Quote from: phillipsjk on July 04, 2011, 01:50:54 PM

Quote from: sunyag on July 03, 2011, 10:48:01 AM

If Easycoin runs to its logical conclusion, Bitcoin will become a cul-de-sac for everyone except the underworld and digi-techies (heck, we already have them)...with Easycoin being the central bank access road.

The window for Bitcoin to emerge into ITS OWN with the online mass market is now.

PayPal does not require you to have a PayPal account to pay a merchant using PayPal's services: all you need is a credit card. If Easy coin really is just a payment processor, you would not need an EasyCoin account to pay somebody using Easycoin: just send them Bitcoin to the address generated for that transaction.

Easycoin, as I understand it, is not 'just a payment processor'. It is effectively a bank which issues its own form of tradable credits "backed" by Bitcoins.

And at what point do the "Easycoin virtual credits" become a currency of their own? I suggest, immediately (though not immediately touted as such).

And at what point do those Virtual Credits cease to require the "backing" of Bitcoins? Well, that will be a function, over time, of the strength of Easycoin's market share and the strength of its brand name.

But make no mistake, once the thing is moving, the brand that will be pushed will be Easycoin, not Bitcoin. And people's perception, belief, in Easycoin Credits will become THE ingredient.

At the juncture where Easycoin realizes it doesn't need Bitcoin, it can work on its own blockchain which will bend wholly to the needs of Easycoin Credits. Or Easycoin can even bail on any "backing" at all (history repeats). It's all about perception.

Whoever captures the interface, captures the market. And whoever captures the market, defines the currency.

People do not care about 'monetary values'. They just don't. They say they do. But what people want is 'easy' and 'now'. Easycoin knows that and Easycoin wants to give it to them. But then what? Easycoin will have the market - not Bitcoin.

And at the point when Easycoin CAN exploit the system, Easycoin WILL exploit the system. Not because Atlas, or anyone with Easycoin, is bad - but because they are normal.

We need Bitcoin interfaces. Fast.

sunyag

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