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Author Topic: "Cash will never dissapear, not even the Bitcoin freaks believe that" Mark Cuban  (Read 146 times)
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March 07, 2018, 03:01:05 PM
Last edit: March 07, 2018, 03:37:23 PM by Kprawn
 #1

Let's prove him wrong.  Wink -- See idea below.  Roll Eyes

In Season 9 episode 23, an entrepreneur pitched a business, "CoinOUT" to the Sharks. {  https://www.coinout.com/ } which

basically turns your small change in coupons or back into cash. The Sharks debated and Mark Cuban commented, that cash

will never disappear and that not even the Bitcoin Freaks, believed that. Guess what Mark, we do believe that...right?

Now that got me thinking... Why not turn your small change into Bitcoin?

Someone can approach the guy from CoinOUT and ask him if he wants to add the option to cash out to Bitcoin. If he does not

want to run with that idea, we simply get our own Bitcoin developers to write a plugin for the most popular point-of-sale

software to offer people a option to get their small change in Bitcoin.

The wallet providers can offer their help, by providing a secure wallet at registration for this service and the payment

processors can even add their support by adding options to convert BTC back to Fiat, if the customer wants that. The

local exchanges can even provide services to sell the BTC, if certain pre-configured "sell" triggers are reached.

The loose change left behind at airport security checkpoints adds up to big bucks: $674,841.06 in 2014, just imagine if that

could have been turned into Bitcoin.  Wink

                                                    Let your small change, work for Bitcoin.

 
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March 07, 2018, 03:17:49 PM
 #2

Cash will never go away. I am sure that is true. Reason:
1 / Not every country is modern enough not to use cash.
2 / The world is still very poor and they only use cash.
3 / Cryptocurrency is facing the challenge of being hacked and used to serve money laundering purposes.
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March 07, 2018, 03:21:17 PM
 #3

Cash will never go away. I am sure that is true. Reason:
1 / Not every country is modern enough not to use cash.
2 / The world is still very poor and they only use cash.
3 / Cryptocurrency is facing the challenge of being hacked and used to serve money laundering purposes.
And it will take a long time before everyone in the world is able to have some kind of computer .
Or even if they have a computer but they don't have the money to replace it when it breaks down , that would mean they couldn't spend money till they buy a new one.
But i do believe a significant portion of the payments will move to crypto.

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March 07, 2018, 03:29:02 PM
 #4

Cash will never go away. I am sure that is true. Reason:
1 / Not every country is modern enough not to use cash.
2 / The world is still very poor and they only use cash.
3 / Cryptocurrency is facing the challenge of being hacked and used to serve money laundering purposes.

Try reading the content of the thread and not just the title.  Wink - The suggestion is on the table.  Roll Eyes

Cash will never go away. I am sure that is true. Reason:
1 / Not every country is modern enough not to use cash.
2 / The world is still very poor and they only use cash.
3 / Cryptocurrency is facing the challenge of being hacked and used to serve money laundering purposes.
And it will take a long time before everyone in the world is able to have some kind of computer .
Or even if they have a computer but they don't have the money to replace it when it breaks down , that would mean they couldn't spend money till they buy a new one.
But i do believe a significant portion of the payments will move to crypto.

It is becoming a trend for people not to read the content, but simply to comment on the title of a thread.

Let's not turn this into a debate, on if Mark Cuban is right or wrong. {In his opinion he is always right, no matter what you

say}

Let's rather discuss if my idea, to turn small change into cash... can work or not.  Huh

 
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March 07, 2018, 03:34:26 PM
 #5

I don't think any establishment will ever implement this idea because of one thing and that is Transaction Fees. Any customer who will opt out to Bitcoin as a change will instantly make that business establishment incur additional expense just by sending that Bitcoin to their customer. The price of the transaction is irrelevant as I don't think businesses will like the idea of additional cost just by giving change. Not unless that customer is willing to receive a decreased change equal to the current transaction fee I don't see this happening.

