0 sats \ 0 replies \ @pubkey OP 11 Apr \ parent \ on: The PubKey NYC AMA AMA
This is something we addressed in interview for the New York Post article last month. Around 5% of our customers pay with bitcoin. Some pay exclusively this way, others do it just for the experience of it.
We use a Lightning wallet powered by Zeus, connected to our own node. We discourage on-chain payments because of the confirmation time, however, we've occasionally accepted them in certain instances, such as when someone wants to throw down a large bar tab in advance.
We aim for a payment experience that's as frictionless as possible, because our bar gets busy, and we need to train the staff on how to process these payments. Nothing slows down a bar quite like waiting up to an hour for a fully-confirmed on-chain transaction.
https://nypost.com/2024/03/19/tech/were-back-inside-nycs-bullish-crypto-party-scene-after-bitcoin-hit-new-all-time-70k-high/
We answered part this in another thread on this AMA, but it starts with opening more hyperlocal pubs in other cities. Philly is coming in our next phase. We'll consider franchising at some point, but only after we've gotten the formula just right in our wholly-owned locations. We also have plans for other business units, such as growing the media side of the company, hosting bespoke (yeah, that word kinda sucks) private events, and partnerships with non-endemic brands beyond the bitcoin sphere.
PubKey is an abbreviation for "public key", a part of the encryption method that makes bitcoin possible. Pub is also an abbreviation for "public house", another word for a tavern. We see taverns and pubs as the places throughout history where revolutions have been started. We're less than 3 miles away from Fraunces Tavern, one of the most important taverns of the Revolutionary War. We're also within walking distance of places where other types of revolutions took place, including The Back Room, Caffe Reggio, CBGB, and the Stonewall Inn. We see PubKey as a continuation of the same counterculture spirit in our era.
We did one zap.stream for a comedy show at the end of February as a test of our streaming capabilities. We are planning to upgrade our equipment so we can do more multi-streaming. Sharing more content on Nostr-powered platforms is definitely part of our strategy.
We'll start doing more zap streams but for now YouTube here: https://www.youtube.com/@pubkey
At the end of the day, we're a Pub -- as in Public House. We record most events so those who cannot join the conversation live are still able to participate. Individual participation is not required and privacy is ultimately up to the individual. Come as you are.
We're just past 3pm eastern time but we can keep this open a little longer if you guys have any more zingers for us.
Regulation for sure. 10 years of the BitLicense has deeply harmed businesses in NYC from advancing the broader ecosystem. Without this barrier we would be able to explore all sorts of cool functionality around splitting tips, membership/loyalty programs and such.
We're getting there -- but there is a lot of operational complexity that goes into accepting bitcoin payments. This could be an entire podcast topic on its own. Every time we settle a tab in bitcoin, we still have inventory, tax, tip, and other requirements on the backend.
However, we'll absolutely run an experiment for the Pleb Halvening Party on 4/20 where we'll offer half off bitcoin on select items.
don't threaten us with a good time -- this week's special is a TAYLOR HAM MAXI because Pork Roll is a shitcoin
Philly has a great community taking shape. Shout out to Bitcoin Jawn. Very impressive what that team has built in such a short period of time