/biz/ - Business & Finance

It’s fucking real

>>12919734
that's great but doesnt really help the price guys.

The $10000 coffee

>>12919734

>pay for coffee using BTC
>baristas spit in it since you're obviously a nazi

>>12919734
who said it was fake?

Starbucks received significant equity in Bakkt in return for commitment to allow bitcoin payments in store in 2019.

>pay for coffee with BTC
>'what is bitcorn?' says the barista
>smugly point to the bitcoin accepted here sticker on the cash register
>wait for barista to confusedly ask the manager how to accept bitcorns
>'wow nobody has ever done that anon, let me go find the ipad app thingie we are supposed to use'
>spaghetti falling out of manager's pockets
>finally gets the bitcoin payment app open
>'ok that will be uhhh 0.0001 bitcoins. oh wait I mean 0.001 bitcoins. wait how many zeroes is that..1...2...'
>scan qr code
>payment sent!
>awaiting confirmation....
>awaiting confirmation....
>awaiting confirmation...
>spaghetti falling out of pockets
>socceer moms behind me in line sighing heavily and rubbernecking to see what the fuck is the delay
>'uhhh sorry, a block will be mined any minute now...surely...'
>awaiting confirmation

>>12919815
>barista spits in bitcoin coffee
>spend .00001 BTC and hire a hitman to kill his family in front of him, then disembowel him.

the whole thing makes sense, imagine all the stupid roasties getting shilled btc through their favorite mocha rostie latte factory, all those vain normies like to feel exclusive and will buy btc especially if there is some discount for buying with btc

that's basicly the first crypto/bitcoin bank in the making as Hal Finney foretold

>>12919846
What is LN? What is bakkt custody wallet?

>>12919846
there's no way they would use mainchain
in the article they say bakkt has in house software that transfers it to dollars at the time of sale
it's not even a big deal bakkt is basically another bitpay except more centralized
when/if lightning network takes off that's the real game changer

>bitcoin
>currency

>>12919734
>chainlink price pegged to a cup of coffee
LINK BAKKT STARBUCKS PARTNERSHIP FUCKING CONFIRMED.

>>12919846
Fucking this. Top kek.

>>12919810
Hahaha
I imagine no one will e paying with the BTC network when ETH will also be a possibility.

>>12919893
Starbucks received significant equity in Bakkt in return for commitment to allow bitcoin payments in store in 2019.

>>12919866
> brb getting coffee
> let me open a channel
> hmm I'll put $100, like a gift card
> $20 fees. I guess
> Wait for 6 confirmations
> Now time to enjoy my coffee
> Node is down. Goddamnit

>>12919916
What kind of nerd is gonna buy coffee with bitcoins

>>12919950
Unless you can fund your Starbucks card automatically, which okay. Great adoption -.-

>>12919846
>Whats the hold up
>Some asshole decided to pay with buttcoin

>>12919916
Yes, they'll allow payments through the Bitcoin and Ethereum networks. People will use the one that is faster and has lower fees.

>>12919950
The kind of nerd who is trying to be more like a normie by integrating into society.

What crypto does Bakkt software use?

>>12919943
>> Node is down. Goddamnit
>buy portable raspberry pi wrist node
>100000mAh battery backup
>blockstream satellite uplink
>watchdog scripts running in cron to maintain channel states
>The future of money.

>>12919943
I even said when/if LN works
operating a node isn't easy I've experienced a few errors and only been operating one for 5 days

the on chain fees are only 10-15 cents right now but that isn't acceptable for a coffee purchase
It's all about this stuff developing properly, and users updating to the most efficient means of writing data to the chain
shit like EOS can not function worldwide and have any degree of decentralization

>>12919965
imagine what'll happen when they add ltc in place of btc when LN is out to lower fees even further.

>>12919965
people will also spend the one that is less sound and hold the one that is

>>12919965
yep if you can buy coffee with eth that'll be coolio

>>12919992
EOS has a degree of centralization, maybe a larger one than chinese mining farms who have all been approached by the communist party.
The real competition is probably eth. Likely nano doge and others who didn't think it would be a good idea to move the primary value prop off network. (p2p electronic cash)

>>12920067
the thing about miners in bitcoin is that they are only service providers
jihan's stunt cost bitmain billions and him his job and made mining more decentralized overall

compare this to the miners in ETH who have the final say on gas throughput
this makes their chain more miner centralized than bitcoin
when blocksize isn't capped and under the control of miners it leads down the path of complete centralization

>>12919981
BTC

>>12919846
>>spaghetti falling out of pockets
Im ded

>>12919846
Bitcoin is the new check

>>12919846
> Merchant runs a node
> 0conf
> Waits less than 10secs
> Knows he will in all probability receive the BTC in next block

>>12920114
nah, they're also incentivised to keep blocksize under feasible limits -or it takes them longer to process = chance of being uncled.

also, PoS is on the way, so eth is defo #1 decentralized

How to invest in coffee-chain?

