4 ms·

> with a fixed face value So how does a transaction work? Do I exchange a 500 kong note for a 10 kong item and 490 kong worth of notes?

ccamrobertson 7y ago
Just like cash. So if you use a 500 Kong note to someone for a 10 Kong item, they will have to make 490 Kong in change. 4x 100 Kong notes, 1x 50 Kong note and 2x 20 Kong notes...etc.
- deleted 7y ago
  [deleted]
- pedalpete 7y ago
  How do you expect to get this into the market? And what market do you expect to get this into? Cash has an inherent agreement as to locality. When I'm in Australia, I use Australian dollars, when in the US, they have US dollars. Though you may be solving this problem, I can use Kong everywhere, you need to somehow seed the market. How do you see that happening? As you state, crypto is mostly a store of value atm. The benefit of not having physical crypto is that, in theory, I can trade my crypto for goods anywhere in the world. How will having a physical currency solve for this? I went to my corner store at about 10:30 a few weeks ago to pick up a late dinner. I took out cash to pay, and the guy behind the register had already entered my purchase into his FPOS (credit card) machine. He looked at me and said "wow...old school. First time I've seen cash all day". You clearly feel that you are not fighting against a dying mode of payment, what makes you believe that? Or is there a piece I am missing?
  - Jamwinner 7y ago
    I use almost exclusively cash and never get that response. Usually a smile as I sail out of the cashiers way faster than our abrtion of a chip+pin system customers possibly could. What part of the world are you in?
    - zxcmx 7y ago
      Much of the world has contactless payment (no pin, no physical card insertion). It is more or less instant. Common in .au, .nz at least. I'm actually noticing some cultural changes as a result of this, cash is starting to seem "dirty" since you often have to touch other people's hands to exchange it.
    - iamben 7y ago
      Pay with a card at a busy bar in the UK 15 years ago and everyone would sigh as the barman reached for the card terminal, did his thing, waited for you to type in your pin, etc etc. Paying with cash was far quicker. Pay with cash at a bar now and everyone will sigh as the barman counts it up, puts it in the till etc etc. Contactless is so fast, the barman will be pouring the next drinks while you're tapping the machine. Also anecdotally, many London cafes/restaurants are entirely card payments now. They just don't do cash.
      - ixtli 7y ago
        Yeah I’m in NYC and I find it frustrating when people force a bartender to deal with cash at a busy spot.
      - Aeolun 7y ago
        Can they even not accept cash? It’s legal tender anywhere in the UK right?
        ace32229 7y ago
        Of course, why wouldn't they?
        Aeolun 7y ago
        Because bills and cash are the cornerstone of all in-person payments? I honestly have a hard time imagining it as a secondary form of payment.
        notahacker 7y ago

ccamrobertson 7y ago

Just like cash. So if you use a 500 Kong note to someone for a 10 Kong item, they will have to make 490 Kong in change. 4x 100 Kong notes, 1x 50 Kong note and 2x 20 Kong notes...etc.

deleted 7y ago
[deleted]
pedalpete 7y ago
How do you expect to get this into the market? And what market do you expect to get this into? Cash has an inherent agreement as to locality. When I'm in Australia, I use Australian dollars, when in the US, they have US dollars. Though you may be solving this problem, I can use Kong everywhere, you need to somehow seed the market. How do you see that happening? As you state, crypto is mostly a store of value atm. The benefit of not having physical crypto is that, in theory, I can trade my crypto for goods anywhere in the world. How will having a physical currency solve for this? I went to my corner store at about 10:30 a few weeks ago to pick up a late dinner. I took out cash to pay, and the guy behind the register had already entered my purchase into his FPOS (credit card) machine. He looked at me and said "wow...old school. First time I've seen cash all day". You clearly feel that you are not fighting against a dying mode of payment, what makes you believe that? Or is there a piece I am missing?
- Jamwinner 7y ago
  I use almost exclusively cash and never get that response. Usually a smile as I sail out of the cashiers way faster than our abrtion of a chip+pin system customers possibly could. What part of the world are you in?
  - zxcmx 7y ago
    Much of the world has contactless payment (no pin, no physical card insertion). It is more or less instant. Common in .au, .nz at least. I'm actually noticing some cultural changes as a result of this, cash is starting to seem "dirty" since you often have to touch other people's hands to exchange it.
  - iamben 7y ago
    Pay with a card at a busy bar in the UK 15 years ago and everyone would sigh as the barman reached for the card terminal, did his thing, waited for you to type in your pin, etc etc. Paying with cash was far quicker. Pay with cash at a bar now and everyone will sigh as the barman counts it up, puts it in the till etc etc. Contactless is so fast, the barman will be pouring the next drinks while you're tapping the machine. Also anecdotally, many London cafes/restaurants are entirely card payments now. They just don't do cash.
    - ixtli 7y ago
      Yeah I’m in NYC and I find it frustrating when people force a bartender to deal with cash at a busy spot.
    - Aeolun 7y ago
      Can they even not accept cash? It’s legal tender anywhere in the UK right?
      - ace32229 7y ago
        Of course, why wouldn't they?
        Aeolun 7y ago
        Because bills and cash are the cornerstone of all in-person payments? I honestly have a hard time imagining it as a secondary form of payment.
      - notahacker 7y ago