Topic: Currency is Passé (Read 162 times)

Sorry, I feel like I'm pretty versed at internet TLA's, but what does "LN" mean?



Yeah, but that's a very unusual situation. Every day billions of cash transactions take place all over the world and they work just fine and only take a new seconds at the most. And credit card transactions work just fine, too.

Meanwhile, the average Bitcoin transaction takes... how long again?  

So, your solution, unlike Bitcoin relies on:
- private keys
- verifiable transactions by anyone, like nodes
- a ledger of the amounts behind that key, aka the blockchain
What a breakthrough!


LN!


I tried purchasing something with cash from a street shop in the resort a week ago, I only had a 100 euro bill, the guy  just opened and didn't have change, he went to the next guy brought some 5 euro bills the he realized he didn't had the other 90 in small bills either only 50s, luckily my wife had some coins in he purse and after 5 minutes we finally got our gluhwein which we could have paid for in 1 sec via LN or a cc.
No, cash is a pain in the ass and inefficient as hell!

How do you conclude that transacting in bitcoin is easier and faster than using a credit card?

Can you just imagine the lines at the malls if everybody had to wait for Bitcoin transactions to complete?

There are lots of things that are extremely valuable yet would make terrible currency. Shares of AAPL for instance.

Bitcoin is, defacto, a speculation instrument and nothing more right now, and after 10+ years of trying, I don't see any reason why that will ever change. There's nothing wrong with being a speculation instrument, and there's obvious a lot of demand for that in our society, as we can see with Bitcoin and all of the other memecoins.

But there's no sense in pretending that Bitcoin is something it's not, and it's not a viable means of currency.

In case someone doesn't know its advantage yet. It is decentralized. It means there is no need for a permission of a third party before a transaction can happen. As long as Bitcoin is not banned in a country, transacting this way is much easier and faster. And actually, cryptocurrencies are already embraced by the many. If what I'm saying is a lie, then cryptos won't grow this huge or won't exist this far.

We can just look at their market cap. They actually reach their maximum potential. It's just that there are only dump times, but this is not permanent. The market can also soon pump, and the newly added users will help push the price more evenly.

I believe currency will cease to be as we had recognized it in the past when (in future) energy becomes free, when that happens the world will be so different that currency wont be bound in the same way it was previous.   The reason I say that even though we arent close to free energy is I already think the economy has substantially changed in its basis from the old commodity, silver gold fix to paper notes that used to define currency for so long back to the medieval ages.
  The Dollar is based off the Spanish gold based currency that came before and was then dominant (and at that time far superior in standing)  sterling the prior empire to present was based off sterling silver standard then gold for hundreds of years, Isaac Newton helped define that currency basis.    But now modern Dollar is neither, its something new its political currency and obviously we know its in decline every year because of budget deficit spending funded by debt and excessive currency issuance, the inflation is deliberate and makes ordinary common workers poorer to pay that burden.    I will argue its already begun that currency is moving past politics and I hope we reach something related to data to digital worth where the transaction is more important then an exact government backing to make it valid; its not true now I just believe it might be visible on the horizon.

How would "accepting it" make a transaction faster?

It's like you are saying that people will someday "accept" flying in a new-fangled airplane that requires... 30 hours to fly across the country. Why would they ever accept this? For ordinary mainstream daily transactions currently handled by credit cards and physical cash, crypto is a massive step backwards and it's unthinkable that consumers would ever accept this inconvenience.

We can say that cryptocurrencies already have some advantages compared to fiat money or traditional money it’s just that it is not yet embraced or accepted by most that’s why we’re not seeing it reach its maximum potential yet the fact that it’s not yet being used by most proves to be quite an inconvenience but in the following years it can surely become more mainstream and will prove to be as useful as fiat money or even better

The simplest approach you can think of is to have bank cards that work like Visa and MasterCard, where you can create an account, complete the identity verification, replenish your balance with Bitcoin, and use it for all daily payments. If you need to use the Bitcoin network, you withdraw to the network and use it for specific payments, such as buying a car or when moving between countries, but It will be difficult to build a complete system on the blockchain that is better than Bitcoin.

So what are you proposing now, another cryptocurrency? We have tens of thousands of cryptocurrencies already. I'm not discouraging you from exploring and coming up with another innovation, but if you're avoiding clutter, these tens of thousands of cryptocurrencies are already cluttering the market. As a matter of fact, they're giving crypto a bad name rather than push for its overall adoption.

