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NickSzabo4's profile
Nick Szabo 🔑
Nick Szabo 🔑
Nick Szabo  🔑
@NickSzabo4

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Nick Szabo  🔑

@NickSzabo4

Blockchain, cryptocurrency, and smart contracts pioneer. (RT/Fav/Follow does not imply endorsement). Blog: http://unenumerated.blogspot.com 

Joined June 2014

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    1. Peter Todd‏ @peterktodd 16 Aug 2018
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      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/ …

      15 replies 56 retweets 195 likes
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    2. Peter Todd‏ @peterktodd 16 Aug 2018
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      Actually I've been thinking about this the wrong way: from a user's perspective micropayments are already very successful, with huge sums of money being paid that way. Examples: your gas tank, phones, utilities, gambling, etc. Lightning can do all these.

      1 reply 1 retweet 17 likes
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    3. Peter Todd‏ @peterktodd 16 Aug 2018
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      People hear the Szabo (and others) view that microtransactions are too much cognitive load. But that's a UX challenge, not an insurmountable problem. Unlimited usage billing is nice, but it's *not* the only way to do things. Phone companies make *billions* off microtransactions.

      1 reply 3 retweets 21 likes
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    4. Peter Todd‏ @peterktodd 16 Aug 2018
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      The challenge for Lightning use-case devs is 1) finding apps that need micropayments in the first place, 2) figuring out a UX that reduces barriers sufficiently to be popular. Easy to imagine those criteria being met with clever UI's that automate/reduce decision making.

      3 replies 0 retweets 11 likes
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    5. Peter Todd‏ @peterktodd 16 Aug 2018
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      Example: a ad bypass protocol that used your browser history to figure out how many ads you see a month, then suggested a per-month budget to make 90% of those ads go away. The UI turns hundreds of decisions into one, w/ hundreds of micropayments happening in the background.

      2 replies 1 retweet 23 likes
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    6. Peter Todd‏ @peterktodd 16 Aug 2018
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      Peter Todd Retweeted

      Finally, the dark pattern version: https://twitter.com/cdelargy/status/1030173081715855361 …

      Peter Todd added,

      This Tweet is unavailable.
      2 replies 1 retweet 7 likes
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    7. Nick Szabo  🔑‏ @NickSzabo4 16 Aug 2018
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      Replying to @peterktodd

      These aren't smaller than traditional payments. You've merely redefined "micropayments" to be small consumer pmts, which have worked for centuries & nobody has said won't work, blurring the crucial distinction "micropayments" makes between traditional & smaller-than-trdtnl pmts.

      1 reply 2 retweets 21 likes
    8. Peter Todd‏ @peterktodd 16 Aug 2018
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      Replying to @NickSzabo4

      Yes, I'm using a useful definition from the consumers point of view. The fact is once I send a per-msg-billed text message, I *will* end up transfering $ to the phone company to pay for it. From my point of view, that's a microtransaction, implemented via a per-month bill.

      5 replies 1 retweet 11 likes
    9. Peter Todd‏ @peterktodd 16 Aug 2018
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      Replying to @peterktodd @NickSzabo4

      That's seems to be the problem with your writing on this subject: you're using somewhat arbitrary definitions that don't map to actual user experience. That's not useful.

      2 replies 1 retweet 6 likes
    10. aeon‏ @AeonCoin 16 Aug 2018
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      Replying to @peterktodd @NickSzabo4

      Utility bills are the best example I can think of. Nearly universally accepted and the individual 'transactions' (turning on a closet light for 1-2 minutes, opening the refrigerator door once) can be truly tiny.

      3 replies 2 retweets 3 likes
      Nick Szabo  🔑‏ @NickSzabo4 16 Aug 2018
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      Replying to @AeonCoin @peterktodd

      People next to never actually pay money when they open the frig or turn on a light. They typically pay a bill once a month. You only metaphorically think of them as small transactions because electricity, unlike most things people pay for online, is fungible.

      3:02 PM - 16 Aug 2018
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      • Cerberus Benjamin Williams Mr.Hodl🌕🍿 Alan [Doesn’t post unsafe links] Siefert Mayor Of Bitcoin Jamie Asefa RLTW Grand Nagus HODL Calcutta Puri
      3 replies 1 retweet 8 likes
        1. New conversation
        2. Nick Szabo  🔑‏ @NickSzabo4 16 Aug 2018
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          Replying to @NickSzabo4 @AeonCoin @peterktodd

          P.S. next to nobody can tell you off top of head actual cost, within reasonable error bars, that they incur when the open a frig or turn on a light. That level of granularity is useless for creating a more efficient market. Typing it into a calculator would cost more than saved.

          1 reply 1 retweet 6 likes
        3. aeon‏ @AeonCoin 16 Aug 2018
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          Replying to @NickSzabo4 @peterktodd

          It's actually critical to an efficient market because unless it is individually charged, there is no tie to efficient usage. People (sometimes) think about opening the refrigerator less or turning off lights, etc. because of the direct charge.

          1 reply 0 retweets 1 like
        4. Peter Todd‏ @peterktodd 16 Aug 2018
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          Replying to @AeonCoin @NickSzabo4

          ...and the amount of thought they put into knowing that is proportional to the expected cost. Comes to mind a non-technical boss I had ages ago, who told me to make sure I turned the heaters off at the end of the day because they cost a dollar an hour. He was right.

          1 reply 0 retweets 1 like
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        2. aeon‏ @AeonCoin 16 Aug 2018
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          Replying to @NickSzabo4 @peterktodd

          I incur a debt when I open the refrigerator, settled at end-of-month which is not unlike many other common purchases (if much smaller). Aggregating and settling via a fungible usage metric sounds to me like exactly the sort of UI solution that @peterktodd suggests.

          1 reply 0 retweets 2 likes
        3. Peter Todd‏ @peterktodd 16 Aug 2018
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          Replying to @AeonCoin @NickSzabo4

          I don't actually pay when I pay with my credit card card, I pay at the end of the month. Yet I think we see that as a payment...

          0 replies 0 retweets 2 likes
        4. End of conversation
        1. David DeSantis‏ @PilotDaveCrypto 17 Aug 2018
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          Replying to @NickSzabo4 @AeonCoin @peterktodd

          Yes, In reality it is not a microtransaction because no transaction is actually being made whenyou open your fridge. The transaction happens when you send money not use a product. Read the definition of transaction.

          0 replies 0 retweets 0 likes
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