Food industry and cryptocurrency

[beerlover]

I don't think this will work out at all.
Besides the funny names, there's just too much cryptocoins needed to be managed if we're going to be having a farm. You won't really be able to see completely just how much capital you have, knowing that every food coin have different values in real money. It's an extra effort to try to compute just exactly how much you have.

[chennan]

I really don't see how this is a topic even worthy of a real discussion.  If you want people to mine the coins with electricity, do you need to pay the electricity company "electricity coins"? What about raw materials, such as lumber, to build your barns? "Lumber coins"? No... It just doesn't work.  Money is supposed to be a bartering tool for all forms of good and services, and isn't supposed to be used as coupons or tokens for something you're buying directly (i.e. bringing tickets to a teller you earned by playing arcade games to buy a stuffed bear, etc.)

I mean look at how food stamp debit cards work... you don't see those things being more valuable than money, do you? If some poor person got a food stamp card (which can be used to buy something nutritious at the grocery store), but decided that they wanted cash in exchange for their food stamps in order to buy drugs, then you will see someone buy it off them for way under the price of the card.

[yayayo]

From a economic perspective it makes no sense for companies to release an ever increasing number of altcoins that have no general market acceptance. The only reason may be advertising, however the coins will have no popularity if they are not directly exchangeable for Bitcoin.

In my opinion, for practical reasons companies will not act differently than private individuals and mainly use that cryptocurrency that has the greatest market acceptance: Bitcoin. Of course it will be great to see more companies from the primary sector to accept Bitcoin for their products. And in fact, Bitcoin can make transactions easier and grant access to a wider marketplace without additional cost. So I think there are motivating factors that will encourage Bitcoin acceptance by the primary economic sector irrespective of the coin branding.

ya.ya.yo!

[Yakamoto]

In the near future, you will see many farm companies releasing their own cryptocurrency
Those smart farmers will eventually come to a realization that the only real form of money is the food they put in their mouth.
Because of that reason, the value of their farm cryptocurrency will only go up. Other paper currencies will always be manipulated and beaten down by central banks' frauds.


Here's an example:

A lobster farm will release their own cryptocurrency called Lobster coin
A clam farm will release their own cryptocurrency call Clam coins
A crab farm will release their own cryptocurrency call Crab coins
A tuna farm will release their own cryptocurrency call Tuna coins

These farm coins will be back by real money value also known as food value.
(put money where their mouth is)

You really don't need anything like that to be completely honest, food and so has its value and if Bitcoin was to be the biggest form of currency transaction throughout the world it should just have a Bitcoin value pegged to it, e.i. 5 mBTC for a pound of fish. Not really worth adding more numbers to anything because they are just less beneficial as a whole and never really help anything.

You don't need 1000 items to do something a single thing can do easily.

[shinratensei_]

I really don't see how this is a topic even worthy of a real discussion. If you want people to mine the coins with electricity, do you need to pay the electricity company "electricity coins"? What about raw materials, such as lumber, to build your barns? "Lumber coins"? No... It just doesn't work. Money is supposed to be a bartering tool for all forms of good and services, and isn't supposed to be used as coupons or tokens for something you're buying directly (i.e. bringing tickets to a teller you earned by playing arcade games to buy a stuffed bear, etc.)

That's the complete answer, and I feel that if every person or merchant is owning their coin and if someone is wanna for buying more than 10 type of goods and he also needs for bring more than 10 type of coin too? that's a useless idea. because we just need simple things just using 1 type of payment can fill for buying all of the types of goods

[romero121]

This won't happen in a short or long as the digital currency acceptance is very low compared to other physical currency usage. So when entire universe accepts digital currency, it paves path for such advancement in the field of farms and other food industries.

[goinmerry]

In the near future, you will see many farm companies releasing their own cryptocurrency
Those smart farmers will eventually come to a realization that the only real form of money is the food they put in their mouth.
Because of that reason, the value of their farm cryptocurrency will only go up. Other paper currencies will always be manipulated and beaten down by central banks' frauds.


Here's an example:

A lobster farm will release their own cryptocurrency called Lobster coin
A clam farm will release their own cryptocurrency call Clam coins
A crab farm will release their own cryptocurrency call Crab coins
A tuna farm will release their own cryptocurrency call Tuna coins

These farm coins will be back by real money value also known as food value.
(put money where their mouth is)

This way it will not be called mining anymore but instead farming. 
We they created a lot of names for their altcoins so this have a great possibility. How do you want your LBTcoin?

[clickerz]

This won't happen in a short or long as the digital currency acceptance is very low compared to other physical currency usage. So when entire universe accepts digital currency, it paves path for such advancement in the field of farms and other food industries.

You may have a point here, but if you observed the current trend. crypto currency especially the bitcoin is gaining more acceptance and more big companies are utilizing the importance of it. Gaming also for another. But in food industry,  it must be simplified first maybe like the used of BTC  ATM , as farmers have dont time to study the technicality of this blockchain,wallets etc.

