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They also allow for micro transactions in a way we’ve not been able to do so far. You can use the original Bitcoin protocol to stream (and pay) for each packet

by wtsnz 5y ago

They also allow for micro transactions in a way we’ve not been able to do so far. You can use the original Bitcoin protocol to stream (and pay) for each packet of data. We can now make a pay-to-use netflix, something we haven’t done yet. https://xiaohuiliu.medium.com/netflix-over-bitcoin-payment-channels-ec55b3c242da https://xiaohuiliu.medium.com/netflix-over-bitcoin-payment-c...

Tepix 5y ago
David Chaum's Digicoin enabled this back in the mid 90s. He has the (expired) patents to prove it.
dmitriid 5y ago
> They also allow for micro transactions in a way we’ve not been able to do so far. Yes. Extremely slow, inefficient and expensive. We really haven't been able to do micro transactions this way before.
- wtsnz 5y ago
  They don’t have to be what you described. The BSV network does more transactions each day than any other network at a magnitude less cost. Less cost in both user end and CO2. https://coincarboncap.com/ https://coincarboncap.com/
  - dmitriid 5y ago
    > They don’t have to be what you described. The BSV network There's always a "not true blockchain" in these discussions, isn't there > more transactions each day than any other network at a magnitude less cost. So. It maybe, barely approached real world. It's a far cry from "allow for micro transactions in a way we’ve not been able to do so far" > Less cost in both user end and CO2. I don't buy "we only run on clean energy" claims
arcticbull 5y ago
Microtransactions have been something we could take advantage of since the dawn of custodial wallets - at least since PayPal came into existence in 1998. However, microtransactions aren't something humans actually like. It's something technocrats think people want, but when they get it, well - let's just say there's piles of carcasses of dead startups littering the field. As Nick Szabo will attest, each transaction you make consciously carries with it a mental cost. It sucks. People would much rather a Netflix model to a pay-as-you-go model even if it ends up costing them more money in the long run. [1] > We can now make a pay-to-use netflix, something we haven’t done yet. [edit] I hate to break this to you, but you just described the Apple Music, TV and Movie stores, the first of which (music) has existed since the dawn of the iPod in 2001. Also the Amazon equivalents. And a pile of others. [1] https://nakamotoinstitute.org/static/docs/micropayments-and-mental-transaction-costs.pdf https://nakamotoinstitute.org/static/docs/micropayments-and-...
- wtsnz 5y ago
  The mental cost of a transaction is a really interesting point. However, why couldn’t we have both options be available? If there is one film on a streaming service that I know I’d like to watch, but don’t want to commit to $10 a month just to watch the first 30 mins of, why can’t I pay for the minutes of the media I watch instead? This also could be an interesting monetization method for creators who make videos on YouTube who dislike adverts. I’d be more happy to pay to support the creators directly, if I knew they’d get a good cut. I don’t think it’s fair to say that humans don’t like micro transactions as we’ve never been able to try it in the real world. Sure, they might not work for everything, but they may allow for new things to flourish. Things that cost $0.001 cents for example.
jayd16 5y ago
Why couldn't this be done with traditional electronic transactions?

by wtsnz 5y ago

Tepix 5y ago

David Chaum's Digicoin enabled this back in the mid 90s. He has the (expired) patents to prove it.

dmitriid 5y ago

> They also allow for micro transactions in a way we’ve not been able to do so far. Yes. Extremely slow, inefficient and expensive. We really haven't been able to do micro transactions this way before.

wtsnz 5y ago
They don’t have to be what you described. The BSV network does more transactions each day than any other network at a magnitude less cost. Less cost in both user end and CO2. https://coincarboncap.com/ https://coincarboncap.com/
- dmitriid 5y ago
  > They don’t have to be what you described. The BSV network There's always a "not true blockchain" in these discussions, isn't there > more transactions each day than any other network at a magnitude less cost. So. It maybe, barely approached real world. It's a far cry from "allow for micro transactions in a way we’ve not been able to do so far" > Less cost in both user end and CO2. I don't buy "we only run on clean energy" claims

arcticbull 5y ago

Microtransactions have been something we could take advantage of since the dawn of custodial wallets - at least since PayPal came into existence in 1998. However, microtransactions aren't something humans actually like. It's something technocrats think people want, but when they get it, well - let's just say there's piles of carcasses of dead startups littering the field. As Nick Szabo will attest, each transaction you make consciously carries with it a mental cost. It sucks. People would much rather a Netflix model to a pay-as-you-go model even if it ends up costing them more money in the long run. [1] > We can now make a pay-to-use netflix, something we haven’t done yet. [edit] I hate to break this to you, but you just described the Apple Music, TV and Movie stores, the first of which (music) has existed since the dawn of the iPod in 2001. Also the Amazon equivalents. And a pile of others. [1] https://nakamotoinstitute.org/static/docs/micropayments-and-mental-transaction-costs.pdf https://nakamotoinstitute.org/static/docs/micropayments-and-...

wtsnz 5y ago
The mental cost of a transaction is a really interesting point. However, why couldn’t we have both options be available? If there is one film on a streaming service that I know I’d like to watch, but don’t want to commit to $10 a month just to watch the first 30 mins of, why can’t I pay for the minutes of the media I watch instead? This also could be an interesting monetization method for creators who make videos on YouTube who dislike adverts. I’d be more happy to pay to support the creators directly, if I knew they’d get a good cut. I don’t think it’s fair to say that humans don’t like micro transactions as we’ve never been able to try it in the real world. Sure, they might not work for everything, but they may allow for new things to flourish. Things that cost $0.001 cents for example.

jayd16 5y ago

Why couldn't this be done with traditional electronic transactions?