I would've loved if institutions would of ignored bitcoin. 🙁

The demand isn't so much for Bitcoin payments as it is for low cost, fast and reliable payments. The fiat card payment networks and alternative fintech solutions that rely on them are all too expensive for small merchants. A café I was at recently (that doesn't accept sats) wouldn't accept a card payment for a drink either. The proprietor explained that he loses money on the soda since the card network 2%+25 cents is bigger than their margin. He'd said he'd happily accept sats if it was they didn't have these fees and it was technically simple.

Driven by this need, it seems to me that centralized LSPs (LN service provider), like Wallet of Satoshi, will end up being the PSPs (payment service provider) for LN payments. They can match the UX of most fiat payment systems if they wanted to and they can do this with much lower transaction fees than fiat networks. Of course, this isn't the LN vision, but it will be the reality. However, it is also nice that LN is open and can be semi-decentralized as well, so while a few large LSPs will handle most payments, there is still room to hook in niche channels and nodes for other use cases.

Finally, the centralized LSP as a PSP is not such a bad thing as most of the value add from the card networks can be replicated as well, such as purchase protection.

A better question might be: is there really that much demand for Bitcoin payments? If yes, why not make it a custodial protocol to start with to remove all the complexities of a truly decentralized system?

The reasons I ask is because:

1) payments is a highly competitive industry with very low margins, LN will be constantly fighting all the world's banks and payment systems (and musk soon), and it's going to be an uphill battle for LN because it's a decentralized system and fiat solutions are actually reliable and pretty neat UX wise.

2) Non-custodial low-value payments do not have quite the same ring as non-custodial storage of large amounts of value, I fail to see why any kind of censorship resistance is even needed in majority of LN payments.

By yourself Bong

With others Joint/blunt

For a top off pipe

nostr:note1tpy0a58w6pcp22trklnq7fw3ccth6cdhs7mamt6nqmqsuyycvzkqffmuwn

Another downside is that it is much more complicated, the proofs are much bigger, everything is harder to reason about.

If you had a way to preserve your nostr identity so that you could recover from someone compromising your nsec and it required writing a note in your nostr client, would you do it?

Repost for visibility, want to see what people think.

Had a crazy realisation. Ebay only has 50m users, and amazon 300m, because its restricted by bank accounts. Really it should have 3bn users like facebook.

Nos_tr-market is the most powerful "bankless" digital market, so can only win.

6bn people have smartphones, 6bn!

Life sucks. No friends. Like real friends. Yay yay meetups none around me i lost my license. No in my cares for bitcoin. Im so lonely i wanna drunk some E&J.

When I reach 1K Followers;

I will sincerely send .20 cents

Of ⚡️ ⚡️⚡️ to everyone

Who likes the post then when I reach

1K…..

¯\_(ツ)_/¯

You're going to waste a lot of brain cycles on this...

Not everything is a psyop.

GM ☕️🫂🍀

i was explaining this phrase at Baltic Honeybadger last week to Tanel. i basically told him that i have no clue where the phrase came from or why we say it, but this is what i means :)

I have been posting exclusively to nostr for the last month sir. Except for an occasional nostr shill tweet.

The masses will come when they are ready. Gradually then suddenly.