>>12919871
The only thing confirmed for LINK is intense levels of homosexuality

>>12920157
ETH has a foundation marketing team
rolled back after DAO to save their money but won't do it for parity
nobody actually runs a validating node on ETH
whatever pedoskelly says goes

also what's the incentive model you're describing?
look who's running a validating node now a days, it's not like someone can stop them from bloating the chain
there is 0 concern for this in ETH, it's one of the most centralized projects masquerading as a crypto

>>12920155
>buy 0conf BTC coffee with tiny fee attached
>wall out of starbucks with coffee
>flick thumb across screen to re-send the same BTC back to my own address using replace-by-fee
>smugly enjoy my free coffee
Thanks for 'fixing' buttcoin, blockstream!

>>12919734
so bakkt got fucked in the ass and starbucks just gets usd as usual. kek

>>12920196
this! zero-conf is retarded, even satoshi said so.

>>12920217
So, Starbucks wont be accepting BTC directly wth 0 conf. LN is certainly not user friendly or fleshed out for Starbucks yet. Even LN devs are still saying that it's not ready to be used massively yet.

How will the txs look like then?

>>12919846
here's how it'll actually go

>pay for coffee with BTC
>properly trained barista handles the transaction efficiently since new corporate initiatives aren't just announcements shouted from the CEO's bedroom window and have actual follow-through down to the branch levels
>can I please scan your QR code anon?
>lady scans my code and my transaction is added to the ledger
>i leave
>block gets mined later and confirms the transaction

>>12919950
Starbucks is going to use Instagram "influencers" to push bitcoin tip culture. Thots are going to be all in on BTC like they are for Twitch and that'll get bugmen into it, this is the future bullrun.

>>12919815
>barista is a hot girl
>i ain't even mad
>thanks for the faps retards

>>12919846
Kek fucking this

>>12920285
>buy all of the scones
>buy all of their bulk coffee beans
>pay with btc
>barista knows the basics... sat through a 15 minute powerpoint
>transaction added to the mempool
>I go home with my loot
>take a shower
>take a nap
>submit a RBF transaction to return my money
>Pay $1.50 in transaction fees for all those scones

>>12919984
>>The future of money.
the future of money is the money that cannot be inflated by greedy kikes, get that through your thick reddit skull or go buy nano or some other bcash.

Bitcoin only needs to scale for store of value purposes, we can keep using fiat for daily bs transactions while keeping 95% of our wealth in an uninflatable currency (btc)

>>12920420
>the future of money is the money that cannot be inflated by greedy kikes
That would be true if the economy's goal was to be healthy. The economy's goal is to serve (((them))).

>>12920420
>uninflatable BTC
>devs already talking about adding inflation to pay for miner security on social media
>lets just steal old coins that haven't moved in 5 years.
>elegant solution

>>12920420
How can a coin store value when it can't transfer value?
Also, nano truely has no inflation and has no miner fees. If you wanted to protect against inflation, it would be a better option. Plus, it will scale.

>>12920457
total fud
only 1 dev said 1% inflation might be an option like 15 years down the line

>>12920462
>no fees
>no incentive to run validating nodes
Take your pleb shitcoin back to l*ddit you bagholding faggot.

>>12920523
Plenty of money left to run nodes when the network isn't bleeding billions to inflation and mining fees + electric fees + government tax.

>>12919964
Kekkk

>>12920474
That dev needs to be kicked in the back of his fucking head so hard that he remembers what the fuck is actually at stake here. 1% inflation? Get the fuck out here. No inflation, ever.

>>12920457
No inflation

>this whole thread
>not one fucking source

you guys are retarded.

>>12920707
On the contrary, you clearly didn't fact check OP, this is real. These won't be settled on-chain, but will work similar to LN I imagine, except a lot more flexible due to being run by BAKKT.. Very bullish

>>12919846
>spaghetti falling out of manager's pockets
Based oldfag with chan humour

>>12919734
already priced in

>>12919866
So what happwns to the bigcoins? Bakkt hoards them or sells them to clients or some shit?

>>12919846
>what is BSV?

