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Why are we calling it crypto? Just call them private coins

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Re: Why are we calling it crypto? Just call them private coins

#21

Post by ncmncm »

qeternity wrote: post #11
ramphastidae wrote: post #8

> Can we just talk about the fact that airlines have private coins but they just call them points or miles? Or what about this thing that everyone hates inside of video games that is just passing money to power points or gold coins, or jewels, etc. Or even casinos with stablecoins that are just called chips. This is actually very interesting and one of the first times I have heard of practical uses of crypto. If cred…

> users would have greater ownership of their rewards, and they could be traded in secondary markets. Airlines do not want this. It's explicitly forbidden in their TOS. It has nothing to do with blockchain/web3.

Entire lack of ownership is the whole point of points. If they wanted you to have something you could own, you would get dollars.

Re: Why are we calling it crypto? Just call them private coins

#22

Post by ThunderSizzle »

ncmncm wrote: post #21
qeternity wrote: post #11

Earlier quoted context omitted.

> users would have greater ownership of their rewards, and they could be traded in secondary markets. Airlines do not want this. It's explicitly forbidden in their TOS. It has nothing to do with blockchain/web3.

Entire lack of ownership is the whole point of points. If they wanted you to have something you could own, you would get dollars .

Which is why cash back cards are very nice. Because your points are a static amount of cash that you should regularly convert.

Re: Why are we calling it crypto? Just call them private coins

#23

Post by daniel-cussen »

ramphastidae wrote: post #8

> Can we just talk about the fact that airlines have private coins but they just call them points or miles? Or what about this thing that everyone hates inside of video games that is just passing money to power points or gold coins, or jewels, etc. Or even casinos with stablecoins that are just called chips. This is actually very interesting and one of the first times I have heard of practical uses of crypto. If cred…

I just can't be bothered with miles or points, on the credit card, on the airline, nah, like the point in Super Mario World, I think a gold coin is 10 points, everything is a multiple of 10 points, and...and I don't remember a single score I ever got. Just the stupidest thing.

I know I will never benefit from cashing in miles. It's too restrictive. They make sure you don't end up ahead. Their UI's are shit, it's better to just call on the phone and buy the ticket outright, just cash. And if you can't pay that, don't fly, tell your relative it's not happening and that's it.

Just like I could have gotten better credit by getting a credit card, but nah. Credit...points...fuck that. GPA also, grade point average. No idea what my college GPA even is. Or my credit score, the shitty UI's again, deliberately designed so your credit score is a kick-me. If it is a conspiracy (and patio11 said as much, you're the product in those credit score systems, it's about justifying higher interest on your debts, and getting people to borrow more, pay more interest. It's all usury, usury and nothing else), so if it is a conspiracy, let it continue to be a conspiracy, without my ever bother reading the "Kick me" on my back. Never looking in a funhouse mirror of the shitty UI.

I know that "Kick Me" is there, sure. But give it no weight. Never buying into changing myself to game my credit score. Pay my debts in order from lowest interest to highest, try to pay what ought to be paid, sure, but also default on whom it is right to default. Like if I'm being robbed by the shitty UI? Refuse debt I ought to refuse. And refuse receiving compound interest, tried getting a pure checking account with no savings (no overdraft fee stealing as a result) but banks generally won't do it.

Bottom line, shitty point systems go hand in hand with shitty UI's.

Re: Why are we calling it crypto? Just call them private coins

#24

Post by mintyDijon »

Monero is cryptocurrency, this article is just venting from someone who buys into scams. Crypto matters because privacy matters, and privacy needs decentralization.

-edit- Just to add clarity, decentralization is necessary becasue inevitably the people we need to hide from, are the same ones in control of the system.

