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Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
131–140 of 141 posts
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#132Earlier quoted context omitted.
I've heard about a thing called backups. If arbitrary modifications is your concern, you could hash a certain state or records for easy checks. Also, secure logging is an easy way to record changes. I don't say that the blockchain is useless, but it's hard to come up with use cases where it's clearly superior than databases.
Any single time you don't want a central entity to control modifications and or the safety of those backups. Voting records immediately spring to mind. Any sort of civic spending and accounting also immediately comes to mind.
Those use cases are in almost all of the blockchain 101-s, do you know any site or gallery where legit uses are collected?
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#133Earlier quoted context omitted.
Most of these (e.g. rewards, distributing to locals/employees, sell to raise funds, etc.) rest on the idea that the token has value, which begs the question. Many also have existing solutions that are well-understood (e.g. loyalty programs tied to phone numbers). And, what happens when every business has its own tokens? Who wants to track/manage all of that? Seems like a recipe for token fatigue. > Look for ways to a…
The token will have value based on there being value in the company or asset being tokenized. You can't start a coffee shop but can own some of the coffee shop down the street. What are we here for if not to share in the risk and success of the endeavours we support?
>The token will have value based on there being value in the company or asset being tokenized.
The token doesn't de facto inherit the value of the business. That would only be true to the extent that the token represents a claim on assets or profits or other tangible benefit; in other words when the token acts like a security, in which case we have already solved that. There is also a co-op model that exists and conveys some of this benefit.
I don't know what a token adds to these scenarios, and in fact are not even legal in the US to act as securities unless the buyers are accredited (most people are not). Sure, until recently, the token has made it easier to skirt non-accredited investor status and other regulatory matters, but it doesn't make it legal or a better solution and, in any case, the SEC is moving in on that.
I appreciate the spirit of what you're saying, and want it to be true. It's just not currently the case.
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#134Earlier quoted context omitted.
"Every small business can be tokenized" My parents own a gift shop (like a Hallmark). Can you give me an idea of how their business could be "tokenized"?
Off the top of my head: * Distribute tokens to partners (product / gift manufacturers). Partners with vested interest in the success of a company could be much less likely to sever relations as it will hurt their investment. * Distribute tokens to customers as a type of rebate. Like a loyalty program that encourages patronship. * Use tokens to vote on what products should be sold. Many gift shops sell pipes and other…
All of these have existing solutions:
> * Distribute tokens to partners (product / gift manufacturers). Partners with vested interest in the success of a company could be much less likely to sever relations as it will hurt their investment.
= stock or partial ownership.
> * Distribute tokens to customers as a type of rebate. Like a loyalty program that encourages patronship.
= rebates.
> * Use tokens to vote on what products should be sold. Many gift shops sell pipes and other drug related items. This decision would sink other family oriented shops. What would your customers like?
= surveys.
> * Distribute tokens to the locals as an attempt to build virility and community around your shop.
= flyers, ads, etc.
> * Distribute tokens to employees as a way to recognize accomplishments. Ever get a few bonus stock from your company for doing good work over the week? Me neither.
= bonuses/stock options
> * Sell tokens to raise funds.
= IPOs or kickstarters.
> * Set budgets based on community votes.
= surveys
Literally everything you've listed is a solved problem.
The only thing on here that might benefit from being a cryptocoin is the rebates idea: that's because rebates depend on some customers not cashing in their rebate. So if you make it harder to cash in your rebates by using a worse technology which is hard to use like cryptocoins, fewer users will cash in their rebates. However, this is a sleazy business practice, and if capitalism works as it should, sleazy companies offering rebates in the hope that people won't claim them should go out of business, so hopefully this would result in bad publicity and this business strategy would backfire.
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#135Earlier quoted context omitted.
