Topic: [ANN] RealPay [A new e-commerce business platform][Release Date: TBA] - page 3. (Read 20266 times)

Realcoin is ready for the USD collapse... Hyperinflation is coming....

No but that isn't a guarantee of anything.  Merely a vague promise with no specific conditions or enforcement if they decide not to.

What are you going to do with the up to 1 trillion $ that you get from selling your RLCs? Will you always keep all that money in reserves or are you going to do fractional banking just like traditional banks? If you will keep that money in reserves, you risk having it stolen, embezzled, or just having need to use it because your company is running out of money. If you don't plan to keep all of it in reserves, then you are no better than the current banking system + paypal.

In a sense, you are just printing your own currency backed by USD. Just like the US printed dollar backed by gold. And maybe one day, you will remove that backing. I hope you are prepared for the legal mess you are getting into.

Did you miss the part where he said the central signing would be removed when there were enough miners to take over?

What built in protection?  The mining doesn't replace the confirmation by central authority.  It is simply supplemental.  So if tomorrow RLC has 9TH of hashing power the central server could be DDOS and the mining would serve no purpose.


How?  The amount of mining is completely immaterial.  1 million miners, 1 miner, 0 miners.  The whole point of mining is to create a distributed consensus.  If one authority has an override then there is no purpose except to waste a lot of resources pretending the network is distributed.

How much $$$ worth of transactions does Paypal do daily?

I do agree with you that unless RLC becomes BIG, miners will be a very small part of it.  But, there is always that possibility.  And if/when it did become big, it would be nice to know that there is built-in protection against DOS attacks (or accidental downtime, maintenance downtime, etc).  The advantage of being able to transact without connecting to a central server could prove to be very important in some cases.

Transaction signing with a central server is going to have some disadvantages, and I think mining could alleviate those disadvantages if it is ever used enough.

"that level of computational power" will never be needed.  It is a centralized system just like ScamCoin.  Mining is just window dressing to obfuscate the fact that the coin only exists because of the central authority.  There is no reason all transaction processing can't be done by a single server.

100 RLC = $10,000 every 10 minutes.
That's $1.4 million daily or ~ half a billion annually.

Yeah sure when (more like IF) transaction volume is ever that high fees are fine.  This is my Satoshi came up w/ the block subsidy and have it decline over time because a larger network can be self supporting.

So the question isn't when RLC gets to the billion dollar range but more when RLC is in the $500 per block range = $5 in fees.

In that case, why would anyone mine when there are no transactions?

Transaction fees are the compensation.  It won't bring in a huge number of miners (especially at first), but as the number of RLC transactions build, the number of RLC fees will build as well, slowly bringing in more miners.  If 100 1 RLC transactions are made in a block, then that's $100 of fees that goes to miners.  That's the same as a block reward from Bitcoin when Bitcoin was worth $2.00/BTC, and there was around 8 TH/s of miners at that point.

Please explain mining further. What incentive to miners have to give this 'coin' a second thought ?
COMPENSATION ......................?

Just thought of something though:  What about RLC to BTC?  Or BTC to RLC?  Since RLC is tied to USD and not BTC, perhaps the central authority won't be trading for anything but USD, and that is what TheGobbler meant about other exchanges picking it up - other exchanges would pick up the RLC to BTC trades.

Exactly.  Since RLC is issued by central agency and backed by that agency it functions very similar to a prepaid giftcard.

But wait people buy & sell prepaid giftcards on ebay.  Well they do but only because prepaid issuers don't give refunds.

Say you had $100 Best Buy gift card and you could go to Best Buy and get $100 the only reason to sell it on ebay would be if you could get $101+ for it.  However Best Buy sells $100 gift cards for $100 so why would a buyer pay more?  Only reason a buyer would be looking on ebay would be to pay $99 or less however why would a seller take $99 when the Central Agency will pay $100?

I'm not seeing much of a use for other exchanges either.  Unless, perhaps, a black market exchange that loopholes around laws and sells/buys RLC without asking for identification.  But beyond the illegal... why buy/sell from anyone but the central agency?

I suppose if deficiencies in the central agency's exchange, then people might want to go elsewhere to buy them.  Speed deficiencies, etc.  Like buying BTC through bit-pay instead of MtGox.  I can see that happening...

Competitive in terms of fees.

As you are probably aware there are fees associated with each exchange. For an exchange it is vital to make some profit to keep the business running. In our case there are very limited avenues to making profit and it is 100% sure that in the beginning there will be a loss till there is interest in RLC.

Now any exchange can buy RLC directly from regular users and sell it back to other users with a fee included.

First of all, i would like to state that RLC will work as a community. Therefore, ideas like the one you posted could come to life since we are looking at creating an appealing e-commerce platform.

Secondly, forgive me if i didnt really got your idea, but how could you track people and their balances especially when they take their money out of the exchange and into client and reward them with dividends? Please dont be harsh if i am missing something here. I am learning more and more about the BTC platform day by day. Your idea sounds interesting so please post some more details if possible about the way you think it could work. I ll pass the details to the others and it might get adopted as i explained above.

Thanx

So...we can't even PnD this one ?
WTF ?
Miners get TX fees only as block reward ?

Come on have you actually spent any time thinking this through.


Central agency will sell unlimited coins ONLY $100 ea.
Central agency will buy any sold coins for ONLY $100 ea.

What "competitive market" could exist?
Who would be stupid enough to pay > $100 when they could simply buy a coin from you for $100.
Likewise who would be stupid enough to sell for <$100 when they could simply sell a coin back to you for $100.

What purpose would external exchanges serve?  The same purpose the redundant and useless miners serve?

Vital things for people to keep in the forefront of their mind, for sure.

I do like the idea of investments issuing dividends in the form of more RLC.  This gives incentive for people to hold the coins.

Part of the appeal of your system is that 1 real cent equals 1 US dollar. This keeps computation simple. Consequently, I recommend issuing dividends to realcoin holders as additional realcoin instead of changing the realcoin price. That is, just send out extra realcoin in proportion to people's existing realcoin balances. 

Also you want to establish a commitment that realcoin will never decrease in value unless the entire system collapses. Essentially you offer some risk-free nominal return to investors and then profit based on the margin between this return and the extremely low-risk return offered by your bank. I am afraid that potential profit from this is minimal given the current economic environment (low price inflation, low real interest rate). More inflation will help you.

Of course you could gamble with the money. Maybe you win big or maybe you go bust. That kind of gamble makes a lot of sense on your end if you can keep it hidden. Taking the money and running is another option. In this case, your profit is large if you can convince a lot of people to participate in your ponzi and are able to escape punishment.

Due to these concerns, complete transparency, proven investment in safe assets, and proven location of these assets in countries with strong legal enforcement will be necessary for your success.