>>12920764
no dummy, bakkt strong arms everyone until they own a monopoly on the means of implementing blockchain adoption.

>>12920789
Never heard of it

>>12920813
stay poor I guess

>>12919846
>25 minutes later 1 confirmation
>need at least 3 to complete transaction

>>12920789
a sexually transmitted disease?

>>12919734
>using Bakkt's software
No need to wait for confirmation times. I'm guessing if someone has the Bakkt app, you can just buy instantly as if they were transferring coin between users on the same exchange no?

>>12920380
large companies can take a few hits in random incidents
like with credit card fraud, counterfeit money, or employee miscalculations

if RBF is such a great thing that I can buy all the shit I want and then report to have the txn removed from the mempool then why is bitcoin still even around, everyone would be doing it by now

also
>security cameras capture guy buying a bunch of shit in bulk
>txn cancelled later for the exact amount of bulk items
>if company pissed then get authorities involved
>police later warrant your wallet to check history

lol. bakket has been delayed what now, like 3 times? lol. i imagine theyre ventually just going to scrap the whole idea. they are realizing that crypto is a scam with dwindling interest

>standing at the till autistically calculating meme triangles to see if you should spend btc now or spend it in a week

>>12920717
nice source

>>12920331
based

>>12920789
>anon comes up to barista
>'D-do you accept the r-real bitcoin?! haha...
>what
>you know, the bitcoin initial whitepaper
>sir, are you going to pay with bitcoin? can I scan your qr code?
>t-thats not real b-bitcoin ok...*breathes trough mouth*... r-real bsv, I mean, the real bitcoin... ah.. it's, satoshi's vision... *breathe*
>qr code please

>>12919846
Brainlet here. Is this bad for cryptocurrency? Should I sell or keep hodling?

WHY is there so many faggot gay retards who unironically think the payments will be on chain? Holy shit ahahahah

>>12919965
what coin has the lowest fees right now that is big enough to be used?

>>12921958
the post below yours explains everything

>>12921894
lol

>>12921894
>sir you're holding up the line
>some Chad throws a $5 on the counter to get things moving
>soccer moms and college thots clap

>>12919734
wow such great news! very nice!
>damp eet again

Don't know why so many faggots in this thread are poo-pooing this news.

It's a step in the right direction (adoption). It's not the crypto end-game, but it's better than nothing.

>>12919815
>>12920331
lmao

>>12921894
fucking kek

this thread has some humour heh

>>12921894
kek

>>12919866

Jesus this cope is extraordinary. Backt is a final attempt at keeping bitcorn relevant, and its failing miserably so far. These people are so deep into their own shit that they aren't able to admit that something doesn't work. That's dangerous.

Apple Pay had market penetration and massive user base yet transactions hit a high in 2016 and never recovered

> When you realise that on chain btc tx are effectively useless for anything other than holding crypto and sending it to exchanges

so let me summarize
1) starbucks doesn't accept bitcoin
2) bakkt plays paypal where you can deposit btc and pay in usd

>>12920217
0 conf on btc with rbf is retarded. But let's be real here you don't know what any of that means because you lack true intelligence like myself.

>>12923413
This model is less efficient than traditional payments. Swapping visa out for bakkt and whoever the fuck does their swaps.

>>12923477
you fucking imbecile rbf does not allow you spend the outputs otherwise meanwhile actual double spend can be done and was done without and before rbf. how can you be so uneducated and so sure of yourself at the same time?

>>12923551
well actually i was talking about fss rbf, but full rbf does allow for double spend i'm unsure if any node supports it today tho. that is beside the point anyways as double spends are easily accomplished without rbf. i have done it so a few times before i knew about rbf and had stuck transactions.

>>12919950
>wants BTC to have value but upset when things that will adopt it
Absolute state of this board

>>12923630
oh and one more thing, theoretically non-rbf double spend with network topology based timing attack is trivial. it would roughly split the mesh in the middle not allowing the miners or the merchant to be aware of the double spend attempt. meanwhile rbf transactions are relayed by nodes and all become aware of the attempt. again assuming the network supports full rbf and not just the safe version with no double spend opportunity.

on a network where confirmation is required full rbf is kind of ok, with zero-conf obviously a big no-no. but fss rbf is okay even there. the main issue is the non-rbf double spend i can't underscore this enough.

>>12922083
XRP. and it's faster

>>12920285
So, they let you leave without confirmation of payment?

no

>>12923508
Kroger's phasing out Visa due to high transaction fees

>>12919868
Based