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FaceDeer@fedia.io 8 months ago
Gumroad, an e-commerce company for creators, updated its rules to more strictly limit NSFW content, citing restrictions from payment processors like Stripe and PayPal.
And people continue to mock cryptocurrencies.
And people continue to mock cryptocurrencies.
And rightfully so. They’ve demonstrated their lack of worth as an actual medium of trade, and have wasted an alarming amount of electricity, while pumping an unconscionable amount of carbon into the atmosphere for jack-fucking-shit.
Ethereum, the number-two cryptocurrency, has been using proof-of-stake consensus since 2022. As a result it no longer uses significant amounts of electricity. Bitcoin's still stuck with proof-of-work, but if you want to mock cryptocurrency as a whole you need to update your talking points.
How many etherium transactions are able to be processed in one second? Still just 30?
Currently it's handling about 140 TPS. The Dencun upgrade to Ethereum that just went live a couple of days ago adds a new feature, data blobs, that lets this go significantly higher at reduced cost.
Crypto currency is gambling like nfts or anything else. It only has value as a hot potato.
What potato stays hot for 15 years?
As opposed to Real currency, which has a perfectly stable and scientifically defined value fully backed by… credit.
Yes, because they are jokes
We mock crypto because anyone who has it wants to hoard it as an “investment”. Nobody wants to use it as a currency.
I tried for years, buying and selling goods with crypto. I never purchased any crypto, I just earned it. I tried to talk others into the same. You need to spend to have value… they just laugh and day hold your bags tight with diamond hands.
Yeah, it’s never going to work.
and will continue until there is security (state backing) in the exchanges.
And that will only happen when the politicians get thier kickback.
Just earlier today i saw this phrase about cryptocurrency: “price discovery for bitcoin happens on an exchange that admitted a few months ago to being a criminal conspiracy”. Yeah, there’s HUGE problems with central banks, but by this point it should be very clear that a wild west casino full of scammers will not save us from that, it doesn’t matter what were the initial ideals of people about crypto, it’s main function now and for many years since it’s beginnings has been scamming real money out of people.
I wouldn't recommend using Bitcoin specifically for an e-commerce site like this, both because of its volatility and its high transaction fees. A stabletoken like DAI or USDT is more specifically designed for this use case.
That’s just a different color of casino chip, in the end is still cryptocurrency, which as mentioned is not where we want to be
No, you misunderstand the point of a stabletoken. They are designed to have a fixed value, usually tied to the US dollar. Is the US dollar a "casino chip"? That's what these sites usually price things in to begin with.
Crypto would be great if the idea wasn’t “zero-trust money exchange”. That is the root of the problems with high payment fees, super slow transaction throughput and excessive resource (storage space, energy) consumption
But that feature is the whole point. The alternative is Paypal et al, which this very article points out the problem with.
Also, those problems are being addressed by the more modern cryptocurrencies. Bitcoin has fallen far behind the technical curve, I wouldn't bother with it frankly.
Which crypto is the easiest to actually use (send/receive), can handle 1k transactions per second (a bit under 5% of VISA’s TPS) and is least likely to suffer wild price fluctuation? Honest question
I'm not a frequent user myself so I'm probably not the best to answer on the usability front, but for the combination of high TPS and low price volatility I'd probably recommend using one of Ethereum's stabletokens (DAI, USDT, etc.) on one of its layer-2 networks (such as Arbitrum or Optimism). Stabletokens are cryptocurrencies whose value has been tied to some external measure, in most cases the US Dollar, so they're ideal for use in commerce.
If I commission a piece of art, and they refuse to deliver what is my recourse?
If an honest artist is issuing a refund, and adds an extra 0 what is their recourse?
There are distributed marketplace applications that can handle those matters in various ways. You'd need to be specific about which one you're using.
Hey I can pay you in turnips, it’s better than having a normal money operation. Like, it doesn’t matter that gumroad is turning to crap, we have turnips. People mock my turnips
nix@merv.news 8 months ago
They’re still pretty bad at being currency. Transaction fees are still too high and it’s still pretty slow and/or complicated
kate@lemmy.uhhoh.com 8 months ago
Fees are high in Bitcoin but there are other options that are low fees/faster (still too complex for most people imo
FaceDeer@fedia.io 8 months ago
I see cryptocurrency ATMs in various random places around town, they're evidently not too complex for common usage. I think this is a bit of a chicken and egg thing, people would figure them out if sites like Gumroad actually used them. Porn is a powerful motivator for human ingenuity.
And yeah, Bitcoin's fees are silly and I wouldn't recommend it for anyone wanting to use it as a currency. The Bitcoin community long ago decided they wanted to be "digital gold" and are firmly dedicated to making the token unusable for anything other than that. For general currency usage I'd recommend looking into stabletokens like USDC or DAI, they run on the Ethereum blockchain instead.
kate@lemmy.uhhoh.com 8 months ago
I see the occasional Bitcoin ATM but they seem to be Bitcoin only, and they have their own high fees. I agree with the stablecoins point, though. Although ethereum has worse fees than Bitcoin these days there are ofc L2 options like those listed at l2beat.com
makeasnek@lemmy.ml 8 months ago
Fees with lightning (Bitcoin) are often under a penny per transaction and transactions settle instantly. Usability has come a long way here.
swearengen@sopuli.xyz 8 months ago
Is it? The ATMs have been all over the place for half a decade at this point.
As for fees it cost me 3 cents to send a $50 Litecoin transaction a few days ago. If I did that with Bitcoin it would have cost me $8 in transaction fees so you’re right there.
Now days there’s a coin for every purpose.
Bitcoin = gold bars Litecoin = mundane transactions Monero = digital cash
Crypto has been around for 15 years already. Time flys.
Kichae@lemmy.ca 8 months ago
Speak for your own location.
Also, “crypto works as a functional currency, which can be demonstrated by how you need to sell it for cash in order actually buy anything with it” isn’t the argument you think it is.
swearengen@sopuli.xyz 8 months ago
I didn’t “sell it for cash” I paid my VPS hosting bills with it. It’s trivial for business to accept crypto these days, couple clicks and they’re set up.
davehtaylor@beehaw.org 8 months ago
Yeah, but name a single big box retailer that takes a cryptocurrency at the point of sale? You can’t because none do. Having to find an ATM to be able to complete a transaction isn’t scalable. And for retailers, seconds count at the PoS. So if it takes any significant time at all to process a transaction, they’re not going to do it. Further, they’re not going to eat the kind of fees that crypto brings along with it. Same reason a lot of retailers don’t take AmEx, for example. The transaction fees are outrageous. So as a retailer you either eat it, which most won’t, or you pass the cost on to the customer, and alienate your customers.
Until you can walk into a McDonalds or a Walmart and swipe or tap something at their payment terminal to pay with your cryptocoin, it’s not going to be viable. And I’m not talking about exchanging it for cash, and then paying. I’m talking about the retailer actually accepting the coin.
As a currency, crypto has utterly failed. It’s nothing but a speculator market, and an extremely dirty and volatile one at that.
swearengen@sopuli.xyz 8 months ago
Much like cash an ATM isn’t needed by a lot of people as they bank online and use cards. Crypto has all those options as well.
Point is here you either adapt or have to find a new job because old payment processors won’t let you do weird shit. It is what it is.
juicy@lemmy.today 8 months ago
So simple you need to use three different currencies