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I love how "less fees for merchants" is considered a selling point to crypto. With a standard credit card transaction of $100 the merchant pays about $2.90 in fees, less if they've negotiated better rates with their processor (2.6% + 30c is pretty standard for any established business). Also that fee is consistent and charged on every single transaction so the merchant can easily work it into their prices. With an Eth transaction of equivalent value to $100 the buyer can pay upward of $60 in fees on a bad day. And that fee fluctuates, and there is zero way to predict it. Also a buyer might start paying a $60 fee with $60 worth of eth in their wallet and before the transaction finishes processing the processing fee jumps up to $60.10 and the buyer pays the entire $60 toward the fee but the transaction never completes because the remaining $0.10 was missing from their wallet and they are just out $60. I can't even begin to imagine how functionally useless your brain would have to be to look at that and think it's a good thing for crypto. deep dish peat moss fucked around with this message at 06:47 on Jun 8, 2022 |
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Jun 8, 2022 06:28
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Chef Boyardeez Nuts posted:In my experience, the Chipotle white paper barely gets the job done.
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Jun 8, 2022 06:32
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Tunicate posted:You know, you can often buy gift cards direct from restaurants at a pretty significant discount compared to cash (getting 35 dollars of gift card by paying $25 or whatever) You may joke, but in the UK there is an app that does exactly this. You get roughly 10% off in hundreds of stores by using it to pay instead of directly using your card. But here's the thing, I still use my regular payment card because it's more hassle to use the app than tap my card.
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Jun 8, 2022 06:35
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Apps like Honey are okay, but when something is helpful and free, you’re the product
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Jun 8, 2022 07:00
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Tsietisin posted:You may joke, but in the UK there is an app that does exactly this. You get roughly 10% off in hundreds of stores by using it to pay instead of directly using your card. they make their cut by selling your data to big nestle
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Jun 8, 2022 07:15
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Blotto_Otter posted:does referring to computers as a "once-in-two-millennia" invention imply that he thinks history started with the birth of Christ, or that he thinks the invention of computers is a random event that happens roughly every 2,000 years I believe it means he's a bad academic trying to use buzzwords to hide the fact that this master's thesis doesn't have anything to say and has the academic credibility of a dead goldfish.
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Jun 8, 2022 07:19
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Shaman Tank Spec posted:I believe it means he's a bad academic trying to use buzzwords to hide the fact that this master's thesis doesn't have anything to say and has the academic credibility of a dead goldfish. I only read a few sentences of the idiot screed, but it seemed like the regular libertarian poo poo that falls apart when a bad actor decides not to play by your rules and just comes and takes what they want by force.
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Jun 8, 2022 07:22
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deep dish peat moss posted:I love how "less fees for merchants" is considered a selling point to crypto. What? no, far worse. Transactions for just eth alone can easily breach $300 at maximum. Transactions for anything outside eth (other tokens) or anything more complicated could end up in thousands. When eth gas spiked insanely before, the cost of certain known expensive actions was equally stupid. So it's not just bad, it's worse. We've enabled people to scam other people for imaginary money and the results are almost as bad as they could have been expected. Except somehow the same scammers are celebrating how this model is global, at a cost of privacy and plenty of other issues. The fairly "successful" crypto people are the ayn rand libertarians of "gently caress you got mine" because that's probably the only way to profit in this sleaze.
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Jun 8, 2022 11:21
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CaptainSarcastic posted:I only read a few sentences of the idiot screed, but it seemed like the regular libertarian poo poo that falls apart when a bad actor decides not to play by your rules and just comes and takes what they want by force. But but but the NAP!!!
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Jun 8, 2022 12:14
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KrunkMcGrunk posted:Put Deez nuts on the blockchain Look at smooth nuts over here
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Jun 8, 2022 13:06
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Proposing that you abide by a series of rules while I stockpile sufficient arms to personally ignore them is very on brand.
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Jun 8, 2022 13:08
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The idea of the blockchain facilitating digital war instead of physical war is absolutely hilarious. Instead of building my own crypto infrastructure and spending billions on mining datacenters, I'll just send some specially trained people to take over yours, who can point a gun at someone until they give up your country's private keys. I'll call them Special Operative for Liberating Digital Infrastructure and Economic Resources, or SOLDIER for short.
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Jun 8, 2022 13:17
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Why can't you idiots see the value of replacing our inefficient global infrastructure with inefficient global infrastructure that makes me money?
