6 ms·

>With cryptocurrency, there's nothing new or interesting you can actually do, no meaningful human connections to be made. It's just speculating on a made-up gro

by noxer 7y ago

>With cryptocurrency, there's nothing new or interesting you can actually do, no meaningful human connections to be made. It's just speculating on a made-up growth story, like penny stocks you can trade 24/7 — but we already had penny stocks and boiler room scams. You really should look into that tech (Blockchain, DLT) a bit deeper. This sounds exactly like the "It's just a toy it's never gonna change the world." that people said about literally anything that changed the world. Yet that toy is here since 10+ years and it's not going away anytime soon. (Not talking about Bitcoin that could still end anyday) The speculation/trading/scams etc. are the "kids" playing with the toy. One day value will move like data and people will question why it took so long to implement this. Exchanging data for value will be normal and young people will ask how it ever could work without that. Kids will aks if it's true that back in the days people who inserted data into the internet had to pay for it and not the people who consumed the data. The internet really works backwards because we do not yet have the "internet of value". The whole internet runs on ads instead. As always when it comes to this topic I suggest David Schwartz's speak at We are Developers - World Congress Berlin https://youtu.be/Lxqz_NlX3GI https://youtu.be/Lxqz_NlX3GI

westoncb 7y ago
> Exchanging data for value will be normal and young people will ask how it ever could work without that. How is this different from using a credit card to e.g. purchase a streaming movie? Is it just more seamless? Or does the fact that there isn't a centralized bank behind the transaction somehow significant for the consumer or business? (I'm really just trying to understand this btw) > Kids will aks if it's true that back in the days people who inserted data into the internet had to pay for it and not the people who consumed the data. If I understand correctly, the current situation is that there are free services where you can upload/insert data, free services where you can download/consume—and there are paid services for both too. Could you elaborate on what the difference would be there? Anyone who creates/hosts content does so for free, and the people who consume it always pay?
- seibelj 7y ago
  Legacy payments network is a dumpster fire. It works but just barely. Crypto is much cleaner and will take it over eventually, give it time.
  - pavlov 7y ago
    This is an example of what I meant by speculating on a growth story. 1994 Internet let you talk to people and exchange information around the world — things that you couldn’t do before. 2019 cryptocurrency lets you pay for something, sort of, not really, but will be very clean one day — never mind that millions are already paying for things and sending money because “it’s a dumpster fire”.
    - mopsi 7y ago
      > 1994 Internet let you talk to people and exchange information around the world — things that you couldn’t do before. You could. There were phones and snail mail after all, weren't there? They were slow an expensive just like wire transfers between US and EU bank accounts are: 2-3 workdays and a $35-45 fee to move around a few bytes in existing financial messaging systems. Pure madness.
      - pavlov 7y ago
        Wire transfers between US and EU take a few hours to clear and cost $25. I send them all the time. In Europe, transfers between all banks are becoming instantaneous starting Jan 2020: https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta... The cost is pennies. No need for a crypto-anything solution.
        noxer 7y ago
        US <-> EU is a corridor with huge volume the legacy systems are therefore very very optimized for this. Inside EU Tx are basically inside the same system which is centralized and updating balances is super simple cheap and fast. Try to send some USD to Mexico or something instead. Also a Tx taking hours and costing 25 bucks is absolutely not going to allow the Internet of Value to show it's possibilities. It may be acceptable to buy something and let it be ship to you. but what about services? instant services how could they be paid with such a system. Watch the youtube video linked above if you want to get an idea of the IoV. It's on a completely different scale. Value streaming a fraction of a cent at a time. Instant and basically free.

by noxer 7y ago

westoncb 7y ago

> Exchanging data for value will be normal and young people will ask how it ever could work without that. How is this different from using a credit card to e.g. purchase a streaming movie? Is it just more seamless? Or does the fact that there isn't a centralized bank behind the transaction somehow significant for the consumer or business? (I'm really just trying to understand this btw) > Kids will aks if it's true that back in the days people who inserted data into the internet had to pay for it and not the people who consumed the data. If I understand correctly, the current situation is that there are free services where you can upload/insert data, free services where you can download/consume—and there are paid services for both too. Could you elaborate on what the difference would be there? Anyone who creates/hosts content does so for free, and the people who consume it always pay?

seibelj 7y ago
Legacy payments network is a dumpster fire. It works but just barely. Crypto is much cleaner and will take it over eventually, give it time.
- pavlov 7y ago
  This is an example of what I meant by speculating on a growth story. 1994 Internet let you talk to people and exchange information around the world — things that you couldn’t do before. 2019 cryptocurrency lets you pay for something, sort of, not really, but will be very clean one day — never mind that millions are already paying for things and sending money because “it’s a dumpster fire”.
  - mopsi 7y ago
    > 1994 Internet let you talk to people and exchange information around the world — things that you couldn’t do before. You could. There were phones and snail mail after all, weren't there? They were slow an expensive just like wire transfers between US and EU bank accounts are: 2-3 workdays and a $35-45 fee to move around a few bytes in existing financial messaging systems. Pure madness.
    - pavlov 7y ago
      Wire transfers between US and EU take a few hours to clear and cost $25. I send them all the time. In Europe, transfers between all banks are becoming instantaneous starting Jan 2020: https://www.europeanpaymentscouncil.eu/what-we-do/sepa-instant-credit-transfer https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta... The cost is pennies. No need for a crypto-anything solution.
      - noxer 7y ago
        US <-> EU is a corridor with huge volume the legacy systems are therefore very very optimized for this. Inside EU Tx are basically inside the same system which is centralized and updating balances is super simple cheap and fast. Try to send some USD to Mexico or something instead. Also a Tx taking hours and costing 25 bucks is absolutely not going to allow the Internet of Value to show it's possibilities. It may be acceptable to buy something and let it be ship to you. but what about services? instant services how could they be paid with such a system. Watch the youtube video linked above if you want to get an idea of the IoV. It's on a completely different scale. Value streaming a fraction of a cent at a time. Instant and basically free.