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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

#51

Post by armchairhacker »

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…

Since the coins only have “value” for the airline, the company could just store them in a centralized database and write a program for users to authorize trades.

The only benefit of crypto-coins is that if the airline were to go bankrupt, the coins would still exist and could be used as any other crypto-currency. And the value would probably crash anyways.

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

#52

Post by formerkrogemp »

elil17 wrote: post #26
duskwuff wrote: post #3

Earlier quoted context omitted.

> 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.

Yes, I was called a "degenerate." I wasn't calling anyone else that. I was just expressing my displeasure with cryptocurrency and its, shall we say, advocates.

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

#53

Post by daniel-cussen »

thebean11 wrote: post #48
daniel-cussen wrote: post #44

Earlier quoted context omitted.

Yeah, with the mortgage...I don't know, I think I could realistically find a bank that will accommodate my religion, Christianity. Especially if I show them something really cool we could do. Or 0% interest mortgage, that'll happen in like 5 years in America. Or just buy a house for cash. It can be done.

You think a bank is going to loan you hundreds of thousands of dollars because of your religion? I'm not even sure what you mean by that.

The alternative is the bank imposing Satanism on me. Money is the root of all evil.

And you haven't seen my research. Math research based on the Book of Matthew, King James Bible.

Or you know what? Maybe I can somehow come up with the money. Somehow, to pay cash.

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

#54

Post by tornato7 »

lern_too_spel wrote: post #40
tornato7 wrote: post #38

Earlier quoted context omitted.

Assuming that organizations did want to do this, I would argue that a public blockchain is the most technically suitable solution. I can write up and deploy a new token contract in a few hours and it will be instantly tradable with thousands of other assets on-chain. Compare that to building and hosting your own systems, integrating with dozens of payment methods, and somehow linking up with the interfaces of every o…

If they wanted to do this, they would give you cash back, which is accepted anywhere. If merchants want to incentivize you to use your cash back "points" at their store, they would give you a discount on the card. Guess what? This already happens! And without the waste of a decentralized ledger.

Cash back is fundamentally different because the store is setting their own exchange rate. Giving away ‘points’ is cheaper than giving back an equal amount of cash because the points can only be spent at the store. By minting points as tokens, the market can then choose an exchange rate through supply and demand of various rewards points.

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

#55

Post by mintyDijon »

jjulius wrote: post #46
iWillOffshoreU wrote: post #31

Earlier quoted context omitted.

You should google monero first because that's the opposite of what it does.

I am fully aware of what Monero sets out to do, but that's the important piece - they set out to do it, but that doesn't mean they will always succeed. It's perfectly possible to trace Monero using publicly available information[1] (I realize this is an older story, but you can still employ similar methods using public data), and the success of using Monero also depends on the competency of the individual[2] (in a si…

Your deviating from the point.

Anyone honestly working in cryptography will tell you that it will never be full proof, it's a game of delaying the inevitable. The NSA knew that DES was vulnerable when it was first created! It still lasted what? 20 years? I wouldn't be surprised to here that AES has an "expiration date" either. SHA 256 has a predicted end date aswell, hense why SHA3 was created. It's not a game of finding the "perfect cryptogram to protect my message forever", that game will never be achieved.

But that fact does not mean that privacy is unimportant.

Block-chain is the only way to decentralize a ledger afaik. All those alt-coins out there just have a different way of doing the same thing. It's not that I think it's the best way to do things, but besides decentralizing the the banks themselves, is there any other way?

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

#57

Post by koolala »

mintyDijon wrote: post #55
jjulius wrote: post #46

Earlier quoted context omitted.

I am fully aware of what Monero sets out to do, but that's the important piece - they set out to do it, but that doesn't mean they will always succeed. It's perfectly possible to trace Monero using publicly available information[1] (I realize this is an older story, but you can still employ similar methods using public data), and the success of using Monero also depends on the competency of the individual[2] (in a si…

Your deviating from the point. Anyone honestly working in cryptography will tell you that it will never be full proof, it's a game of delaying the inevitable. The NSA knew that DES was vulnerable when it was first created! It still lasted what? 20 years? I wouldn't be surprised to here that AES has an "expiration date" either. SHA 256 has a predicted end date aswell, hense why SHA3 was created. It's not a game of fin…

Aren't there lots of ways to decentralize a ledger? For example, create a collective of 30 independent organizations all over the globe - each audited separately - and have them create a shared ledger based on consensus?

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

#58

Post by Anunayj »

tromp wrote: post #13
qeternity wrote: post #12

Earlier quoted context omitted.

Of course they are. Private in this context means non-sovereign.

> public coins in the sense of government backed currency and we get private coins in the sense of company backed currency We don't call them that because blockchain (as originally intended) should be not be company backed. > I think we can catalog most of the companies in the crypto scene in this part. Yes, we still have foundations (ETH), but let's be real, they are not the majority. Ignoring that with its 70% prem…

Wait... ETH had a premine? and with their move to PoS, It's basically a recipe for Rich becomes Richer. How do people not see the clear signs of a pyramid scheme wtf.

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

#59

Post by paulryanrogers »

daniel-cussen wrote: post #53
thebean11 wrote: post #48

Earlier quoted context omitted.

You think a bank is going to loan you hundreds of thousands of dollars because of your religion? I'm not even sure what you mean by that.

The alternative is the bank imposing Satanism on me. Money is the root of all evil. And you haven't seen my research. Math research based on the Book of Matthew, King James Bible. Or you know what? Maybe I can somehow come up with the money. Somehow, to pay cash.

Is this supposed to be sarcastic? Can it be stated plainly for those of us who are a bit slow?

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

#60

Post by 1123581321 »

mikestew wrote: post #37
jungturk wrote: post #34

Earlier quoted context omitted.

Definitely a more flexible option, but you might trade overall value for that flexibility (in the sense that you can frequently use accrued points for more value than the cash).

Or you might not, if the only choices are to buy stuff from their shitty Company Store, or convert to airline miles. I don’t need more stuff, and we don’t fly much. There seems to often be an option to convert to cash, but that’s usually a penalty choice. So we dumped the points card(s), and mostly use the Apple Card, which is just straight X% cash. Regardless, if I’m going to play “maximize value of effort expended”…

For Chase, spending points on statement credit or gift cards (the penalty option) is the same 1% Apple gives you when not using Apple Pay.
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