nofunphil

Onchain consumer credit (x402 “credit card”)

https://x.com/philip0x/status/1982219251479097601?s=46

Love this. But wonder if it would work better if there was an incentive tied to using your phone less, ie. Rewards points for staying off socials.

Do you have kids?

Going thru this now with an 11 yo and 14 yo.

It’s a non-stop, swash-buckling battle to get them to put down their phones and do literally anything IRL. Their attention has been completely hijacked, their childhood robbed from them, and I feel like it’s pretty much a total parent fail on my part. But it’s the same with all their friends too. Shameful and sad and just wrong

At the risk of ridicule, I think we need to incentivize kids/people to use social media less. Think, “Touch grass. Earn points.”

Faroff dot fun

Agreed. At the risk of a shitstorm of downvotes, tokenized media could be part of a solution, especially at the consumer level. Authenticate real videos via a mint button/QR that airdrops you a token from creator. May require platforms to opt-in tho. Basically trust nothing unless you can authenticate source onchain. Not great fo sho, but prob necessary soon

No. The NFC chip plus the unique NFT makes it impossible to copy

No. Not necessary. You only need the verified NFT linked to “authentic” books. 3rd party service does minting and verification. It’s the same strategy luxury fashion houses are using with tagging physical products with NFTs for authentication

Via a 3rd party NFT minting service. In order to create the NFTs the original author could set up an account with the 3rd party, KYC herself and then mint tokens for every book she sells. 3rd party verifies/authenticates the book + NFT

So, I think it’s time to build solutions that directly address the problem (inflation). An interesting idea would be an NFT (I know…bear with me)that breeds a “child NFT” when CPI(inflation) rises past a threshold. Owner can sell child to cover inflation costs. Child becomes a parent when transferred, and similarity breeds based on CPI increases. Cycle repeats…

Would love to hear why it won’t work, how to improve it, etc.

Instead of asking governments to stop printing so much dang money, or, starting wars, both of which cause inflation, we can now say fuck it and build economic tools that protect people from the crushing lose in purchasing power. Let’s do that!!

a docking station at the central point that the ship rotates around

Buying Bitcoin is becoming similar to buying gold. It’s a Store of Value. Why is gold an investment? Because it’s scarce and we have, as a society, decided it’s an investment. There may be nuances here, but that’s the basic idea. Bitcoin is digital gold. Most other tokens are similar buying fiat currencies which can help if you local fiat currency is hyper-inflating. But then some tokens give access to de-fi which a whole other rabbit hole.

Yup, agree. A low-fee payments app with crypto rewards would be interesting. But just like how Patagonia serves certain consumers I think different payments apps will appeal to different people who have different priorities and goals when it comes to their money. It opens up the landscape to massive competition in designer currencies and payments apps. I think it will come down to trust, security and brand identity

No. FB is the establishment. Now that they've "opened" the crypto door a little wider, it creates the opportunity to build crypto payments that revolt against FB. Solution will likely involve privacy, responsibility, inclusiveness and charity.

Exactly. What this does is create a wide open space for a "anti-establishment" crypto payments system. But one that people actually understand and trust. Fiat will likely be UOA for stage one of the transition to crypto. But as more people get educated we'll move to fully Open payments. Many will use Libra. But many will use other services. It's not binary. Multiple winners will emerge. Brand identity will be huge here. Think Patagonia v. Walmart v. Nike. How you pay for things will become part of how you present yourself to the world. It's about to get very interesting.

1. Target specific towns and villages in need; perhaps anywhere M-Pesa is used is a good place to start??

2. Hire mobile money agents in those places to facilitate crypto to fiat exchange (when necessary)

3. Monitor progress extensively.

4. Incentivize merchants in the selected towns and villages to accept crypto for payment (granted, easier said then done, but I have some ideas there as well)