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Author Topic: Codename: EasyCoin  (Read 10893 times)
Anonymous
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July 02, 2011, 06:21:48 PM
 #1

Fact: The average person doesn't want to use Bitcoin because 1) it's difficult to use, 2) your funds can easily be stolen and 3) they can't even buy them.

EasyCoin's proposed solution:

All Bitcoins will be pegged to virtual credits in a database, like current payment processors. Trades will occur between accounts while actual Bitcoins are stored in sound, robust and offline storage. Transactions can be reversed in case of fraud or otherwise by a competent arbitrator.

Due to this reversibility, people can purchase Bitcoins with their credit card due to the eliminated chargeback risk. E.G: If somebody does a chargeback on their credit card, the purchased Bitcoins can be reversed.

Bitcoins can also be recovered after theft. Again, payments can be reversed in case of account compromise.

If people want to claim the Bitcoin their credits represent, they can personally contact the EasyCoin service, verify their identity and account, then claim the sound backing that makes this all feasible. The risk of irreversible theft is completely eliminated.

The EasyCoin payment processor will also be called Easy for a reason. The interface will be familiar, convenient and exceptionally easy. No technical clients, storage nor addresses. Just a simple click and login to pay.

Finally, EasyCoin software will be open-source and available to everyone. Everybody can open a payment processor to mitigate risk in the industry. Competition will keep all competitors accountable in safety and service.

Inspiration: http://www.twitlonger.com/show/b8qli4

Wikileaks has called for a Bitcoin sub-currency and it seems like the most optimal solution.

Your thoughts?

If you're interested in building this with me, contact me: atlas.l.goATgmail.com
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BitcoinDealer
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July 02, 2011, 06:23:34 PM
 #2

So what are Bitcoins for then?

Bitcoin will fail (unfortunately)

Look at my previous posts for explanation

Just wait for Bitcoin v2
Anonymous
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July 02, 2011, 06:24:04 PM
 #3

So what are Bitcoins for then?
Digital Gold backing. They enable sound money and possible anonymity if you use an anonymous EasyCoin service.

EasyCoin just an overlay that makes it easier to get into Bitcoin in the first place and enables the average person to pay with them.
BitcoinDealer
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July 02, 2011, 06:27:09 PM
 #4

So what are Bitcoins for then?
Digital Gold backing. They enable sound money and possible anonymity if you use an anonymous EasyCoin service. It's just an overlay that makes it easier to get into Bitcoin in the first place.

How are you supposed to fight chargebacks if you don't know who chargebacked? It can't be anonymous.

Bitcoin will fail (unfortunately)

Look at my previous posts for explanation

Just wait for Bitcoin v2
Anonymous
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July 02, 2011, 06:28:49 PM
 #5

So what are Bitcoins for then?
Digital Gold backing. They enable sound money and possible anonymity if you use an anonymous EasyCoin service. It's just an overlay that makes it easier to get into Bitcoin in the first place.

How are you supposed to fight chargebacks if you don't know who chargebacked? It can't be anonymous.
The only way you can be anonymous is with a prepaid credit card. You can still reverse the transaction on that account. No names were ever necessary.
fascistmuffin
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July 02, 2011, 06:28:58 PM
 #6

As long as it doesn't change into an evil fee nazi site like paypal it'll be good.
Anonymous
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July 02, 2011, 06:30:10 PM
 #7

As long as it doesn't change into an evil fee nazi site like paypal it'll be good.
Hence why the software will be open-source. The Nazi site can compete with good ones.
wolftaur
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July 02, 2011, 06:35:43 PM
 #8

I think this is a good idea -- I actually posted yesterday in another thread about how Bitcoin and merchant services and/or consumer services aren't actually mutually exclusive ... It's simply easy to peel off the extra layer for those who don't want it. Smiley

My roommate has a home business, and I've been considering accepting bitcoins as payment -- but if he was running his business without my help, that'd never happen because he wouldn't know what the hell to do with it. My neighbors wouldn't know how the hell to get coins of their own. And they'd be leery of spending something with no protection at all...