[Wind_FURY]

I do not know why you are all taking OP so seriously but is there a chance that he is trolling? I have seen him before at Politics and Society and some of his threads are conspiracy theories that are way out there.

But for what the idea is worth maybe a food token could be worth something. I am thinking something like "crypto food stamps" that are accepted in exchange for food items in a grocery store. They cannot be counterfeited, double spent and the transactions are transparent on a blockchain.

[posternat]

The one issue that I see that could slow things down is the confirmation aspect.  Fast food would not be fast food if your payment could take up to an hour or more to get confirmed to the point their company would want. 

[noormcs5]

The one issue that I see that could slow things down is the confirmation aspect.  Fast food would not be fast food if your payment could take up to an hour or more to get confirmed to the point their company would want. 

Third party wallet companies have addressed this and there is a system spoken of here on the forum, but that does add a governing party in there. 

[Supercrypt]

At first, I thought it was a great idea to make food into some kinds of currencies but after thinking about it more, I don’t quite support that idea. Because if each kinds of farms release their own cryptocurrencies like mentioned then it’ll be a total mess with a bunch of weak coins. So why don’t we just concentrate on one coin and strengthen it. It’s like why countries mostly use only their national coins instead of a long list of useless currencies.

[Fraxinus]

It's not that easy because BTC needs confirmation time and you'll have to sit there waiting for the confirmations so that you can pay.Apart from that I think BTC is a great means of payment for sure.

[bitdumper]

i do not know what to say exactly but its a prtially good + bad idea. as because it will not only let farmers keep an access into the market but also make bargannig for products more. i mean if farmers know the actual price then that will be costly for us

[Bitcoinsummoner]

It's not that easy because BTC needs confirmation time and you'll have to sit there waiting for the confirmations so that you can pay.Apart from that I think BTC is a great means of payment for sure.

Your right the payment speed is one of the problem but i think if they can convert in just like convert it into points first. To use it easily without waiting for transaction because you convert it already into points but they should invented a card for points so that they can pay fast or instantly without waiting for confirmation..

[noormcs5]

It's not that easy because BTC needs confirmation time and you'll have to sit there waiting for the confirmations so that you can pay.Apart from that I think BTC is a great means of payment for sure.

Your right the payment speed is one of the problem but i think if they can convert in just like convert it into points first. To use it easily without waiting for transaction because you convert it already into points but they should invented a card for points so that they can pay fast or instantly without waiting for confirmation..

Instant has to become more like instant and the payments have to be as quick as cash or credit in order for many types of businesses to accept it.

[Backside walkaround]

Releasing all kind of various altcoins instead of focusing on one main crypto will be a downfall of cryptocurrency. We need to have strong leading coin. Not dozens of weak ones.

I absolutely agree with this, and I do believe bitcoin is the strong one by far.  But I think in the future we might use some of the *brand name* ones concurrently.  Like litecoin, dash, and the big ones that actually have a community.  They all have value and can all be used as currency.  These smaller ones are going to be absolutely worthless and there definitely does not need to be so many of them.  They're dying off as we speak.

[Harlot]

Releasing all kind of various altcoins instead of focusing on one main crypto will be a downfall of cryptocurrency. We need to have strong leading coin. Not dozens of weak ones.

I absolutely agree with this, and I do believe bitcoin is the strong one by far.  But I think in the future we might use some of the *brand name* ones concurrently.  Like litecoin, dash, and the big ones that actually have a community.  They all have value and can all be used as currency.  These smaller ones are going to be absolutely worthless and there definitely does not need to be so many of them.  They're dying off as we speak.

If you think of it as a Stock pespective that is not the case for most of the people. Have you seen any stock compamy that only all investor want to invest in it? Clearly not as the saying goes  " Don't put all your eggs in one basket" . Because putting all your money in 1 stock might be a dangerous thing to lose money. Just like bitcoin putting everything for 1 cryptocurrency might be worst than what you think. Remember cryptos drop faster than fiat money.

[Indrawan77]

I kind of doubt it will work, i think we prefer 1 strong currency like bitcoin rather than  alot of alt coin which the value is small, so i think its best if we can encourage them to just use bitcoin, it will help bitcoin to boost and they can rely bitcoin as a good payment

[panju1]

Releasing all kind of various altcoins instead of focusing on one main crypto will be a downfall of cryptocurrency. We need to have strong leading coin. Not dozens of weak ones.

I absolutely agree with this, and I do believe bitcoin is the strong one by far.  But I think in the future we might use some of the *brand name* ones concurrently.  Like litecoin, dash, and the big ones that actually have a community.  They all have value and can all be used as currency.  These smaller ones are going to be absolutely worthless and there definitely does not need to be so many of them.  They're dying off as we speak.

Copy cat clones are worthless, but if an alt has a truly revolutionary idea, I would support it.
We have Bitcoin as the leading crypto, but not every idea can be implemented by the developer team.