701 sats \ 14 comments \ @cryptofolyo 25 Jan bitcoin

Is it possible to make a QR based printout like Paper FIAT to carry around Satoshis

Scan A QR on top a sealed plastic envelope to verify the number of satoshi within the sealed envelope - For example if the QR scan shows 100 Satoshi - it means 98 Satoshi is there within the envelope ( 2% for the issuer to cover the risks of Issue ) - The envelope is circulated at a value of 100 Satoshi
The scan should ensure the reserve of 98 satoshi within the envelope at any point in time
Everyone receiving the QR cash may or may not ensure that the cash is within using the QR scan - The merchant or the buyer both can scan and see the satoshi inside at any point in time
The sealed plastic envelope is issued by a reputed satoshi issuer and the satoshi within the sealed envelope is guaranteed by the issuer of the envelope
If the seal is broken open then inside there is the secret key for retrieving the satoshi within
an unsealed envelope is not valid
The envelope can be returned to the issuer and issuer will redeem 100 Satoshi if on return the QR scan shows the satoshi within
There is an expiry for the QR cash for a period of 3 years within which the QR cash has to come back to the issuer and the issuer can extend the expiry for another 3 years
This is a rough idea - may require improvement and discussion on this idea
Same idea can easily find takers among merchants if there is a QR Cash system for AMPL SPOT in parallel . So beleivers in FIAT can adopt ample spot ( https://spot.cash)
For those who have no idea what ample spot it is a flat coin with value equal to inflation adjusted value of 2019 USD ~ 1.15 USD as on today - So better than a stable coin like USDT - Spot is a derivative of AMPL - https://www.ampleforth.org
Offline traders may trade and exchange between QR cash of AMPL spot and QR Satoshi

More details https://bit.ly/dollarhyperinflation

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65 sats \ 1 reply \ @k00b 25 Jan

https://offline.cash/

0 sats \ 0 replies \ @cryptofolyo OP 25 Jan

Yes there should be a protocol for the local co operative banks to issue offline cash like this

60 sats \ 9 replies \ @cleaningup12 25 Jan

Years ago when gold coins were first used as currency

The peasants kept having their gold stolen by burglars

So they asked the nobles (who had safes) to store their coins in return for a promissory note

The nobles noticed the peasants were trading the notes instead of redeeming their coins

20 sats \ 0 replies \ @cryptofolyo OP 25 Jan

For the next few years till the peasants understand the complexities or simplicities of self custody and start using that At that point in time the peasants can convert to self custody

the peasants are not denied of their opportunity to carry satoshi with them because of lack of awareness of how to use technology systems

eventually schools can teach the peasants and their kids on how to convert their paper QR satoshi to self custody satoshi as and when they want it to be done.

20 sats \ 7 replies \ @cryptofolyo OP 25 Jan

yes - here the issuer NOBLE of the QR paper should ensure the return at any point in time - at any point in time the NOBLE's custody of the satoshi within the QR paper can be verified

Noble gets to have 2% on issue which he can utilise
Every 3 years the Issue is to be rotated
The peasants can redeem 100 Satoshi from the noble at any point in time

50 sats \ 6 replies \ @cleaningup12 25 Jan

Shouldn't we be getting away from using paper?

Still utilise your idea but with smartphone qr codes?

20 sats \ 5 replies \ @cryptofolyo OP 25 Jan

A Large part of the population across the world in the underdeveloped area have to come into the system before satoshis become too costly for those population
The more late they are to come into the system the larger will become the disparity between the Noble and the peasant

50 sats \ 4 replies \ @cleaningup12 25 Jan

The counter may be said for the raw materials cost in the future of a smartphone vs writing ✍️ paper which will become less and less seen in homes

20 sats \ 3 replies \ @cryptofolyo OP 25 Jan

Why do u think NVidia Equity going up? Electronic components are scarce Anything that is having scarcity is going up because dollar is becoming the inverse of scarcity

So with the https://bit.ly/dollarhyperinflation - The cost of electronic chip based items may shoot out. Old laptops and mobiles may become too expensive for the peasants

Printing out a paper may be a less costly affair.

50 sats \ 2 replies \ @cleaningup12 25 Jan

This is true 👍 good point 👉

30 sats \ 1 reply \ @cryptofolyo OP 25 Jan

So as hyper inflation kicks in the wealth disparity becomes too high if that happens it will be extremely difficult for lot of people

A person with internet access, mobile phone access who lives in US or Europe may aquire few million satoshis at a smaller rate in the coming few years

Think about people in Africa and other under developed parts of the world who will be left behind for years

They will have to pay a million times more for a satoshi than it is valued today or for the next few years.

This will create a very big wealth disparity

The QR based paper satoshi exchangable with QR based paper SPOT ( most of the population will understand inflation resistant USD better than highly volatile Satoshi for at least the next few years )

Farmers cannot sow in satoshi and harvest to get lesser satoshi after 6 months - Food scarcity will follow in that case

instead they will prefer to sow in Ample SPOT to harvest and make some profit in Ample Spot

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50 sats \ 0 replies \ @deletedd 25 Jan

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0 sats \ 0 replies \ @cryptofolyo OP 25 Jan

On QR Scan the Intrinsic Value can be shown as 98 Satoshi The redeemable value at the issuer point shown as 100 Satoshi

People who are running lightning nodes can also issue this QR paper Satoshi and circulate it in their local communities

They will need a physical presence like a local co operative bank with its Logo etc