Anyway, you might want to create a proper announcement thread for your project and post it in the proper section.

I bought paid a parking attendant with cash today. Took about 5 seconds--I handed him a five dollar bill. Meanwhile, the average Bitcoin transaction takes... how long again? 

Before you can displace an existing technology you need to be better than the existing technology, and usually a lot better in order to displace an entrenched infrastructure that's been around for decades.

I don't think this is some kind of evil conspiracy, I think it's because the tech for crypto simply doesn't do what consumers want for a lot of areas right now.

Traditional cash is very inefficient! Forget about the inconvenience of carrying cash or the complicated of digital purchases; it's about the overall inertia of the system. Although we have amazing tools like blockchain, digital wallets, and cryptographic keys, we still use old-fashioned ways like a sailor stuck on a floating log. Do not resist the change that is coming, do you agree?

Using keypairs for transactions, where holded assets are checked instead of moved, is not just a step; it's an enormous advancement in how efficiently transactions can be done! Is about getting through the financial rules and regulations. Reduced transactional clutter not only makes budgeting easier, but it also makes digital assets more accessible to everyone. Both parties are relieved of their worries about the other's ability to pay. The buyer also avoids the maze of transaction fees and processing times. Although it's a win-win situation, there is surprisingly opposition. Finance companies are known for hanging on to the past like a hoarder to his coins, and old habits die hard

The absolute simplest means of numerically-delineated value transfer ever invented is called Haypenny. It's not cryptocurrency, it doesn't use PKI, it's simply anonymous value transfer between two entities whose standing in the transaction depends entirely on the possession of a secret token (called a "block", although this has nothing to do with a blockchain "block"). The Haypenny system is absolute heresy to anybody devoted to the cryptocurrency religion, but say what you want about it, the trading paradigm is as simple as it gets.

Wanting more than the Haypenny system approach, therefore, means you demand additional requirements from your means of value transfer, such as protection from a central government (fiat currency and the banking/financial system), physical protection and possession (physical currency), or... all of the stuff you demand that cryptocurrency and blockchain give you.

Bitcoin and ethereum operates very differently from one another. Bitcoins supply is limited and pre determined, the supply of ethereum is infinite.

Miners are not sufficient to meet the entire market demand.

You may be right when you're saying it that currency is passe, because in bitcoin network or let me say cryptocurrency in general, we are referring to a digital and a decentralized network here and for you to value it's unique applications, it has to cost you what we called transaction fee because it's in a digital form, even the local transactions we made daily with fiats cost us much more than we pay in cryptocurrency, there's nothing to say much about this than to embrace it when we see the need to and hold unto it's benefits and leave other aspects that may not interest us.

To further underline the simplicity of this, the infinite set of prime chains discovered on Primecoin mitigates market bubbles that exist on fixed sets of limited supply, such as in all Bitcoin and Ethereum applications which will eventually depend on transaction fees in order to survive.

Why is this important?
Because exchanges are redundant when miners trade directly with other participants.

What does this look like?
When signing a purchase, the amount you hold determines whether the selling party balances their book by either buying or selling.

Doesn't that clutter the blockchain?
No, because private keys are swept to a buyer's wallet then disposed by the seller. Since miners are the ones doing these trades, transaction fees spent to lock in keys are offset by reward blocks.

Your solution tries to streamline payments and eliminate transaction fees, but doesn't fully address double spending problem with digital money.  Sellers would also have to manually track every sale. This would be a complex and error-prone process, and it would be susceptible to fraud.  

Have you considered the antiquated and cumbersome nature of passing currency for each transaction?

For each transaction one of the following must occur:
In cash you must exchange bills and coins, cluttering drawers and pockets.
In cryptocurrency you must pass digital units, cluttering the blockchain.
In credit you must pay merchant service fees, cluttering accounts payable.

The technology we stand upon is a network of keypairs.
What is that exactly?

With a private key you sign to prove ownership.
With a public key your signature can be proven.

Like a credit card, you may sign a purchase with the keys holding your digital assets rather than send units back and forth.
What happens next?

The selling entity knows how many units of the digital asset a signer holds and can determine whether to purchase more or sell some of their own holdings to balance all signed purchases at once.

This simplifies accounting to the lowest number of steps possible and eliminates redundant transaction fees that would otherwise be required when passing digital assets as currency in each purchase.