So wanted to opinion these topic for discussion as to
how are we going to get normal Joe Bob consumer that is not very computer literate, does not want to run a miner, and does not see the need to go buy peercoins when he has cash or credit cards in hard to use. How do we get peercoins into their hands without just giving it away and hoping it takes off. There needs to be inventive to get peercoins to buy things otherwise people will use what they know.
What happens to peercoins that get “lost”. What is the projected burn rate of “lost” peercoins through password loss, drive crash, people giving up and never using them, left over amounts on giftcards, etc.
[quote=“CoinBadger, post:1, topic:1350”]So wanted to opinion these topic for discussion as to
how are we going to get normal Joe Bob consumer that is not very computer literate, does not want to run a miner, and does not see the need to go buy peercoins when he has cash or credit cards in hard to use. How do we get peercoins into their hands without just giving it away and hoping it takes off. There needs to be inventive to get peercoins to buy things otherwise people will use what they know.[/quote]
Peercoin has a high fee and long confirmation time so you would need third party payment serivice providers to do off-the-blockchain and even off-the-internet transactions to let normal users accept PPC (or BTC for that matter). Third party payment serivice providers will provide payment processing infrastructure to venders, provide apps, debit/creditcard, checks, even “cash” of cryptocurrencies to normal consumers. Those who demand total anonymity can still use the blockchain and pay transaction fees and confirmation time, but these people are not normal folks. We are not normal.
2. What happens to peercoins that get "lost". What is the projected burn rate of "lost" peercoins through password loss, drive crash, people giving up and never using them, left over amounts on giftcards, etc.
The are lost. It has some deflation impact on the economy. The rest coins have slighly higher value and slighly more rare. The real impact is tiny.
[quote=“CoinBadger, post:1, topic:1350”]So wanted to opinion these topic for discussion as to
how are we going to get normal Joe Bob consumer that is not very computer literate, does not want to run a miner, and does not see the need to go buy peercoins when he has cash or credit cards in hard to use. How do we get peercoins into their hands without just giving it away and hoping it takes off. There needs to be inventive to get peercoins to buy things otherwise people will use what they know.
What happens to peercoins that get “lost”. What is the projected burn rate of “lost” peercoins through password loss, drive crash, people giving up and never using them, left over amounts on giftcards, etc.
CB[/quote]
Re 1. Agree with poster above. Payment processors will likely take care of POS (point-of-sale) payments. There is however another path which I personally like better as payment processor are likely centralised systems.
If we can create easy account names connected to the blockchain, so people can use the wallet/client instead of their browser and go to their bank’s website. There need to be integrated API’s similar as being used for internet payments.
A similar client can be installed on a mobile device (smartphone) and payments can be done with e.g. NFC. I expect to see something like that from Emunie in the near future.
This would keep the whole system distributed and more resilient in the long term.
In the short term we might see both systems competing with each other.
Leaves us with question why would people use Peercoins instead of dollars. I think that is good for a whole discussion about inflation, economics, easy of use, interest, trust, confidence in banks etc.
Re 2. It would be nice to somehow tag an account in the blockchain as invalid. If someone looses their private key, an insurance schema might be able to payout knowing it is irreversible. Of course someone need to proof in other ways to be the owner. If there are multiple payments during some time this might not be too hard to prove. Insurance companies always work with certain amount of risks and can account for that in the premium.
The challenge is who would be able to tag an account as invalid (or lost), the insurance company? And what rules would apply and how to prevent misuse or accidental blocking? Hard to solve without storing additional identity data in the blockchain which is not desirable as it is public. We need a solution for this as humans will continue to loose keys and passwords…