npub1tj54dz997wrdyqgf8sc36z3upy3ld0ujmwqyx42dtqxcwc7l68fqlx5ry2 (npub1tj5…5ry2) Crypto was never supposed to be the solution, for the simple fact that by design it can never scale to handle micropayments - and anyone who said the opposite was lying.
If the cost of processing a transaction is higher than the transacted value, and the processing time is also kept artificially high (either because of PoW wasting time on numeric puzzles or because of the distributed consensus required by PoS), then you don't have a system that can even remotely compete with the scale and throughput of Swift - let alone beating it by two orders of magnitude by handling real-time, automation-triggered micropayments.
But just because Blockchains suck at handling micropayments it doesn't mean that the idea of micropayments is bad.
The costs for processing electronic transactions are dropping every year, so automatically transfering e.g. $0.05 to a video creator (for example by scanning a QR code before watching a video), and after that you "own" the right to watch the video as many times as you like with no ads, is no longer as crazy as it sounded a decade ago. Our infrastructure for payments can now handle such volumes of small transactions much more easily, or it can be there quite soon.
It would be a win for everyone. $0.05 for a 10 minutes video would be almost nothing for the average viewer - you watch YouTube one hour a day, and you end up paying ~$8-10 a month for an ads-free, spyware-free experience, which is comparable to the cost of a Netflix subscription with ads.
And a content creator with enough following would make $50k from a single video with 1M viewers. Even if you want to give half of that money to the platform, it's still at least one order of magnitude more than what the same person with the same video with the same number of views would make on YouTube today. If the number of actors who want a slice of the pie is lower, then the pie can be split more fairly.
And you could also have a premium tier with flat fee for die-hard consumers. $20 a month, and you get the all-you-can-eat ads-free experience, included full access to the API and ability to watch videos from whatever client you like. As someone who has learned a lot of skills by watching a lot of university lectures on YouTube, I'd be happy to pay that money.
And, at the bottom of the spectrum, you would still have a free-of-charge service with ads for those who just don't want or can't afford to pay.
Fabio Manganiello /
npub1v7…ukv0u
2023-08-18 19:35:30
in reply to nevent1q…kamf
Author Public Key
npub1v78mmuz20p6qd6nve30axhqu74avwn4f6z4grhug7755rat7wh3syukv0uSeen on
wss://relay.noswhere.comPublished at
2023-08-18 19:35:30Event JSON
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"content": "nostr:npub1tj54dz997wrdyqgf8sc36z3upy3ld0ujmwqyx42dtqxcwc7l68fqlx5ry2 Crypto was never supposed to be the solution, for the simple fact that by design it can never scale to handle micropayments - and anyone who said the opposite was lying.\n\nIf the cost of processing a transaction is higher than the transacted value, and the processing time is also kept artificially high (either because of PoW wasting time on numeric puzzles or because of the distributed consensus required by PoS), then you don't have a system that can even remotely compete with the scale and throughput of Swift - let alone beating it by two orders of magnitude by handling real-time, automation-triggered micropayments.\n\nBut just because Blockchains suck at handling micropayments it doesn't mean that the idea of micropayments is bad.\n\nThe costs for processing electronic transactions are dropping every year, so automatically transfering e.g. $0.05 to a video creator (for example by scanning a QR code before watching a video), and after that you \"own\" the right to watch the video as many times as you like with no ads, is no longer as crazy as it sounded a decade ago. Our infrastructure for payments can now handle such volumes of small transactions much more easily, or it can be there quite soon.\n\nIt would be a win for everyone. $0.05 for a 10 minutes video would be almost nothing for the average viewer - you watch YouTube one hour a day, and you end up paying ~$8-10 a month for an ads-free, spyware-free experience, which is comparable to the cost of a Netflix subscription with ads.\n\nAnd a content creator with enough following would make $50k from a single video with 1M viewers. Even if you want to give half of that money to the platform, it's still at least one order of magnitude more than what the same person with the same video with the same number of views would make on YouTube today. If the number of actors who want a slice of the pie is lower, then the pie can be split more fairly.\n\nAnd you could also have a premium tier with flat fee for die-hard consumers. $20 a month, and you get the all-you-can-eat ads-free experience, included full access to the API and ability to watch videos from whatever client you like. As someone who has learned a lot of skills by watching a lot of university lectures on YouTube, I'd be happy to pay that money.\n\nAnd, at the bottom of the spectrum, you would still have a free-of-charge service with ads for those who just don't want or can't afford to pay.",
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