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Title: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 09:11:26 AM Here is the biggest problem with cryptos that no one is focusing on
If you want to sell digital goods or if you need a notification on your shop that client made payment you have to use a third party or a node or a smart contract Not one crypto solved the problem of allowing merchants to sell their own digital goods easy To deploy a smart contract costs money each time you need to update it and you have to create a dapp for it To host a node costs money ( hosting fees ) To use a third party costs money ( fees ) What's the point of a crypto if i can't use it as a merchant easy and without extra fees ? I could just use paypal or credit card processing ... We must solve this problem The merchant should easy copy/paste a code and put it in his html . -------------------------------------- Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem ! Well good luck explaining to avg Joe how to sell his cows with bitcoin. You deviated from the original plan : "What is needed is an electronic payment system based on cryptographic proof instead of trust,allowing any two willing parties to transact directly with each other without the need for a trusted third party. " -- A smart guy that wrote a whitepaper Title: Re: Here is the biggest problem with cryptos Post by: btcltcdigger on July 29, 2020, 10:16:26 AM You think paypal and credit card processing is free?
Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves. For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee. Title: Re: Here is the biggest problem with cryptos Post by: Ucy on July 29, 2020, 10:23:06 AM Exactly!
But I don't think it's a problem that can't be solved. Merchants should be able to run full nodes on their phones too. Full nodes must not be too big and hard to run. Full nodes enable people to fully or properly benefit from well decentralized crypto. Imagine running a full node that will consume a maximum of 1g on your phone or computer. Title: Re: Here is the biggest problem with cryptos Post by: CaVO32 on July 29, 2020, 10:23:34 AM You think paypal and credit card processing is free? Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves. For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee. Exactly! Their services are not free. But I am guessing if you are dealing with crypto, the fees will be lower as compared to these whales. Though sometimes the btc tx fees goes high when the network is crowded. However, it is the merchant's liberty whether to integrate crypto in their system or not. Who knows, because of this pandemic a lot of customers are looking for alternative options not to pay in fiat and crypto is one good option? And it will be merchant's loss if their customer is asking for crypto payment. Title: Re: Here is the biggest problem with cryptos Post by: bitmover on July 29, 2020, 10:56:51 AM Here is the biggest problem with cryptos that no one is focusing on If you want to sell digital goods or if you need a notification on your shop that client made payment you have to use a third party or a node or a smart contract This is not true. You can search for free any block explorer to see if the payment happened. And many wallets notifies the user when he receives credits. Electrum (from electrum.org) shows a popup in the desktop when I receive a new transaction. I can almost guarantee that it does the same in mobile version Quote https://electrum.readthedocs.io/en/latest/faq.html The client subscribes to its own addresses (nit: sha256 hashes of scriptPubKeys) so that it would be notified of new transactions touching them. It also synchronizes the existing history of its addresses. This means the client sacrifices some privacy to the server, as the server can now reasonably guess that all these addresses belong to the same entity. Your "biggest" crypto problem is a just a bad software you are using. Title: Re: Here is the biggest problem with cryptos Post by: boyptc on July 29, 2020, 11:09:41 AM Biggest problem?
That's not the biggest problem that everyone can think of. The biggest problem to me is the banning of bitcoin by each country. If a crypto friendly starts to ban bitcoin, do you think that's not the biggest problem? To me, that is. Title: Re: Here is the biggest problem with cryptos Post by: Metazen on July 29, 2020, 11:17:21 AM Here is the biggest problem with cryptos that no one is focusing on This is the perfect question. For example, For example, I am thinking of selling products with crypto.. But there is still no fluent way. This is a big problem. Using 3rd party programs causes huge fees.If you want to sell digital goods or if you need a notification on your shop that client made payment you have to use a third party or a node or a smart contract Not one crypto solved the problem of allowing merchants to sell their own digital goods easy To deploy a smart contract costs money each time you need to update it and you have to create a dapp for it To host a node costs money ( hosting fees ) To use a third party costs money ( fees ) What's the point of a crypto if i can't use it as a merchant easy and without extra fees ? I could just use paypal or credit card processing ... We must solve this problem The merchant should easy copy/paste a code and put it in his html . Title: Re: Here is the biggest problem with cryptos Post by: stompix on July 29, 2020, 11:21:01 AM Here is the biggest problem with cryptos that no one is focusing on Yeah right! The biggest problem. If you want to sell digital goods or if you need a notification on your shop that client made payment you have to use a third party or a node or a smart contract Actually almost all clients and payment scripts offer this by default. Not one crypto solved the problem of allowing merchants to sell their own digital goods easy Crypto is money, the coin itself doesn't have to offer anything, it's the additional software that gives these features. Digital money is not allowing you to pay online, it's VISA and other payment gateways that do this. To host a node costs money ( hosting fees ) To use a third party costs money ( fees ) You can host your own node and you don't have to use a thrid party. We must solve this problem The merchant should easy copy/paste a code and put it in his html . "html", huh? I'm begging to understand why you're having that much trouble finding work Title: Re: Here is the biggest problem with cryptos Post by: HeRetiK on July 29, 2020, 11:24:46 AM If you want to sell digital goods or if you need a notification on your shop that client made payment you have to use a third party or a node or a smart contract Use a proper wallet. Not one crypto solved the problem of allowing merchants to sell their own digital goods easy There's cryptocurrency plugins for pretty much all relevant online shop solutions. To deploy a smart contract costs money each time you need to update it and you have to create a dapp for it Why would you need a smart contract for offering centralized services? To host a node costs money ( hosting fees ) Use a SPV wallet. To use a third party costs money ( fees ) Don't use a third party. What's the point of a crypto if i can't use it as a merchant easy and without extra fees ? I could just use paypal or credit card processing ... That sounds like you've never used PayPal or credit card payments for business. We must solve this problem What problem. The merchant should easy copy/paste a code and put it in his html . There you go: Code: <a href="bitcoin:33jr6swgJxHwyFTgXKcv7kbKSy4du8Yt8r?amount=1">Pay here</a> Title: Re: Here is the biggest problem with cryptos Post by: freedomgo on July 29, 2020, 11:30:38 AM I don't call it a problem, that's the reality, no business would operate without a cost, so they will also charge to get their revenue.
