Bitcoin Forum
May 17, 2022, 12:31:52 AM *
News: Latest Bitcoin Core release: 23.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Funny use case  (Read 202 times)
Salivan
Full Member
***
Offline Offline

Activity: 195
Merit: 102

DiMS dev team


View Profile
February 21, 2018, 12:28:35 AM
Merited by paxmao (1)
 #1

Being in crypto for  a while. I know  how much damage to your live may be caused by sudden unexpected inflow of  cash. 
Thinking about  this  more I came  to a certain  conclusion. I think  that issue may be solved by  contract platform like  ethereum and  others similar.
This service may work as  follows: let say I put in a ethereum contract quite a big sum of money . Contract works in such way that it is  using this money to pay gradually over constant period of time small sum  to  specified address. Contract is doing so until it  is  exhausted. It works like  retirement fund.
Although it seems there is no visible benefit  to  that, from  my  personal  experience it  give you great  tool  to control our  desires, by putting some  delay  mechanics to  riches you have
Implementation seems to be easy, so in not so distant future I plan to  implement such  contract for personal usage   
1652747512
Hero Member
*
Offline Offline

Posts: 1652747512

View Profile Personal Message (Offline)

Ignore
1652747512
Reply with quote  #2

1652747512
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1652747512
Hero Member
*
Offline Offline

Posts: 1652747512

View Profile Personal Message (Offline)

Ignore
1652747512
Reply with quote  #2

1652747512
Report to moderator
1652747512
Hero Member
*
Offline Offline

Posts: 1652747512

View Profile Personal Message (Offline)

Ignore
1652747512
Reply with quote  #2

1652747512
Report to moderator
1652747512
Hero Member
*
Offline Offline

Posts: 1652747512

View Profile Personal Message (Offline)

Ignore
1652747512
Reply with quote  #2

1652747512
Report to moderator
DispatchLabs
Jr. Member
*
Offline Offline

Activity: 420
Merit: 3


View Profile WWW
February 22, 2018, 04:12:50 AM
 #2

Being in crypto for  a while. I know  how much damage to your live may be caused by sudden unexpected inflow of  cash. 
Thinking about  this  more I came  to a certain  conclusion. I think  that issue may be solved by  contract platform like  ethereum and  others similar.
This service may work as  follows: let say I put in a ethereum contract quite a big sum of money . Contract works in such way that it is  using this money to pay gradually over constant period of time small sum  to  specified address. Contract is doing so until it  is  exhausted. It works like  retirement fund.
Although it seems there is no visible benefit  to  that, from  my  personal  experience it  give you great  tool  to control our  desires, by putting some  delay  mechanics to  riches you have
Implementation seems to be easy, so in not so distant future I plan to  implement such  contract for personal usage   

Interesting idea.  It reminds me of when the lottery gives a winner the choice of one lump sum or small payouts over time.  One question I have would be how would the person using your contract idea would be able to decrease, increase or stop the flow of income?  Would there be a mechanism in place where the person using your contract could implement a command where they could not alter the income stream for a certain period of time?  Like if someone wanted to have steady payouts for 6 months at a time and every 6 months they were allowed to alter the contract to increase or decrease the payments.  I guess I'm thinking about this as more for someone who isn't very good at or not used to managing large sums of income and they don't want to spend everything they have in the first week, then your idea could save them from themselves.  Cheesy
reverseflash
Full Member
***
Offline Offline

Activity: 518
Merit: 100



View Profile
February 23, 2018, 02:51:41 PM
 #3

Being in crypto for  a while. I know  how much damage to your live may be caused by sudden unexpected inflow of  cash. 
Thinking about  this  more I came  to a certain  conclusion. I think  that issue may be solved by  contract platform like  ethereum and  others similar.
This service may work as  follows: let say I put in a ethereum contract quite a big sum of money . Contract works in such way that it is  using this money to pay gradually over constant period of time small sum  to  specified address. Contract is doing so until it  is  exhausted. It works like  retirement fund.
Although it seems there is no visible benefit  to  that, from  my  personal  experience it  give you great  tool  to control our  desires, by putting some  delay  mechanics to  riches you have
Implementation seems to be easy, so in not so distant future I plan to  implement such  contract for personal usage   
It will be very useful for people who cannot control finance, and are afraid to spend the earned money for unnecessary expenditures. I would prefer to enclose a part in further development.
Salivan
Full Member
***
Offline Offline

