2 ms·

What does your token issuer do when the purchase of a token is revoked? Nothing. The token issuer is not involved in that. He just sells and buys tokens.

What does your token issuer do when the purchase of a token is revoked? Nothing. The token issuer is not involved in that. He just sells and buys tokens. When Joe buys an apple from you with a dollar note and you bring that note to your bank - what does the bank do when Joe returns the apple to you? Nothing.

toast0 8y ago
If you give me a token when I give you a fake note, and then you give me a real note when I give you a token, how do you stay in business? And how do you not have to deal with fraud issues?
- TicklishTiger 8y ago
  That is not related to tokens. You could ask those question to any merchant. No matter if they sell chewing gum or tokens. A merchant better watches out to not take fake notes. The token issuer sells a box of 100 tokens to a store. And charges the store $110. Just like a chewing gum merchant sells a box of 100 chewing gums to a store. Last time I checked, there was chewing gum in stores.
  - toast0 8y ago
    I'm no longer sure what your token product is. Do I go down to my local store, and buy tokens from them, that they've purchased from the issuer? How is that very much different than a prepaid visa/mastercard/amex gift card that I can get today; maybe that it's easier to spend the money with people who can't get a credit card merchant account? How much margin is the merchant going to add on top of what you're charging them? How do you deal with anti-money laundering laws, etc?
  - skybrian 8y ago
    Hmm, you do realize that shoplifting is a thing? That cash registers were invented in part to protect against employee theft? The question isn't whether there is crime or not, but how much and whether it's worth the cost and risk. Merchants do have to spend time and effort fighting it. It's a significant cost of business.
  - manigandham 8y ago
    ...what? So now all you're proposing is just a different currency with these tokens. This solves absolutely nothing. Nobody needs to use tokens when they already have real currency to use along with various transfer services to move money physically and digitally.

toast0 8y ago

If you give me a token when I give you a fake note, and then you give me a real note when I give you a token, how do you stay in business? And how do you not have to deal with fraud issues?

TicklishTiger 8y ago
That is not related to tokens. You could ask those question to any merchant. No matter if they sell chewing gum or tokens. A merchant better watches out to not take fake notes. The token issuer sells a box of 100 tokens to a store. And charges the store $110. Just like a chewing gum merchant sells a box of 100 chewing gums to a store. Last time I checked, there was chewing gum in stores.
- toast0 8y ago
  I'm no longer sure what your token product is. Do I go down to my local store, and buy tokens from them, that they've purchased from the issuer? How is that very much different than a prepaid visa/mastercard/amex gift card that I can get today; maybe that it's easier to spend the money with people who can't get a credit card merchant account? How much margin is the merchant going to add on top of what you're charging them? How do you deal with anti-money laundering laws, etc?
- skybrian 8y ago
  Hmm, you do realize that shoplifting is a thing? That cash registers were invented in part to protect against employee theft? The question isn't whether there is crime or not, but how much and whether it's worth the cost and risk. Merchants do have to spend time and effort fighting it. It's a significant cost of business.
- manigandham 8y ago
  ...what? So now all you're proposing is just a different currency with these tokens. This solves absolutely nothing. Nobody needs to use tokens when they already have real currency to use along with various transfer services to move money physically and digitally.