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Show HN: Centralized Coin – A Centralized Coin

centralized-coin.com

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Re: Show HN: Centralized Coin – A Centralized Coin

#2

Post by flurly »

Hi everyone,

My main project is an online digital goods marketplace called flurly.com, and I’ve learned how hard it is to pay people globally. If Stripe/Paypal doesn’t exist in your country you’re basically out of luck.

Coinbase is a great first step, but the platform has high instead of low fees, and people save coins instead of spending coins.

I wanted to build a globally accessible, low cost way of facilitating payments online. Centralized Coin is my first attempt. A few highlights of the coin

1) Anyone with an email can participate

2) Each transaction is an efficient atomic database write (no proof of work)

3) Every transaction is publicly accessible and verifiable via an API

4) Two variables in the system - transaction fees & community compound rate. Read the whitepaper to learn more

5) Coins are minted by a central authority (me)

Shoot me an email at hi@flurly.com and say hi and I’ll send you 250 coins to play around with.

Thanks!

- JR

Re: Show HN: Centralized Coin – A Centralized Coin

#7

Post by sneak »

Fun fact: a service like this is illegal in the USA without a money transmitter license (which costs around $1mm per state) in each state in which you send or receive money. There are additional regulatory requirements demanding that you collect the identity of each person you send to or receive from.

Liberty Reserve learned this the hard way: https://en.wikipedia.org/wiki/Liberty_Reserve

This is one of the reasons cryptocurrencies are so successful: they are money transmission systems without an operator to prosecute. Money transmission is extremely useful.

It sure would be nice to be able to start and run businesses like this without a ball and chain around one's neck.

Re: Show HN: Centralized Coin – A Centralized Coin

#8

Post by exdsq »

sneak wrote: post #7

Fun fact: a service like this is illegal in the USA without a money transmitter license (which costs around $1mm per state) in each state in which you send or receive money. There are additional regulatory requirements demanding that you collect the identity of each person you send to or receive from. Liberty Reserve learned this the hard way: https://en.wikipedia.org/wiki/Liberty_Reserve This is one of the reasons c…

One of the pros of decentralisation is there's no-one to blame when regulations are broken, centralised systems have a face that can be sued.

Re: Show HN: Centralized Coin – A Centralized Coin

#9

Post by Miner49er »

sneak wrote: post #7

Fun fact: a service like this is illegal in the USA without a money transmitter license (which costs around $1mm per state) in each state in which you send or receive money. There are additional regulatory requirements demanding that you collect the identity of each person you send to or receive from. Liberty Reserve learned this the hard way: https://en.wikipedia.org/wiki/Liberty_Reserve This is one of the reasons c…

Is it illegal if you can't convert it to actual money and can't buy the coin (as seems to be the case here)? How's it any different then video game currency in that case?
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