New blog post: Micropayments and Cognitive Costs. http://hackingdistributed.com/2014/12/31/costs-of-micropayments/ … /cc @NickSzabo4 @zmanian @adam3us
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@znakit
@el33th4xor@adam3us The def. when I wrote article did not include normal range of prices -- micro were special lower range.
@znakit @el33th4xor @adam3us "Micro" means 1/1000, as in 1/1000th of a dollar.
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@znakit
@el33th4xor@adam3us My basic thesis is that people won't pay finer granalority online than offline. -
@znakit
@el33th4xor@adam3us Also people will tolerate much less granularity for non-fungible (e.g. content) than fungible (phone minutes). - 1 more reply
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@znakit
@el33th4xor@adam3us Since then micropayments enthusiasts redefined the term to include normal prices, confusing the issue. -
@NickSzabo4@el33th4xor@adam3us Confused are people like Shirky who wrongly applied the theory to any small online transaction.
End of conversation
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