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Show HN: Kong – Physical Cryptocurrency

kong.cash

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Re: Show HN: Kong – Physical Cryptocurrency

#191

Post by arcticbull »

whb07 wrote: post #170
paulgerhardt wrote: post #163

Earlier quoted context omitted.

The point is physical cash is really important to a functioning society. Cryptocurrencies are turning out to be really important but lack a physical cash instrument. Kong marries the two. Kong accomplishes that by minimizing trust down to the chip level - as opposed to the firmware or application level - so we can make these things trustlessly and cost effectively. Something like a Trezor is too expensive and dear to…

So kind of like how Samsung and HTC are starting to integrate hardware wallets into the phones? Couldn’t you imagine a world where this starts trending cheaper and cheaper and soon becomes a commodity ?

The difference is a crypto wallet on your Samsung phone when lost or stolen makes you bankrupt where google pay wallets shrug it off.

Re: Show HN: Kong – Physical Cryptocurrency

#192

Post by newguy1234 »

asdf21 wrote: post #157
ilaksh wrote: post #77

Earlier quoted context omitted.

Maybe silver? I mean even a tiny 1/10 oz gold coin is worth $140

You also can't tell if gold is real or gold plated, etc.

You can but you have to use a scientific instrument called an xrf meter.

Re: Show HN: Kong – Physical Cryptocurrency

#193

Post by biolurker1 »

Barrin92 wrote: post #66

I genuine can't tell if this is satire or not. This is like one of these web-framework to desktop and back again pieces of software Why should anyone buy a crypto currency you can barely use anywhere in physical form if I can just use regular cash?

You are missing the point of crypto in general. It is a trust less fixed inflation and issuance decentralized non government controlled global currency

Re: Show HN: Kong – Physical Cryptocurrency

#194

Post by paulgerhardt »

whb07 wrote: post #170
paulgerhardt wrote: post #163

Earlier quoted context omitted.

The point is physical cash is really important to a functioning society. Cryptocurrencies are turning out to be really important but lack a physical cash instrument. Kong marries the two. Kong accomplishes that by minimizing trust down to the chip level - as opposed to the firmware or application level - so we can make these things trustlessly and cost effectively. Something like a Trezor is too expensive and dear to…

So kind of like how Samsung and HTC are starting to integrate hardware wallets into the phones? Couldn’t you imagine a world where this starts trending cheaper and cheaper and soon becomes a commodity ?

Kong is radical in that it only stores keys on the secure element and only stores code in the EVM.

Kong is a toy implementation of this idea, but I think it's a very powerful idea.

Re: Show HN: Kong – Physical Cryptocurrency

#195

Post by Barrin92 »

biolurker1 wrote: post #193
Barrin92 wrote: post #66

I genuine can't tell if this is satire or not. This is like one of these web-framework to desktop and back again pieces of software Why should anyone buy a crypto currency you can barely use anywhere in physical form if I can just use regular cash?

You are missing the point of crypto in general. It is a trust less fixed inflation and issuance decentralized non government controlled global currency

it is none of these things. The value of cryptocurrency swings wildly, the primary way to interact with it is through exchanges which are ordinary trusted institutions, and they are far from globally useable.

What you are missing is that I need to pay my bills in practice, not in theory. I measure the value of cryptocurrency against what it delivers in practice, not on the white paper of the people who are going to benefit from its adoption.

Re: Show HN: Kong – Physical Cryptocurrency

#196

Post by paulgerhardt »

krick wrote: post #127
paulgerhardt wrote: post #100

Earlier quoted context omitted.

Kong has the useful property of peer-to-peer validation. Most paper currencies printed in your basement don't. Tokens loaded onto Kong Cash instruments and exchanged ephemerally in person between party A and party B are more anonymous than tokens sent directly from party A to party B electronically which will be recorded for everyone to see forever. It's programmable money. It's cooler than non-programmable money. We…

> peer-to-peer validation Maybe kind of a valid point, but... I don't know, maybe that varies from place to place a lot, but fake money doesn't feel like a huge problem around here. I mean, unless I am a tax-paying entity with a cashier machine, I don't even really care if a bill is fake or not: it is not fake, if somebody else accepts it. And I'm pretty sure somebody will, if I accepted it after looking at it. It do…

Peer-to-peer validation is the point of bitcoin. That we can extend that concept to cash is the point of Kong.

Re: Show HN: Kong – Physical Cryptocurrency

#198

Post by tossAfterUsing »

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/

Re: Show HN: Kong – Physical Cryptocurrency

#199

Post by undersuit »

dragonwriter wrote: post #84
vinniejames wrote: post #83

Earlier quoted context omitted.

Why are $2's assumed fake?

They are so rarely encountered than many people don't think that they are a denomination actually issued.

Correct, they aren't issued by anyone but cool grandpas and uncles in my experience.

Re: Show HN: Kong – Physical Cryptocurrency

#200

Post by taywrobel »

tossAfterUsing wrote: post #198

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/

Can be used just like cash? Apart from the needing to wait for up to an hour to get confirmation of payment. And having fees on every single purchase. Bitcoin is not currency.

You even said it in your critique of ETH- “it's not a reliable store of value”

Currency is NOT intended to store value. It’s intended to facilitate the transfer of value. In that regard, etherium and bitcoin fail equally.

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