4 ms·

You charge 10 bitcoin as your fee which is around 80,000 usd in today's value!

will_brown 9y ago
That does sound outrageous, then again from the perspective of the cryptocoin world the first purchase with bitcoin was two Papa Johns Pizzas for 10,000 bitcoin which is around $80,000,000 today. When I launched bitcoin wasn’t worth what it is today...that said what would you pay for your own community cryptocoin anyway?
- kerkeslager 9y ago
  $0
  - hyprCoin 9y ago
    Then you are not the target audience. Every small business or community can be tokenized, just like every small business can have a website. Tokenization could encourage repeat visits, community virility and vested interest, not to mention investment.
    - jasongill 9y ago
      "Every small business can be tokenized" My parents own a gift shop (like a Hallmark). Can you give me an idea of how their business could be "tokenized"?
      - hyprCoin 9y ago
        Off the top of my head: * Distribute tokens to partners (product / gift manufacturers). Partners with vested interest in the success of a company could be much less likely to sever relations as it will hurt their investment. * Distribute tokens to customers as a type of rebate. Like a loyalty program that encourages patronship. * Use tokens to vote on what products should be sold. Many gift shops sell pipes and other drug related items. This decision would sink other family oriented shops. What would your customers like? * Distribute tokens to the locals as an attempt to build virility and community around your shop. * Distribute tokens to employees as a way to recognize accomplishments. Ever get a few bonus stock from your company for doing good work over the week? Me neither. * Sell tokens to raise funds. * Set budgets based on community votes. The list is endless and these are rough ideas. Look for ways to align business interests and customer interests.
        unclebucknasty 9y ago
        Most of these (e.g. rewards, distributing to locals/employees, sell to raise funds, etc.) rest on the idea that the token has value, which begs the question. Many also have existing solutions that are well-understood (e.g. loyalty programs tied to phone numbers). And, what happens when every business has its own tokens? Who wants to track/manage all of that? Seems like a recipe for token fatigue. >Look for ways to align business interests and customer interests. In general, seems like token advocates look for ways to wedge a token into an interaction. Not saying there are no use cases, but there's a lot of "solution looking for a problem" happening.
        hyprCoin 9y ago
        The token will have value based on there being value in the company or asset being tokenized. You can't start a coffee shop but can own some of the coffee shop down the street. What are we here for if not to share in the risk and success of the endeavours we support?
        unclebucknasty 9y ago
        >The token will have value based on there being value in the company or asset being tokenized. The token doesn't de facto inherit the value of the business. That would only be true to the extent that the token represents a claim on assets or profits or other tangible benefit; in other words when the token acts like a security, in which case we have already solved that. There is also a co-op model that exists and conveys some of this benefit. I don't know what a token adds to these scenarios, and in fact are not even legal in the US to act as securities unless the buyers are accredited (most people are not). Sure, until recently, the token has made it easier to skirt non-accredited investor status and other regulatory matters, but it doesn't make it legal or a better solution and, in any case, the SEC is moving in on that. I appreciate the spirit of what you're saying, and want it to be true. It's just not currently the case.
        hyprCoin 9y ago
    - PKop 9y ago
      Gift cards? What's the need for decentralized crypto token (given the costs complexity and friction)?
      - hyprCoin 9y ago
        Gift cards are very limited. The tech behind gift card usage is extremely insufficient. Things like checking balance is often not even possible with a public API layer.
        xur17 9y ago
        This would also enable seamless gift card exchanges. Currently secondary markets exist for gift cards, but they take ~10% margin to account for the high fraud risk, holding time, etc.
        hyprCoin 9y ago
        Combined with an api to transfer funds, it would serve as a virtual currency. Why not just skip all that nonsense and build a token? It's an easier abstraction and does not involve asking permission or trusting a third party.
        kerkeslager 9y ago
        Tokens are very limited. Things like checking the balance is often not even possible for a nontechnical user (i.e. the vast majority of users), who doesn't care about API layers. You can implement software to make this friendlier, but you can do that with gift cards too, and the gift card technologies are already mature. Not only is this a solution in search of a problem, it's a solution which hasn't found a problem, and is being shoehorned onto problems it actually exacerbates. If you're running a business, the last thing you want is for your business' systems to be decentralized, because that means you don't have control over them. There's literally only downsides for the business.
- philipodonnell 9y ago
  Jacksonville, FL shout-out!

