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This sounds like a better alternative to bitcoin! I guess it requires a trusted central authority, but for most users that's a feature not a bug, and it sounds
by ForHackernews 6y ago
This sounds like a better alternative to bitcoin! I guess it requires a trusted central authority, but for most users that's a feature not a bug, and it sounds like it has a load of advantages:
- Faster transactions
- Can work "offline" (to some extent)
- No wasted energy calculating redundant sha256
- Able to rectify fraudulent transactions
- alisonkisk 6y agoWhat use case is there for this where it's better than bitcoin? This is just a local payment system, that's existed for centuries as scrip. ("On a computer" doesn't change the nature of it.) Centralization undermines the purpose of bitcoin.
- ForHackernews 6y ago> What use case is there for this where it's better than bitcoin? Any situation where you want to purchase legal goods or services? Or hold some money temporarily in a low-volatility cash-like form?
- geraldcombs 6y agoIt's backed by a nation-state that has carrier groups?
- H8crilA 6y agoLol you just described credit cards.
- ForHackernews 6y agoNo, because credit cards charge exorbitant interest rates. This is more analogous to electronic cash, since the value is stored on the card.
- Multicomp 6y agothis was tried in the UK in the late 90s (see !w Mondex) ... i sooo wish it was a thing today!
- lxgr 6y agoStored value cards are different from debit cards: Their value is physically stored on the chip, rather than the card just being a reference to some centrally maintained account. As a consequence, they are usable completely offline and with very low latency.
- webinvest 6y agoLook at the Stellar Lumens Cryptocurrency.