11–18 of 18 posts
This is a hell of an idea. Haha, Damn you this has triggered my entrepreneurial ADD, it makes me want to build something around it! Venmo should not ignore this. They could really build upon this, and get some vendor lock-in if it gains popularity among their already loyal users.
In practice, it was only really useful as a gimmick/fun tool for giving people their first bitcoin.
It is unclear from description (and I am too lazy to read the code) how it works. The first question is whether such paper "bill" would guarantee payment. Could issuer refuse to pay it, when presented. In other words such paper bill is analogous to dollar bill or bank check? If this feature could not be implemented with Venmo API, perhaps one can build some kind of escrow service. My second question is about privacy.…
a better alternative would be bitcoin paperwallets, this here relies on Venmo to play nice as well as the "payer"
So I only see two major downsides: 1) I basically I have to verify/transact every "printed" money the moment I get it - preferably using a smartphone - in case someone else has a copy of it and "takes" it first. Copies could be made with any high-resolution camera. 2) If the money travels from A to B to C in paper shape and the digital transaction will be from A to C then A will know that B has done business with C.
Unless the note changes hands additional times between B and C.
So I only see two major downsides: 1) I basically I have to verify/transact every "printed" money the moment I get it - preferably using a smartphone - in case someone else has a copy of it and "takes" it first. Copies could be made with any high-resolution camera. 2) If the money travels from A to B to C in paper shape and the digital transaction will be from A to C then A will know that B has done business with C.
As a proof of concept, and being based on Venmo, I think it is and will be largely based on user trust as long as the bill creator keeps the funds (Venmo allows no bot accounts).
It is unclear from description (and I am too lazy to read the code) how it works. The first question is whether such paper "bill" would guarantee payment. Could issuer refuse to pay it, when presented. In other words such paper bill is analogous to dollar bill or bank check? If this feature could not be implemented with Venmo API, perhaps one can build some kind of escrow service. My second question is about privacy.…
This would be analogous to a bank check rather than a paper bill. Since it is not legal tender and there is no middleman in the transaction, it could not be spent (or stolen) as easily as a dollar bill.
>Paypyrus is versatile like cash But with none of the security, what a useful idea... Could I not just print the same dollar twenty times then it's a race to see who redeems it first? Cute idea though I guess.
(potential drunken party game: throw 10 paypyruses and the first to cash in gets the money)
It is unclear from description (and I am too lazy to read the code) how it works. The first question is whether such paper "bill" would guarantee payment. Could issuer refuse to pay it, when presented. In other words such paper bill is analogous to dollar bill or bank check? If this feature could not be implemented with Venmo API, perhaps one can build some kind of escrow service. My second question is about privacy.…
It would be similar to a cheque, central banks and governments do not like normal people printing "money" or inventing their own a better alternative would be bitcoin paperwallets, this here relies on Venmo to play nice as well as the "payer"