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Thomas
@aviationdoctor.eth
Paraphrasing @vitalik.eth just now at TOKEN2049 Singapore: Transaction fees have historically been the roadblock to actual crypto adoption, ahead of UX. The cost of transactions killed off the early and earnest efforts to use either BTC or ETH for day-to-day payments. In places like Argentina, people use crypto but have moved to doing Binance-to-Binance transfers, which are free but also centralized and custodial, which defeats the purpose. However, L2s now offer sub-cent transactions, opening up a new era for payments. Wallet UX is also getting better (e.g., Daimo) but TradFi payment rails have kept up with usability improvements of their own (Venmo, SEPA, etc.). Crypto can bypass the int’l politics that are the main limiting factor in cross-border TradFi payments. Crypto is ultimately digital concrete — blockchains are robust, permanent structures. With digital concrete, we can build digital castles in the sky. [Personal note: I love the fresh idea of ETH as digital concrete rather than digital oil]
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Tokenized Human
@tokenizedhuman
Off ramping to fiat is still a massive adoption roadblock in my mind, no matter how cheap tx fees get.
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Thomas
@aviationdoctor.eth
That’s why he’s saying we’re early on usability — eventually you won’t need to off-ramp anymore, once you can pay for your groceries or rent or even taxes using stablecoins We started down that path in 2012–2013 with BTC but that effort died out We can do it again, but better this time
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@tokenizedhuman
With trad-fi Integration I presume?
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Thomas
@aviationdoctor.eth
Corporates will have an easier time than individuals with off-ramping to their banks, but the idea I think is that an increasing share of overall economic transactions will just remain onchain. If you can pay your supplier in stablecoins over an L2, and they can do the same with their suppliers, and so forth, there’s less need for anyone to off-ramp — the velocity of onchain money increases and it becomes parallel to the TradFi payment rails, intersecting only when absolutely required
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Tokenized Human
@tokenizedhuman
Realistically, how far do you think we are from achieving that, and what happens with transaction disputes?
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Thomas
@aviationdoctor.eth
+/- 10 years to reasonably large market adoption IMHO (cf. my earlier cast on the 20-year S-curve innovation lifecycle). As with any disputes — they’ll be handled commercially, or through legal arbitration. That the payment was made onchain doesn’t change that (just that credit card chargebacks won’t be a thing, but even today they’re idiosyncratically American, not really popular elsewhere AFAIK).
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Tokenized Human
@tokenizedhuman
Looking forward to revisiting this in 20 years time to see how far we've come. 2477 $degen
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Thomas
@aviationdoctor.eth
In 10 years! 20 from the invention itself (the 2014 white paper).
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Tokenized Human
@tokenizedhuman
Well that's even better! I mean I'll see you along the way, but ten years from now will be a fun landmark.
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