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Hello everyone. I believe that r/beermoney would be the right group to approach for feedback and early users. We are currently building a mobile application called as Pupa. At pupa, we aim to transform individual opinions into collective opinions on global issues and topics. Every day Pupa will ask its users 7 questions, in which users are asked to choose the answer from a group of options. Those who picked the most popular option as answers are then eligible for reward. Forexample: Who will win the next cricket world cup? A. India B. England C. Aussies D. Sri Lanka Out of 100, if 40% user select A, 20% select B, 10% select C, and 30% select D. Then all users who selected A will be rewarded with Bitcoins. We are team of young programmers, and we are just getting started with the experiment ( planning to release in 2 weeks ). You can follow us on twitter for updates https://twitter.com/PupaNetwork?lang=en and I will be answering to any questions or feedback over here. |
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Hello everyone, I am looking for feedback from the community. What do you guys think about it? and what challenges we might encounter to bring it to the masses. At Pupa, we are experimenting to transform individual opinions into collective opinions on global issues and topics. The Minimum Viable Product would be as follow: A mobile app where users are asked 7 questions a day. They have to choose the option they believe everyone else will choose as the answer. ( Keynesian beauty contest, choose the picture everyone else will find beautiful ) One example: What is your view of Transgender people serving in combat units in the military? A. I support it B. I am against it If you choose the option which the majority of people choose, then you win reward points ( Bitcoins ). So for the above question, if 60% choose A, 40% choose B. All the users that choose A, will be rewarded in satoshis equally. To begin with, we would allow conversion of rewards points directly to Bitcoins ( for people who want to cash out ). Later we can allow those points to be consumed inside the platform as well. Bitcoins allows us to distribute funds globally with ease, hence we choose Bitcoin over dollars. We are looking to launch our app, in 2 weeks roughly. We have started by posting twitter polls to see how people interact with them. Please follow us https://twitter.com/PupaNetwork?lang=en to keep updated with our progress and launch date, and help us reach out to more people. |
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Hello everyone, At Pupa, we are experimenting to transform individual opinions into collective opinions on global issues and topics. The Minimum Viable Product would be as follow: A mobile app where users are asked 7 questions a day. They have to choose the option they believe everyone else will choose as the answer. ( Keynesian beauty contest, choose the picture everyone else will find beautiful ) One example: What would be the total market cap of cryptocurrencies at the end of 2019? A. 100 Billion B. 20 Billion C. 200 Billion D. 70 Billion If you choose the option which the majority of people choose, then they win reward points ( Bitcoins ). So for the above question, if 40% choose A, 20% choose B, 10% choose C, 30% choose D. All the users that choose A, will be rewarded in satoshis equally. To begin with, we would allow conversion of rewards points directly to Bitcoins ( for people who want to cash out ). Later we can allow those points to be consumed inside the platform as well. Bitcoins allows us to distribute funds globally with ease, hence we choose Bitcoin over dollars. We are looking to launch our app, in 2 weeks roughly. We have started by posting twitter polls to see how people interact with them. Please follow us https://twitter.com/PupaNetwork?lang=en to keep updated with our progress and launch date, and help us reach out to more people. I am looking for feedback from the community. What do you guys think about it? and what challenges we might encounter to bring it to the masses. |
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Hello everyone, At Pupa, we are experimenting on transforming individual opinions into collective opinions on global issues and topics. The Minimum Viable Product would be as follow: We build a mobile app where users are asked 7 questions a day. They have to choose the option they believe everyone else will choose as an answer. Example: Which movie should have actually won the Oscar? A. Greenbook B. Black Panther C. MovieX D. MovieY If they choose the option which the majority of people choose, then they win reward points. To begin with, we would allow conversion of rewards points to Bitcoins ( for people who want to cash out ). Later we can allow those points to be consumed inside the platform as well. Bitcoins allows us to distribute funds globally with ease, hence we choose Bitcoin over dollars. We are looking to launch our app, in 2 weeks roughly. We have started by posting twitter polls to see how people interact with them. Please follow us https://twitter.com/PupaNetwork?lang=en to keep updated with our progress and launch date, and help us reach out to more people. I am looking for feedback from the community. What do you guys think about it? and what challenges we might encounter to bring it to the masses. Thanks |
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something does not need to have a store of value to be a medium of exchange
sea shells.
