Topic: Proposal: Bitvendor (Read 1104 times)

Proposal. ‘Bitvendor’. P2p Bitcoin vending machine.


Vending machine with ‘doors’. Vendors can put their product inside one of the lockers and put up their Bitcoin address and the desired amount. When somebody pays the door opens.


Information has to be added with this payment that it’s about this specific vending machine. A small percentage of the transaction is sent to owner of the space automatically. The higher the cost of the space, the bigger the percentage.

What happens when people put up a Bitcoin address and price for an empty locker? This amounts to a bid for this locker. This way the market will decide the price for a locker. Ideally the bidder can lower the price remotely.

This way the locker can be financed by bidders. The manufacturer of the machine can put bitcoin addresses on all the empty lockers.

Initial places for these vending machines will be in highly visible spaces:

Airport and train terminals
Schools (especially for meals)
Commercial centers

Ideally a combination will be found with a small amount of vending machines in highly visible locations, and a larger amount in less visible, cheaper locations.


Vendors and buyers have a financial interest to use the cheaper locations because of the lower transaction costs.

Through the bidding mechanism the entire cost of the machine is being passed through individual vendors. If the manufacturer asks 2 BTC for one locker, a vendor placing a 0,01 BTC pizza in a locker pays 2 BTC for using the locker, and asks 2,01 for the pizza. The person buying the pizza pays 2,01 and puts of his address so he now owns the locker and asks 2 BTC for it. Incidentally the vendor could put up a notice that he wants to keep the locker. The buyer can now choose to pay only 0,01 BTC, and the address of the vendor stays on this locker.

To be clear, this allows for lockers to be traded. An empty locker for 2 BTC can be bought, and the new owner can put his address up and ask 3 BTC. If none buys his locker, he could transfer the 3 BTC to himself (making it clear that this is about that specific locker) and put 2,5 BTC up.


Q: What about the time it takes to confirm bitcoin transactions for something like a vending machine?
A: Just make it uneconomic to attack.
https://bitcointalksearch.org/topic/m.1724428

Q: Anyone can put anything in?  That doesn't sound like it would be regulated at all...
A: There is an incentive for people not to put illegal things in their locker.
https://bitcointalksearch.org/topic/m.1724604

Q: What if someone puts in an empty box.
A: The police would be able to access any locker. The police could inspect products from time to time. If they’d find anything illegal, they’d take in the locker. The particular vendor would lose the locker. The police could put an address on their own on the locker. Now any new merchant would pay the police to claim the locker.

Google docs doesn't like Nightly linux firefox build or Epiphany. Can't read that.

I would rather contact manufacturers. Maybe have the Bitcoin foundation chip in. Anyway I don't care about that kind of rate race, just not me.

It depends. I could have one at my home, and it would be unregulated. I could also open up a shop and now I would be able to supervise what people put in.

Also there is an incentive for people not to put illegal things in their locker. The police could simply seize the product and make the vendor loose the locker. The police would need to have some sort of special key so it could open lockers without paying. Since the vendor would have paid for the locker, he would loose both the product and the locker.

It would be helpful to have a shopkeeper to supervise, as people might try to sell broken electronics for example. The shopkeeper could test products briefly before allowing them in the machine.


Thanks.

Anyone can put anything in?  That doesn't sound like it would be regulated at all...

EDIT:

It should be vending machine, not vendor machine.

https://docs.google.com/document/d/1bq43H8rCY9I8PD-1wstDd65ngPuQweccWdMySQ4HjtM/edit?usp=sharing

Bitcoin + Vendor Machine + P2p trade

 

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