Re: Why are we calling it crypto? Just call them private coins

#25

Post by elil17 »

ramphastidae wrote: post #8

> Can we just talk about the fact that airlines have private coins but they just call them points or miles? Or what about this thing that everyone hates inside of video games that is just passing money to power points or gold coins, or jewels, etc. Or even casinos with stablecoins that are just called chips. This is actually very interesting and one of the first times I have heard of practical uses of crypto. If cred…

Imagine having to burn your points paying transaction fees to miners

Re: Why are we calling it crypto? Just call them private coins

#26

Post by elil17 »

duskwuff wrote: post #3
formerkrogemp wrote: post #2

It's a little late for crypto shills to rebrand. I don't think the word 'shill' is uncalled for at this point. I've been burned a bit and so have some of my friends and family. I haven't seen anyone offering refunds, just lovely names like "degenerate."

> just lovely names like "degenerate." The use of this term as an insult has some especially nasty history behind it: https://en.wikipedia.org/wiki/Degenerate_art

I believe GP is saying that crypto shills have called them a degenerate. I don't think they're using that word themselves.

Re: Why are we calling it crypto? Just call them private coins

#27

Post by KyeRussell »

tornato7 wrote: post #10
ramphastidae wrote: post #8

> Can we just talk about the fact that airlines have private coins but they just call them points or miles? Or what about this thing that everyone hates inside of video games that is just passing money to power points or gold coins, or jewels, etc. Or even casinos with stablecoins that are just called chips. This is actually very interesting and one of the first times I have heard of practical uses of crypto. If cred…

This is one use of crypto that I really want to come to fruition. Imagine being able to trade your Delta Skymiles for Kohl’s Cash on Uniswap instantly and for 30bps in fees. It would finally make all these random rewards programs worthwhile.

If organisations offering reward programs wanted this they would do it regardless of the existence of blockchain technology. The point is that they don’t, it goes against the point of the programs in the first place. This is the utter insanity of crypto pipe dreams. They do not necessitate blockchain, and blockchain is rarely the most technically suitable means of implementation. The issues are real-world power dynamics and conflicting interests. Completely orthogonal to the blockchain.

Re: Why are we calling it crypto? Just call them private coins

#28

Post by jjulius »

mintyDijon wrote: post #24

Monero is cryptocurrency, this article is just venting from someone who buys into scams. Crypto matters because privacy matters, and privacy needs decentralization. -edit- Just to add clarity, decentralization is necessary becasue inevitably the people we need to hide from, are the same ones in control of the system.

You're suggesting that, in order to hide from people, we use a financial system where every single transaction is publicly recorded and available for all to see?

Re: Why are we calling it crypto? Just call them private coins

#30

Post by willy_k »

daniel-cussen wrote: post #23
ramphastidae wrote: post #8

> Can we just talk about the fact that airlines have private coins but they just call them points or miles? Or what about this thing that everyone hates inside of video games that is just passing money to power points or gold coins, or jewels, etc. Or even casinos with stablecoins that are just called chips. This is actually very interesting and one of the first times I have heard of practical uses of crypto. If cred…

I just can't be bothered with miles or points, on the credit card, on the airline, nah, like the point in Super Mario World, I think a gold coin is 10 points, everything is a multiple of 10 points, and...and I don't remember a single score I ever got. Just the stupidest thing. I know I will never benefit from cashing in miles. It's too restrictive. They make sure you don't end up ahead. Their UI's are shit, it's bett…

Ok you’re not wrong that the UX of many of those apps isn’t great, but you should still try and stay on top of that stuff. Banks aren’t going to accept “bad ui” as a valid excuse for a shitty credit score when you want a mortgage, and your parents won’t when you fail out of college. Also, anecdotally, points back from things like airlines are pretty nice as long as you’re going to be flying anyway. Sure it’s not worth it if you’re choosing an airline or route just for the points, but over time they’ll add up even if you just collect the points from your normal travel. This is a bit of a unique situation, but for example I’m getting a round trip to Europe, possibly business class, for $71 in taxes, because the person I’m going with flies very frequently for business but still gets the points from those comped flights.

Essentially, don’t discount point systems, and please for the love of god fight through the bad UX when it comes to actually important shit like college and banking.

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