A SafeCoin payments system - What does the consumer expect?


#1

Is there the possibility of a Worldwide SAFEcoin enabled payments system?

I have no idea, but if there was to be development in that direction, this study report may offer valuable insight into what end users might expect from such a system?

FUTURE OF MONEY - USER STUDIES AND TESTS OF PAYMENT TECHNOLOGIES (PDF)

Executive summary

This report describes ethnographic studies carried out within the framework of “Fremtidens Penge”
(“The Cashless Society”), a large-scale research project conducted in Denmark by Innovation Lab in collaboration with Copenhagen Finance IT Region (CFIR), Copenhagen Business School (CBS), IBM, Nets, Danske Bank and Cellpoint Mobile.

The purpose of the project was to investigate the possibilities for replacing cash with other payment technologies in Denmark, whose population already comprises some of the most e-ready users in the world.

The preliminary anthropological study mapped Danish attitudes and practices toward money and different payment technologies already in use today. How do people take care of their finances across the current spectrum of legal tender, and why? What are the strategies behind these dispositions?

In the Payment Test Lab, we tested user interactions with new mobile payment technologies, and found opportunities as well as challenges to a potential cashless society.

Among the key findings are the three overarching needs displayed by users regarding payment technologies: Control – users strive to be in control of their finances by monitoring their payment instruments. Value – users actively seek to maximize the value of their money by strategic use of the payment instruments that yield the highest value in the specific situation. Context – most payments are entrenched in social situations which highly influence the pertinence of specific payment techno-logies and their practical attributes.

The study also found that while users are explicitly keen on enforcing security measures, in practice they prefer convenience. Many would like to be able to set a maximum amount of their own choosing without using a PIN code in the payment app.

PIN usage divides users in general, and in many situations provokes distrust and disrupts the contexts within which payments take place. Users also display defiant trust in the face of increased security measures – they want to prove that they still trust their neighbour.

Users place a high level of trust in the expert systems behind electronic payments, preferring al-ready established “brands” such as banks or Nets 1 to provide the next generation of payment techno-logies. At the same time, apprehension regarding these same organizations prevails just beneath the
surface.

Users are wary of extra charges in connection with the introduction of new payment methods, and they expect some monetary gain in return, especially if they are required to take on additional tasks related to payments, for example those that would supplant cashiers and their work.


#2

chrisfostertv
3 Aug

Is there the possibility of a Worldwide SAFEcoin enabled payments system?

Hi christfostertv,
From posts I have read it is not presently possible to provide a Worldwide SafeCoin enabled payments system. (I’m presuming you are thinking of a payments facility for a wide variety of commodities, products and services.) Furthermore from my non-technical understanding of how SafeCoin is intended to be valued, I believe it is quite feasible to develop a more appropriate facility, namely a negotiable trade credit (NTC) that is an interdependent part of a global community trading and communications network which I’m looking to establish and have it as a sort of 'super app’ running on the MaidSafe network. What I’ve designed is a trade credit facility that can quickly scale to provide a replacement for all fiat currencies in the event of a collapse of the US dollar which I think is imminent. If I’m correct in that assumption there will be a massive rush for the exits but this time round there is no safe haven to which one can flee.


#3

Hi,

You should get a blog up elaborating on your negotiable trade credit idea.

I dont see a collapse of the US dollar, I see it getting much stronger over the next 12 months. I base this on Martin Armstrong’s Economic Confidence Model and worldwide capital flows:

Another chap, thinks that were headed for a new reserve currency based on SDR’s SDR’S AND THE NEW BRETTON WOODS

Dave Harrison over at Tradewithdave.com thinks a ‘Divorced Currency’ system will come into effect, which will involve what he terms as ‘Vector Gold’ which accounts for in-situ gold.

Plenty of theories :slight_smile:


MaidSafe and Interest Free Money / TelelinkGlobal
#4

Correct link:

  1. It bothers me that some classify virtual currencies under “cashless”.
    Cryptocurrencies are by nature cashless, so it’s not a special characteristic of theirs. While they can have physical form, it’s unusual and has many disadvantages. On the other hand virtual fiat currencies are inherently 100% fake, even worse than debased industrial metal coins.

  2. I like the observation how some bar-goers liked the ability to order and pay incognito… Not having a $200 item on one’s credit card bill for a bunch of drinks paid at 2:17am certainly helps uphold one’s image…

  3. EU sheeple:

When testers are asked who should be in charge of mobile payments, a standard answer is that
it should be an “expert system” made by institutions that guarantee the safety of the system.

And that’s not all:

Morten, a 32-year-old finance consultant “doesn’t really care who will be in charge”. The majority of
the testers share this attitude. Exactly who it should be does not matter all that much, as long as they
are “experts”.

From this it should be obvious that for the majority even bitcoin isn’t an option. They simply. Don’t. Care.
The sooner we realize that the sooner we’ll stop wasting time on trying to “awaken” the majority of populace… :slight_smile:

  1. It should be up to people to decide what to use and how to use.

  2. And I thought “pink collars” were “sex workers”… One learns something new every day…


#5

Thanks, have corrected the link


#6

chrisfostertv said he didn’t see a collapse of the US dollar, and that he thinks it’s getting much stronger over the next 12 months.

I strongly disagree and suggest any who are interested in that subject should read: http://usawatchdog.com/gold-and-silver-end-game-here-john-embry/
http://www.shadowstats.com/
http://davidstockmanscontracorner.com/
http://www.paulcraigroberts.org/
http://www.jamesrickardsproject.com/
and there are many more intelligent analysts if you want to go deeper.

But in any case the need is for a low cost frictionless facility that my conception provides, not the fee sucking Scheme cards and the and corrupted foreign exchange facilities etc.

I’m happy to share my ideas and documentation with concerned co-thinkers but I don’t have the free energy at this point in time to establish a blog on the subject.


#7

It’s not impossible that after the end of QE4 the dollar jumps while other major CB’s are destroying their currencies, only to collapse together with them once the Fed realizes it has no choice but to start QE5.

The customer (see my point (3) above and the fine PDF document) expects that experts (government bureaucrats assisted by financial lobbyists) control their cashless payment schema and find completely centralized payment systems desirable.
As long as the current system is functioning, 95% of sheeple will have no interest whatsoever remembering their pass phrases and contributing to something that goes against their preferences. I think too many participants on this forum expect that the masses are eagerly awaiting to be awakened. Won’t happen.


#8

I agree.
BTC (or digital currency in general)needs to focus on being accepted on porn and gambling sites first. That’s the kindling for such things. ( i know im going off topic a little) but, it has bothered me that the BTC people have been trying to create some sort of acceptable reputation for BTC. Its absurd. Is math good or bad or, have a reputation? Once understood there is no point contemplating this. And, it must be used to be understood.

Safecoin, i think, will create its own traction and both will probably help adoption of the other. Other cryptos?


#9

I moved 7 posts to a new topic: MaidSafe and Interest Free Money / TelelinkGlobal


MaidSafe and Interest Free Money / TelelinkGlobal