Simple common sense, revenue - expenses = profit. that's always the formula, don't expect something free, because that is not legit. Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 11:59:38 AM You think paypal and credit card processing is free? Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves. For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee. I am talking about how easy it is for merchant to use does ... not about fees ... Title: Re: Here is the biggest problem with cryptos Post by: btcltcdigger on July 29, 2020, 12:03:11 PM You think paypal and credit card processing is free? Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves. For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee. I am talking about how easy it is for merchant to use does ... not about fees ... It's easy because it's been around for decades. The first itteration of paypal buttons some 10+ years ago were also a pain to set up + paypal didn't support many many countries. It'll get easier with crypto soon. Actually, there already are easy solutions, you just don't know them Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 12:06:13 PM Here is the biggest problem with cryptos that no one is focusing on If you want to sell digital goods or if you need a notification on your shop that client made payment you have to use a third party or a node or a smart contract This is not true. You can search for free any block explorer to see if the payment happened. And many wallets notifies the user when he receives credits. Electrum (from electrum.org) shows a popup in the desktop when I receive a new transaction. I can almost guarantee that it does the same in mobile version Quote https://electrum.readthedocs.io/en/latest/faq.html The client subscribes to its own addresses (nit: sha256 hashes of scriptPubKeys) so that it would be notified of new transactions touching them. It also synchronizes the existing history of its addresses. This means the client sacrifices some privacy to the server, as the server can now reasonably guess that all these addresses belong to the same entity. Your "biggest" crypto problem is a just a bad software you are using. Most of you don't get it not all merchants are tech guys like us ... For a merchant should be simple as sending a link to someone http//myserver.com/myaddress/payme ---> client pays --> and files released or notification send to email ... Tell granny about electrum ... i am talking about making crypto available to all...even a 12 years old kid should be able to sell his digital paintings using crypto easy ,or a 80 years old ,without anyone else configuring servers etc ... Title: Re: Here is the biggest problem with cryptos Post by: stompix on July 29, 2020, 01:58:18 PM Stop insulting ... or i will insult you ... first of all you dumb... No wonder you don't get it your German ... When you have no arguments, you resort to language, no wonder you lose all your possible clients if you get triggered this way 80 years old people can't even connect to wi-fi on a smartphone ...other people just don't like technology ... if you want crypto value to increase and to become a real currency it has to be used by all ...not by some morons that read a few tutorials online and now they are crypto experts ... My father is ~70 and my mother~60 They both have smartphones, they both can use a laptop with wi-fi, they both run their business, they can send their partners offer and requests via mails and Whatsapp, and they both have google pay on their smartphone. My father is even downloading movies via utorrent That argument about the old generation is pretty stupid. Oh, and don't take my word, ...look at our eldest member here (https://bitcointalk.org/index.php?topic=5261878.0), 78 and a happy bitcoin user. Explain to grandpa Joe how to config a vps ,upload a node via ssh etc and then add bitcoin to his website to sell his lemonade ... genius ! Why would a grandpa in his 80's want to run a lemonade shop? How many of those cases do you know? Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 02:19:40 PM Why would a grandpa in his 80's want to run a lemonade shop? How many of those cases do you know? You must be one of does rich snobs... Here is an example : https://www.youtube.com/watch?v=zNK2SsEkGmo When there will be no more law and order or police , i will come to your house take all your stuff and your girlfriend/wife ,just so i make you live like the 90% of the world population... Title: Re: Here is the biggest problem with cryptos Post by: HeRetiK on July 29, 2020, 02:25:14 PM For a merchant should be simple as sending a link to someone http//myserver.com/myaddress/payme ---> client pays --> and files released or notification send to email ... Don't worry, I gotcha: Code: Hi <client_name>, Not that hard now, is it? Book keeping and taxes are more complicated than requesting a payment in Bitcoin. If requesting your payments in Bitcoin were that hard, ransomware wouldn't be such a booming business. If some random cyber criminal can tell their "customers" how to send them money, so can anyone else. Tell granny about electrum ... i am talking about making crypto available to all...even a 12 years old kid should be able to sell his digital paintings using crypto easy ,or a 80 years old ,without anyone else configuring servers etc ... So you got granny's integrating credit card payment gateways? Or how else is granny accepting credit card payments for her lemonade? My father is even downloading movies via utorrent Assuming that your father lives in Germany -- does that mean he uses a VPN, or does he simply have balls of steel? ;D Why would a grandpa in his 80's want to run a lemonade shop? How many of those cases do you know? You must be one of does rich snobs... Here is an example : https://www.youtube.com/watch?v=zNK2SsEkGmo When there will be no more law and order or police , i will come to your house take all your stuff and your girlfriend/wife ,just so i make you live like the 90% of the world population... That's not an online store now, is it. Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 02:38:31 PM For a merchant should be simple as sending a link to someone http//myserver.com/myaddress/payme ---> client pays --> and files released or notification send to email ... Don't worry, I gotcha: Code: Hi <client_name>, Not that hard now, is it? Book keeping and taxes are more complicated than requesting a payment in Bitcoin. If requesting your payments in Bitcoin were that hard, ransomware wouldn't be such a booming business. If some random cyber criminal can tell their "customers" how to send them money, so can anyone else. Tell granny about electrum ... i am talking about making crypto available to all...even a 12 years old kid should be able to sell his digital paintings using crypto easy ,or a 80 years old ,without anyone else configuring servers etc ... So you got granny's integrating credit card payment gateways? Or how else is granny accepting credit card payments for her lemonade? My father is even downloading movies via utorrent Assuming that your father lives in Germany -- does that mean he uses a VPN, or does he simply have balls of steel? ;D I am talking about some old guy trying to sell his products... Example 1: he places an ad in the newspaper : I made a digital book send xyz BTC to address ABC ,once payment is sent you can download the book ...without the need for him to install complex software or to use third party ... Example 2: Granny is making cherry jams she wants to sell her cherry jams on facebook ... if she gives the address like you gave example how the f...k does she knows that Aunt Selma sent her 10 usd for a jar of Cherry Jam ? (Granny does