Topic: [WDC] Worldcoin | 3.0 Flirtatious Ant Released! | Multicoin architecture - page 82. (Read 442449 times)

That looks good!

Is the block chain available for download, rather than waiting for the wallet to do it.

Check out the Worldcoin translation project here  http://translate.worldcoinfoundation.org/

Retailers usually don't have a choice.

They support whatever payment methods they have to attract customers. If the choice is between paying a 2% transaction fee or loosing 10% of your customers then they pay the 2% fee. On the other hand, they could start to offer discounts for crypto currency payments handled by one of the crypto-payment processors like Bitpay, Coinbase or Scharmbeck.

In that case, we could see a gradual migration to crypto-currency transactions and away from the traditional payment processors, at which point Visa and Mastercard etc will simply start making corporate acquisitions of crypto-currency payment processors and support those type of payments in addition to their existing services.

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I can tell you right now that I would hesitate to use a 3rd party to handle all transactions. Why pay the fees and give up anonymity for a little convenience. Sort of defeats the purpose of cypto's to begin with. Although I can see 3rd party being used for petty transactions like coffee or fast food where even 1 minute is too long to wait.

Worldcoin is mentioned on MSNBC! 1:29 and 3:30:

http://www.msnbc.com/the-cycle/watch/cashing-in-on-bitcoin-111318083837

There will be no incentive because there won't be a problem. The blockchain is not a cash register and will never be used en-masse to support point of sale payments in any crypto currency. That isn't it's purpose.

So whether a coin has a 30 second or 10 minute transaction time is irrelevant to it's suitability for use at the point of sale in a retail (in shop or online) environment.

It is a theoretical problem though.

It is like saying when I make millions on WDC I will have lots of taxes to pay.....  What a great problem to have!

If we ever get to the point where the blockchain can't handle it what will WDC be worth at that point? and how great is the incentive at that point to solve the problem?

I am not going to either discard or adopt a coin just because it could have a flaw or came up with a solution to a problem that doesn't exist yet. For example QRK. 5 levels of encryption great! Has anyone broken the encryption on other coins yet? Nope.

I am looking for real results right now. Not some promise that in the future our coin will be better. BTC has proven that a coin doesn't have to be technically superior to have superior value.

The source is between your ears 

Can I get a source on that?

.... sorry for rambling, but just one last thing (before I depress anybody too much    ).

Although I've made a lot of challenges in the last posts, these are just my opinions. The whole cryptocurrency stage is uncharted waters and there's a huge amount of experimenting to be done. If people really feel that a currency can be "branded" in the way the Worldcoin is trying to do (i.e. a semi-proprietary infrastructure as opposed to just having a loose 'theme' like Earthcoin, say, and then slamming it on all the exchanges) then obviously there may be ways to overcome the issues I've outlined.

Everybody's got different priorities and visions and nobody knows the future, least of all me. I raise these issues out of a genuine curiosity and process of discovery to try to get to the core of what's interesting about a coin and what may give it value. I think the challenges I've raised are real ones though.

Well said. This "There is a non-stop, sustained push to bring this coin to the mainstream. Not just for value, in its own right, but for implementation of a crypto-currency as an usable currency void of some of the downfalls of bitcoin" is the part you should focus on when choosing a coin imo. And how can you even compare this coin to "Quark coin" which did NOTHING in the last two months...glad I sold mine at 0.25$ and invested in WDC.

I don't think you fully appreciate how a retail environment works. There are several clearing stages between a supermarket cashpoint and a bank account. When you swipe your card at the retailer, it isn't communicating directly with your bank account, it's communicating with a till which may buffer the transaction to allow the retailer to reverse it or adjust it before finally comminting it. Then it goes to a clearing house like Visa which buffers it again and eventually it hits your bank account (by which time you're already home).

Just because we use the blockchain as the permanent 'parking ground' for our funds doesn't mean that the payment processing industry won't still be needed to clear transactions at the point of sale. Can you imagine today's crypto currency exchanges clearing every trade through the blockchain in realtime ? They'd grind to a muddy halt, even with 30 second transaction times. Instead we "charge" our exchange accounts with crypto in a single blockchain transaction, then do lots of trading, then we use a single blockchain transaction to withdraw our balance to cold storage when finished.

