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by briatx
2636 days ago
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> And if 10 years from now we haven't found a use for nanopayments I'll admit it was a silly idea Why do you need another 10 years? Bitcoin has already been around for 10 years. The micropayment and tipping use case has been explored fully and has failed. |
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NSFNet started in 1985 and with it the US could finally transfer Megabits of internet every second! By that point more people had computers but they weren't on them enough for things like e-commerce to make any sense at all.
It took until 1991 for the Web to be invented, and arguably in 2000 the web had still failed to really find it's niche.
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I make no claims as to whether crypto will have as much of an impact as the Internet had, I suspect it will impact only a few domains. However, we're still decidedly in the ArpaNet phase. Bitcoin can only process ~5 txns/second, Ethereum can only process ~13/sec. This isn't good for anything at all! I'd argue the nanopayment use-case hasn't been explored at all, because there's still no good way for me to spin up a server and accept nanopayments with it. Bitcoin transaction fees just spiked to ~$1, ETH transactions currently cost 15 cents.
You're looking at a steam engine the size of a building and telling me it'll never fit onto a train. And you're right! It took something like a hundred years for them to be compact and strong enough to power any vehicles.
A lot of people with a lot of money are working on newer designs which can process a lot more transactions for a lot cheaper, it's only once those cryptocurrencies have been built that the experimentation can really begin.