what gets lost in all the rabid anti- and pro- bitcoin sentiment is that it is a fully open source, non-proprietary money that could be integrated into projects for donations
with lightning, it's fast and low-overhead as well

e.g. in the case of fediverse, for donations to instances for hosting fees

· · Web · 4 · 2 · 11

sure, if everything could be run for free that'd be best, but it's clear that being expected to run things for free is not sustainable in the long run and well, it eventually ends up like Twitter and Facebook: beholden to advertisers and sponsors and investors

there's also no need for a "web3" where everything is redesigned as a flashy NFT, or custom speculative token, or "smart contract"; the tools are already there, with current decentralized and federated internet tech

@orionwl is it actually low-overhead though? I thought the computational/energy costs, as well as relative fees, were prohibitively high for small transactions

@annika on-chain transactions can be expensive (they're not at the moment, but that can change)

it's better with lightning: a P2P payment network that can settle millions of transactions off-chain without miners even being involved

there's a small fee (depending on what nodes set) but it tends to compare favorably to what other payment providers charge, and besides, the network itself needs resources to be sustained too—the fees go to node operators not some central company

@annika in any case i'm not here to sell anything, or to argue, i just think, well, some things were misinterpreted on a wide scale

@orionwl @annika to use myself as an example: I sent 10 000 satoshis(2-3 USD) to some random dude in El Salvador yesterday and paid a transaction cost of 1 satoshi which is ~0.000275 USD.

@orionwl I feel that the entire layer-2 has been the political victim of the block size flamewar. It didn't help that the NFT hype further redirected the already diminishing attention, and in a sense, made the urgent privacy problem even worse by creating a new type of on-chain infoleak...

@niconiconi the NFT hype grew out of the 'crypto' speculation hype, it's just all gambling, this wasn't originally the point at least not for me

@timp pricing schemes like that seem kind of silly though if rich ppl who like to splurge a lot for questionable advantage, effectively subsidize the rest it makes some sense

@orionwl Agreed. I'm not against it. Most people paying these amounts stream to big audiences, so they probably make it back in a day. And in most cases of free products or services (from game servers to Wikipedia to Bitcoin) it's just a tiny fraction who contributes, so I guess it's the way of the world. P2P alternative to Patreon would be nice though.

Sign in to participate in the conversation
unidentified instance

The social network of the future: No ads, no corporate surveillance, ethical design, and decentralization! Own your data with Mastodon!