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Telegram plans multi-billion dollar ICO for chat cryptocurrency

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

#51

Post by wz1000 »

BonesJustice wrote: post #25
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…

But why a cryptocurrency? In app/game virtual currencies(preceded by gift cards) have existed for a long time, and are better than cryptocurrencies at all of the above things.

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

#52

Post by luxpir »

Maro wrote: post #46

What if everybody starts making their coins, Amazon, Facebook, Chinese companies, etc. Suddenly it sounds like I'll end up paying tx fees to convert coins. Doesn't sound very good... And what currency should I get my salary in?

This is one quite likely outcome for our future. There is never a clean solution and everyone wants 'power'. I just dread what will happen when some crypto-rich colonialist leaves the planet to create 'Slave World'. Sigh... humans.

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

#53

Post by cantrip »

fastball wrote: post #44
Maro wrote: post #30

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.

Because if Telegram ever goes under as a company, your "virtual currency" doesn't disappear overnight.

Just like if the US Government ceases to exist we'll still have all these dollar bills.

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

#54

Post by vernon99 »

CPLX wrote: post #35
s_dev wrote: post #34

Earlier quoted context omitted.

>What's the value of the in-app currency being a cryptocurrency In a word -- decentralization -- is the key difference between a virtual currency described by some SQL tables and an API and one described by a blockchain. A gov if it wants can take down a server if it is physically hosted in that country. A blockchain unless you've gargantuan CPU power is nigh on impossible to take down.

It's not decentralized if one organization owns 52% of it.

Not necessarily. This is actually orthogonal to decentralization question. Very much depends on their proof of stake implementation.

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

#55

Post by criddell »

Is this solving a real problem? Video game consoles have had online stores with their own virtual currency for a long time now. Why not just go that route? Other than marketing reasons, why bother with a full on cryptocurrency for Telegram? Are the benefits worth the environmental costs of mining (assuming a similar to Bitcoin technology)?

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

#56

Post by BonesJustice »

wz1000 wrote: post #51
BonesJustice wrote: post #25

Earlier quoted context omitted.

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…

But why a cryptocurrency? In app/game virtual currencies(preceded by gift cards) have existed for a long time, and are better than cryptocurrencies at all of the above things.

To tap into the craze, I guess? I honestly have no idea. I never in a million years would have thought Bitcoin would actually breach $10,000, so I'm the last person to ask about cryptocurrencies.

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

#57

Post by CPLX »

Maro wrote: post #48
goodside wrote: post #43

Earlier quoted context omitted.

It makes it possible for the asset to be traded on third-party markets without the knowledge, consent, or control of the organization that issued the tokens. It also helps you trust that movement of the asset will not be hindered by the issuer's inability to keep servers running in the face of potential DDoS attacks.

That's a good point. It assumes they don't control the miners, and don't demand "registration" to participate, which would void anonymity. It still sounds like they could use an existing coin though, no?

Sure, but then they wouldn't get a few billion dollars of free money.

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

#58

Post by jmcqk6 »

s_dev wrote: post #34
Maro wrote: post #30

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.

>What's the value of the in-app currency being a cryptocurrency In a word -- decentralization -- is the key difference between a virtual currency described by some SQL tables and an API and one described by a blockchain. A gov if it wants can take down a server if it is physically hosted in that country. A blockchain unless you've gargantuan CPU power is nigh on impossible to take down.

>In a word -- decentralization...

That is the difference, but what is the value in that? You're making things much more complicated and for what - especially for an in-app currency.

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

#60

Post by [deleted] »

bflesch wrote: post #2

I don't understand: Wouldn't Apple just remove their app from the app once they touch payments? Someone will be bitten by compliance, and if Telegram is able to circumvent that then the bucket stops with Apple. This is what has stopped me from doing payment in my apps until now - you never know when some apple or google employee decides to smash you in the face with the ban hammer.

[deleted]
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