tally sticks.
fiat
I wrote an article before on the same concept you are trying to mention. https://hackernoon.com/are-we-about-to-redefine-money-again-4bed5344ebaaYes, sea shells, tally sticks, do not need to have a store of value to be a medium of exchange. The reason is due to "Community agreed barter". As long as there exist, people who treat it as a medium of exchange, it can be used as a medium of exchange. Please keep in mind tally sticks and seashells didn't suffer volatility issues hence could be adopted easily. |
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I don't think you can describe Bitcoin with symbols like Cowrie shells that have intrinsic properties in your article. But all that can make sense, because barter is the beginning of the transaction. I like the article that you created, the contents of which describe very valuable, then can conclude that Bitcoin will be the main tool as a transaction that will be used by the world. Did you imply, "cowrie shells that do not have intrinsic properties ." I made an analogy between Cowrie Shells and Bitcoin when it comes to a medium of exchange. The lack of intrinsic properties for both Bitcoin and Cowrie shell disallow their usage in transactions until agreed upon by a community. |
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What do you mean about the redefine money again with bitcoin? What do you need to have in order to have bitcoin? Money. Right? Why do we need to redefine?
Yes. In order to have Bitcoin, you need money. Such a statement stands true for all forms of money. To gather fiat, you needed gold or assets to collateral for loans. We have seen money evolve over years from cowrie shells to fiat. I mentioned redefining in that context, whether Bitcoin unlocked an unexplored dimension of money. |
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The end will come to fiat currencies earlier than we even think, judging by the rate at which cryptocurrency is evolving. It is normal for fiat currency to be replaced having dominated for several years. The fiat currencies we see today are also a replacement for a certain type of money spent in the past.
Until cryptocurrencies are volatile, they will not replace fiat completely. The aim is not to replace fiat but to open a new market of new currencies. |
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Good article, with bitcoin the money will be redefined because it is not an simple technology but it is revolution, it changes everything related to money.
Not just on money, but also on the economic, technological, and most importantly our mindset system. Bitcoin may never be able to replace FIAT but at least Bitcoin able to be the platform of online transaction for international use. I believe Bitcoin should become the "money for the internet". Bitcoin as gold, may not work. |
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Yes, we do have an opportunity to change the monetary system for betterment.
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Interestingly enough, Bitcoin's vitality is still a dazzling fire, depending on the economic fluctuations that the flame can emit or weaken. However, it has never been off since 2009 so far. And the future is elusive, but in general, we should hope for a beautiful Bitcoin era.
I am still bearish about the role of Bitcoin. I am not entirely confident, about Bitcoin usability, as store-of-value or medium of exchange. Bitcoin has diverged from the path, envisioned by Nakamoto. |
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I really appreciate your efforts of building awareness about money and cryptocurrencies. It is my own experience that when we try to explain Bitcoin to someone who has absolutely no idea about it, we have to start explaining from the money itself and it is very surprising to see that we never understood how money really works. Probably that's the reason why centralisation became successful so far. However, with the evolution of decentralized currencies, things will start to change and we will see transformation literally in every sector out there in the coming decades. As a user, it is our responsibility to build awareness about it on our individual level. Aavadlela aahe!
Thanks for the kind words. Decentralization would allow us to function, in ways like never before. |
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The article is good. I'll definitely share it with some guys interested in the topic. Thanks for sharing!
Yes, money will have to be redefined with Bitcoin.
Thanks, for the kind words. "Sharing is caring". |
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Yes if bitcoin replace fiat currencies many problems will be solve major is cost of printing Money can save and transportation charges also no need to carry physical money because of bitcoin adaption peoples can carry millions of digital money in single wallet so bitcoin can change financial system of banking and this will be a biggest revolution for Economic world.