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March 07, 2018, 03:42:48 PM
 #6

I don't think any establishment will ever implement this idea because of one thing and that is Transaction Fees. Any customer who will opt out to Bitcoin as a change will instantly make that business establishment incur additional expense just by sending that Bitcoin to their customer. The price of the transaction is irrelevant as I don't think businesses will like the idea of additional cost just by giving change. Not unless that customer is willing to receive a decreased change equal to the current transaction fee I don't see this happening.

Ah, I waited for that response. To get past the "fees", customers will not get a direct conversion to BTC, every time they opt

for that option. You implement minimum withdrawal limits, like you have with faucets. The other option is for merchants to

sign up with off-chain services, like Xapo... where instant transactions are done on their internal leger {which is free}.  Roll Eyes

Alternatively we can wait for the Lightning Network to do this with Bitcoin.  Grin

 
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March 07, 2018, 03:45:08 PM
 #7

There's one city in Japan and I forgot the name of that city but majority of the people there use their mobile phone to scan QR codes to pay. The popular app that they use is Alipay and Kakao pay. Tourist who visits that City in Japan are having a hard time to buy items there because even if they have money to fund Alipay or Kakao pay they cant because they require a bank account, I mentioned that story because if one city in Japan can do it and it is possible that it can reach other Countries. If this can happen to Japan, other countries can follow. So yes it is possible but, it may take time for that technology to be embraced by people who still prefer to pay in cash or card.

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March 07, 2018, 03:46:10 PM
 #8

I think there is actually an ICO currently trying to do something very similar. Digitize I think its called, definitely worth checking out, its a pretty interesting concept

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March 07, 2018, 04:05:32 PM
 #9

Now that got me thinking... Why not turn your small change into Bitcoin?

Someone can approach the guy from CoinOUT and ask him if he wants to add the option to cash out to Bitcoin. If he does not want to run with that idea, we simply get our own Bitcoin developers to write a plugin for the most popular point-of-sale software to offer people a option to get their small change in Bitcoin.

Because if I try to spend the small change I get from a store I might receive less satoshi than I need for a fx.
And if you try to combine those payments and hold those funds into an account and withdraw only when you reach a limit...isn't this thing ... AGAINST decentralization ?
Secondary, a service like that will also require money to run, how are we going to pay for it?

There a lot of countries in which change is nearly worthless, I know that in Romania their biggest coin is worth around 10 euro cents and I might be wrong might be the same stands for Turkey. At last here we have coins worth 1 euro and 5 euros. I assume in some countries is even worse.

Cash and small change can be killed by credit and debit cards alone, swedish style.





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March 07, 2018, 04:10:32 PM
 #10

yeah its right. but tue growth process of bitcoin is enough to give you lots of profit
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March 07, 2018, 04:20:52 PM
 #11

Cash will never go away. I am sure that is true. Reason:
1 / Not every country is modern enough not to use cash.
2 / The world is still very poor and they only use cash.
3 / Cryptocurrency is facing the challenge of being hacked and used to serve money laundering purposes.
And it will take a long time before everyone in the world is able to have some kind of computer .
Or even if they have a computer but they don't have the money to replace it when it breaks down , that would mean they couldn't spend money till they buy a new one.
But i do believe a significant portion of the payments will move to crypto.
There is a fundamental piece of the equation that is being missed here. As of right now a Nokia phone costs about $25-50 dollars, but in about 5 years that price will be below $5. Now I know the whole world won't have computers, but nearly everybody will have a cellphone. Once they have the cellphone, and Segwit and LN are activiated worldwide then this whole conversation will be moot. Everybody who is in a "poorer" country now has access to banking (which 80% of this world currently doesn't) so for them its a huge win. For us in the 1st world, does it really matter if we use cash or not? I am what you would call a "Bitcoin freak or maxmalist" but I still don't see the need for getting rid of cash, it is just another form to be anonymous. In fact because it is another form to stay anonymous, I am in favor of it staying for my whole life.

ps wasn't trying to not answer question OP, in the grand scheme of things I think 600k is negligible amount of money considering we will have trillions inside Bitcoin.