not have time to go p2p with each client she is 80 ,she is making Cherry Jams ,and has to deliver the Cherry Jams) Also Timmy is in the USA and Granny in Germany ...Timmy has to wake up Granny in the middle of the night to send her BTC for a jar of Cherry Jam like you want to... I know you Germans... i got one in the family ... you got no humor ,you are f...king robots ,only logic and reason in your minds ... you can't think like normal humans ;D Title: Re: Here is the biggest problem with cryptos Post by: bitmover on July 29, 2020, 03:00:25 PM I am talking about some old guy trying to sell his products... If that old guy cannot do this simple line of code and download a proper wallet, he should not be selling his products. There you go: Code: <a href="bitcoin:33jr6swgJxHwyFTgXKcv7kbKSy4du8Yt8r?amount=1">Pay here</a> It is much harder than this line to accept paypal or accept visa in your website. Bitcoin is easier than those methods online. Easier and cheaper. Quote Example 1: he places an ad in the newspaper : I made a digital book send xyz BTC to address ABC ,once payment is sent you can download the book ...without the need for him to install complex software or to use third party ... If he uses any decent wallet, the wallet will pop up in his mobile when he receives funds. No need for complex software.Quote Also Timmy is in the USA and Granny in Germany ...Timmy has to wake up Granny in the middle of the night to send her BTC for a jar of Cherry Jam like you want to... Nah, I think you just don't understand how bitcoin work. Granny can give the address to Timmy before she sleeps. If Granny were using a bank account, she would need to give her account information before going to be also, otherwise she would have to woke up in the middle of the night. lol Title: Re: Here is the biggest problem with cryptos Post by: stompix on July 29, 2020, 03:05:10 PM You must be one of does rich snobs... Here is an example : https://www.youtube.com/watch?v=zNK2SsEkGmo When there will be no more law and order or police , i will come to your house take all your stuff and your girlfriend/wife ,just so i make you live like the 90% of the world population... Oh, so because you have found one example, we shouldn't adopt this technology as it can't suit everybody, even if they don't have internet or electricity around there. Does your grandma in this example use Paypal? Or a Credit/Debit card? If not then you should drop them and never use them again as it's impossible for them to become used worldwide. Let's also bring down all the satellites as a billion people don't have a tv! ,only logic and reason in your minds ... you can't think like normal humans ;D Normal human like you being illogical and unreasonable? Got it! Man I wish I was german! My father is even downloading movies via utorrent Assuming that your father lives in Germany -- does that mean he uses a VPN, or does he simply have balls of steel? ;DThe assumption is wrong as almost very post that guy makes, I do live in central Europe but I'm not German, a little bit more to the southeast. But anyhow, he does know how to use a VPN, I thought him that in order to avoid clips who are not displayed on YT because of regional copyright claims and when the new GDPR law came in and a lot of US newspaper decided to cut us off rather than trying to deal with European laws and traffic. So you got granny's integrating credit card payment gateways? Or how else is granny accepting credit card payments for her lemonade? Worse of all, she is not even selling lemonade! ;D Title: Re: Here is the biggest problem with cryptos Post by: HeRetiK on July 29, 2020, 03:11:33 PM I am talking about some old guy trying to sell his products... Example 1: he places an ad in the newspaper : I made a digital book send xyz BTC to address ABC ,once payment is sent you can download the book ...without the need for him to install complex software or to use third party ... holup. guy places ad in the newspaper... for a digital book... by posting his BTC address... so usually he would post his bank account info instead? guy knows how to create a digital book... but is unable to learn how to use a Bitcoin wallet. what. Example 2: Granny is making cherry jams she wants to sell her cherry jams on facebook ... if she gives the address like you gave example how the f...k does she knows that Aunt Selma sent her 10 usd for a jar of Cherry Jam ? (Granny does not have time to go p2p with each client she is 80 ,she is making Cherry Jams ,and has to deliver the Cherry Jams) I guess because aunt selma send her a message like "hey granny I just sent you 10 usd for a jar of cherry jam"? I mean how else would they tell granny where to send the cherry jam. also what sort of corporate hellscape empire is granny running if she ain't even got time for customer support? Also Timmy is in the USA and Granny in Germany ...Timmy has to wake up Granny in the middle of the night to send her BTC for a jar of Cherry Jam like you want to... what the hell timmy, let granny sleep. don't you know she'll see the transaction when she wakes up in the morning to prep the packages? jesus fucking christ now granny also has to instant ship her packages? is her last name bezos or sumthin? I know you Germans... i got one in the family ... you got no humor ,you are f...king robots ,only logic and reason in your minds ... you can't think like normal humans ;D i'm not a German, buddy. I do have a lot of friends there though. apart from that, dude, you really gotta work on your business cases. even the fictional ones. no wonder you're swimming in that economy. jesus christ. So you got granny's integrating credit card payment gateways? Or how else is granny accepting credit card payments for her lemonade? Worse of all, she is not even selling lemonade! ;D granny is now too busy doing freelance contracting work in finance, no time for selling lemonade anymore. Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 03:20:38 PM Nah, I think you just don't understand how bitcoin work. Granny can give the address to Timmy before she sleeps. If Granny were using a bank account, she would need to give her account information before going to be also, otherwise she would have to woke up in the middle of the night. lol Your another of those that telling people that Bitcoin is Jesus and the rest of us are morons ... you are blinded if you don't see the problem ... or you invested in btc Well here is another problem for you : Minimum Requirements https://bitcoin.org/en/full-node#costs-and-warnings Blockchain size: https://www.statista.com/statistics/647523/worldwide-bitcoin-blockchain-size/ Each year to run a full node you need more space and more processing power ,do to fact more transactions are added to the blockchain etc ... That means avg tech guy will not be able to afford to host a bitcoin node or to mine btc... even now it is expensive ... So who will host the nodes and mine ? The big corporations and after govs ... The bigger it will get the more power the govs will have ... do to fact they got computing power ... Now it's just a matter of time ... So here is the irony : Bitcoin from a decentralized coin will become centralized ... The idiots that will have btc in their wallets when corporations and govs take over will have a bunch of worthless numbers . Bitcoin is a Ponzi/Pyramid scheme. This is the truth ! Title: Re: Here is the biggest problem with cryptos Post by: HeRetiK on July 29, 2020, 03:39:09 PM I am talking about some old guy trying to sell his products... granny is now too busy doing freelance contracting work in finance, no time for selling lemonade anymore. I really hope your one of does suckers that will hold bitcoin when