We have to remember that everyone in the world does not have the privileges as we do. The digital money would not be able to penetrate countries, without good digital access. |
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This was a very good article indeed, I liked this phrase, "Community agreed digital barter”  I watched an episode of "Decoded" on Netflix yesterday and they were asking questions about the Gold that was supposed to be stored in Fort Knox and most of the people that worked there or knew people that worked there, are of the opinion that Fort Know has no Gold at all. One of the previous Senators even said that if the citizens of America knew about this, then there would be a financial collapse and riots in the streets. <The Dollars value is not linked to Gold anymore, but the Gold still represent the wealth of America> That day will come, and then Bitcoin will be used as a alternative to the Dollar and all the other Fiat currencies that will collapse as a ripple affect of the Dollars collapse.  Thank you for the kind words. Yes, Federal Reserve maintained the gold reserve until 1971 for every dollar in circulating supply. Now we use fiat, which is backed by the utility of paying taxes in dollars. Fiat simply means "let it be done", a king's order. We don't need fiat currencies to collapse, in order for stable cryptocurrencies to be used as "valid currencies". If we are successful to create a cryptocurrency, with less than 5% volatility, third world countries can benefit a lot. Once third world countries give recognition to such a cryptocurrency, it may enter the realm of "valid real-valued currency". |
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Its not redefining...The price of bitcoin is also unstable if compared to Indian rupees and the price of dollar is also slightly unstable compared to Indian rupees....As like other currency it is also a currency...But its digital currency but not digital money...Digital money are those which are stored in paytm or freecharge etc sites...But its a digital currency...Its just an evolution of technology..
Why not? We never had a decentralized currency before, and provided centralized control over currency is a considerable problem. Yes, Bitcoin is volatile, due to the monetary policy followed by the system. Rupees, Dollars have an inflationary monetary policy, debasing rupees and dollars every year. We can experiment to design a monetary policy to keep the price relatively stable. By money, I meant tool of exchange. Cowrie shells are money, as they are used to facilitate medium of exchange. Hence bitcoin can also be defined as money. |
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It really matters on what you mean when you're talking about this redefinition of money, I (personally) don't think that Bitcoin is going to end up being the currency of the world as so many would like to think it's going to be. But I DO THINK, that Bitcoin is going to bring innovation to the world currency stage -- be it with blockchain tech, and so on and so forth.
So even if Bitcoin does die, I do think that the world is going to gain the knowledge that a decentralized currency is possible. This is the most amazing part in my mind.
Maybe the title is a bit misleading. If you glance at the article, I have tried to overlay the evolution of money ( historically ) with evolution in cryptocurrency landscape. Bitcoin, Ethereum, EOS, and now stable currencies. I believe bitcoin fits well in commodity money category. I am merely suggesting, for the first time in history, we have reached a point where it could be possible to build a price stable monetary system, which can be utterly decentralized as promised by Nakamoto, always adhered to a rule-based policy as advocated by Friedman, privately issued to compete against the monopoly of government-issued currencies as dreamt about by Hayek. |
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It is already defined over years therefore it is not easy to redefine money again with bitcoin
Depends on the perspective. Evolution of monies over the period of years was to eradicate flaws the previous form of monies had. Today, we have moved away from the gold standard, ( one of the sound monetary policy ) to fiat. The problem fiat currencies face are that governments or federal reserves are unaccounted for their decisions in increasing the supply. Argentina, Zimbabwe, Chile, are a few examples. Bitcoin-like systems allow a codified rule to adhere to for the betterment of the system, thereby removing the current problem in fiat currencies provided cryptocurrencies are able to meet other advantages of fiat money.
Some of governments recognize Bitcoin as an asset, not a currency. It is something like a share of a company that can be bought without using a stock market and securely transferred using a strong asymmetric cryptography directly to a buyer which can live anywhere. I think the replacing a fiat money is almost impossible, because the national economies are based on them. The governments will protect the financial system of a country they managed. Yes, the shape of money is changing, the currencies evolve and go forward.
Yes, you are absolutely right. Bitcoin is more of a commodity. And we know from experience, that mankind heavily relied on a commodity as money, animal horns, crocodile money in Malaysia, Whiskey in Germany. Fiat heavily relies on coercion, ie. pay your taxes in USD or go to jail. A private money competing against fiat money has to rely on persuasion. People who are persuaded enough with the advantage of such private money ( cryptocurrency ) will prefer to hold coins over their national currencies. On a long run, national currencies and stable cryptocurrencies will be competing based on price stability. Citizens are free to choose one over the other based on evidence of price stability. |
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