SAFEcoin cash (And Russia vows never to be cashless)

Okay after reading this:

It’s got me thinking could SAFE not develop a physical cash system of some kind? I was thinking have a decentralized exchange right? Then have that exchange issue printable prepaid I.O.U.s. In essence you charge a piece of paper with safecoin “value” and stamp it with say a QR code or something. Then it can be traded for services. When someone wants to redeem these I.O.U.s they take them to their SAFE account, scan the codes and load the prepaid safecoin into their account. After which the I.O.U.s are worthless. Kind of like the idea of prepaid game time cards or whatever. You buy the cards, can carry them around, trade them, and then redeem them once.


So no sources. Amazing journalism.

I’m Russian, born and live in Moscow. To say that this article is absolutely stupid and has nothing to do with reality is to say nothing…


Do you mind elaborating on this? I’m not quite making the connection.

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The site claims something, but doesnt back it up with sources.

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I was wondering about that. But regardless of whether the article is valid or not people like their physical cash. And the possibility of a power outage is still real enough. So still could the concept of creating SAFE cash work? Which is what my post was about.


There we agree, I just get antsy(no pun intended) reading alot of the “alternative media” where they either have no sources for their claims or simply source different “alternative media” websites until you end up where you started.

Interestingly sweden has basically cut out cash completely. Its still in circulation, but shops generally dont accept them. (source, my swedish friend) I read a very good article on the dangers of that in relation to negative interest rates the other day. Here it is:

Edit: and in relation to power outtages, that would always be a problem for anything that requires power to run, in catastrophical scenarious cash generally becomes void anyway, we revert to more of a communist way of life where we help and share.

Yes people in whatever county like the physical cash I wonder))
And the possibility of power outage in Russia I estimate as 0.001%
Nevertheless, SAFE should and will be popular in Russia at least among the people that hate state poking the nose everywhere))


Just do not think about Russia on what your TV’s and radio’s said.
Shame, but it is very far from the truth, just ideologic blind, and that’s a pity

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Seems easy enough to me, you purchase a printable QR code or whatever for X amount of Safecoins and once you take it to somebody to pay for something, they just scan it and their account gets the credit and the thing becomes worthless…is bitcoin doing something like this?..seems kind of like a no brainer, or am I missing something??


yeah sure it works, no probs

I’m sure the community could come up with some badass designs for SafeCash as well! Bills/Coins/whatever!

Yeah. I think the problem would be identifying which “credits” were spent and which were still good.

No doubt, we expect huge Russian community here


I think it could operate sort of like a mini paper wallet. You move however many SafeCoins from the network to the “cash” address and it prints out a one time use private key as a bar code of some sort.

When the code gets scanned it moves the entire contents to the recipient and the paper is worthless. My understanding is that the Safecoin could be stored in offline wallets so this seems like it would work…maybe @dallyshalla might know a cheat code or two of how this could work…


Okay here’s a question. What happens if safecoin gets transfered to “cash” or some other paper wallet and the paper wallet gets destroyed? How does that affect the rest of the network, if it all?

Generating some paper version that can be easily consumed, traded with others sounds good;

At the moment you have a bitcoin wallet, you can generate that QR code on the device, and scan it at a merchant and that spend bitcoin;

Hurdles with bitcoin are 10 minute confirms, and requirement for 3 confirms to be safe.

With SAFE it should make sense that we are going to generate the same kind of cryptographic transaction, generate a QR code that can then be redeemed and cleared instantly. So load up with $50.00 with value, and if there’s a city that takes this QR code or has a compatible scanner they’d be definitely able to redeem the exact amount, almost like “issuing yourself a credit card” where you are your own creditor.

Since clearing seems like it should be near instant, it would work for paying for a cab, dinnner, and a cab back, all off of 1 slip of paper you printed on your way out the door.

check this out:

Encourage you to try it at starbucks :wink: used that maybe 100 times, @mvanzyl indeed it’s a no brainer


I wonder if we could get this ported and adopted by Timmy’s. Not that I really care for TH, I think their coffee sucks actually, but it seems rather popular and it’s rather iconic even though it was bought out by the states. Actually the only thing I really like of theirs is the donuts lol. But the point is porting the app, better yet port it to use safecoin.

In a more general sense I think the “printable credit card” could go far. Not only would it compete with the credit card companies (boy would that piss them off :smile:) but it would also be able to be included as part of a printed receipt. So say I went into a store and bought $16.50 worth of goods and handed them a $20 credit safecoin slip. They take my money, run the slip through their system and print my change on the receipt as a tearaway bit on the bottom. One might even be able to set it up so this whole process could be automated. Run your goods through a scanner. Scan in a credit slip and get your change printed out on the receipt. An advantage to this as well is it could be precise. I’ve annoyed all to hell since pennies were taken out of circulation and everyone keeps rounding up to the 5 cent mark. That creates OBVIOUS math errors over time.

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@blindsite, I imagine you wouldn’t even need to reprint anything, you’d use your slip you printed, or reload a plastic piece that has the QR code, and that’s your “wallet” you’d load up from your computer or cell phone, whatever you use to access safecoin.

In other words these “credit cards” issued by yourself using safecoin would be able to take the exact amount, It doesnt work like bitcoin where you have to send all your money and ask for some back… hehe :wink:

That coin for coffee site also refunds you the change, but you are trusting that website’s service to deliver the payment. I sense that direct payment with safecoin is advantageous


I think a more detailed tutorial and hammered out plan for how it would work exactly would be in order but it sounds good. No more complicated than a debit card and one wouldn’t be reliant on the banks.

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