[KeenFox]

Crypto is 99% woo, but the 1% is interesting. The interesting stuff isn't world-stompingly amazing, so it gets less press. I like the idea of someday being able to take pennies worth of payments from places where transaction fees alone at traditional payment processors represent a huge % of income. Bitcoin won't be the one to do it, but some of the coins that depend on something other than proof of work might.

At least I hope it's not Bitcoin. The power use is obscene.

[lugg]

Penny payments will never* be viable.

* Never say never. Basically I don't think it could possibly be viable because it would require the total cost of transaction to be less than pennies. That includes the shopkeepers time to manage the automated store, the electricity used in the transaction, and a bunch of other non zero components.

Hell even transactions with real pennies today are almost a net loss. We eradicated 5c coins in NZ because they cost something like 6c to make.

And to be clear I understand you mean micropayments in general and maybe it is something possible im just not yet convinced the electricity costs will allow it unless it's subsidized in an unsustainable way.

[apetresc]

> We eradicated 5c coins in NZ because they cost something like 6c to make.

Why would that matter? A 5c coin is spent thousands, millions of times. Why would there need to be any connection at all between how much it costs to make the coin and the value that coin represents in a transaction?

[golergka]

I'd say it's 80% woo, 1% of what you call interesting and 19% is solving real user problems with breaking the law. Mostly transactions that you can't depend on banks for - like buying drugs.

[themacguffinman]

I think being able to make small transactions with low fees is a human economic problem, not a technical one. How would crypto do anything better or differently, other than the idea of "let's spend power on proof of work instead of trust" which you seem to dislike?

[ulfw]

Transaction costs for small payments on Bitcoin are much higher than the 1.5% a credit card processor takes. Crypto has been nothing but dreams (and sadly lots of scams, as I had to personally witness)