all the people will know the truth about btc ... i pray you buy more and put all your fortune in btc ... I'm one of those suckers that evaluate incoming CVs to make sure the companies I work with hire competent web developers. Title: Re: Here is the biggest problem with cryptos Post by: bitmover on July 29, 2020, 03:51:06 PM Well here is another problem for you : Minimum Requirements https://bitcoin.org/en/full-node#costs-and-warnings Blockchain size: https://www.statista.com/statistics/647523/worldwide-bitcoin-blockchain-size/ Each year to run a full node you need more space and more processing power ,do to fact more transactions are added to the blockchain etc ... Wait, does your Granpa which can't even paste his address in his website wants to run a full node with a poor hardware? Why the hell would your 80year old Granpa want to run a full node? You know you don't need to run a full node to receive and send payments, right? You can read about them here. SPV (Simplified Payment Verification) https://en.bitcoinwiki.org/wiki/Simplified_Payment_Verification Quote Simplified Payment Verification (SPV) – using Bitcoin without running a full network node. By default, upon receiving a new transaction a node must validate it: in particular, verify that none of the transaction's inputs have been previously spent. To carry out that check the node needs to access the blockchain. Any user who does not trust his network neighbors, should keep a full local copy of the blockchain, so that any input can be verified. As noted in Nakamoto's whitepaper, it is possible to verify bitcoin payments without running a full network node. And this is called simplified payment verification or SPV. A user or user’s bitcoin spv wallet only needs a copy of the block headers of the longest chain, which are available by querying network nodes until it is apparent that the longest chain has been obtained. Then, wallet using spv client get the Merkle branch linking the transaction to its block. Linking the transaction to a place in the active chain demonstrates that a network node has accepted it, and blocks added after it further establish the confirmation. Title: Re: Here is the biggest problem with cryptos Post by: bittraffic on July 29, 2020, 03:53:38 PM Why do it feels like you don't understand how it works? The community is even trying hard to minimize the transaction fees by encouraging users to use Segwit wallet but of course there will always be 3rd party just as you make transactions thru credit cards. I am talking about some old guy trying to sell his products... granny is now too busy doing freelance contracting work in finance, no time for selling lemonade anymore. I really hope your one of does suckers that will hold bitcoin when all the people will know the truth about btc ... i pray you buy more and put all your fortune in btc ... You have been in the community for a time but knows a different truth about BTC, its amazing that its possible that you look at it differently. Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 04:33:09 PM I'm one of those suckers that evaluate incoming CVs to make sure the companies I work with hire competent web developers. Well evaluate ... how is stopping you ... When you reach that point in life like i did you can afford to Say to as...holes: Go f...uk yourself and your job ! It takes a long time and a lot of experience in your area to say that ... It's called the Layer Cake https://www.youtube.com/watch?v=FSborxD6avQ Title: Re: Here is the biggest problem with cryptos Post by: el kaka22 on July 29, 2020, 05:25:16 PM First of all, we are talking about much cheaper money sending, plus it is also faster if you take into consideration the fact that when you get paid with paypal it goes to your account but never really to your hand to spend, that takes time to be confirmed, in bitcoin that is fast as well.
Secondly the cheap part is so much different that if you want to sell something big, with fiat you are not going to be doing that for that cheap, it is 2% most of the time, and that is a huge chunk of your profit, with bitcoin it could be 2% if you charge something small, but it could also be 0.001% if you are receiving something big, or you could just use an altcoin and make it very cheap. So, there is some stuff that it solves. However bitcoin wasn't created so you can sell stuff with it, that wasn't the purpose. Title: Re: Here is the biggest problem with cryptos Post by: The Sceptical Chymist on July 29, 2020, 05:51:19 PM You think paypal and credit card processing is free? Lol, that's the first thing I thought of. But the thing with bitcoin is that even if there's a small fee for the merchant to pay for a processing service, there's also the transaction fee that the sender has to pay--and sometimes that fee can be low for a reasonable confirmation time and sometimes not. In any case, I'm not surprised in the least that more merchants haven't offered crypto as a payment method. I don't care what the hardcore bitcoiners think, there's just no advantage to using crypto to buy everyday goods & services. Fiat generally works just fine, and people are familiar and comfortable with it. If you're looking to conceal your identity in a financial transaction, then crypto comes in handy. Other than that, there are a lot of problems with crypto that prevent it from being used widely. Title: Re: Here is the biggest problem with cryptos Post by: hatshepsut93 on July 29, 2020, 05:53:47 PM I can tell from your post that you never wrote any code in your life, because if you did, you'd know that this "problem" of yours is trivial and has been solved since the early days of Bitcoin. Today merchants can use tools like BTCPayserver to take care of receiving payments without any pains of hosting their own full node or dealing with third parties, but even in the past it was easy to hook into an SPV wallet and handle incoming transactions.
Title: Re: Here is the biggest problem with cryptos Post by: crwth on July 29, 2020, 06:00:34 PM From the discussion posted before me, if you have only concerned about fees, then you would just use the least expensive of any of the mentioned payment processes. You cannot escape it entirely the charges because of the need for different methods and energy consumption of computers and mining rigs, etc.
I hope you wouldn't be so cynical about this because there are a lot of friendly things that custodial wallets that are easy to use, and transactions are free if you are sending it to another account in the same corporation. There is always a way. Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 06:53:42 PM https://www.youtube.com/watch?v=8BIUSNMcV1g
Wake up people and think else you will lose your money.... 5 Simple rules : (1) Question authority. No idea is true just because someone says so, including me. (2) Think for yourself. Question yourself. Don't believe anything just because you want to. Believing something doesn't make it so. (3) Test ideas by the evidence gained from observation and experiment. If a favorite idea fails a well-designed test, it's wrong. Get over it. (4) Follow the evidence wherever it leads. If you have no evidence, reserve judgment. And perhaps the most important rule of all... (5) Remember: you could be wrong. Even the best scientists have been wrong about some things. Newton, Einstein, and every other great scientist in history -- they all made mistakes. Of course they did. They were human. Title: Re: Here is the biggest problem with cryptos Post by: adzino on July 29, 2020, 08:24:01 PM If you think these are the biggest problem, then I would say you don't even know what is currently going on in currently in the crypto world.
