Quote from: DirtFighter on December 04, 2014, 12:38:52 AM

Quote from: welchy8764 on December 04, 2014, 12:27:05 AM

Quote from: corygto on December 04, 2014, 12:10:54 AM

Quote from: numanoid on December 04, 2014, 12:05:23 AM

Quote from: MinermanNC on December 04, 2014, 12:01:15 AM

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 Cry

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.

I'm in agreement the financial cost alone to switch to any other type of currency that can't be immediately converted to fiat would sway them away. Main street will never switch, Thats a given.. The biggest question is WHY? Why switch? what benefit out weighs the current system. For the individual there are benefits for company's their are no benefits

The cost will be minimal. It is going to use already existing payment platforms. If a business accepts BTC the will be able to accept PC. The new coin will be able to loaded onto a debit card and used in existing card readers. the benefit to a company is huge...fees in the pennies instead of 2-3% of the transaction. When the bean counters figure out to accept the coin will reduce the fees to accept CC payments what do you think will happen? 2-3% to a tier 1 major retailer is a lot of money.

Thats all fine but at some point the coin needs to be converted back to fiat. That is where the problem lays. This conversion process will be a variable most companies will chose to stay away from.