100 sats \ 0 replies \ @nerd2ninja 23 Nov 2022
Must have been made pre-lightning network.
Although he's making a flawed argument from the start. The original sales pitch for Bitcoin was thus:
From the Bitcoin Whitepaper https://bitcoin.org/bitcoin.pdf
"Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need. A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.
What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party"
Well this sales pitch is completely null and void if you accept risk from 0 confirmations. Without this finality, merchants would say to themselves about how much better the card system is. We need Bitcoin to be better than the current system in as many aspects as we can muster as to prove without doubts that it is worth using over the old and familiar. As such, building Bitcoin from steel rather than "good enough" risk acceptance where possible is the path forward.
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