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Jun 8, 2022 13:25
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What really gets me about "web 3.0" speak is how offensive it is to the impressiveness of the invention that went into things like "separating software from hardware". Like, they take everything invented prior to 2010 as if it was developed by luddites. Let alone the offensiveness of calling it "web 3.0" in the first place - web 2.0 was a term coined for a tech stack that already existed, it wasn't just force fed down everyone's throats and it actually improved things and was easy to understand. It didn't need an army of people screaming obscenities to get it into people's heads.
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Jun 8, 2022 13:58
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The stupid thesis makes a degree of sense: If they can infect every nation with Severe Crypto Brain, and they squander all their natural resources on apes for no reason, there won't be any fuel left for the planes and whatever. Human extinction ends war forever. Meanwhile, every single government will start spending massive amounts of actual money on buying bitcoins from people like the crypto enthusiast writing the thesis. It's just like the burrito guy who, when asked to explain what his tech does, explains that it will be heavily advertised and make him rich.
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Jun 8, 2022 14:05
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Win the war by bankrupting your enemy through buttcoin investments
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Jun 8, 2022 14:08
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fullroundaction posted:Are 51% hacks still on the table? How hasn’t some hacking group sent all this blockchain nonsense to the shadow realm just for the lulz yet? For the larger coins like bitcoin, where the mining power is concentrated in a few entities/cartels, there's a chance that one of them could get more than 50% of the mining power, and in fact that's happened in the past. But they're not going to kill the golden goose.
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Jun 8, 2022 14:15
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E: poo poo, nm, misread the insane ramblings of a madman 
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Jun 8, 2022 14:16
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notwithoutmyanus posted:What? no, far worse. Transactions for just eth alone can easily breach $300 at maximum. Transactions for anything outside eth (other tokens) or anything more complicated could end up in thousands. When eth gas spiked insanely before, the cost of certain known expensive actions was equally stupid. So it's not just bad, it's worse. Bitcoin: it's not just bad, it's worse
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Jun 8, 2022 14:52
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notwithoutmyanus posted:What? no, far worse. Transactions for just eth alone can easily breach $300 at maximum. Transactions for anything outside eth (other tokens) or anything more complicated could end up in thousands. When eth gas spiked insanely before, the cost of certain known expensive actions was equally stupid. So it's not just bad, it's worse. That is hilarious. Imagine paying 300 dollars in fees to buy chipotle with scamcoin, and then bragging about it online because you've lost your shirt and need more suckers to bail you out.
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Jun 8, 2022 14:54
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Pfft, Im getting steaks from my stakes, and guac from my quap.
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Jun 8, 2022 14:57
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you can use multiple guac scoops on a single burrito!!!
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Jun 8, 2022 15:11
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Weird flexa but okay
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Jun 8, 2022 15:18
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Thank you crypto for inventing the rewards program
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Jun 8, 2022 15:21
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Many people don't know this, but one of the most interesting trends of the wildcat banking boom of the 1830s were various promises to bring every cartoon character of the era together into a new literary universe. The Erie & Kalamazoo Railroad Bank famously touted that its "Adrian Dollar" would bring "Old Jack, the Grey Mare, and J.W Smith together into an ramstuginous paper fit to to make you laugh so hard you'll be walking a virginia fence!" Unfortunately the scheme never materialized due to the original authors of these cartoons dying variously between 1835 and 1840 and the banks were shuttered shortly after as legislation caught up with the craze. I guess history repeats itself! Salt Fish fucked around with this message at 15:51 on Jun 8, 2022 |
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Jun 8, 2022 15:46
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Guze posted:Thank you crypto for inventing the rewards program The innovation is a bunch of cryptobros get the rewards, not you! And that's a SELLING POINT!
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Jun 8, 2022 15:48
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snotball007 posted:Yeah, I have. Faster, more secure, less fees for merchants, rewards on the back end for stakers I can't get over how intensely stupid these posts are. One of the main selling points is that some third party can get rewards? and he never explains how it is more secure than any other way of paying without a card, instead just claiming it can't get phished somehow? it's an app, of coursee you can get phished. What you can't do though is get your money back by getting the bank to reverse the transaction after you get phished lmao quote:When it is a "Yes, there are funds", then the network allocates the fiat equivalent of the purchase ($ Burrito) in staked $AMP and the merchant fee (less than 1% of $ Burrito, $AMP in merchant fee purchased from open market) and "locks it up" while waiting for the transaction to settle on the blockchain.
