LTB #320 - A Dangerous Dependency by The Original Let's ...

Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?

Crypto Banking Wars: Can Non-Custodial Crypto Wallets Ever Replace Banks?
Can they overcome the product limitations of blockchain and deliver the world-class experience that consumers expect?
https://reddit.com/link/i8ewbx/video/ojkc6c9a1lg51/player
This is the second part of Crypto Banking Wars — a new series that examines what crypto-native company is most likely to become the bank of the future. Who is best positioned to reach mainstream adoption in consumer finance?
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While crypto allows the world to get rid of banks, a bank will still very much be necessary for this very powerful technology to reach the masses. As we laid out in our previous series, Crypto-Powered, we believe companies that build with blockchain at their core will have the best shot at winning the broader consumer finance market. We hope it will be us at Genesis Block, but we aren’t the only game in town.
So this series explores the entire crypto landscape and tries to answer the question, which crypto company is most likely to become the bank of the future?
In our last episode, we offered an in-depth analysis of big crypto exchanges like Coinbase & Binance. Today we’re analyzing non-custodial crypto wallets. These are products where only the user can touch or move funds. Not even the company or developer who built the application can access, control, or stop funds from being moved. These apps allow users to truly become their own bank.
We’ve talked a little about this before. This group of companies is nowhere near the same level of threat as the biggest crypto exchanges. However, this group really understands DeFi and the magic it can bring. This class of products is heavily engineer-driven and at the bleeding-edge of DeFi innovation. These products are certainly worth discussing. Okay, let’s dive in.

Users & Audience

These non-custodial crypto wallets are especially popular among the most hardcore blockchain nerds and crypto cypherpunks.
“Not your keys, not your coins.”
This meme is endlessly repeated among longtime crypto hodlers. If you’re not in complete control of your crypto (i.e. using non-custodial wallets), then it’s not really your crypto. There has always been a close connection between libertarianism & cryptocurrency. This type of user wants to be in absolute control of their money and become their own bank.
In addition to the experienced crypto geeks, for some people, these products will mean the difference between life and death. Imagine a refugee family that wants to safely protect their years of hard work — their life savings — as they travel across borders. Carrying cash could put their safety or money at risk. A few years ago I spent time in Greece at refugee camps — I know first-hand this is a real use-case.

https://preview.redd.it/vigqlmgg1lg51.png?width=800&format=png&auto=webp&s=0a5d48a63ce7a637749bbbc03d62c51cc3f75613
Or imagine a family living under an authoritarian regime — afraid that their corrupt or oppressive government will seize their assets (or devalue their savings via hyperinflation). Citizens in these countries cannot risk putting their money in centralized banks or under their mattresses. They must become their own bank.
These are the common use-cases and users for non-custodial wallets.

Products in Market

Let’s do a quick round-up of some of the more popular products already in the market.
Web/Desktop The most popular web wallet is MetaMask. Though it doesn’t have any specific integration with DeFi protocols yet, it has more than a million users (which is a lot in crypto land!). Web wallets that are more deeply integrated with DeFi include InstaDapp, Zerion, DeFi Saver, Zapper, and MyCrypto (disclosure: I’m an investor and a big fan of Taylor). For the mass market, mobile will be a much more important form-factor. I don’t view these web products as much of a threat to Genesis Block.
https://preview.redd.it/gbpi2ijj1lg51.png?width=1050&format=png&auto=webp&s=c039887484bf8a3d3438fb02a384d0b9ef894e1f
Mobile The more serious threats to Genesis Block are the mobile products that (A) are leveraging some of the powerful DeFi protocols and (B) abstracting away a lot of the blockchain/DeFi UX complexity. While none get close to us on (B), the products attempting this are Argent and Dharma. To the extent they can, both are trying to make interacting with blockchain technology as simple as possible.
A few of the bigger exchanges have also entered this mobile non-custodial market. Coinbase has Wallet (via Cipher Browser acquisition). Binance has Trust Wallet (also via acquisition). And speaking of acquisitions, MyCrypto acquired Ambo, which is a solid product and has brought MyCrypto into the mobile space. Others worth mentioning include Rainbow — well-designed and built by a small indy-team with strong DeFi experience (former Balance team). And ZenGo which has a cool feature around keyless security (their CEO is a friend).
There are dozens of other mobile crypto wallets that do very little beyond showing your balances. They are not serious threats.
https://preview.redd.it/6x4lxsdk1lg51.png?width=1009&format=png&auto=webp&s=fab3280491b75fe394aebc8dd69926b6962dcf5d
Hardware Wallets Holding crypto on your own hardware wallet is widely considered to be “best practice” from a security standpoint. The most popular hardware wallets are Ledger, Trezor, and KeepKey (by our friends at ShapeShift). Ledger Nano X is the only product that has Bluetooth — thus, the only one that can connect to a mobile app. While exciting and innovative, these hardware wallets are not yet integrated with any DeFi protocols.
https://preview.redd.it/yotmvtsl1lg51.png?width=1025&format=png&auto=webp&s=c8567b42839d9cec8dbc6c78d2f953b688886026

Strengths

Let’s take a look at some of the strengths with non-custodial products.
  1. Regulatory arbitrage Because these products are “non-custodial”, they are able to avoid the regulatory burdens that centralized, custodial products must deal with (KYC/AML/MTL/etc). This is a strong practical benefit for a bootstrapped startup/buildedeveloper. Though it’s unclear how long this advantage lasts as products reach wider audiences and increased scrutiny.
  2. User Privacy Because of the regulatory arbitrage mentioned above, users do not need to complete onerous KYC requirements. For example, there’s no friction around selfies, government-issued IDs, SSNs, etc. Users can preserve much of their privacy and they don’t need to worry about their sensitive information being hacked, compromised, or leaked.
  3. Absolute control & custody This is really one of the great promises of crypto — users can become their own bank. Users can be in full control of their money. And they don’t need to bury it underground or hide it under a mattress. No dependence, reliance or trust in any third parties. Only the user herself can access and unlock the money.

