op re bit coin, but I do agree that people need easy ways to handle small transactions seamlessly. Mpesa and venmo provide plenty of reasonable use cases...
- imglorp 8y agoMicropayments is the perfect use case. My vision is you would stock a wallet with, say $50, and then authorize a few of your regular sites in your client. Every time you loaded a new story, it might deduct $.01 for example. Perhaps not with this tech, but one similar with fast transactions and tiny fees. See Iota for example. Shifting from an ad driven to paid publisher/subscriber model has many advantages. Ideally you'd have a tech to support it which was a) not centralized, b) anonymous customer but visible vendor, and c) low transaction fees. This rules out credit cards and bitcoin but there are others.
- akhilcacharya 8y agoI really don't understand these examples for micropayments, they're always for things I wouldn't pay for anyway.
- imglorp 8y agoOh? Do you fund anyone on Patreon? Is there no content you think is worthwhile, quality reading, that you'd pay a little to contribute your share, instead of ads and malware?
- akhilcacharya 8y agoI don’t and nobody I know does either.
- creeble 8y agoI think all these visions for micro payments have been swamped by advertising as a source for revenue. I dislike that fact, but I don't think most people care. So micro payments are just a way to make less money than advertising-based models.
- adamnemecek 8y agoLol are you aware of the backlash against advertising?
- Scoundreller 8y agoI imagine Netflix working that way in an opaque way. Of the 3rd-party produced works, I assume netflix pays them some fraction of my $x.xx/month based on my viewing time.
- creeble 8y agoI'm not sure people need a lot of ways to exchange tiny amounts of money either, but the existing ones like Venmo work really well. Without a blockchain. And fast, too!