Fraudulent chargebacks are indeed a pain in the ass for sellers, but lack of protection is a pain in the ass for buyers. I've had to issue chargebacks a number of times against dishonest merchants. I've gone to a store, bought something, and had it turn out it was defective, already used, and sold as "new" in violation of the law, and then I go back and they point at a sign that's actually only visible in the manager's cubicle that says "NO REFUNDS" ... We have technical solutions to this, except I don't think I could ever explain GPG and chains of trust to my mother. Smiley

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
Anonymous
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July 02, 2011, 06:37:20 PM
 #9

Frankly, I think this is the only hope for Bitcoin. I can't imagine normal people using it otherwise.
BitcoinDealer
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July 02, 2011, 06:41:39 PM
 #10

I agree that it's hard for Bitcoin to make it become usable for normal people.

I want to accept Bitcoins for my business but I just feel like it's pointless since people can't get them anyway.

Who goes to exchanges and deposit USD to trade for EUR? No one, they'll just go to a local exchange shop at the airport.

Bitcoin will fail (unfortunately)

Look at my previous posts for explanation

Just wait for Bitcoin v2
Anonymous
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July 02, 2011, 06:44:02 PM
 #11

How do you bind virtual credits to Bitcoin transactions to prevent fractionalization?
You really can't. It's a matter of built trust. Again, this is why I want this software to be open-source.
bcearl
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July 02, 2011, 06:44:45 PM
 #12

Because virtual accounts like MtGox's and MyBitcoin have shown to be secure ...

Misspelling protects against dictionary attacks NOT
wolftaur
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July 02, 2011, 06:46:38 PM
 #13

Frankly, I think this is the only hope for Bitcoin. I can't imagine normal people using it otherwise.

Yeah, I agree. My roommate has a home business, so does my mother, so do three of my cousins, and one of my aunts... One of my best friends is a small business owner. I know around 30 people who own a business with 1 to 5 employees, either relatives or personal friends. Despite all the threads about "we need more businesses to take coins!!" I have never even tried to talk any of them into it, just because ... I mean, for crying out loud, most of them use Windows and about half of them have antiviral software. That alone is a huge barrier. And then, "Oh, and for EVERY transaction, generate this long-ass random address and read it to your customer." Three of these businesses are entirely via phone or walk-in. Sure, we push bitcoin for online stuff, but ... a currency you can only use on the net is always going to have that as its limit...

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
Anonymous
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July 02, 2011, 06:47:24 PM
 #14

Because virtual accounts like MtGox's and MyBitcoin have shown to be secure ...
Those were early examples and were bound to fail. The industry has learned.

In addition, EasyCoin will have a Bitcoin claim process with the tightest security. No real Bitcoins will leave in rogue hands.
BitQuestr (BitCoinWorldMarket)
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July 02, 2011, 06:50:29 PM
 #15


+1

Fantastic Idea. I wish you luck in creating it. Once my coming business opens and gets rolling we'd love to support the project in anyway we can.
qualia8
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July 02, 2011, 06:52:04 PM
 #16

This is the right idea.  I'd like to get my family into bitcoin, but right now, can't trust them to secure their wallets properly, not fall for phishing, etc.  I've tried mybitcoin.com and it's decent.  They -- and other online wallets and exchanges -- would be the natural starting place for this extra layer.
bcearl
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July 02, 2011, 06:53:12 PM
 #17

Because virtual accounts like MtGox's and MyBitcoin have shown to be secure ...
Those were early examples and were bound to fail. The industry has learned.

In addition, EasyCoin will have a Bitcoin claim process with the tightest security. No real Bitcoins will leave in rogue hands.

I think the idea is good in general, and I think that is what the old banks will do in the future (those who don't die).

It is like gold-backed money in a bank, but the bank must be way more careful and care for their clients, because they could easily pull all their bitcoins out of the bank (which is way harder with gold).

This will also make reversable transactions possible in scenarios where people want it. Where people don't want it, they can use hard cash bitcoins.

Misspelling protects against dictionary attacks NOT
MeSarah
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July 02, 2011, 06:55:16 PM
 #18

Just use Lindens then.

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BitcoinDealer
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July 02, 2011, 06:59:39 PM
 #19

This system will simply break the Bitcoin purpose in my opinion. This is not what Satoshi intended (so to speak).

I think a better way is to discuss how to get people turn USD into Bitcoins (in their personal wallets on their computer).

Bitcoin will fail (unfortunately)

Look at my previous posts for explanation

Just wait for Bitcoin v2
ElectricMonk
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July 02, 2011, 07:00:17 PM
 #20

Great idea.

Bitcoin backed virtual currency!
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