Is anyone else starting to become a bit worried? mod note in first post

lifeandtimes wrote: »

It will be simple as scanning the shops qr code from your phone and it will transfer from your wallet on your phone. Length of time will depend on the coin but it's simple to have this method done

The question is: is it indeed what they have? (and since bitcoin transfers are not instant, does the system have some mechanism to instantly guarantee to the shop that the transaction will be paid so that they don't end up with no money)

I'm a bit doubtful to be honest as the video doesn't seem to show or explain at all how payments work. Could very well be vapourware. But if they do it would be interesting to know how it works.

Bob24 wrote: »

It's technically possible. But the questions is has it actually been implemented here (or somewhere else), or is this exemple vapourware?

You don't have to enter any URL. Open your mobile wallet and scan the code. As mentioned, the current bottleneck for that type of transaction is time taken. That used not be a problem and it's hoped that it won't be again soon enough.

BrokenArrows wrote: »

Well its actually pretty easy to accomplish.
As soon as you send a bitcoin transaction it will appear on the blockchain very quickly. It will just not be confirmed yet.

You will be able to see the value of the transaction and to validate that its arriving to the correct address.

There is a small risk that the transaction is invalid but for the sake of a coffee or something i think its an acceptable risk. Nobody is going to go to the hassle of creating false transactions for the sake of a coffee and even if they do it wont last long as the staff will eventually recognise who it is.

Accepting BTC as payment without confirmation defeats the whole point!

Sure I could use the same BTC to pay for 10 tvs in 10 different shops in an hour before txns are confirmed.
Also not sure how they would recognise anyone, my wallet isnt tied to me, its just an address, unless they are tracking wallets to people manually, which again slows down the process.

GreeBo wrote: »

Accepting BTC as payment without confirmation defeats the whole point!

You gotta start somewhere. I am sure BTC (or whatever will replace it) usage will be much different 10 years from now, this is some sort of "pilot" phase in my eyes. This project was started by a small group of friends, I am sure that if a big company sees this as an opportunity to deploy BTC usage at larger scale we could see a major step ahead in the right direction.

Also, this town pretty small (located in the richest area of the whole country) and they pretty much all know each other, nobody is going to scam nobody over a coffee.

(I would be more worried if this was happening in Naples though ).

Lightning Network takes care of this once it's fully debugged and ready to be deployed. You can't really judge an emerging technology on how it is right now - when it's clear it's undergoing innovative change.

Shauny2010 wrote: »

No for small transactions it should be enough that once a transaction is announced to the network it can be trusted.
VISA contact-less transactions are not verified straight away either but the VISA card is registered to an owner, so maybe in the future to avail of zero confirmation transactions you may need to have the Bitcoin wallet address registered to you.

Why?
The value of the transaction has no bearing on it being verified or not on the blockchain.
You might *decide* to not wait for small txns, but thats your choice, nothing to do with the underlying tech.

As a merchant you have a comeback with a Visa card, you have exactly diddly squat with crypto.

GreeBo wrote: »

Why?
The value of the transaction has no bearing on it being verified or not on the blockchain.
You might *decide* to not wait for small txns, but thats your choice, nothing to do with the underlying tech.

The blockchain is like a public space a "commons".
Currently the 'cost' of running and securing this blockchain is being paid-for by currency inflation: 12.5 new bitcoins get mined every 10 minutes.
Once the cap on coins is reached the only way to pay for this network is through transaction fees.
Fees are an integral part of the blockchain economy.

When that blockchain (public space) becomes crowded with transactions, buying your way onto the main chain via market forces occurs.
Miners prioritize transactions that award them the highest fees.

Those market forces that push fees higher, should then incentivize development of layer 2 and layer 3 solutions.

smacl wrote: »

I gather this isn't the case for tangle though, where the 'cost' of processing a transaction is to help process other transactions and hence no mining.

IOTA isn't a blockchain.
They make pretty exciting claims, but that is all.

BluePlanet wrote: »

I read a post of yours which seemed to suggest that the value of a transaction would have nothing to do with it being verified.

My response was describing the economy of transaction fees.

Sure, it's possible to send a small value transaction and pay high fee to get it onto the main chain, but that makes no economic sense.

The market of transaction fees push small value transactions off chain.

I'm still not seeing how the value of the transaction has anything to do with the speed its verified.

You can pay a higher fee to push it into the next block, but the *value* of the transaction is irrelevant.
The *size* of the transaction is however relevant.

No update here for a while.

There was decent recovery especially for bitcoin and also a few other major crypto since this thread was started .... but it hasn't reached the previous high and seems to be running out of steam.

What do people see coming next?