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Should patrick.net accept crypto currency?


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by Patrick   $0.61 total tips   💰tip   follow   2022 Aug 4, 1:27pm  

One flaw in my "micropayment journalism" idea is the need to mail in cash to tip people or pay to view locked posts. It takes days.

I could in addition or instead accept Bitcoin or Etherium, but there are problems with those as well.

- You still need to ultimately give someone cash for them, unless you have a massive mining rig.
- Bitcoin transactions take a long time to go through. Etherium is faster, but I trust it less because it gets support from the Saudis, for example.
- Mining either coin is a ridiculous waste of energy even if you don't care about the CO2 produced.

Also, could there be some kind of cryptocurrency mining that actually does something useful with all that computing power? Maybe work on protein folding problems? Seems hard to prove you did the work though.

Comments 1 - 5 of 5   

1   richwicks   2022 Aug 4, 1:30pm  

Monero is relatively worthless and easy to mine.
2   WookieMan   2022 Aug 4, 3:14pm  

Patrick says

One flaw in my "micropayment journalism" idea is the need to mail in cash to tip people or pay to view locked posts. It takes days.

People usually wait bi-weekly for a pay check. I don't know? Doesn't seem like a big deal outside of sending cash through USPS if that's how people send it.

I get society is immediate now mentality, but if you have a place to post content and monetize it, you do it.
3   GreaterNYCDude   2022 Aug 5, 11:19am  

Create your own coin and issue an ICO to your members?
4   NuttBoxer   2022 Aug 5, 1:19pm  

I've never been able to successfully purchase crypto using a private method, so not sure what the point is. If you take credit cards, there's security risks, transaction fees, not that great either.

You could have people tell you how much they're sending, and pre-load the account. Probably better would be accept payment in gift cards. They can be sent electronically, or mailed, and I believe through the mail, may be faster than personal mail. Not sure if you can load them with small amounts though.
5   1337irr   2022 Aug 5, 1:23pm  

Cardano might be an interesting choice for a cryptocurrency...They are very libertarian-ish.

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