Re:SEC Charges Kik With Conducting $100M Unregistered ICO
by shyneeup on Tuesday June 04, 2019 @03:32PM
(#20098414)
Don't know enough about crypto, but whats the benefit of a payment system for messenger apps to run on crypto at all? If you're transacting through a centralized messaging platform doesnt that defeat the purpose of a decentralized currency or ledger?
Re:SEC Charges Kik With Conducting $100M Unregistered ICO
by solotronics on Tuesday June 04, 2019 @03:44PM
(#20098535)
It would open up ways to get money into and out of your chat app with less friction.
Re:SEC Charges Kik With Conducting $100M Unregistered ICO
by nostrademons on Tuesday June 04, 2019 @03:55PM
(#20098627)
Also saves you from the "How do I know you won't run off with the money?" and "What happens if Kik goes out of business?" questions. The value of a blockchain is that your digital tokens exist independently of the sponsoring organization, so the sponsoring organization cannot just alter or shutdown their database to make your funds go poof.
Granted, if Kik went bust tomorrow those tokens would most likely have no value, since their use is tied to Kik's messenger app. But in theory you would still own the tokens and could transfer them to anyone who would accept them.
Re:SEC Charges Kik With Conducting $100M Unregistered ICO
by mountainofdeath on Tuesday June 04, 2019 @05:23PM
(#20099398)
That's only true in the case where the underlying cyptocurrency is actually accepted outside the platform. In theory, if your app is transacting money, it keeps the equivalent cash in an insured bank account which is exactly how PayPal and similar work. If it's not widely accepted, it's basically the same as in-game tokens/currency. Speaking of in-game tokens, people have used them for the same purpose of cryptocurrency e.g. capital flight and money laundering.
Re:SEC Charges Kik With Conducting $100M Unregistered ICO
by duxup on Tuesday June 04, 2019 @02:24PM
(#20097796)
"Maybe Kik could take up the privacy flag?"
I feel like most services that aim to replace another one ... just want that information for their own purposes, not the customer's benefit.
Re:SEC Charges Kik With Conducting $100M Unregistered ICO
by southerndrift on Tuesday June 04, 2019 @02:55PM
(#20098081)
If you think the WhatsApp situation is sad, start thinking about Skype and Paypal.
Re:SEC Charges Kik With Conducting $100M Unregistered ICO
by JudgeWapner on Tuesday June 04, 2019 @03:44PM
(#20098532)
Theoretically this could be possible now with existing cryotos by making small wallets for micro transactions. The chat app would just need to link your blockchain address to make it easily copy and paste-able
We could have a privacy-oriented chat platform with a cryptocurrency "small cash" type of transaction system built on top. Combined with some informal craigslist style mini-stores, which flourished in China via Wechat.
I'm sure FB/WhatsApp could do it via normal payment channels, probably involving Visa/Mastercard. But the privacy story is awful for such a critical piece of software. Assuming they could pull it off. Maybe Kik could take up the privacy flag?
WSJ made a nice video of how Chinese people live "cashless" via WeChat in Shenzen: https://www.youtube.com/watch?v=75AXINUL47g