Activity: 195
Merit: 102

DiMS dev team


View Profile
February 24, 2018, 03:45:47 PM
Last edit: February 24, 2018, 06:34:11 PM by Salivan
 #4

Being in crypto for  a while. I know  how much damage to your live may be caused by sudden unexpected inflow of  cash.  
Thinking about  this  more I came  to a certain  conclusion. I think  that issue may be solved by  contract platform like  ethereum and  others similar.
This service may work as  follows: let say I put in a ethereum contract quite a big sum of money . Contract works in such way that it is  using this money to pay gradually over constant period of time small sum  to  specified address. Contract is doing so until it  is  exhausted. It works like  retirement fund.
Although it seems there is no visible benefit  to  that, from  my  personal  experience it  give you great  tool  to control our  desires, by putting some  delay  mechanics to  riches you have
Implementation seems to be easy, so in not so distant future I plan to  implement such  contract for personal usage    

Interesting idea.  It reminds me of when the lottery gives a winner the choice of one lump sum or small payouts over time.  One question I have would be how would the person using your contract idea would be able to decrease, increase or stop the flow of income?  Would there be a mechanism in place where the person using your contract could implement a command where they could not alter the income stream for a certain period of time?  Like if someone wanted to have steady payouts for 6 months at a time and every 6 months they were allowed to alter the contract to increase or decrease the payments.  I guess I'm thinking about this as more for someone who isn't very good at or not used to managing large sums of income and they don't want to spend everything they have in the first week, then your idea could save them from themselves.  Cheesy

everything is possible (platform like ethereum are very flexible) but  the question is what is really needed in this  kind of service. In my opinion, one has to keep it as simple as possible in order to be effective

EDIT: as an  afterthought I may say that some of your ideas or  their variations may be  quite worth of implementing
Salivan
Full Member
***
Offline Offline

Activity: 195
Merit: 102

DiMS dev team


View Profile
February 24, 2018, 03:50:29 PM
 #5

Being in crypto for  a while. I know  how much damage to your live may be caused by sudden unexpected inflow of  cash. 
Thinking about  this  more I came  to a certain  conclusion. I think  that issue may be solved by  contract platform like  ethereum and  others similar.
This service may work as  follows: let say I put in a ethereum contract quite a big sum of money . Contract works in such way that it is  using this money to pay gradually over constant period of time small sum  to  specified address. Contract is doing so until it  is  exhausted. It works like  retirement fund.
Although it seems there is no visible benefit  to  that, from  my  personal  experience it  give you great  tool  to control our  desires, by putting some  delay  mechanics to  riches you have
Implementation seems to be easy, so in not so distant future I plan to  implement such  contract for personal usage   
It will be very useful for people who cannot control finance, and are afraid to spend the earned money for unnecessary expenditures. I would prefer to enclose a part in further development.
I will post source code in this topic, but not very soon since I am working on a different quite complex  project(and I am not looking for distractions  right now). A code  of  this  contract  should be  fairly simple  though
atamism
Member
**
Offline Offline

Activity: 350
Merit: 10


View Profile
March 01, 2018, 05:32:14 AM
 #6

Great idea. It's tempting to use the money if its in your hands so limiting it might be the key for not being a one time millionaire to being broke for a lifetime. Lottery winners are good example of it. They ended up being poor after winning a huge amount of money. I hate to hear these sad stories but its true. There are people who doesn't know how to take care of money. They will live with regret for the rest of their lives. Thinking what they should have done before they lose the money. It should not happen to traders or bitcoin users. This might fix it.
paxmao
Legendary
*
Offline Offline