You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts. Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem ! What do you even mean by this? Well good luck explaining to avg Joe how to sell his cows with bitcoin. If an average Joe can learn how to sell his cows for paypal, he can learn how to sell cows for bitcoin.Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 29, 2020, 08:42:31 PM If you think these are the biggest problem, then I would say you don't even know what is currently going on in currently in the crypto world. You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts. Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem ! What do you even mean by this? Well good luck explaining to avg Joe how to sell his cows with bitcoin. If an average Joe can learn how to sell his cows for paypal, he can learn how to sell cows for bitcoin.Same old excuse ... "if he learns paypal he should learn btc" ... what's new ... most people are not like us tech experts I mean that the cryptoworld turned it in a investment instead of a currency ... this is way btc is not evolving and will never evolve ... and the masses will never adopt it . Now btc is a ponzi/pyramid scheme ... has 0 value in the "real world" ... Title: Re: Here is the biggest problem with cryptos Post by: panganib999 on July 29, 2020, 10:33:21 PM You think paypal and credit card processing is free? Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves. For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee. That was totally true. Cryptocurrency transactions are not the only ones with top up or having the processing fee because even digital wallets and online shops do also have processing fee for you to be able to clear out or for your transaction be able to be completed. Cashless payments we have like PayPal and credit cards do always have processing fees because nothing is really free most specially it is a term of processing your transactions. From the discussion posted before me, if you have only concerned about fees, then you would just use the least expensive of any of the mentioned payment processes. You cannot escape it entirely the charges because of the need for different methods and energy consumption of computers and mining rigs, etc. I hope you wouldn't be so cynical about this because there are a lot of friendly things that custodial wallets that are easy to use, and transactions are free if you are sending it to another account in the same corporation. There is always a way. This is exactly agreeable. If the only problem and concern is about the amount of fee being entitled to be paid off, better seek for a wallet or mode of payment that have the cheaper price to be able to process your transaction with lower fees. There are ways on how you can spend low fee transactions and do not have to be hysterical on complaining about the processing fee you have been amounted to complete the transaction. There is always a way of seeking which is a lot more better than continuously complaining. Title: Re: Here is the biggest problem with cryptos Post by: Heart18 on July 30, 2020, 01:20:20 AM Fees, Charges or whatever we may call it is not a problem at all. Just think of it like a vehicle, it won't run without a gasoline/diesel, right? So, we must accept it that way and won't take every fees as a burden. After all, it has a lot of help for us especially in this Pandemic where we just need to stay home.
Title: Re: Here is the biggest problem with cryptos Post by: samcrypto on July 30, 2020, 02:09:26 AM You think paypal and credit card processing is free? Exactly, we think that the established businesses are free of charge which we didn't know they collected it secretly on many ways. Fees is not the biggest problem of cryptos since its normal to collect fees and that''s how business works. It might be free of charge to you, but the company you are using is paying the fees on your end. Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves. For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee. If you care much about the fees then try to look for alternatives where you can transact at minimal fees or no fees at all, in my case we have a local wallet where we can send money with no fees at all. Title: Re: Here is the biggest problem with cryptos Post by: Lorence.xD on July 30, 2020, 03:59:44 AM Fees, Charges or whatever we may call it is not a problem at all. Just think of it like a vehicle, it won't run without a gasoline/diesel, right? So, we must accept it that way and won't take every fees as a burden. After all, it has a lot of help for us especially in this Pandemic where we just need to stay home. Exactly, this analogy is on point. Think of those fees as a payment for supporting your services, I do not see the problem with that. If your site gets a decent traffic then that would mean that you wouldn't mind paying those services supporting you, if you are selfish enough then you might as well create all the supporting services so you can hog all the profits, just because they are using crypto as a financial instrument guarantees you to be whining about how greedy you are.Title: Re: Here is the biggest problem with cryptos Post by: mu_enrico on July 30, 2020, 04:30:51 AM @spy100 why you mad dude? Everyone understands that this is an (ongoing) experimental project, devs still tweak here and there, some create their own coin, some fork the chain, etc. If you don't like BTC, there are hundreds of altcoins that you can pick.
No one force you to use BTC, and you are free to use coins that best suit your purpose. Title: Re: Here is the biggest problem with cryptos Post by: slapper on July 30, 2020, 04:58:02 AM Paypal and credit cards do charge you a small amount of money. There is no type of payment that is free for you to use. New innovations are being created in order to make transaction easier and cheaper. Crypto is still young but we can never deny the benefits that I can bring to us at the moment and even in the future. Cryptocurrencies can be developed over time and become stronger and stronger. Soon, I believe it cost a less money than using traditional payment methods
We are selling our information and identities to the government and companies at a cheap price. Internet users know that crypto users are even aware of this with a more concerning level. If I have an opportunity to become anonymous and secured, I won't hesitate to buy it with an affordable price Title: Re: Here is the biggest problem with cryptos Post by: shoreno on July 30, 2020, 06:14:52 AM not only its costy and takes alot of time to process those , they are also making things more complicated .
they think that copying the qr code to be able to recieve payments are too basic so they dont care with that much and they think merchants already knew that stuff's . they only want to earn and make thier own business , i dont consider that as a problem but there are other real probems that btc and btc users faced that this . Title: Re: Here is the biggest problem with cryptos Post by: AniviaBtc on July 30, 2020, 11:16:38 AM Biggest problem? That's not the biggest problem that everyone can think of. The biggest problem to me is the banning of bitcoin by each country. If a crypto friendly starts to ban bitcoin, do you think that's not the biggest problem? To me, that is. This is what I want to see in this thread. That third party thing is not that serious enough, it is a problem but not as worse like this. Government who are against on cryptocurrency must be lessen because it really interrupt those transactions towards cryptos. If banning of cryptocurrency is not your priority and focus on what you are arguing with, then that third party will become useless. It is much better to use third party than not being allowed to operate cryptocurrency transactions. Which will you choose? A society that bans cryptocurrency or using a third party that collects extra fees in your transactions. We are lucky that cryptocurrency is legal in our country and we don't even complain about it that much. Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 30, 2020, 01:02:19 PM @spy100 why you mad dude? Everyone understands that this is an (ongoing) experimental project, devs still tweak here and there, some create their own coin, some fork the chain, etc. If you don't like BTC, there are hundreds of altcoins that you can pick. No one force you to use BTC, and you are free to use coins that best suit your purpose. I like it but btc needs to be adopted by the masses not just by tech experts ... Title: Re: Here is the biggest problem with cryptos Post by: Kasabus on July 31, 2020, 03:45:21 AM @spy100 why you mad dude? Everyone understands that this is an (ongoing) experimental project, devs still tweak here and there, some create their own coin, some fork the chain, etc. If you don't like BTC, there are hundreds of altcoins that you can pick. No one force you to use BTC, and you are free to use coins that best suit your purpose. I like it but btc needs to be adopted by the masses not just by tech experts ... Title: Re: Here is the biggest problem with cryptos Post by: NavI_027 on July 31, 2020, 06:06:15 AM I do not know why you're so mad about cryptos and why this is a big problem for you. Dude I think you misunderstood what he said. He is not totally mad with the technology as a whole. He is just so frustrated why most of people treat crypto (for example, bitcoin) as a store of value and not a means of exchange which supposed to be its real application based on the whitepaper. @OP ~ Actually you got a point on that one. However, it is what it is. Since all of us found an opportunity to make money through this so the tendency is they will grab it for real. Coz why not? If you do believe that crypto should be solely used for exchanging goods then you are free to do so. But you cannot force everyone to follow you. Everyone got their own belief and for me I choose to lie on the middle. I am willing to get more adoptions and like to earn as well :). Title: Re: Here is the biggest problem with cryptos Post by: bitgolden on July 31, 2020, 02:55:39 PM Honestly I just sent money from my exchange to a game that allowed you to buy some game stuff like skins and so forth, the game company was accepting bitcoin which is awesome but at the same time they were using coinbase as well. None of this matters because the problem was with my exchange.
