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Show HN: Kong – Physical Cryptocurrency

kong.cash

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Re: Show HN: Kong – Physical Cryptocurrency

#181

Post by newguy1234 »

WikipediasBad wrote: post #137

This is a fantastic project and great idea! One thing, I believe there are 2 hurdles to adoption: Kong - the unit of account/currency and Kong - the paper money. Don't you think you're trying to do 2 things at once? Why not try this unique technology with Dai or Tether which has a lot of traction? In fact, I would LOVE to have Dai bills.

I agree as well. I find the idea of a crypto-backed paper note to be very intriguing and very useful as well.

I think most others here are simply jumping too far ahead of what is being done here. This is a proof of concept type project. It can certainly be improved going forward, I'm sure.

Re: Show HN: Kong – Physical Cryptocurrency

#182

Post by newguy1234 »

neiman wrote: post #35

I understand many people here, and in the world, don't like cash anymore. But there are many others, like me, that still think that physical money gives them a better feeling of their spending. So in my eyes Kong is a really nice take on the cash technology, not to mention it's beautifully executed.

I think the big point to get here is that having digital crypto vs physical crypto is not mutually exclusive.

Re: Show HN: Kong – Physical Cryptocurrency

#183

Post by bananabreakfast »

iudqnolq wrote: post #144
hanniabu wrote: post #130

Earlier quoted context omitted.

If you're in the US and pay with euros then yes it would technically be the same.

No. The issue is because cryptocurrencies aren't classified as currencies like euros are by the IRS.

Still up for debate actually. IRS does consider them property but other agencies consider it currency

Re: Show HN: Kong – Physical Cryptocurrency

#184

Post by ljm »

paulgerhardt wrote: post #118
manigandham wrote: post #109

Earlier quoted context omitted.

If you're handing off physically then just use cash. How is this any better? The exit to real currency will always reveal Kong transactions at some point. Real cash is more anonymous because it's seamlessly transacted everywhere.

Current cash instruments are centralized.

So is crypto. The centralisation is in the algorithm that enforces scarcity as you mine more of the currency, slowing down the creation of new coins and the speed of verifying transactions. The only difference is that it isn’t a government or federal reserve doing the centralising.

Then a company like Coinbase shows up and uses their resources to dominate the market as the de-facto app change. Centralised again.

Crypto is just as abstract as the currency we currently use so only functions as legit currency because people are willing to buy and sell it from one side of the world to the other. Bitcoin for example has a single valuation, despite being decentralised.

If you want true decentralisation then you’re looking at the pre-currency barter economy.

Re: Show HN: Kong – Physical Cryptocurrency

#185

Post by james_s_tayler »

darawk wrote: post #146
james_s_tayler wrote: post #120

Earlier quoted context omitted.

>The problem is how to make a sound cash instrument backed by cryptocurrencies. It matters because cash is the dominant form of payment worldwide In what way is cash failing that it needs to be replaced by your type of cash? The "it's decentralized and doesn't rely on a state level actor" argument has been thoroughly lost at this point.

Cash is controlled by a central authority. Governments can print as much or as little of it as they want. Kong does not have this property.

Not having that property so far hasn't proved to be useful in the real world.

Re: Show HN: Kong – Physical Cryptocurrency

#186

Post by newguy1234 »

cortesoft wrote: post #107
neiman wrote: post #35

I understand many people here, and in the world, don't like cash anymore. But there are many others, like me, that still think that physical money gives them a better feeling of their spending. So in my eyes Kong is a really nice take on the cash technology, not to mention it's beautifully executed.

So why not just use regular cash?

Because "regular cash" requires trust and that trust has been routinely violated by various governments of the world so I would rather have trustless currency instead.

I trust math, science and verified algorithms rather than people or governments.

Re: Show HN: Kong – Physical Cryptocurrency

#187

Post by iudqnolq »

bananabreakfast wrote: post #183
iudqnolq wrote: post #144

Earlier quoted context omitted.

No. The issue is because cryptocurrencies aren't classified as currencies like euros are by the IRS.

Still up for debate actually. IRS does consider them property but other agencies consider it currency

Future may be up for debate, current tax status isn't. And that's what matters for what you have to pay right now.

Re: Show HN: Kong – Physical Cryptocurrency

#188

Post by newguy1234 »

ISL wrote: post #53

After I buy a grilled cheese sandwich with Kong, how do I handle my taxes? It makes every transaction have possible capital-gains tax implications. The taxation difficulty is the single biggest reason why I stopped making small transactions with Bitcoin. The paperwork, come April, was awful.

I just never reported any of that crap. I don't care. Still waiting on that IRS tax notice.

Re: Show HN: Kong – Physical Cryptocurrency

#189

Post by biolurker1 »

pimlottc wrote: post #153

Who is the audience for this product? The page is certainly not written for the general public. Heck, I'm a developer and I don't really understand how this works or why it's better than existing hard currency.

Hard currency has central authority this doesn't. Same. With bitcoin. Can't be simpler than that

Re: Show HN: Kong – Physical Cryptocurrency

#190

Post by biolurker1 »

Jaxkr wrote: post #65

Have you considered how this will fare in the current regulatory environment? European countries banned Libra because they didn't want it to compete with the Euro and the U.S. showed hostility to pre-crypto complementary currencies. Have you considered licensing the tech to governments to make counterfeit-proof bills?

You mean they would treat it as illegal goods and confiscate it at border? How would they ban this
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