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BTC · 6d

Meet the Man Who Spent 10,000 BTC on Two Pizzas

It’s always interested me in that regard, that was the original use case. People pitched it to get your attention: “Hey this is a payment system that allows you to pay anyone, anywhere.” Nobody has to know that you did, and there’s no there’s no clawing it back. There’s no cheating. All those things sound really appealing. 

We’ve spent the last 10,11 years digging into those things and finding the flaws with them. But on the surface, that stuff is still true and it’s a lot more true than it is for credit cards. With a credit card, you can’t even charge me because you’re not a merchant. You have to establish some special trusted account. And then if I want my money back, they just take it back from you. 

But one thing is, people who pay us in Bitcoin, I don’t have to worry about fraud. I know I’m not going to get charged back. I can even give them a discount for paying with it, because for me as a merchant, it’s cheaper.

I think it’s challenging because it always comes up when people say, “Oh, what if a billion people start using this, it’s not going to work, it’s going to be overloaded.” And that’s true. That’s true for a lot of things in the world. We’ve been trying to figure it out, and there isn’t a solution to just make it scale infinitely. It’s an interesting problem. 

But, yes, I do still think that that payment is an interesting use case for e-commerce especially. We need to somehow figure out how to make it worth it. 

Like BitPay which, you know, everybody hates them now — whatever label people are giving them now, “corporate sellout.” But their business was that they made a PayPal for Bitcoin. And when the mining fees, when the transaction fees rose, they’re like, “Well, this isn’t gonna work. We can’t do $0.50 transactions and charge people $8.000 to log that transaction.” That whole business model fell apart, not through a fault of their own. It’s just that it doesn’t work. That’s the scaling problem that everybody’s be...

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