Activity: 1470
Merit: 1395


Supporter of Ukraine's Maidan War against Putin


View Profile
March 01, 2018, 12:39:43 PM
 #7

Being in crypto for  a while. I know  how much damage to your live may be caused by sudden unexpected inflow of  cash. 
Thinking about  this  more I came  to a certain  conclusion. I think  that issue may be solved by  contract platform like  ethereum and  others similar.
This service may work as  follows: let say I put in a ethereum contract quite a big sum of money . Contract works in such way that it is  using this money to pay gradually over constant period of time small sum  to  specified address. Contract is doing so until it  is  exhausted. It works like  retirement fund.
Although it seems there is no visible benefit  to  that, from  my  personal  experience it  give you great  tool  to control our  desires, by putting some  delay  mechanics to  riches you have
Implementation seems to be easy, so in not so distant future I plan to  implement such  contract for personal usage   

It is an interesting case not only for finance management, but also for retirement funds.

The problem is that is does not allow for any flexibility, that is, you may actually need your money for an emergency. Also, you could potentially ask for a loan against the fixed income you have, making the process useless.
Salivan
Full Member
***
Offline Offline

Activity: 195
Merit: 102

DiMS dev team


View Profile
March 01, 2018, 05:29:08 PM
 #8


It is an interesting case not only for finance management, but also for retirement funds.

The problem is that is does not allow for any flexibility, that is, you may actually need your money for an emergency. Also, you could potentially ask for a loan against the fixed income you have, making the process useless.


An entire purpose  is to not allow  to much flexibility, but really you  don't have to put like  100%  of  what you  have. Additionally if  someone  was able  to  survive without big money till  this  point why all the  sudden he  need it all so  desperately.
Keep in mind no matter what  kind of  obligation or  legal  action against you are  undertaken, as  long  as  you  have private  key you  are in control, crypto  simply  work  this  way
paxmao
Legendary
*
Offline Offline

Activity: 1470
Merit: 1395


Supporter of Ukraine's Maidan War against Putin


View Profile
March 01, 2018, 11:59:11 PM
 #9


It is an interesting case not only for finance management, but also for retirement funds.

The problem is that is does not allow for any flexibility, that is, you may actually need your money for an emergency. Also, you could potentially ask for a loan against the fixed income you have, making the process useless.


An entire purpose  is to not allow  to much flexibility, but really you  don't have to put like  100%  of  what you  have. Additionally if  someone  was able  to  survive without big money till  this  point why all the  sudden he  need it all so  desperately.

Really? Have you heard about Cancer? Have you heard about accidents? Of course there are moments in which you need all.
Salivan
Full Member
***
Offline Offline

Activity: 195
Merit: 102

DiMS dev team


View Profile
March 02, 2018, 07:15:29 AM
 #10



Really? Have you heard about Cancer? Have you heard about accidents? Of course there are moments in which you need all.

I see the point but I will stick to my version. I doubt money  can solve most of  someones lives problems in general(  like  curing you for  example, obviously  there are  such  cases, but it does not  hold in  general in my opinion ). Additionally big money creates some issues for  sure. we perceive  the  same topic  differenty  so there is no need  to argue
paxmao
Legendary
*
Offline Offline

Activity: 1470
Merit: 1395


Supporter of Ukraine's Maidan War against Putin


View Profile
March 03, 2018, 11:58:37 PM
 #11



Really? Have you heard about Cancer? Have you heard about accidents? Of course there are moments in which you need all.

I see the point but I will stick to my version. I doubt money  can solve most of  someones lives problems in general(  like  curing you for  example, obviously  there are  such  cases, but it does not  hold in  general in my opinion ). Additionally big money creates some issues for  sure. we perceive  the  same topic  differenty  so there is no need  to argue

I was just giving feedback, I you idea is not bad, in fact there is a whole project that partially uses the concepts you describe.

https://auctus.org/

I have not invested for the reasons I gave you: I think that blockchain as it is today, is not flexible enough for this use case. Thanks for sharing your idea.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!