HN comments are free but the platform is owned by YC and YC enforces certain rules as they see fit. In Ethereum there is no owner, but looks like you have to pay for that
The entire value of HN is that it’s owned, guided and actively moderated by YC. An Ethereum-based alternative would lose that aspect while also costing money and being very slow. I can’t imagine paying for what is effectively negative value. The test for blockchain “dApps” is this: is someone so desperate to have thing X decentralized that they’ll pay for it in both real money and usability inconvenience? If so, it’s…
I'm no saying that HN is bad and Ethereum is good. For one thing, here I am posting on HN, so it's pretty telling :)
I just wanted to highlight the difference and that that HN is not free. It's free as in beer.
As far as inconvenience goes, it's temporary. Give it some time (2-5 years, I'd say) and it's only going to be about paying real money for it.
And if you think that EOS is decentralized, and that it will ever see the light of day, then even paying money won't be a thing for the users as they have a different business model for dApps, where the dApp owner has to stake EOS coins to get a share of EOS network's resources. Which is more similar to existing business model of renting EC2 servers
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#136Earlier quoted context omitted.
You could just make a Google Sheet called "My Friend Tokens", make two columns "name" and "amount", and put each friend on a row. Then enter your rewards there and share the sheet in read-only mode with everyone. What's the actual difference between this and an Ethereum token? Except you don't need to pay for the Google Sheet, of course.
This made me laugh. In case it’s a serious question: the excel sheet doesn’t transfer ownership of the tokens to the friend. It would be like writing it down in my notebook.
What does ownership mean in this context? There’s nothing that the friend can do with those tokens. Transferring them to someone else doesn’t make any sense either.
So how is having a useless token balance recorded on Ethereum any different from having one recorded on a Google Sheet?
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#137Earlier quoted context omitted.
How would this be different than the person issuing your Hexel-based tokens disappearing? The value is still tied to the single issuer.
The person receiving the token isn't the customer, the issuer is. As an issuer, you do not have to worry about Hexel dissapearing. Presumably, the website doesn't make this clear.
Right, the comment I replied to was saying that the issuer keeping a database and not doing any blockchain stuff had the risk that the database could disappear.
The Hexel model doesn't seem to fix that. The issuer could still disappear, leaving the end user with a bunch of Hexel-tokens that can't be used anywhere.
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#138Earlier quoted context omitted.
Any single time you don't want a central entity to control modifications and or the safety of those backups. Voting records immediately spring to mind. Any sort of civic spending and accounting also immediately comes to mind.
Those use cases are in almost all of the blockchain 101-s, do you know any site or gallery where legit uses are collected?
those aren't legit use cases?
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#139Earlier quoted context omitted.
This made me laugh. In case it’s a serious question: the excel sheet doesn’t transfer ownership of the tokens to the friend. It would be like writing it down in my notebook.
What does ownership mean in this context? There’s nothing that the friend can do with those tokens. Transferring them to someone else doesn’t make any sense either. So how is having a useless token balance recorded on Ethereum any different from having one recorded on a Google Sheet?
Zasssssssssssss! In his mouth. You Win.
And your opinion is my opinion. It's not a good idea because it is not free.
You could create anything worthless that would mean "the token", and that would be enough.
You could use PGP keys if you want it to be private and to run.
Re: Launch HN: Hexel (YC W18) – Create a cryptocurrency for your community
#140Earlier quoted context omitted.
The token will have value based on there being value in the company or asset being tokenized. You can't start a coffee shop but can own some of the coffee shop down the street. What are we here for if not to share in the risk and success of the endeavours we support?
> The token will have value based on there being value in the company or asset being tokenized. The token doesn't de facto inherit the value of the business. That would only be true to the extent that the token represents a claim on assets or profits or other tangible benefit; in other words when the token acts like a security, in which case we have already solved that. There is also a co-op model that exists and con…
Yes there are barriers and plenty of reasons why it wouldn't work. I agree it's not currently the case, thanks for thinking about the possibilities, not many do.
The tokens must be valuable but that will be shaped by the market forces. I'd love to buy some of the potential profit in my local coffee shop but I won't buy if it's backed by nothing.