4 ms·

I can send many orders of magnitudes more in crypto (XLM in case you're wanting a reference, but there are more) faster and cheaper than that. and payID holds

by toolz 5y ago

I can send many orders of magnitudes more in crypto (XLM in case you're wanting a reference, but there are more) faster and cheaper than that. and payID holds first time transactions for 24 hours...this isn't even marginally reasonable for many use-cases

shakna 5y ago
It's not more accessible - and instant (10-30ms) is sort of hard to beat in terms of speed. (Instant is guaranteed for PayID if you have one transaction to that address ever).
- toolz 5y ago
  so payID, something not all countries have today can match the speed of crypto, can't match the fees and have a huge block on 1st time transactions. crypto wins there - payID sounds like it's been something that should've existed decades ago, but crypto has solved this problem and done a better job and yes it absolutely is more accessible - everywhere except maybe countries that make buying crypto illegal
  - shakna 5y ago
    You can signup to PayID and transfer in the time it takes a waitress to get to your table in around 80% of the known world. How does crypto beat that accessibility? (And it's been around since '02. The US was the last major hold out.)
    - toolz 5y ago
      payID has KYC just the same as crypto but crypto is globally accessible, cheaper and just as fast to receive crypto you don't even need KYC actually, just to on-ramp from fiat...and if you mine crypto you don't even need KYC - so again there is no category in which crypto loses and categories where crypto clearly wins
      - shakna 5y ago
        Flat fee of 20c/10k sounds cheaper than crypto to me. No on-ramp, because payID works for any fiat account that can be linked to Mastercard or Visa sounds more accessible to me. No specific KYC as its backed by existing banking infrastructure. I do not see how crypto possibly wins this one.
        easrng 5y ago
        You can locate, download, install, and set up a crypto wallet and be ready to accept payments in under 2 minutes. (I just did.) Setting up a bank account is far more involved.
        shakna 5y ago
        But most people _already_ have a bank account. Which means they don't have to set up to use payID. They already can.
        perl4ever 5y ago
        >You can locate, download, install, and set up a crypto wallet I was under the impression you had to download the blockchain for e.g. bitcoin before you could engage in transactions. Which is something like 350 GB at this point. And then do some processing that takes a while. Surely this takes a lot more than two minutes. If you didn't do that, do you really have a crypto wallet?
        toolz 5y ago
        you don't have to be a synced, full node to have a wallet that you alone have full control over So to answer your question, yes I actually own the wallet and no it didn't take more than a minute at most for many different coins
        perl4ever 5y ago
        If you're not a "full node" then you have to trust them, don't you? The whole trustless thing goes out the window. So I'm not sure about that "full control" thing.

by toolz 5y ago

shakna 5y ago

It's not more accessible - and instant (10-30ms) is sort of hard to beat in terms of speed. (Instant is guaranteed for PayID if you have one transaction to that address ever).

toolz 5y ago
so payID, something not all countries have today can match the speed of crypto, can't match the fees and have a huge block on 1st time transactions. crypto wins there - payID sounds like it's been something that should've existed decades ago, but crypto has solved this problem and done a better job and yes it absolutely is more accessible - everywhere except maybe countries that make buying crypto illegal
- shakna 5y ago
  You can signup to PayID and transfer in the time it takes a waitress to get to your table in around 80% of the known world. How does crypto beat that accessibility? (And it's been around since '02. The US was the last major hold out.)
  - toolz 5y ago
    payID has KYC just the same as crypto but crypto is globally accessible, cheaper and just as fast to receive crypto you don't even need KYC actually, just to on-ramp from fiat...and if you mine crypto you don't even need KYC - so again there is no category in which crypto loses and categories where crypto clearly wins
    - shakna 5y ago
      Flat fee of 20c/10k sounds cheaper than crypto to me. No on-ramp, because payID works for any fiat account that can be linked to Mastercard or Visa sounds more accessible to me. No specific KYC as its backed by existing banking infrastructure. I do not see how crypto possibly wins this one.
      - easrng 5y ago
        You can locate, download, install, and set up a crypto wallet and be ready to accept payments in under 2 minutes. (I just did.) Setting up a bank account is far more involved.
        shakna 5y ago
        But most people _already_ have a bank account. Which means they don't have to set up to use payID. They already can.
        perl4ever 5y ago
        >You can locate, download, install, and set up a crypto wallet I was under the impression you had to download the blockchain for e.g. bitcoin before you could engage in transactions. Which is something like 350 GB at this point. And then do some processing that takes a while. Surely this takes a lot more than two minutes. If you didn't do that, do you really have a crypto wallet?
        toolz 5y ago
        you don't have to be a synced, full node to have a wallet that you alone have full control over So to answer your question, yes I actually own the wallet and no it didn't take more than a minute at most for many different coins
        perl4ever 5y ago
        If you're not a "full node" then you have to trust them, don't you? The whole trustless thing goes out the window. So I'm not sure about that "full control" thing.