This is how it will work in a retail economy as well. You'll "charge" your Visa account with crypto in a single blockchain transaction, (or be credited with it if its a credit and not a debit card), then go to the shops with your card. Transactions will be instantaneous.

Crypto's may make banks redundant but they won't make payment processors redundant. A payment processor and a bank are 2 different things.


Because to do that it would have to support all major cryptocurrencies as well as Fiat currencies at the point of sale. No payment processor is aligned with a single currency because they'd be uncompetitive and go out of business very quickly.


Yes, they could do and I'm sure any PoW coin could have anti-51% measures boilerplated on. The point I was making was that competitors and "serious seconds" to Bitcoin are more likely to have modern, forward looking designs from the ground up rather than boiler-plated last generation technology.


I've held about 10 different coins from one time to another, including WDC. In fact I still have about 400 WDC. I'm not trying to troll it, I just think that these forums are about having honest discussions about the relative merits of coin properties. I accept that there are people who work very hard to develop and promote one thing or another but I think I've stuck to making relevant technical and commercial points rather than empty attacks. People are spending serious money on these things and are more interested in an informative exchange than feeling warm and fuzzy (I hope !    )

I think Worldcoin should be seen for what it is - a brand. If people want to buy into a brand then fair enough, everybody has different investment priorities. My point is that I don't think you can create a brand out of a currency. The two things have conflicting priorities as I outlined in my last post.

1 Scharmbeck article & 1 WDC article have been posted today on CryptoArticles

http://www.cryptoarticles.com/crypto-news/2014/1/9/the-worldcoin-foundation-translation-project

&

http://www.cryptoarticles.com/crypto-news/2014/1/9/scharmbeck-shares-round-2-starts-soon

Normal people see that.
Worldcoin isn't inventive as a coin, itself. It is the developers and community around it that is unique.
There is a non-stop, sustained push to bring this coin to the mainstream. Not just for value, in its own right, but for implementation of a crypto-currency as an usable currency void of some of the downfalls of bitcoin.
I think everybody involved should be proud.

So now that the "Scharmbeck is a scam" angle is falling apart because they can no longer deny the implementation of it, the FUD pushers are switching over to other scare tactics.

Give it a rest guys

The continual attacks against WDC by people who decided to invest heavily in other coins and now regret it is getting old.

I'm not sure about this. One of the things that makes cryptocurrencies popular is their decentralisation. If we end up storing our cryptos on payment processors they'll basically be banks and we might as well have stuck with the old currencies. People want to be able to use cryptos the same way they use cash and speed (without trusting a payment processor) is important for that.

This isn't really a problem. You could apply this to literally any coin. There are a bunch of coins that have copied and "improved" on Peercoin's PoW/PoS hybrid but that doesn't really hurt Peercoin.

I agree with some of this. A 51% attack is becoming more likely these days. However there is a logical inconsistency. You think Bitcoin will stick around because they can implement defence against a 51% such as checkpoints or perhaps something we haven't dreamed up yet. Why can't Worldcoin do the same? I guess you're holding Bitcoin and have decided you don't like Worldcoin and are therefore biased.

If you hang out in the Worldcoin community you'll notice that they're keen to establish Worldcoin as a standalone currency instead of just another crypto. For example, they pay attention to the WDC/USD or WSD/EUR value where most other coins pay attention to the COIN/BTC value. Given this attitude, it makes sense to have a financial service focused on Worldcoin instead of just another add-any-random-coin-that-can-make-us-money exchange.

Why can't Scharmbeck be the new Visa or Mastercard? In the early days of Google you'd be telling them they have no chance because other search engines are already established.

I think it's clear that you've decided you don't like Worldcoin and then have started looking for reasons to support that viewpoint. Heck, if the things you listed are Worldcoin's biggest problems, the future looks like pretty smooth sailing to me.

#8 on cryptmarketcap.com

LOL @ putting Peercoin up with Google, Twitter and Apple. Fanboy.