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Jun 8, 2022 15:57
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Salt Fish posted:Many people don't know this, but one of the most interesting trends of the wildcat banking boom of the 1830s were various promises to bring every cartoon character of the era together into a new literary universe. The Erie & Kalamazoo Railroad Bank famously touted that its "Adrian Dollar" would bring "Old Jack, the Grey Mare, and J.W Smith together into an ramstuginous paper fit to to make you laugh so hard you'll be walking a virginia fence!" Unfortunately the scheme never materialized due to the original authors of these cartoons dying variously between 1835 and 1840 and the banks were shuttered shortly after as legislation caught up with the craze. i seriously have no idea if this is true or not
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Jun 8, 2022 15:59
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ekuNNN posted:I can't get over how intensely stupid these posts are. One of the main selling points is that some third party can get rewards? and he never explains how it is more secure than any other way of paying without a card, instead just claiming it can't get phished somehow? it's an app, of coursee you can get phished. What you can't do though is get your money back by getting the bank to reverse the transaction after you get phished lmao you don't know anything about crypto!!!!!!!
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Jun 8, 2022 16:00
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It's so fast that a byzantine system layered on top of the existing crypto transaction system which has to queue it up while you fumble with displaying a QR code to the disinterested and flustered cashier! This ease of use and speed definitely trumps...someone tapping a credit card on the reader? Oh.
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Jun 8, 2022 16:01
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God, those poor merchants! Tell me, can crypto also make life easier for my landlord? He just has it so hard!
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Jun 8, 2022 16:03
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LifeSunDeath posted:That is hilarious. Imagine paying 300 dollars in fees to buy chipotle with scamcoin, and then bragging about it online because you've lost your shirt and need more suckers to bail you out. I don't think you've realized how bad it can get. bitcoin price can go to Infinity right? so can the fees. because the fees are usually an amount of Bitcoin or ethereum. so if ether actually goes to 10 or $20,000, the highest end of those fees as it's worded go higher. this is why even in crypto people avoid using those networks generally speaking and stick to side chains where a transaction might cost you 10 cents or under a penny. Eth transactions when eth is at 20k could be well over 2-5000$. Imagine a transaction costing .001 or .0001 btc. Now extrapolate btc to $1m. Bitcoin transactions at $100+. Oh, and blocks take forever and have their own issues. Congratulations?
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Jun 8, 2022 16:03
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ekuNNN posted:and he never explains how it is more secure than any other way of paying without a card, instead just claiming it can't get phished somehow? it's an app, of coursee you can get phished. Oh c'mon, who has EVER heard of someone being phished and losing ownership of a blockchain asset?? Inconceivable!
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Jun 8, 2022 16:06
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Looks like the author of The Torment Nexus got paid to swallow his pride. February 2022: Gabe Newell posted:I'm friends with Neal Stephenson, and every time we get together, he just puts his face in his hands. So it's like, "okay, what metaverse story is driving you insane today?" June 2022: BusinessWire posted:Visionary Futurist Neal Stephenson and Crypto Pioneer Peter Vessenes Announce Lamina1, the Layer-1 Blockchain for the Open Metaverse Amusingly, the links at the bottom of their site are busted: The "press" page just sends you to a Lorem Ipsum attributed to CoinDesk, and the "blog" page sends you to five lorem ipsums attributed to TechCrunch, Bloomberg, CoinDesk, Forbes and Axios. I guess we know who their sent their press release out to first, then.
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Jun 8, 2022 16:10
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notwithoutmyanus posted:I don't think you've realized how bad it can get. bitcoin price can go to Infinity right? so can the fees. because the fees are usually an amount of Bitcoin or ethereum. so if ether actually goes to 10 or $20,000, the highest end of those fees as it's worded go higher. this is why even in crypto people avoid using those networks generally speaking and stick to side chains where a transaction might cost you 10 cents or under a penny. Eth transactions when eth is at 20k could be well over 2-5000$. So much winning, to the moon!!!
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Jun 8, 2022 16:10
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The guy who wrote snow crash and diamond age and reamde is doing a crypto? Why I never
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Jun 8, 2022 16:11
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nexous posted:The guy who wrote
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Jun 8, 2022 16:14
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ekuNNN posted:I can't get over how intensely stupid these posts are. One of the main selling points is that some third party can get rewards? and he never explains how it is more secure than any other way of paying without a card, instead just claiming it can't get phished somehow? it's an app, of coursee you can get phished. What you can't do though is get your money back by getting the bank to reverse the transaction after you get phished lmao Yes but have you considered you can buy burritos and donuts with it? I think not! Check and mate, fiat currencyailures 
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Jun 8, 2022 16:15
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Sydney Bottocks posted:Yes but have you considered you can buy burritos and donuts with it? I think not! Bunch of no-coiner soycucks waiting whole milliseconds to buy their lattes with cash-back credit cards like goddamn cavemen
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Jun 8, 2022 16:18
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Spazzle posted:Cryptonomicon lol drat I missed one
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Jun 8, 2022 16:18
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