4 ms·

I get your point. Although (as I have touched slightly upon in the article) several crypto-based donation systems exist and some companies are already working o

• QML 8y ago
  Ideally, we would be able to provide modern financial services backed by first world institutions to underdeveloped countries. An example of this came through a podcast I listen to [1]. For the most part, I am skeptical of cryptocurrencies since they need to solve stability and identity first before tackling credit. An additional problem might also be usability; private-public key pairs should be abstracted away to the end user. As for donation systems, I don't think they have the same network effect as credit systems. [1] https://www.npr.org/sections/money/2016/09/07/492988779/episode-723-the-risk-farmers https://www.npr.org/sections/money/2016/09/07/492988779/epis...
  • BLP4YC 8y ago
    "need to solve stability and identity first before tackling credit." that makes sense, yes. "private-public key pairs should be abstracted away to the end user" what do you mean by that? "I don't think they have the same network effect as credit systems" What kind of network effects to do you see w/ a credit system?
    • QML 8y ago
      1. Having something equivalent to account with a username and a recoverable password. 2. Credit systems where you loan money to other people based on other's deposits has a multiplier effect [1]. [1] https://en.wikipedia.org/wiki/Money_multiplier https://en.wikipedia.org/wiki/Money_multiplier
      • BLP4YC 8y ago
        Now I understand you first point. Did not know about the Money_multiplier. Cool info, thanks!