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0 sats \ 1 reply \ @grayruby 22 Apr \ on: I need help with this 1 stupid "world changing" idea... who's in? builders
You have a good idea here but it might be ahead of its time.
How are you enforcing the contract?
How is the bitcoin held once received in order to enforce the contract?
It's a great deal for the payer because they have only potential upside and they are paying anyways so they just use fiat buy bitcoin and wait to see if they get any money back. The receiver on the other hand doesn't get the bitcoin until the end of the contract term. Maybe they don't care because they are hodling anyways but if they need liquidity for any reason they can't sell or use the bitcoin as collateral.
My suggestion is to try to get others to pay you this way to further prove the concept so you can see what kind of roadblocks and issues you might run into. You can still work on building out your app. You are just the beta tester.
Thanks!
As for the contract being enforced - since the payer has no real downside and (our personal/business reputations are all we really have...the contract is simply one-sided as if I (as the owner) screw you over you just ruin my reputation :) and people quit using my service or business....
I am thinking that the business owner would indeed receive the Bitcoin (possibly in an escrow account or something) but as long as the business is providing the future savings in FIAT terms - that should be OK and the customer would simply realize the savings on a future purchase - which again is a method of keeping customers coming back :) I really didn't think there would be a "FIAT" payout as that would kind of defeat the purpose I think.
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