201–210 of 395 posts
Kong seems worthless to me. ETH has demonstrated it's not a reliable store of value, if the DAO hack can just be reversed. Instead of garbage paper tokens, here's a thing that already exists: ... can be used just like cash ... isn't limited to a particular denomination ... value can be added at any time ... fits in your butt https://opendime.com/
I see so many people here frustrated with the fact that the creators are giving nonsense answers. It's important to remember that this is a money-making scam. Asking them how their technology provides any value to users is like asking a Nigerian prince about the philosophy behind constitutional monarchies.
Usually I would agree with you but this is an intriguing concept. They explicitly state in the white paper that this is an experiment, so treat it as such. All I’m hearing is a lot of “contempt prior to investigation”.
Kong seems worthless to me. ETH has demonstrated it's not a reliable store of value, if the DAO hack can just be reversed. Instead of garbage paper tokens, here's a thing that already exists: ... can be used just like cash ... isn't limited to a particular denomination ... value can be added at any time ... fits in your butt https://opendime.com/
That thing obviously cannot be used just like cash. Jesus how fucking dumb are you people
Since you have a brand new username, I’m going to give you the benefit of the doubt and assume that you’re just new here and not intentionally trolling, and explain why.
This community values neutral statements of fact, not vulgarities or arguments of passion. As such, while your opinion may have merit, your presentation of it is unlikely to get you far here.
Hope that helps you thrive in this community going forward.
- than
Earlier quoted context omitted.
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.
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…
This is a fantastic project and great idea! One thing, I believe there are 2 hurdles to adoption: Kong - the unit of account/currency and Kong - the paper money. Don't you think you're trying to do 2 things at once? Why not try this unique technology with Dai or Tether which has a lot of traction? In fact, I would LOVE to have Dai bills.
We've discussed this. It was a bit lower risk to validate the hardware works with a new token than the additional complexity of Dai. A lot of other challenges there too but we're a small team.
Earlier quoted context omitted.
Usually I would agree with you but this is an intriguing concept. They explicitly state in the white paper that this is an experiment, so treat it as such. All I’m hearing is a lot of “contempt prior to investigation”.
I agree that it is an intriguing concept. But at the same time they seem to be ready to sell Kong for $$$. And they don't explain why there are three tiers of rarity to the cash - shouldn't 500 KONG == 500 KONG all the time every time? Seems like a mechanic to raise more money, just like 'rare' cosmetic items in video games.
We've made a physical product, we'll sell it to cover the costs of doing so.
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Just do it like we do it in the US, $50s and $100s get checked consistently for counterfeits, $20s sometimes, $1s, $5s, and $10s never, and $2s are automatically assumed to be fake.
Yeah but what the hell is a Kong worth at the moment of sale? Unless the price is listed in this particular crypto people will have to do a live conversion to even know what this space cash is even worth. Also, very funny (and accurate) about the $2
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Glad you think it's cool, given your background that comment means a lot to me personally. I would contend it's not "in search of a problem" but trying to solve one. Specifically the usability nightmare that is cryptocurrency. Cash has tradeoffs but it has great usability properties. The space needs rebalancing in that direction. Linen notes last about 4,000 bends before breaking, FPC lasts about 6,000. The stuff tha…
> the usability nightmare that is cryptocurrency yup. with you so far > FPC lasts about 6,000 But, how tests are done differs from what bills face: Large curve radius, slow curving, nothing sharp poking at it in the middle. Basically the opposite of what is going on in tight pockets/purses. > NFC chip bears most of the brunt here and not the secure element. Unless the dielectric over your secure element is some previ…
Our goal wasn't to make this thing indestructible, it was to figure out where the bar was for "good enough".
USD benchmarks are roughly:
4000 folds
2 years lifetime (low denomination)
8 years lifetime (high denomination)
30 transactions before decirculation
6000 folds
10 years lifetime
unknown number of transactions before decirculation. (Unknowable)
Survives a wash
We've met before years ago but if you would like to get some to play with please email me.
So in theoretical use, is everyone expected to validate authenticity of each note exchanged? That seems painful for small transactions, but without it you lose absolutely all the security benefits of crypto, right? (e.g. vulnerable to good old fashioned counterfeiting)
Just do it like we do it in the US, $50s and $100s get checked consistently for counterfeits, $20s sometimes, $1s, $5s, and $10s never, and $2s are automatically assumed to be fake.