So, what did I do? When I wanted to withdraw a certain amount, I withdrew about 10 bucks to pay the game, it was 9.9 and that is it right? Well, it took another 6!!! dollars or so, it was 0.0005 bitcoin just for WITDHRAWAL, dude I payed about 0.001 for the whole game thing, you are asking half of that for just sending? And the coinbase thing had 1 hour countdown, you had to send withing 1 hour and have 1 confirmation, do you know how long it took? 40 minutes! I almost missed if they were 20 minutes more late. We need to get this under control, bitcoin is becoming worst thing ever for sending/receiving money. Title: Re: Here is the biggest problem with cryptos Post by: spy100 on July 31, 2020, 03:00:18 PM I do not know why you're so mad about cryptos and why this is a big problem for you. Dude I think you misunderstood what he said. He is not totally mad with the technology as a whole. He is just so frustrated why most of people treat crypto (for example, bitcoin) as a store of value and not a means of exchange which supposed to be its real application based on the whitepaper. @OP ~ Actually you got a point on that one. However, it is what it is. Since all of us found an opportunity to make money through this so the tendency is they will grab it for real. Coz why not? If you do believe that crypto should be solely used for exchanging goods then you are free to do so. But you cannot force everyone to follow you. Everyone got their own belief and for me I choose to lie on the middle. I am willing to get more adoptions and like to earn as well :). Thank you ! You are the first person that understood . Title: Re: Here is the biggest problem with cryptos Post by: asus09 on July 31, 2020, 03:47:26 PM You think paypal and credit card processing is free? Almost currency we have pay fee but in my country have some digital product could be payment method without get fee when using transaction, I think still use for domestic country needed but I think found one digital application have the way how to take less payment fees when using as transaction.Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves. For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee. Title: Re: Here is the biggest problem with cryptos Post by: posi on July 31, 2020, 04:21:11 PM if she gives the address like you gave example how the f...k does she knows that Aunt Selma sent her 10 usd for a jar of Cherry Jam ? Thats not a problem cause she can easily get notification about in and out payment through telegram bot notification which supported ETH,BTC and some altcoins.To use a third party costs money ( fees ) Every payment processing company (paypal, visa, mastercard, azimo etc) charge some certain fees or else they will be bankrupt but crypto is still fair and it the extra is an issue you could make use of simplified payment verification wallet.What's the point of a crypto if i can't use it as a merchant easy and without extra fees ? I could just use paypal or credit card processing The merchant should easy copy/paste a code and put it in his html . [/quote] It a gradual process cause rome was not build over night There are also an alternative in crypto sphere and if a merchant dont want to use third part equipment he will have to do Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem ! The problem started long ago mate ever since when the government was unable to find a better solution to inflation and if crypto currency was not financial instrument why does it posed good result despite the damage done by the pandemicTitle: Re: Here is the biggest problem with cryptos Post by: spy100 on July 31, 2020, 04:41:58 PM The problem started long ago mate ever since when the government was unable to find a better solution to inflation and if crypto currency was not financial instrument why does it posed good result despite the damage done by the pandemic This i really got to answer to protect naive people : All you people out there that think crypto is Baby Jesus ...google keyword: pump and dump Title: Re: Here is the biggest problem with cryptos Post by: target on July 31, 2020, 04:56:52 PM The problem started long ago mate ever since when the government was unable to find a better solution to inflation and if crypto currency was not financial instrument why does it posed good result despite the damage done by the pandemic This i really got to answer to protect naive people : All you people out there that think crypto is Baby Jesus ...google keyword: pump and dump The pump and dump also happen on other markets like penny stocks. The fiat currency can even be manipulated, what do you think will happen if China dumps their USD? I don't think people look at BTC as baby jesus but because we put value to BTC already since the time of pizza then there is a price to it. The price keeps rising as there are demands for we keep playing the casino, there is no mystery to that. Title: Re: Here is the biggest problem with cryptos Post by: hulla on July 31, 2020, 05:19:09 PM Honestly I just sent money from my exchange to a game that allowed you to buy some game stuff like skins and so forth, the game company was accepting bitcoin which is awesome but at the same time they were using coinbase as well. None of this matters because the problem was with my exchange. So, what did I do? When I wanted to withdraw a certain amount, I withdrew about 10 bucks to pay the game, it was 9.9 and that is it right? Well, it took another 6!!! dollars or so, it was 0.0005 bitcoin just for WITDHRAWAL, dude I payed about 0.001 for the whole game thing, you are asking half of that for just sending? And the coinbase thing had 1 hour countdown, you had to send withing 1 hour and have 1 confirmation, do you know how long it took? 40 minutes! I almost missed if they were 20 minutes more late. We need to get this under control, bitcoin is becoming worst thing ever for sending/receiving money. You understand also Title: Re: Here is the biggest problem with cryptos Post by: Blackrain13 on July 31, 2020, 05:51:36 PM @spy100 why you mad dude? Everyone understands that this is an (ongoing) experimental project, devs still tweak here and there, some create their own coin, some fork the chain, etc. If you don't like BTC, there are hundreds of altcoins that you can pick. No one force you to use BTC, and you are free to use coins that best suit your purpose. I like it but btc needs to be adopted by the masses not just by tech experts ... Also every transaction needs a transaction fee of course,there is no free this time and just say thank you. It's like a car without gas it won't go. There's a lot of choices to be use if you want to pay only small amout unlike bitcoin which have a higher transaction fee. Title: Re: Here is the biggest problem with cryptos Post by: posi on July 31, 2020, 06:16:53 PM The problem started long ago mate ever since when the government was unable to find a better solution to inflation and if crypto currency was not financial instrument why does it posed good result despite the damage done by the pandemic This i really got to answer to protect naive people : All you people out there that think crypto is Baby Jesus ...google keyword: pump and dump The pump and dump also happen on other markets like penny stocks. The fiat currency can even be manipulated, what do you think will happen if China dumps their USD? I don't think people look at BTC as baby jesus. Bitcoin have the capacity to be look up to as baby jesus cause it was created as an alternative to save people from inflation which