Comment on What if we’re thinking about “Fediverse funding” the wrong way? (Non-crypto idea)

• Steve@communick.news ⁨2⁩ ⁨days⁩ ago

  So if they have real cash value, how do you secure a distributed currency system without a blockchain? How do you stop the creation of fraudulent tokins?

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  • poVoq@slrpnk.net ⁨2⁩ ⁨days⁩ ago

    Such a system could be set up relatively easily with GNU Taler. The problem is rather on the legal side for the organization that holds the funds and converts it to the tokens. Unless you are registered as a bank there are severe limitations on how much money you can hold and covert.

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    • rglullis@communick.news ⁨1⁩ ⁨day⁩ ago

      Stripe has the connected account system where they work as the money transmitter, so one could build a system where you just need to keep track of the IOUs and Stripe is the one collecting and sending payments. It’s how Github sponsors work, and it’s how I set up the Communick Collective

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    • Steve@communick.news ⁨1⁩ ⁨day⁩ ago

      Then you have a central org you need to trust with the money. It’s not really distributed or federated system anymore.

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      • poVoq@slrpnk.net ⁨1⁩ ⁨day⁩ ago

        There is no need for a central org. It could be many different ones all using the same Taler software.

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  • Teknevra@lemmy.world ⁨2⁩ ⁨days⁩ ago

    The coins / etc don’t have any monetary value.

    What you do is you purchase the amount that you want, on the platform server that you are planning on using them on.

    Ie Peertube.

    You would then tip / etc with them.

    And then, the creators, etc. that you pay, would then be able to cash out those coins for real currency.

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    • azdle@news.idlestate.org ⁨2⁩ ⁨days⁩ ago

      The coins themselves don’t have any monetary value. […] And then, the creators, etc. that you pay, would then be able to cash out those coins for real currency.

      The ability to ‘cash out’ means they do have monetary value.

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      • Teknevra@lemmy.world ⁨2⁩ ⁨days⁩ ago

        Then I guess that the term “Trade In” might be better.

        As I mentioned in the post, it’s similar to how Pachinko Rules work.

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    • rglullis@communick.news ⁨1⁩ ⁨day⁩ ago

      But again, why go through all this trouble instead of just sending money through a payment processor?

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