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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

#11

Post by aww_dang »

flurly wrote: post #2

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 pa…

What's the max precision?

Any thoughts on an affiliate program or incentives to onboard more users?

Re: Show HN: Centralized Coin – A Centralized Coin

#12

Post by 3np »

flurly wrote: post #2

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 pa…

Did you consider doing it as Chaumian-style cash[0] and if so, what made you decide against it?

[0]: https://medium.com/@chamirachid/on-blind-signatures-for-untr...

Re: Show HN: Centralized Coin – A Centralized Coin

#13

Post by flurly »

nabraham wrote: post #6

What can I spend the coins on?

Mostly exclusive events. I have an upcoming clubhouse event with a CFO that has raised 100m+ from VCs including A16Z.

Send 13.5 coins to hi@flurly.com and I'll give you the details!

https://twitter.com/TheBuilderJR/status/1381983145151537158

Re: Show HN: Centralized Coin – A Centralized Coin

#15

Post by alert0 »

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…

Close but not quite right. Money service business licensing will cost you a few hundred thousand to get for all states. [1] Second, there is a loophole at the federal MSB level at least where you can be a seller of prepaid access. That makes your life a lot easier, you just need to list all your "partner" businesses and keep amounts reasonable (sub 1k iirc).

I've looked into this thoroughly and even applied to YC on the idea. It's the right solution for micro transactions in my opinion. Just very regulation heavy and finding a partner bank is hard.

1. https://www.grimeslawaz.com/home/technology-and-licensing/mo...

Re: Show HN: Centralized Coin – A Centralized Coin

#18

Post by flurly »

aww_dang wrote: post #11
flurly wrote: post #2

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 pa…

What's the max precision? Any thoughts on an affiliate program or incentives to onboard more users?

> What's the max precision?

64 bits

> Any thoughts on an affiliate program or incentives to onboard more users?

The primary incentive to onboard is the compounding. Similar to the investing advice of "Time in the market > Timing the market", "Time in CC > Less time in CC" due to the compound reward.

Re: Show HN: Centralized Coin – A Centralized Coin

#19

Post by fabiospampinato »

IMO this is kind of the worst of both worlds:

- It's centralized: so all the issues that come with that, plus the authority is some random person somewhere, rather than the european central bank or something like that. And people die and individual computers catch on fire and get hacked.

- It's a new digital currency: so it's completely useless as of today.

I'd consider it way more likely that I'll get hit by a meteorite tomorrow than this becoming somehow useful.

Sorry for being blunt, I guess it's a cool way to spend some free time, but I really don't think a number database on your computer is going to be of any use.

Re: Show HN: Centralized Coin – A Centralized Coin

#20

Post by sneak »

alert0 wrote: post #15
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…

Close but not quite right. Money service business licensing will cost you a few hundred thousand to get for all states. [1] Second, there is a loophole at the federal MSB level at least where you can be a seller of prepaid access. That makes your life a lot easier, you just need to list all your "partner" businesses and keep amounts reasonable (sub 1k iirc). I've looked into this thoroughly and even applied to YC on…

Those are just the fees from the states; it doesn't include the legal fees you have to pay to have all the applications prepared.
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