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I have no problem with white hat hackers, I'm saying more power to them in the broken web3 space, which that is a complete scam. However, I can use USD, GBP or

I have no problem with white hat hackers, I'm saying more power to them in the broken web3 space, which that is a complete scam. However, I can use USD, GBP or any fiat currency in my local grocery store. Can I use Bitcoin, Shib, Doge, or even Orchid at my grocery store without waiting hours in the queue for the transaction to complete and no huge fees?

__MatrixMan__ 5y ago
Not yet, but I don't think that we're too far away from using USD, GBP or any fiat currency as a unit of account at the POS and letting software handle ensuring that the buyer loses whatever assets they want to pay in and the seller receives whatever assets they want to be paid in. But that's orthogonal to how quickly the maintainers of these tokens can make changes in response to threats.
- colesantiago 5y ago
  So no then? Over a decade later and I still cannot use any of them at the restaurant or without waiting in the queue for the transaction to settle and paying more for the fees than the goods itself.
  - __MatrixMan__ 5y ago
    It took 100 years for steam engines to start outperforming horses, why is it so damning that crypto isn't yet outperforming fiat after a decade and change?
    - CRConrad 5y ago
      Please stop using "crypto" and "fiat" as if they were opposites. "Crypto" is just as "fiat" as any Royal Mint; it's just that the fiat-ers[1] are different people. They just want to muscle in on the "make the tokens that everyone else's transactions are counted in" business niche, because they reckon the makers can always somehow skim a bit off the top. ___ [1]: lit. "makers": "Fiat" is Latin for "let there be made", a form of the verb "to make". It's a cognate of modern French "faire", Italian "fare", etc. (Related words are "fact" and "factory".)
- Aeolun 5y ago
  > But that's orthogonal to how quickly the maintainers of these tokens can make changes in response to threats. Never mind that the entire threat class doesn’t exist in traditional finance?
tenuousemphasis 5y ago
Bitcoin has a system built on top of it called Lightning, which allows for millions of cheap transactions per second inside of payment channels. Only the opening and closing of channels requires a transaction on the blockchain.
- colesantiago 5y ago
  Lightning isn't really using Bitcoin is it? The strike app (which uses Lightning) is not available worldwide which really doesn't give the image that Bitcoin lightning is decentralised at all.
  - tenuousemphasis 5y ago
    It is, all Lightning transactions are valid Bitcoin transactions. Strike merely uses the Lightning network, similar to how Coinbase uses the Bitcoin network. Coinbase and Strike aren't available everywhere, but Bitcoin and Lightning is.
  - aspenmayer 5y ago
    Anyone can run their own Bitcoin and/or Lightning node. Both Bitcoin and Lightning Network are totally decentralized.

__MatrixMan__ 5y ago

Not yet, but I don't think that we're too far away from using USD, GBP or any fiat currency as a unit of account at the POS and letting software handle ensuring that the buyer loses whatever assets they want to pay in and the seller receives whatever assets they want to be paid in. But that's orthogonal to how quickly the maintainers of these tokens can make changes in response to threats.

colesantiago 5y ago
So no then? Over a decade later and I still cannot use any of them at the restaurant or without waiting in the queue for the transaction to settle and paying more for the fees than the goods itself.
- __MatrixMan__ 5y ago
  It took 100 years for steam engines to start outperforming horses, why is it so damning that crypto isn't yet outperforming fiat after a decade and change?
  - CRConrad 5y ago
    Please stop using "crypto" and "fiat" as if they were opposites. "Crypto" is just as "fiat" as any Royal Mint; it's just that the fiat-ers[1] are different people. They just want to muscle in on the "make the tokens that everyone else's transactions are counted in" business niche, because they reckon the makers can always somehow skim a bit off the top. ___ [1]: lit. "makers": "Fiat" is Latin for "let there be made", a form of the verb "to make". It's a cognate of modern French "faire", Italian "fare", etc. (Related words are "fact" and "factory".)
Aeolun 5y ago
> But that's orthogonal to how quickly the maintainers of these tokens can make changes in response to threats. Never mind that the entire threat class doesn’t exist in traditional finance?

tenuousemphasis 5y ago

Bitcoin has a system built on top of it called Lightning, which allows for millions of cheap transactions per second inside of payment channels. Only the opening and closing of channels requires a transaction on the blockchain.

colesantiago 5y ago
Lightning isn't really using Bitcoin is it? The strike app (which uses Lightning) is not available worldwide which really doesn't give the image that Bitcoin lightning is decentralised at all.
- tenuousemphasis 5y ago
  It is, all Lightning transactions are valid Bitcoin transactions. Strike merely uses the Lightning network, similar to how Coinbase uses the Bitcoin network. Coinbase and Strike aren't available everywhere, but Bitcoin and Lightning is.
- aspenmayer 5y ago
  Anyone can run their own Bitcoin and/or Lightning node. Both Bitcoin and Lightning Network are totally decentralized.