Anyone know a coffee shop that'll let numbnuts here pay with Bitcoin?https://twitter.com/perrymetzger/status/1183757084946509825 …
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Replying to @HaggsBoson
There are none. The transaction costs are larger than the cost of a cup of espresso. No one sane would do it any more. There were places that _did_ do it back before the transaction costs spiked through the roof.
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Replying to @perrymetzger @HaggsBoson
In fact, years ago, I could in fact have bought lunch in NYC with bitcoin without much trouble, but once people started getting interested, the limited transaction rate and high transaction costs made that collapse.
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Replying to @perrymetzger @HaggsBoson
You might of course find someone willing to do it as a stunt, but if they did it every day, they would lose money. The number of merchants accepting bitcoin is radically *lower* than it was in the past, not higher.
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Replying to @perrymetzger @HaggsBoson
I have a friend who made a scalable cryptocurrency protocol which should have solved this problem, but investors said nobody was interested in new currencies any more, only stuff built on top of old ones.
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How does it do on social scalability?
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I don't know what it means. Instead of copying the whole blockchain to everyone's machine, it uses a randomized algorithm to distribute parts to enough machines that it can be reconstructed with high probability. Same principle as distributed cluster computing.
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No one cares particularly much about technical excellence when most of the smart people in a sector view it as a scam.
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Blockchain scams obviously exist but I do think there are a lot of smart people working in the field? Vitalik Buterin seems very bright?
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