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Author Topic: Walmart Coin  (Read 1483 times)
cbeast
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August 13, 2011, 06:43:09 PM
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Corporations are making their own currencies, but they are really nothing more than coupons or gift certificates. They have a one time use. However, if Walmart were to release a bitcoinW and honor it in their stores, it would be pegged to an arbitrary value, but Walmart would control that value. If Walmart chooses to increase the value of their currency redemption, it would become more like a stock in the company. If this increase in value continues, and also if the bitcoin network remains reliable, then this Walmart coin could in time replace the purpose of a stock. Wall Street should fear and embrace this technology.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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August 13, 2011, 07:37:06 PM
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General Mining Corp and General Retirement Funds are two experiments along those lines.

The idea is not to test using a testnet that will simply be scrapped, but instead to test by starting in "games", more or less abstract "virtual worlds" or "virtual environments" and let the fact that real world people and events do interact with virtual world people and events possibly open opportunities for these corps to gradually expand their sphere of influence and the variety of their assets into realms Earthlings regard as less virtual, more tangible. (Both are "real".)

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August 14, 2011, 09:17:59 AM
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there is a big difference between a decentralized currency versus one issued and managed by a corporation or other entity.

closed loop gift cards (e.g. gift cards that can be only used for purchases at a specific merchant) is an example of something similar to what you are describing and systems for these already exist.  there is little reason to use bitcoin technology for what you are envisioning.

the technology is the least of the reasons this isn't already happening. once you allow that store of value to be exchanged out for cash or to be used in other ways that is where it gets complicated with regard to risks and liability nonetheless the impact of different regulations.
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August 14, 2011, 09:20:08 AM
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cool and scary.

first a good bit of businesses have things like this, and most of the time it is designed to obfuscate the money you are spending. Look at xbox points or battlefield battlefunds, and they are almost never one to one with the dollar, because they dont want you thinking about what you are spending.

Another scary thought, is corps used to have currency back in the day of the robber barons. Where you ended up getting paid in walmart coins, which only could be spent at walmart. You lived in walmart housing, and shopped at the walmart corporate store.(obviously not walmart but what ever was around at the time). It is where "i owe my soul to the company store" came from in the song 16 tons.

and walmart is very interested in doing this again, they recently lost a case in mexico where they WERE paying their employees in walmart coins. er walmart gift cards, where employees could only use them in stores and only at presale prices.

a decentralized can be a boon to consumers, but a wide variety of them can also be our bane.  Remembering where we came from is always wise as we head towards where we are going.

mooo for rent
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August 14, 2011, 10:44:58 AM
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Walmart is an american only thing mostly, while bitcoin is international

I live in Europe and almost no one know what "walmart" is
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August 14, 2011, 11:11:34 AM
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cool and scary.

first a good bit of businesses have things like this, and most of the time it is designed to obfuscate the money you are spending. Look at xbox points or battlefield battlefunds, and they are almost never one to one with the dollar, because they dont want you thinking about what you are spending.

Another scary thought, is corps used to have currency back in the day of the robber barons. Where you ended up getting paid in walmart coins, which only could be spent at walmart. You lived in walmart housing, and shopped at the walmart corporate store.(obviously not walmart but what ever was around at the time). It is where "i owe my soul to the company store" came from in the song 16 tons.

and walmart is very interested in doing this again, they recently lost a case in mexico where they WERE paying their employees in walmart coins. er walmart gift cards, where employees could only use them in stores and only at presale prices.

a decentralized can be a boon to consumers, but a wide variety of them can also be our bane.  Remembering where we came from is always wise as we head towards where we are going.

Exactly, I hope it doesn't get to that point, but it probably will.
Remember when every big corporation had their own charge card? People had wallets full of cards from Sears, Woolworth, Standard Oil, etc. It was inconvenient and expensive overhead for the company bookkeeping. Then came Master Charge, they made it easy to get credit everywhere with just one card. The problem is now, the credit card banks in North Dakota charge too much. Imagine that.

I see history repeating itself here. Businesses will have the ability to once again stimulate sales with a gift card, without the bookkeeping overhead. As the value of their currency grows, it can become as valuable as they want to make it. Walmart wants to start their own bank, but has been denied the ability to do so by the SEC. Cryptocurrency can allow them to create a credit service with little overhead for transactions and even let them setup cheap and secure wire transfers globally.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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August 14, 2011, 01:47:15 PM
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Walmart is an american only thing mostly, while bitcoin is international

I live in Europe and almost no one know what "walmart" is

Seems it's some kind of giant supermarket where they sell almost everything... Haven't seen something like that in Europe yet.

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August 14, 2011, 02:12:45 PM
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cbeast, when I read your post it gave me the chills.
 

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August 14, 2011, 03:42:15 PM
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Walmart is an american only thing mostly, while bitcoin is international

I live in Europe and almost no one know what "walmart" is

Seems it's some kind of giant supermarket where they sell almost everything... Haven't seen something like that in Europe yet.
There are a lot of supermarkets in europe that sell everything more or less...
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