bradcostanzo on Nostr: First, I'm a #Bitcoin maximalist, not a skeptic, yet always looking at potentially ...
First, I'm a #Bitcoin maximalist, not a skeptic, yet always looking at potentially sound arguments against it (as we all should if being intellectually rigorous).
Just watched this video with Patrick McKenzie: "Why Crypto Will Never Fix Payments"
https://www.youtube.com/watch?v=tEJ-7dAquwg
One of his arguments against using Bitcoin or crypto as payments is that its lack of infrastructure for dispute resolution and refunds, (which I think we all believe are valuable aspects of the current system for consumer protection) and he asserts this could hinder adoption as a mainstream payment method.
Of course some Layer 2 solutions may help solve some of these issues, but they may not, refunds and dispute resolution by nature require a trusted 3rd party intermediary.
My first thought is that having a 2 or 3rd layer solution on top of Bitcoin with some sort of smart contracts for this "might" be helpful but not quite sure.
Just curious if any Bitcoiners have thought this aspect through and if I'm missing a smart innovative answer to this objection for using it as a payment method and not just a store of value.
Just watched this video with Patrick McKenzie: "Why Crypto Will Never Fix Payments"
https://www.youtube.com/watch?v=tEJ-7dAquwg
One of his arguments against using Bitcoin or crypto as payments is that its lack of infrastructure for dispute resolution and refunds, (which I think we all believe are valuable aspects of the current system for consumer protection) and he asserts this could hinder adoption as a mainstream payment method.
Of course some Layer 2 solutions may help solve some of these issues, but they may not, refunds and dispute resolution by nature require a trusted 3rd party intermediary.
My first thought is that having a 2 or 3rd layer solution on top of Bitcoin with some sort of smart contracts for this "might" be helpful but not quite sure.
Just curious if any Bitcoiners have thought this aspect through and if I'm missing a smart innovative answer to this objection for using it as a payment method and not just a store of value.