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It works like a charm.
Yes, until it doesn't and/or get banned. Is still a PAYMENT PROCESSOR, the most important thing that we've tried to eliminate with Bitcoin. Yet we are going back to the same shit.
Reminder: Abstract. A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
How many times bitcoiners forget WHY THE FUCK we are in Bitcoin in the first place?
We are not here to get rich, we are here to FUCK BANKS, GOVS AND INTERMEDIARIES.
We are here to build a total parallel system that cannot be shut down.
The question was how to leverage existing QR payment systems. I answered that. No more, no less.
I don't think I've said that's the perfect end state.
existing QR payment systems
Your own LN wallet. That's it. No system, no intermediaries.
Moneybadger is not fixing anything, just make people more dumber.
Thhe merchant don't even know they accept BTC - and that is wrooooong!
From the post:
The QR payments are ubiquitous here, when it comes to small shops, bars and restaurants, everyone has it. [..] All the infrastructure exists, so there shouldn’t be any more to build than the railways from users to BTC buyers.
I answered this part.
Not this question: "How do I orange pill the entire population before anyone dares to use BTC?"
You're welcome to answer that one as you're certainly best qualified among the two of us.
All the infrastructure exists
That refers to existing fiat banking infrastructure.
The moment you mix fiat rails with BTC, you will have the perfect recipe for getting rekt.
Bitcoin MUST be separate from fiat.
People that use money badger for payments are always defaulting back to p2p when it’s available. At the end of the day, you gotta eat. It’s not plan A, but it makes it possible to live without touching a single war token.
The problem is not with the ones that want to spend but with the ones that accept these intermediary QR codes without even knowing what they are using.
The merchant that knows what is doing and say: "OK I will accept this intermediary QR code, but later I will withdraw the sats into my own BTC wallet" are OK too and understandable that are forced to use an intermediary.
But how many of them opt out for sats and not fiat instant conversion, or even know what is behind?
So we are back to education needed. Instead of wasting time with these intermediaries, better just teach them to take directly sats.
I agree, but here’s an interesting case study in how it’s playing out. @unboiled, correct me if I get this wrong.
Pick n pay and checkers are the major commercial grocers in SA. Pick n pay already accepts lightning and checkers uses a QR system that could interact with money badger. That QR system decided to block money badger because of regulatory gobbledygook. The people took to the streets asking where the lightning payments went, and now checkers is working on accepting lightning p2p!
They can block it all day, but that’s what pushes people to p2p. Meanwhile, it makes it possible for people to use it (even if under the table) at the mom and pop grocery stores.
Check out what MoneyBadger is doing in South Africa. They're integrating with existing QR payment systems, so they can be paid with lightning wallets. It works like a charm.
Get in contact with them, they're very approachable.
Carel van Wyk explains their approach on a high level in this chat with Bitcoin Beach