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> you can just scan their QR code You still have to ask them if they have Venmo, ask them for their QR code, scan it, create the transaction, and then send it,

> you can just scan their QR code You still have to ask them if they have Venmo, ask them for their QR code, scan it, create the transaction, and then send it, and then make sure you sent it to the right person. The loading wallet/unloading wallet concern is definitely warranted. I’d imagine that this would have to become a new special type of wallet, that the private keys are never accessible to the end-user. You could verify funds in the wallet per the blockchain as normal etc but the administrative account permissions would have to be abstracted to a more centralized system of control unfortunately. If you spent the funds directly from these temp/“cash” wallets, you wouldn’t need to pay fees on the way out either, right. Furthermore, if you could pay directly with these types of cash wallets, businesses could just utilize the direct transfer themselves and never cash them out when customers use them to purchase from them.

mattnewton 5y ago
Right, what you have described requires a central authority to 1) manage access to the funds (instead of trusting the tipper not to spend the funds he gave the tippee), and 2) avoid blockchain overhead by spending from accounts directly. Double spending then is prevented by trust in the central authority in both cases. The only useful part of the crypto currency left is the account-less nature of it, which can be done off the blockchain (has to be really here per number 2). It's a UX problem in the payments space, which is not really a problem crypto helps with is my point. Definitely see the problem, just don't see the crypto angle.
- throwaway413 5y ago
  Well said, I agree with that, although I do think there is a difference between trusting a central authority to maintain an opaque system vs merely being a regulatory figure maintaining a transparent system. If that’s even possible :) We are currently still trusting places like Coinbase as much as we would need to already, to implement this sort of system. Why? Because you’re right - it’s a current UX problem of payments, not something crypto inherently solves.

mattnewton 5y ago

Right, what you have described requires a central authority to 1) manage access to the funds (instead of trusting the tipper not to spend the funds he gave the tippee), and 2) avoid blockchain overhead by spending from accounts directly. Double spending then is prevented by trust in the central authority in both cases. The only useful part of the crypto currency left is the account-less nature of it, which can be done off the blockchain (has to be really here per number 2). It's a UX problem in the payments space, which is not really a problem crypto helps with is my point. Definitely see the problem, just don't see the crypto angle.

throwaway413 5y ago
Well said, I agree with that, although I do think there is a difference between trusting a central authority to maintain an opaque system vs merely being a regulatory figure maintaining a transparent system. If that’s even possible :) We are currently still trusting places like Coinbase as much as we would need to already, to implement this sort of system. Why? Because you’re right - it’s a current UX problem of payments, not something crypto inherently solves.