Telegram plans multi-billion dollar ICO for chat cryptocurrency • Hacker News Board

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#21

Post by dmitriid » Mon, Jan 08, 2018, 2:02 PM UTC

AznHisoka wrote: post #3

Does WeChat have its own cryptocurrency or do its users just transfer fiat (ie yuan) into it?

With their volume of transactions: no. As another comment said, they act as PayPal (same goes for Ali Express)

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#22

Post by pjc50 » Mon, Jan 08, 2018, 2:06 PM UTC

kayfox wrote: post #15

rmc wrote: post #11

Earlier quoted context omitted.

I suspect that once you get big enough, Apple is reluctant to touch you. Remember, Uber broken Apple's app rules, and were not banned, merely threatened[1]. If Apple removes the app, then who will people blame? The app or Apple? I suspect Telegram might be betting on that. [1] https://www.usatoday.com/story/tech/news/2017/04/24/ubers-ka...

Telegram still concedes to Apple. You cant join Telegram chats marked as NSFW on iOS devices.

That's especially bonkers - you can't use it for private NSFW chat?

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#23

Post by donquichotte » Mon, Jan 08, 2018, 2:09 PM UTC

vazamb wrote: post #10

I am a happy user of Telegram but I don't think re-inventing ethereum with a small team of developers is a great idea. But then again, using existing tech gives you fewer opportunities for cash grabs...

Strange decision indeed, they could use one of the existing technologies like Ripple or Stellar.

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#24

Post by cordite » Mon, Jan 08, 2018, 2:09 PM UTC

kayfox wrote: post #15

rmc wrote: post #11

Earlier quoted context omitted.

I suspect that once you get big enough, Apple is reluctant to touch you. Remember, Uber broken Apple's app rules, and were not banned, merely threatened[1]. If Apple removes the app, then who will people blame? The app or Apple? I suspect Telegram might be betting on that. [1] https://www.usatoday.com/story/tech/news/2017/04/24/ubers-ka...

Telegram still concedes to Apple. You cant join Telegram chats marked as NSFW on iOS devices.

Yet you can with discord on iOS.

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#25

Post by BonesJustice » Mon, Jan 08, 2018, 2:16 PM UTC

yalogin wrote: post #9

What is preventing every app/service to launch their own crypto currency? It looks like in these times it is in their own interest to launch their own crypto currency than adopting an existing one as they stand to make billions. In that scenario do we say bitcoin and their ilk is failing or succeeding?

This is what I'm afraid of. Just as nearly every mobile game has switched to in-game currencies, other apps will develop their own (crypto)currencies. The benefits to the app owners are numerous, and users always get screwed.

1. The app owners control the denominations in which the currency can be purchased, and they can structure prices to maximize the average user's unused balance.

2. Once the proprietary currency has been purchased, transactions using that currency need not go through the confirmation dialogs required for cash purchases. That removes a chance for users to reconsider and back out.

3. Because of (2), apps can inject dialogs with 'offers' to buy things at points in the workflow where the user expects some other dialog. Users who aren't paying close attention will end up wasting their currency on accidental purchases.

4. The only "real money" transaction is the purchase of the currency, so any protections that consumers might have had with cash purchases in their jurisdiction may not apply when the proprietary currency is used.

5. On top of the usual bank/credit/debit fees, you can expect app currencies with a cash out capability to include additional fees from the app developer.

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#26

Post by herbst » Mon, Jan 08, 2018, 2:21 PM UTC

ikeboy wrote: post #6

I fail to see why this is valuable in any way. Why would this raise even a million, let alone half a billion?

Telegram has added in client payments a while ago. Their app/bot platform is crazily amazing. Plus a lot of the most popular bots also send out cash to users, which right now works with a rather complicated third party Bitcoin bot, but then could be done internally.

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#27

Post by kgwgk » Mon, Jan 08, 2018, 2:24 PM UTC

pjc50 wrote: post #22

kayfox wrote: post #15

Earlier quoted context omitted.

Telegram still concedes to Apple. You cant join Telegram chats marked as NSFW on iOS devices.

That's especially bonkers - you can't use it for private NSFW chat?

Probably this restriction is related to the “4+” age rating.

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#28

Post by aceoflzlz » Mon, Jan 08, 2018, 2:24 PM UTC

pjc50 wrote: post #22

kayfox wrote: post #15

Earlier quoted context omitted.

Telegram still concedes to Apple. You cant join Telegram chats marked as NSFW on iOS devices.

That's especially bonkers - you can't use it for private NSFW chat?

You can. He meant groups or channels whose raison d'être is the spread of pornography.

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#29

Post by Snackchez » Mon, Jan 08, 2018, 2:25 PM UTC

donquichotte wrote: post #23

vazamb wrote: post #10

I am a happy user of Telegram but I don't think re-inventing ethereum with a small team of developers is a great idea. But then again, using existing tech gives you fewer opportunities for cash grabs...

Strange decision indeed, they could use one of the existing technologies like Ripple or Stellar.

I might be wrong, but no one other than banks (if that) can use ripple.

I'm not clear on stellar.

Re: Telegram plans multi-billion dollar ICO for chat cryptocurrency

#30

Post by Maro » Mon, Jan 08, 2018, 2:27 PM UTC

What's the value of the in-app currency being a cryptocurrency (putting aside hype/pr), vs calling it a virtual currency, a Mysql database with a API on top?

Dropping to a technical level, if the miners are all run by Telegram, then I think it's just a pointless overhead over Mysql. On the other hand, if anybody can run miners, I don't comprehend what value that adds, what it means.