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It is unclear from description (and I am too lazy to read the code) how it works. The first question is whether such paper "bill" would guarantee payment. Coul
by vzaliva 11y ago
It is unclear from description (and I am too lazy to read the code) how it works.
The first question is whether such paper "bill" would guarantee payment. Could issuer refuse to pay it, when presented. In other words such paper bill is analogous to dollar bill or bank check? If this feature could not be implemented with Venmo API, perhaps one can build some kind of escrow service.
My second question is about privacy. Is identity of the original paper bill "issuer" is disclosed to recipient?
- kbar13 11y agohttps://github.com/cydrobolt/paypyrus/blob/master/pp/models.py https://github.com/cydrobolt/paypyrus/blob/master/pp/models.... looks like it's web app that holds transactions and sends them to venmo when redeemed
- yc1010 11y agoIt would be similar to a cheque, central banks and governments do not like normal people printing "money" or inventing their own a better alternative would be bitcoin paperwallets, this here relies on Venmo to play nice as well as the "payer"
- cydrobolt 11y agoAgreed. Using Bitcoin would definitely help make it resemble cash, however, this could potentially be less convenient. Venmo is more popular among students, especially on university campuses, so the idea was to make it easy to adopt among friend groups, not specifically to guarantee the transfer of funds.
- cydrobolt 11y agoPaypyrus being based on Venmo, we cannot guarantee payment if the bill creator decides to revoke our authorisation or delete the bill. This is due to Venmo's friend-to-friend model, which we are based on. No bot accounts are allowed, so the money is never placed in our hands. It is a direct P2P payment between friends, presumably. This would be analogous to a bank check rather than a paper bill. Since it is not legal tender and there is no middleman in the transaction, it could not be spent (or stolen) as easily as a dollar bill.