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Re: NYC Web Payments BoF (September 22nd, 2013)

From: <eanders@pobox.com>
Date: Sun, 08 Sep 2013 08:22:51 -0400
To: public-webpayments@w3.org
Message-ID: <acbf47518dcb3bd155dab695e38917a7@pobox.com>
In the past friends and I have discussed this briefly.

http://en.wikipedia.org/wiki/Binary_option

Is the buzzwords you are looking for.  Forex + Binary Options.  Binary 
Options have a very short expire time.  Many youtube videos you can 
watch about this.

Most likely the merchant selling goods doesn’t want to deal with 
bitcoins.  Merchant only wants fiat.  Merchant doesn’t really accept 
virtual currencies (V$), the Payment processor of their does.

The operator of the payment system absorbs all risk for the fluctuating 
V$ values.  They can use a % fee and absorb the risk themselves or they 
purchase binary options, through a forex broker, for larger 
transactions.

I can make it to NYU or dinner September 22nd. Quiet restaurant and 
conversations are contradictory terms.  :)

On 2013-09-07 21:48, Manu Sporny wrote:
> https://payswarm.com/events/2013/nyc-web-payments-bof
> 
> -----------------------------------------------------------------
> Topic: Web Payments and Enabling Price Stability
> 
> Who: Web Payments innovators, Bitcoiners, Ripplers, and Economists
> When: 6:30 pm on Sunday, September 22nd 2013
> Where: New York City (NYU or a quiet restaurant around NYU)
> Organizers: Joseph Potvin, Manu Sporny
> 
> Problem: Jane wants to accept Bitcoins as payment for the vegetables
> that she grows on her farm as part of a community-supported agriculture
> program. She is concerned that the worth of a Bitcoin will change so
> drastically that by the time she receives the Bitcoins that they will
> have halved in value and she will be unable to afford to run her farm. 
> A
> new economic tool is needed to ensure the price stability of a Bitcoin
> so that she can accept Bitcoins for long-term contracts without fear of
> their devaluation over time.
> 
> How do we create an open payment standard for the Web that permits the
> stable interpretation of prices for tangible goods and services in
> various currencies? Can we come up with ways to offer price stability
> for contracts that involve deferred payments, even when currency
> exchange rates fluctuate constantly in the speculative foreign currency
> exchange market? Can we come up with ways to express stable value with
> decentralized virtual currencies such as Bitcoin and Ripple in spite of
> broader currency system turbulence? Join us to learn about, discuss, 
> and
> explore new ways of approaching the challenges and opportunities of 
> open
> funding and open payment protocols on the Web.
> 
> RSVP if you plan to come.
> 
> This is part of a Web Payments tour through NYC. We will also be at:
> 
> http://edgeconf.com/2013-nyc/ on September 23rd
> 
> and at the Financial Times (let me know if you want to attend that Web
> Payments talk (on behalf of your financial/publishing institution)) on
> September 24th.
> 
> -- manu
Received on Sunday, 8 September 2013 12:35:20 UTC

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