Oddbean new post about login | logout How could fiat payments be integrated into Nostr in such a way that minimizes the introduction of KYC and centralizing forces as much as possible? Is it even possible? My gut feeling is that it isn’t. - People don’t wan to spend their bitcoin. - New “normie” users on nostr have no bitcoin to spend in the first place, and probably won’t get any. - The only currency natively integrated into nostr is bitcoin.
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How does nostr overcome these hurdles to grow its economy?
What’s wrong with Venmo or CashApp?
A nation like mine, don't have Venmo, CashApp and other Bank options you know. I'm talking about at least 85,000,000 unbanked Iranians. Also because of the economy hurdles, what little Bitcoin an Iranian can get, they tend to keep it if they can. This was unrelated to the note but I had to say it.
If we really want this to succeed as freedom tech for all, we have to build for places like the U.S. and places like Iran. And that means, I think, focusing on subversive counter-economies... and not playing nice with existing regimes of control...
Yes. A conundrum: Stack Sats; #Zapathon. We are laser-eyed maxis, yet we still zap (compulsively in my case, to the point I zapped my wallet to within 16 Sats, most recently). I am on Test Flight, where a percentage of zaps and shakas go to the devs, but I had to reduce my one-tap zaps amount, because I want to zap everything I like, and want to encourage that feeling in #noobs/normies that I got when I first landed on this celestial space and was so generously zapped by complete strangers.
As long as you don’t mind giving apple it’s 15% / 30% cut then you can just buy sats with applepay from within the app. For folks buying a lot, ore regularly, it’s not a good idea, but for folks who want to have some sats to play with it’s good.
I’m wondering more about ways for people to use actual fiat to send each other tips on Nostr. It introduces all the problems associated with using fiat payments, but would it also create more spending on Nostr? If so, then I think that may be more important at this point that bitcoin-only zaps. It is not worth it for any creator to spend their time and energy here to only receive a few cents at best every day.
I think you’d need a money transmitter license for each jurisdiction you’ve got users in order to do that. And a way to get the fiat out of the app and back in to people’s bank accounts.
Yea I assume it would introduce a load of complexity. It would need to work with existing payment processors. The best option I’ve come up with and have seen others suggest would be with Strike or a similar service that already bridges between bitcoin and fiat. But then you have to onboard users to their service.
Interesting but to @rabble point it sounds complicated… @jb55 thoughts?
Apple has applepay cash but its only in a few places i think?
Yea idk the best solution 🤷♂️ Fiat introduces so many obstacles. But people don’t spend sats on substantial quantities, at least from what I see. “Would they spend more if they could spend fiat” is an unknown. A NWC integration with Strike could bridge it for some users as Strike can pay directly from your fiat to sats. But then you would have to onboard new users to Strike, as their existing user base is surely all current bitcoiners 😂
And do we want “normies” to join Nostr ASAP? I think that slow adoption is the right way through. It will solve the broblems by itself.
Nostr is like the internet. You don’t join it. You use it. So, yes, everyone should be able to use Nostr.
Maybe a solution could be found in the way @jackmallers is using Lightning in Strike to transmit fast but give option to auto-convert to “fiat value” for the people who require that preference… ⚡️
That would work for users with access to Strike at least.