A lot of people have theorized that micropayments have too much cognitive load to be useful. But prior to Lightning there were almost no systems capable of actually testing this in the real world. Possible that Lightning will prove that theory wrong!https://www.coindesk.com/bitcoins-open-secret-lightning-is-making-better-online-payments-possible/ …
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Replying to @peterktodd
Not so. Boatloads of lightweight systems with payments much smaller than traditional payments have been tested, fielded, and then after a little period of fun invariably failed.
5 replies 2 retweets 24 likes -
Replying to @NickSzabo4
Examples? I'm not aware of anything with near zero overhead like Lightning does. In particular, I'm not aware of any system that could make payments automatically - the most likely way to bypass the cognitive load problem.
2 replies 1 retweet 11 likes -
Replying to @peterktodd
The overhead of non-trust-minimized payments exceeded most mental transaction costs decades ago. Cos. were fielding web-based micropayments, tiny fractions of a cent, in 1990s, and almost every year since then. As w/failed science xpermnts all goes down the memory hole.
2 replies 0 retweets 18 likes
^ Was exceeded by most mental transaction costs
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