Re: GAW Zen Hashlet PayCoin unofficial uncensored discussion. ALWAYS MAKE MONEY :-)
Does this guy know what he is talking about? From this post on HT
https://hashtalk.org/topic/15099/i-think-i-figured-out-josh-s-plan
So lets say you're a big retailer, take Amazon for example. Sure, they could accept bitcoin, it's just software. But they wont, because your investment can go down as well as up. Amazon are not going to sell things for a currency that could be worthless tomorrow. Bitcoin has value right now, but tomorrow the price could fall to pennies and never come back up. This is true of all investments, not just bitcoin
Its my understanding that company's like newegg, overstock.com etc. are hosted by company's like coinbase etc. and transactions are managed and converted to fiat for the seller instantly at current BTC value, thus there is no risk for seller, coinbase excepts all the risk of BTC "falling to pennies" as he says in his HT post. lol So I guess his assumption is wrong or he is just uninformed. The retailer holds no BTC
He needs to do his homework a little more.
https://hashtalk.org/topic/15099/i-think-i-figured-out-josh-s-plan
So lets say you're a big retailer, take Amazon for example. Sure, they could accept bitcoin, it's just software. But they wont, because your investment can go down as well as up. Amazon are not going to sell things for a currency that could be worthless tomorrow. Bitcoin has value right now, but tomorrow the price could fall to pennies and never come back up. This is true of all investments, not just bitcoin
Its my understanding that company's like newegg, overstock.com etc. are hosted by company's like coinbase etc. and transactions are managed and converted to fiat for the seller instantly at current BTC value, thus there is no risk for seller, coinbase excepts all the risk of BTC "falling to pennies" as he says in his HT post. lol So I guess his assumption is wrong or he is just uninformed. The retailer holds no BTC
He needs to do his homework a little more.
Yes and no. The point is that these companies are simply dumping for fiat, as you say instead of holding the crypto. Insta dumping hurts the value.
GAW's vision is to create a stable coin so these companies won't immediately dump. It's going to take time to get companies on board with this.
A company will never hold crypto. It doesn't matter if it's bitcoin or paycoin. Crypto will always be too volatile compared to FIAT, no matter how much you try to financially back it. A free market is a free market, you cannot control the price of a coin forever. In this sense, paycoin will never truly be useful at all. Bitcoin already does a fine job of being used for transactions because of payment processors like Coinbase.
GAW is trying to fix something that isn't broken.
I'm sorry but it absolutely will not catch on anywhere besides the inner circle of Hashtalk.