Centralized Coin
Finance and crypto
centralized digital currency
SHOW HN2021
How HN took it
3 positive, 11 neutral or asking, 0 mixed, 6 critical, out of 20 comments about the project. Thread score -0.08.
Idea: 3 for, 4 againstPrivacy: 0 for, 1 against
The thread, comment by comment
Each row is a top-level comment and its replies, in HN's order. Select a cell to open that comment on HN.
positive neutral or mixed critical about another commenter or something else the maker
What HN said
What people liked
Interesting lucky-user mechanism
From 1 comment
Just played around with this for a bit, the "one lucky user" aspect looks like a really interesting mechanism:…
steventey on HN
Cool idea
From 2 comments
Cool idea! I have some coins. Excited to give them to some cool people!
noahbragg on HNThank you, cool idea and so far it works.
Datagenerator on HN
Objections
Operating a money transmission service without licences is illegal in the US
From 2 comments
Fun fact: a service like this is illegal in the USA without a money transmitter license (which costs around $1mm per state) in each state in which you send or receive money.…
sneak on HNClose but not quite right. Money service business licensing will cost you a few hundred thousand to get for all states. [1] Second, there is a loophole at the federal MSB level…
alert0 on HN
Centralized design with a single point of failure and central minting
From 2 comments
IMO this is kind of the worst of both worlds: - It's centralized: so all the issues that come with that, plus the authority is some random person somewhere, rather than the…
fabiospampinato on HNI first thought this was a parody, but apparently this is serious, so here are some serious questions: - Why should anybody trust you as central authority? - How is this…
WhatsName on HN
Not a true blockchain, so double spends cannot be verified
From 2 comments
Accountability - I believe users should know when I mint coins. They should also be able to verify that no double spend is possible Your structure isn't a blockchain though.…
doggosphere on HNYou can only verify double spends if the integrity of the chain is intact. Since its not a decentralized database, and your service can "go down" at any time and "pop up" with…
doggosphere on HN
Public transactions remove user privacy
From 1 comment
Why make transactions public if you don't need to? If its centralized people won't trust that you're revealing all information anyways. So you basically just took away user…
doggosphere on HN
Coin has no real utility or backing
From 2 comments
IMO this is kind of the worst of both worlds: - It's centralized: so all the issues that come with that, plus the authority is some random person somewhere, rather than the…
fabiospampinato on HNI'm under the assumption (and hoping) this is just another gag project that was made in light of DeFi crypto projects getting funded without anything backing them. They always…
wanderindev on HN
Requests
Affiliate or referral incentives
From 2 comments
What's the max precision? Any thoughts on an affiliate program or incentives to onboard more users?
aww_dang on HNYou might consider offering something for services that adopt your coin and refer new users.
aww_dang on HN
Privacy-preserving design such as Chaumian cash
From 1 comment
Did you consider doing it as Chaumian-style cash[0] and if so, what made you decide against it? [0]:…
3np on HN
Questions
Can the mint revoke coins
From 1 comment
Nice! Can the mint (you) revoke coins?
MaheshC on HN
What prevents the maker from printing coins
From 1 comment
I first thought this was a parody, but apparently this is serious, so here are some serious questions: - Why should anybody trust you as central authority? - How is this…
WhatsName on HN
What can coins be spent on
From 1 comment
What can I spend the coins on?
nabraham on HN
Can users sell out for money
From 1 comment
As long as it’s funny money and there is no on/off ramp it’s fine no?
baby on HN
Alternatives named
Etleneum
From 1 comment
On a similar fashion (centralized alternatives to crypto ideas), there is Etleneum[0], which is a centralized smart-contract platform built on top of Bitcoin (lightning). [0]…
pastech on HN
Stellar
From 1 comment
Stellar meets PayPal?
pablius on HN
Coinbase
From 1 comment
Hi everyone, My main project is an online digital goods marketplace called flurly.com, and I’ve learned how hard it is to pay people globally. If Stripe/Paypal doesn’t exist in…
flurly on HN