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by ktsmith
4881 days ago
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I'm not confused about how your product works, virtual currency systems are great for the vendor but the lock into the marketplace carries risks and downsides for the consumers using the marketplace. > New products come out all the time and more often that not, you will purchase a new product in the future, right? That's assuming a lot. New products come out all the time, however I have no guarantees that your marketplace will have another product that I want at any time. If I have a balance of honey I'm taking a risk that I will find continued utility in your marketplace. That same risk doesn't exist if I sell or trade my goods for real currency instead of virtual currency. > So think of it as savings in your bank that's used for something else down the road. The value is never going anywhere... it always stays the same ($1 = 10 Honey). It's nothing like savings in a bank. My bank pays me interest and allows me to withdraw money at any time for any purpose. Converting money, or my used goods, to honey locks me into your ecosystem and has a significantly smaller value to me in utility and opportunity cost than actual cash. Additionally, if my bank goes out of business my deposits are insured by the FDIC. If swapidy goes out of business the honey evaporates into thin air and it's just a loss. |
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