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It is instant as far as the buyer and seller are concerned. Only the network is concerned with the very short delay in final settlement.
Since the Lightning network can handle 50 times more transactions than VISA can right now, and it is getting faster every day as more and more nodes come on line, and the transactions cost stay the same (because they are batched in optimal batch sizes to optimize the costs when settling with the blockchain), your argument... fails.
originally posted by: litterbaux
It's kind of convenient this news comes out after a few bank failures happen and the FED is going to cover all losses even over the FDIC insurance of 250k.
Yes, yes, this is not connected at all!
Fednow will ensure instant payments, the treasury is on board, the fed is on board. See the connection?
originally posted by: tanstaafl
...
FedNow, if it works and is reliable and relatively bug free, will certainly be wildly successful.
Their CDBC launch? Yeah, not so much. It is apparently so far from ready right now that by the time it is ready, bitcoin layer 2 apps - most importantly, Lightning, but there will almost certainly be more - will have evolved to the point there will be no stopping bitcoin/lightning without killing the entire internet - which would also kill their CDBC.
originally posted by: JinMI
DiDs are far more worriesome in my eyes. Less actual banks are more worriesome. Having a third party on/off switch probably my highest worry.
originally posted by: tanstaafl
They are both electronic payment systems.
As for Lightning being niche, ApplePay was niche when it first launched too.
originally posted by: JinMI
a reply to: tanstaafl
Again because;
At volume, L2 increases in time to settle and price to transact.
Its a scaling issue. The same issue prevelant in almost all crypto. The same reason ETH switched to PoS. Millions if not billions of dollars spent in research and development.
Meanwhile, the trust systems of the ACHs remain completely static.
originally posted by: tanstaafl
It took many years for ApplePay to take off too.
originally posted by: JinMI
a reply to: tanstaafl
Same with ACH.
On paper as its not been tested.
In 2019 we saw transactions costing hundreds of dollars.
My argument cant fail against yours because your claim has yet to be tested.
originally posted by: Nothin
a reply to: tanstaafl
Did that Sales-Pitch™ come, copy-and-pasted, straight outta their Helpful-Pamphlet™ ?
The days of not using an Official-ID™ to log-on to the Internet™ : are nearing an end.
originally posted by: AugustusMasonicus
a reply to: tanstaafl
A porterhouse and a cabbage are both food.
ApplePay transactions are ultimately settled on a trusted platform, FedWire. It also had a global powerhouse behind it that already had broad adoption
originally posted by: AugustusMasonicus
a reply to: tanstaafl
LOL. Just stop.
Apple Pay took off instantly.
originally posted by: tanstaafl
A porterhouse is food for humans, cabbage is food for rabbits.
Again, both true, but you seem to have neglected the fact that even with the combination of a very well established and trusted settlement platform and the powerhouse of Apple behind the new payment processor, ApplePay still took years before its adoption rate actually started to take off.
originally posted by: AugustusMasonicus
a reply to: tanstaafl
LOL. Again, just stop.
6% of trillions is a **** ton of transactions and dollars.
CBDC Tracker
originally posted by: AugustusMasonicus
a reply to: tanstaafl
That 6% represents hundreds of billions of dollars.
Lightning is still dicking around with $25million a month years after launch. Apple Pay was already in the billions in year one. There is zero comparison.
Additionally, Apple's method of use, MPoC, is the preferred future state
as it provides additional security,
and they already have the vehicle for this usage demand.
And you're the one who initially made the Apple vs.Turdling platform comparison.