it does when theres total lockdown.Title: Re: Here is the biggest problem with cryptos Post by: abhiseshakana on August 01, 2020, 05:47:44 AM The pump and dump also happen on other markets like penny stocks. The fiat currency can even be manipulated, what do you think will happen if China dumps their USD? China is not possible to throw away the USD at this time because the OBOR project run by China aims to suck dollars into China. China also understands that foreign exchange reserves in the form of dollars are the most effective instruments for maintaining national economic stability. Although there is the current discourse of dedolarization with the aim of reducing China's dependence on the dollar. But now China is trying to diversify its foreign exchange reserves from the dollar to other forms and China is trying to increase its gold foreign exchange reserves. In the end, China will still use the dollar because the American market is still needed by Chinese products. Title: Re: Here is the biggest problem with cryptos Post by: davis196 on August 01, 2020, 06:08:01 AM Good luck trying to sell digital goods while a accepting a payment method that is non-reversible. ;D
I agree with you about using a centralized third party,but nobody is forcing you to use such third parties. Most of the people use third party services because they are convenient. The only thing you need for selling stuff online and accepting crypto payments is an escrow. Most of the online escrows aren't that trusted and established and that's a problem.Maybe after a while,those escrow services will prove that they are legit.An escrow service fee is usually around 1-2%,which isn't that much,compared to the fees that fiat payment processors like Paypal are charging. Title: Re: Here is the biggest problem with cryptos Post by: bits4books on August 01, 2020, 08:31:18 AM I'm sure you were the first to think of it!
But seriously - it's not "you" who turned btc/eth/etc into a fin tools a "we". It is now impossible to get out of this using the same btc/eth and you need a normal new (convenient, without over volatility, adequate, easy) crypto Title: Re: Here is the biggest problem with cryptos Post by: adzino on August 01, 2020, 02:13:04 PM If you think these are the biggest problem, then I would say you don't even know what is currently going on in currently in the crypto world. You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts. Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem ! What do you even mean by this? Well good luck explaining to avg Joe how to sell his cows with bitcoin. If an average Joe can learn how to sell his cows for paypal, he can learn how to sell cows for bitcoin.Same old excuse ... "if he learns paypal he should learn btc" ... what's new ... most people are not like us tech experts I mean that the cryptoworld turned it in a investment instead of a currency ... this is way btc is not evolving and will never evolve ... and the masses will never adopt it . Now btc is a ponzi/pyramid scheme ... has 0 value in the "real world" ... People are using it both as investment and as a currency to purchase goods and services. You are acting as if everyone on this world are just using it as investment. Lol, bitcoin has 0 value in world? I would love to know your definition of "value". I guess you are one of those guys who don't know that even the value of money (fiat currency) is abstract. Title: Re: Here is the biggest problem with cryptos Post by: CarnagexD on August 01, 2020, 02:39:33 PM There is nothing we can do about that third party inclusion either in person, fees. Palpay charge some fees. Some fees in certain things or transactions we do that we think are free are charged in data usage. It cost something whichsoever way we look at it from. We should deal with those third parties because they are the one that process our transactions immediately. Those fees really matters to all of us but if third parties don't exist, the government will not have any benefits from the use cryptocurrency. Governments do not agree with those transactions that do not contribute to the progress in the economy so those charges are only normal. The only thing where charges, fees and third party will become serious is if it undergo excessive increase in its price. But most of us are still rooting for a free charges for a much better quality of cryptocurrency transactions. Title: Re: Here is the biggest problem with cryptos Post by: deisik on August 01, 2020, 02:41:04 PM Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem! You can't change the laws of physics And you can't change the laws of economics, either. You can't force people to use something if they don't see how it benefits them personally. Even the so-called common good comes about through personal gains. The same story with cryptocurrencies. It is not us morons that turned Bitcoin and other cryptos into financial instruments (read, vehicles for speculation). It is in their nature to be or become what they are or have turned into. Simply put, it is a natural course of events, so stop blaming us. However, if you are still unhappy about it, which seems to be the case, you can come up with your own solution, and we will see how it fares and what it ends with Title: Re: Here is the biggest problem with cryptos Post by: spy100 on August 01, 2020, 02:49:07 PM If you think these are the biggest problem, then I would say you don't even know what is currently going on in currently in the crypto world. You don't need any third party software to receive a notification. The wallet you use notifies users. I am pretty much sure you can use scripts to automate things. I mean think about how deposits are made in casinos. They are automatically detected and credited. I doubt they manually credit all accounts. Instead of crypto currencies stay as digital currencies you morons turned bitcoin / eth and other cryptos in to financial instruments . That's the problem ! What do you even mean by this? Well good luck explaining to avg Joe how to sell his cows with bitcoin. If an average Joe can learn how to sell his cows for paypal, he can learn how to sell cows for bitcoin.Same old excuse ... "if he learns paypal he should learn btc" ... what's new ... most people are not like us tech experts I mean that the cryptoworld turned it in a investment instead of a currency ... this is way btc is not evolving and will never evolve ... and the masses will never adopt it . Now btc is a ponzi/pyramid scheme ... has 0 value in the "real world" ... People are using it both as investment and as a currency to purchase goods and services. You are acting as if everyone on this world are just using it as investment. Lol, bitcoin has 0 value in world? I would love to know your definition of "value". I guess you are one of those guys who don't know that even the value of money (fiat currency) is abstract. Beside us in the tech world and shady people how is using crypto ? Show me regular Joes that use crypto ... go to gumtree / olx / craiglist / oodle / facebook marketplace and see how is using crypto to sell their products / services .... Sure i sell my products/services with btc / eth but here is the problem ... i have to dump crypto after i get it from clients ...so i can get FIAT as food and bills in the real world is payed with FIAT Gas fees --> 0.1-2% Exchange/trader Fees between 6-10% Bank transfer fees 1-2% And next year income tax on crypto could be 20%-30% If client payes with btc i have to dump it really fast as it is very volatile. And if cryto gets taxed i got to raise my prices 50% to cover does taxes not cool telling costumers that you had to raise you prices ... they will think you are trying to rip them off. Crypto needs to go mainstream as currency instead of investment...and needs to solve real world problems like in the whitepaper. Title: Re: Here is the biggest problem with cryptos Post by: Wawa2013 on August 01, 2020, 03:08:05 PM The biggest problem is that crypto is too focused on being used as an investment, whereas as a currency it should be
