all comments

[–]0 points(+1 | -0) points  

The issue with bitcoin is transaction time and verification. Doing it with another cryptocurrency would be possible.

What's involved isn't that dissimilar to what is being done with credit cards with a chip. There you have a private key signing that a transaction is valid.

The only difference is that the validation is sent to a server that modifies some databases based on the authentification, then you have some clearing houses transfer money between big institutional parties and retailers up to weeks later.

Instead in this case the authentification is just posted somewhere public, and accounts are calculated dynamically from that. With ripple that isn't quite true, and it is a potential option. There it is a simple modification. Instead of every node keeping track of unspent txs every node keeps track of the end balance of every address, which is sort of like caching except where the source data of the cache isn't even needed so it's the same end result but in all regards more efficient.

[–]0 points(+0 | -0) points  

[–]0 points(+0 | -0) points  

Those are vary serious problems with blockchain, that I think will prevent it from ever being widely adopted by normies. As awful as credit card companies and banks are, they usually help to get your money if it is stolen. With blockchain, this is not really possible.

[–]0 points(+1 | -0) points  

Credit card companies and banks insure against loss. Insurance is an upfront cost and guarantees your downside is minimized. They don't lose money when your money is stolen. Insurance companies don't lose money either because they make more from financial investments than from premiums, so they have enough collateral to create new money to pay out on claims that they never have to pay back because they keep loans rolling over. Eventually loans get forgiven, by the Fed or other currency issuers, and so money is created as needed to ensure that no one loses when your credit card data is stolen.

[–]0 points(+0 | -0) points  

Phones are now NFC too.

You can do an LN transaction with a QRCode or NFC.

[–]0 points(+0 | -0) points  

Just use an Android Dash wallet. https://discoverdash.com/

You dont need a debit card.

[–]0 points(+0 | -0) points  

but that requires smartphones, i war thinking more of a standalone card

[–]0 points(+0 | -0) points  

It would be possible. The POS device could do most of the logic. The credit card device would have to do the actual cryptographic signiture, and that's about it.

It's not that secure because you wouldn't be validating what your private keys are signing with a password and the POS system could always display something to the human different than what it asks the card to sign.

But this is exactly the same problem with credit cards.