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March 07, 2018, 04:21:51 PM
 #12

Cash would have been relegated or being a second thought but I see the transferring problem and lack of internet usage for all as the major factor.

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March 07, 2018, 04:22:07 PM
 #13


we do believe that...right?
Nope, we don't. Cash and fiat may eventually not be used by almost anyone, but the key word here is almost anyone.You do understand that bitcoin has some requirements which a lot of countries don't have, that being internet or even electricity. Cash will thrive in these countries.

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March 07, 2018, 04:27:39 PM
 #14

And no.   I've been into btc for nearly 6 years and I still firmly believe in cash, land, and gold as well.   Btc is wonderful but it has little chance of replacing cash.

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March 08, 2018, 02:53:43 PM
 #15


we do believe that...right?
Nope, we don't. Cash and fiat may eventually not be used by almost anyone, but the key word here is almost anyone.You do understand that bitcoin has some requirements which a lot of countries don't have, that being internet or even electricity. Cash will thrive in these countries.



You are also aware that big companies like Google are working on FREE internet for everyone, right? One of the projects are

called, Project Loon. { Project Loon is a network of balloons traveling on the edge of space, designed to extend

Internet connectivity to people in rural and remote areas worldwide. } ---> https://x.company/loon/

A lot of people get access to the internet via Internet Cafes in a market place in more rural areas or through their mobile

phones, powered by small solar panels.  Grin

 
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March 08, 2018, 03:50:27 PM
 #16

Hi,

That could be an idea, indeed. I personnally always have cents in my house. I guess it makes quite a lot of money after years of pegging!

I only see one big issue: on most websites, fees are quite high. How do you take care of that? I won't convert 1 dollar if it costs 2. I'd rather lose it actually.

Any solution in mind?

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March 08, 2018, 04:19:19 PM
 #17

And no.   I've been into btc for nearly 6 years and I still firmly believe in cash, land, and gold as well.   Btc is wonderful but it has little chance of replacing cash.

I don't think that replacing is the correct term that should be used, but people don't seem to understand that yet. It's a fantasy of many people, where I have to admit that I would like to see it happen as well, but it's delusional to believe in something that doesn't stand a chance against the current system when it comes to taking over its spot. I don't even see Bitcoin replacing cash or whatever as a necessary thing, because what would that change for me personally? Nothing. Bitcoin has given me everything that I need already, and that has been the case for years now, so for me there isn't anything left to wish for. My ultimate aim was to be freed from banks and governments, which is something I already achieved with a major part of my wealth sitting in Bitcoin. The only thing I would like to see happen, is that LN will stimulate merchants globally to start accepting Bitcoin payments, but that's just a matter of time.

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March 08, 2018, 04:43:58 PM
Merited by Kprawn (1)
 #18

Well if such a service were available I would be all in. I had a time in my life when I would collect each 1.5 dollar coin (of course, it was another country, not US, and 1.5 dollar is the equivalent of the largest coin value there) I received as change and I would put it into a saving box. When the saving box were full, I would have like a thousand dollars of available cash. I repeated that two times Smiley

So I would definitely be a user of such a service.

mdead
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March 08, 2018, 05:08:33 PM
 #19

Cash will never go away. I am sure that is true. Reason:
1 / Not every country is modern enough not to use cash.
2 / The world is still very poor and they only use cash.
3 / Cryptocurrency is facing the challenge of being hacked and used to serve money laundering purposes.
good notes, yes the world is not ready to remove cash. But when the change will take place there surely cryptocurrency what will take place of cash.
We need a change badly.
biboy
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March 08, 2018, 05:25:01 PM
 #20

I believe in it also that the cash would never disappear despite the possibility that cryptocurrency will gonna replace fiat, it will just be an alternative way but not as totally replace as fiat can be control by the government but the cryptocurrency cannot really control it.
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