used as payment. So cryptocurrency will feel more useful and if crypto has been widely used to buy goods and services this will make crypto more needed by people. If it is like that, it is not impossible that crypto will become a global currency. Title: Re: Here is the biggest problem with cryptos Post by: spy100 on August 01, 2020, 03:35:18 PM if you are still unhappy about it, which seems to be the case, you can come up with your own solution and we will see how it fares and what it ends with Solution : https://i.ibb.co/QcsNzs6/Screenshot-from-2020-08-01-18-33-27.png Title: Re: Here is the biggest problem with cryptos Post by: deisik on August 01, 2020, 04:11:48 PM Solution Okay, could you please explain in layman terms how it is going to work? And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange and start using your coin instead, in the right way (as you see it)? Title: Re: Here is the biggest problem with cryptos Post by: spy100 on August 01, 2020, 04:29:41 PM Solution Okay, could you please explain in layman terms how it is going to work? And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange? 1.You got to generate some sort of data that has value (prime numbers/a part of value of PI/hashes for all passwords ,permutations etc) ... it's just a example (close to mining) 2.A coin like that does not need a blockchain if we can find a way to create files that can not be modified ... 3.There is no need for blockchain confirmation on a coin like that do to fact you are sending files in exchange for services/products. 4.First person to create the coin / file is the true miner ...anyone that creates same coin after miner has zero value ( maybe you need a blockchain here to announce that you created a coin ...not sure) The file is the coin. Example: 1 file = 1 coin 2 files = 2 coins 3 files = 3 coins etc... each file has a unique serial = timestamp each file has some sort of unique data with value Kind of like that i see it ... and if a coin can be made like that say good bye to gas fees / third party ...it solve does problems Title: Re: Here is the biggest problem with cryptos Post by: naikturun on August 01, 2020, 05:02:29 PM You think paypal and credit card processing is free? Those 2 also come with a cost. AFAIk each of those takes a % of the transaction for themselves. For example ebay. If you buy something for $1, 33 cents goes to paypal. On top of that, ebay will also charge you a fee. the problem is ebay and paypal are more trusted to make payments because it has been a long time, while crypto is still a lot of people who doubt it. maybe you me and everything in this forum understand but for ordinary people it's still too difficult to understand. the problem is the same both systems still provide a fee for each transaction, maybe one day this problem can be resolved. Title: Re: Here is the biggest problem with cryptos Post by: deisik on August 01, 2020, 05:04:05 PM Solution Okay, could you please explain in layman terms how it is going to work? And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange? 1.You got to generate some sort of data that has value (prime numbers/a part of value of PI/hashes for all passwords ,permutations etc) ... it's just a example (close to mining) So you suggest it should be a hard currency That is, a currency that has value of its own, so-called intrinsic value (other than transactional utility), e.g. gold. Here, I don't question how truly valuable your solution would be. But let's assume that there is universal value in it, whatever it might be (think time as In Time). Then people will start hoarding it in pretty much the same way they are hoarding now Bitcoin. For your currency to actually work as a medium of exchange (which is your point), it should be depreciating over time, and it should be better than fiat at that (because we already have depreciating fiat) Title: Re: Here is the biggest problem with cryptos Post by: qory on August 01, 2020, 05:18:01 PM Solution Okay, could you please explain in layman terms how it is going to work? And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange and start using your coin instead, in the right way (as you see it)? Title: Re: Here is the biggest problem with cryptos Post by: Salauddin1994 on August 01, 2020, 05:30:31 PM The third party is really the biggest problem with cryptos but it applies to Fiat. Crypto usually has very little third party control. But in the case of fee, it creates a lot of difficulties. Many exchange sites charge high fees for transactions, while low-investment traders have a lot of problems with transactions. As the demand for crypto increases, it will be possible to eliminate it. That's why we need to take reliable sites and think positively.
Title: Re: Here is the biggest problem with cryptos Post by: spy100 on August 01, 2020, 05:38:29 PM Solution Okay, could you please explain in layman terms how it is going to work? And, more specifically, why will it be better than Bitcoin, and, more importantly, better than fiat as a currency (i.e. a medium of exchange). Your entire premise seems to be that we are using cryptocurrencies not as they were envisioned (that point I'd like to agree with). However, what's in your solution that would make us abandon fiat as a means of exchange? 1.You got to generate some sort of data that has value (prime numbers/a part of value of PI/hashes for all passwords ,permutations etc) ... it's just a example (close to mining) So you suggest it should be a hard currency That is, a currency that has value of its own, so-called intrinsic value (other than transactional utility), e.g. gold. Here, I don't question how truly valuable your solution would be. But let's assume that there is universal value in it, whatever it might be (think time as In Time). Then people will start hoarding it in pretty much the same way they are hoarding now Bitcoin. For your currency to actually work as a medium of exchange (which is your point), it should be depreciating over time, and it should be better than fiat at that (because we already have depreciating fiat) Hording is not the problem ... people hord cash also ..some people even hord cats / garbage etc ... the problem is not hording ...why would you want it to depreciate for what reason ? ( To depreciate it you increase the numbers of coins that can be created over time ...like increase serial number size every 10 years) 1 gram of gold = 1 gram of gold 1 .coin file = 1 .coin file Title: Re: Here is the biggest problem with cryptos Post by: verita1 on August 01, 2020, 09:54:09 PM The problem that I see are the countries that have banned bitcoin in their economies.
Another problem is the exeptisism of business owners to accept bitcoin. Let's imagine how businesses, foundations and others work that accept bitcoin with just a confirmation, the send is accepted, so we can have a good start to accept crypto. There are also DeFi dApps that could save us a lot of work and money to start our business that accepts bitcoin. |
