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Why should I pay in BTC through Bakkt instead of USD ? BTC was invented as p2p payments, now everybody wants to control transactions and get a fee

arcticbull 6y ago
Just store it at BNY Mellon and use a Visa card to transact haha. The issue of course is the transaction rate is so low and the system so inefficient it cannot possibly meet its stated goal as a payments system without trusted, centralized networks layered on top. That layer meets none of the goals of the underlying meaning the underlying can simply be elided, and we’re right back where we started but without an Argentina of power wasted.
- nightski 6y ago
  While the overall transaction rate limit is low, the typical customer experience is quite good. I mean Visa transactions take 1-3 days for the merchant to actually receive the funds. On top of that it's not settled on the consumer's end until the transaction posts to their account 1-3 days later. Bitcoin on average settles in something like 10 minutes and is non-reversible at that point. It's far from perfect but I feel the case you are making is disconnected from the actual experience today.
  - arcticbull 6y ago
    > I mean Visa transactions take 1-3 days for the merchant to actually receive the funds. Luckily we have loans. Merchant processing is something I happen to know way too much about. The fact it takes a few days to settle is an implementation detail. Square for instance will front you until settlement and pay you out overnight, free. I believe all merchant acquirers have followed suit. This aspect is not a real problem for anyone anymore.
- shawnz 6y ago
  > That layer meets none of the goals of the underlying meaning the underlying can simply be elided Of course that's not true. It creates a separation of concerns where the user chooses the trade-off which is most appropriate for them between centralization and decentralization, and can easily move to a different solution if their needs change.
  - arcticbull 6y ago
    Which already exists in fiat land.
    - shawnz 6y ago
      What's the decentralized underlying store in that case?
      - arcticbull 6y ago
        Cash, gold bars, bearer bonds, prepaid gift cards and other negotiable instruments.
        shawnz 6y ago
        Perhaps with the exception of cash, Bitcoin is more accessible than any of those

arcticbull 6y ago

Just store it at BNY Mellon and use a Visa card to transact haha. The issue of course is the transaction rate is so low and the system so inefficient it cannot possibly meet its stated goal as a payments system without trusted, centralized networks layered on top. That layer meets none of the goals of the underlying meaning the underlying can simply be elided, and we’re right back where we started but without an Argentina of power wasted.

nightski 6y ago
While the overall transaction rate limit is low, the typical customer experience is quite good. I mean Visa transactions take 1-3 days for the merchant to actually receive the funds. On top of that it's not settled on the consumer's end until the transaction posts to their account 1-3 days later. Bitcoin on average settles in something like 10 minutes and is non-reversible at that point. It's far from perfect but I feel the case you are making is disconnected from the actual experience today.
- arcticbull 6y ago
  > I mean Visa transactions take 1-3 days for the merchant to actually receive the funds. Luckily we have loans. Merchant processing is something I happen to know way too much about. The fact it takes a few days to settle is an implementation detail. Square for instance will front you until settlement and pay you out overnight, free. I believe all merchant acquirers have followed suit. This aspect is not a real problem for anyone anymore.
shawnz 6y ago
> That layer meets none of the goals of the underlying meaning the underlying can simply be elided Of course that's not true. It creates a separation of concerns where the user chooses the trade-off which is most appropriate for them between centralization and decentralization, and can easily move to a different solution if their needs change.
- arcticbull 6y ago
  Which already exists in fiat land.
  - shawnz 6y ago
    What's the decentralized underlying store in that case?
    - arcticbull 6y ago
      Cash, gold bars, bearer bonds, prepaid gift cards and other negotiable instruments.
      - shawnz 6y ago
        Perhaps with the exception of cash, Bitcoin is more accessible than any of those