That does sound outrageous, then again from the perspective of the cryptocoin world the first purchase with bitcoin was two Papa Johns Pizzas for 10,000 bitcoin which is around $80,000,000 today. When I launched bitcoin wasn’t worth what it is today...that said what would you pay for your own community cryptocoin anyway?

kerkeslager 9y ago
$0
- hyprCoin 9y ago
  Then you are not the target audience. Every small business or community can be tokenized, just like every small business can have a website. Tokenization could encourage repeat visits, community virility and vested interest, not to mention investment.
  - jasongill 9y ago
    "Every small business can be tokenized" My parents own a gift shop (like a Hallmark). Can you give me an idea of how their business could be "tokenized"?
    - hyprCoin 9y ago
      Off the top of my head: * Distribute tokens to partners (product / gift manufacturers). Partners with vested interest in the success of a company could be much less likely to sever relations as it will hurt their investment. * Distribute tokens to customers as a type of rebate. Like a loyalty program that encourages patronship. * Use tokens to vote on what products should be sold. Many gift shops sell pipes and other drug related items. This decision would sink other family oriented shops. What would your customers like? * Distribute tokens to the locals as an attempt to build virility and community around your shop. * Distribute tokens to employees as a way to recognize accomplishments. Ever get a few bonus stock from your company for doing good work over the week? Me neither. * Sell tokens to raise funds. * Set budgets based on community votes. The list is endless and these are rough ideas. Look for ways to align business interests and customer interests.
      - unclebucknasty 9y ago
        Most of these (e.g. rewards, distributing to locals/employees, sell to raise funds, etc.) rest on the idea that the token has value, which begs the question. Many also have existing solutions that are well-understood (e.g. loyalty programs tied to phone numbers). And, what happens when every business has its own tokens? Who wants to track/manage all of that? Seems like a recipe for token fatigue. >Look for ways to align business interests and customer interests. In general, seems like token advocates look for ways to wedge a token into an interaction. Not saying there are no use cases, but there's a lot of "solution looking for a problem" happening.
        hyprCoin 9y ago
        The token will have value based on there being value in the company or asset being tokenized. You can't start a coffee shop but can own some of the coffee shop down the street. What are we here for if not to share in the risk and success of the endeavours we support?
        unclebucknasty 9y ago
        >The token will have value based on there being value in the company or asset being tokenized. The token doesn't de facto inherit the value of the business. That would only be true to the extent that the token represents a claim on assets or profits or other tangible benefit; in other words when the token acts like a security, in which case we have already solved that. There is also a co-op model that exists and conveys some of this benefit. I don't know what a token adds to these scenarios, and in fact are not even legal in the US to act as securities unless the buyers are accredited (most people are not). Sure, until recently, the token has made it easier to skirt non-accredited investor status and other regulatory matters, but it doesn't make it legal or a better solution and, in any case, the SEC is moving in on that. I appreciate the spirit of what you're saying, and want it to be true. It's just not currently the case.
        hyprCoin 9y ago
  - PKop 9y ago
    Gift cards? What's the need for decentralized crypto token (given the costs complexity and friction)?
    - hyprCoin 9y ago
      Gift cards are very limited. The tech behind gift card usage is extremely insufficient. Things like checking balance is often not even possible with a public API layer.
      - xur17 9y ago
        This would also enable seamless gift card exchanges. Currently secondary markets exist for gift cards, but they take ~10% margin to account for the high fraud risk, holding time, etc.
        hyprCoin 9y ago
        Combined with an api to transfer funds, it would serve as a virtual currency. Why not just skip all that nonsense and build a token? It's an easier abstraction and does not involve asking permission or trusting a third party.
      - kerkeslager 9y ago
        Tokens are very limited. Things like checking the balance is often not even possible for a nontechnical user (i.e. the vast majority of users), who doesn't care about API layers. You can implement software to make this friendlier, but you can do that with gift cards too, and the gift card technologies are already mature. Not only is this a solution in search of a problem, it's a solution which hasn't found a problem, and is being shoehorned onto problems it actually exacerbates. If you're running a business, the last thing you want is for your business' systems to be decentralized, because that means you don't have control over them. There's literally only downsides for the business.
philipodonnell 9y ago
Jacksonville, FL shout-out!