Weaknesses

Now let’s examine some of the weaknesses.
  1. Knowledge & Education Most non-custodial products do not abstract away any of the blockchain complexity. In fact, they often expose more of it because the most loyal users are crypto geeks. Imagine how an average, non-crypto user feels when she starts seeing words like seed phrases, public & private keys, gas limits, transaction fees, blockchain explorers, hex addresses, and confirmation times. There is a lot for a user to learn and become educated on. That’s friction. The learning curve is very high and will always be a major blocker for adoption. We’ve talked about this in our Spreading Crypto series — to reach the masses, the crypto stuff needs to be in the background.
  2. User Experience It is currently impossible to create a smooth and performant user experience in non-custodial wallets or decentralized applications. Any interaction that requires a blockchain transaction will feel sluggish and slow. We built a messaging app on Ethereum and presented it at DevCon3 in Cancun. The technical constraints of blockchain technology were crushing to the user experience. We simply couldn’t create the real-time, modern messaging experience that users have come to expect from similar apps like Slack or WhatsApp. Until blockchains are closer in speed to web servers (which will be difficult given their decentralized nature), dApps will never be able to create the smooth user experience that the masses expect.
  3. Product Limitations Most non-custodial wallets today are based on Ethereum smart contracts. That means they are severely limited with the assets that they can support (only erc-20 tokens). Unless through synthetic assets (similar to Abra), these wallets cannot support massively popular assets like Bitcoin, XRP, Cardano, Litecoin, EOS, Tezos, Stellar, Cosmos, or countless others. There are exciting projects like tBTC trying to bring Bitcoin to Ethereum — but these experiments are still very, very early. Ethereum-based smart contract wallets are missing a huge part of the crypto-asset universe.
  4. Technical Complexity While developers are able to avoid a lot of regulatory complexity (see Strengths above), they are replacing it with increased technical complexity. Most non-custodial wallets are entirely dependent on smart contract technology which is still very experimental and early in development (see Insurance section of this DeFi use-cases post). Major bugs and major hacks do happen. Even recently, it was discovered that Argent had a “high severity vulnerability.” Fortunately, Argent fixed it and their users didn’t lose funds. The tools, frameworks, and best practices around smart contract technology are all still being established. Things can still easily go wrong, and they do.
  5. Loss of Funds Risk Beyond the technical risks mentioned above, with non-custodial wallets, it’s very easy for users to make mistakes. There is no “Forgot Password.” There is no customer support agent you can ping. There is no company behind it that can make you whole if you make a mistake and lose your money. You are on your own, just as CZ suggests. One wrong move and your money is all gone. If you lose your private key, there is no way to recover your funds. There are some new developments around social recovery, but that’s all still very experimental. This just isn’t the type of customer support experience people are used to. And it’s not a risk that most are willing to take.
  6. Integration with Fiat & Traditional Finance In today’s world, it’s still very hard to use crypto for daily spending (see Payments in our DeFi use-cases post). Hopefully, that will all change someday. In the meantime, if any of these non-custodial products hope to win in the broader consumer finance market, they will undoubtedly need to integrate with the legacy financial world — they need onramps (fiat-to-crypto deposit methods) and offramps (crypto-to-fiat withdraw/spend methods). As much as crypto-fanatics hate hearing it, you can’t expect people to jump headfirst into the new world unless there is a smooth transition, unless there are bridge technologies that help them arrive. This is why these fiat integrations are so important. Examples might be allowing ACH/Wire deposits (eg. via Plaid) or launching a debit card program for spend/withdraw. These fiat integrations are essential if the aim is to become the bank of the future. Doing any of this compliantly will require strong KYC/AML. So to achieve this use-case — integrating with traditional finance —all of the Strengths we mentioned above are nullified. There are no longer regulatory benefits. There are no longer privacy benefits (users need to upload KYC documents, etc). And users are no longer in complete control of their money.

Wrap Up

One of the great powers of crypto is that we no longer depend on banks. Anyone can store their wealth and have absolute control of their money. That’s made possible with these non-custodial wallets. It’s a wonderful thing.
I believe that the most knowledgeable and experienced crypto people (including myself) will always be active users of these applications. And as mentioned in this post, there will certainly be circumstances where these apps will be essential & even life-saving.
However, I do not believe this category of product is a major threat to Genesis Block to becoming the bank of the future.
They won’t win in the broader consumer finance market — mostly because I don’t believe that’s their target audience. These applications simply cannot produce the type of product experience that the masses require, want, or expect. The Weaknesses I’ve outlined above are just too overwhelming. The friction for mass-market consumers is just too much.

https://preview.redd.it/lp8dzxeh1lg51.png?width=800&format=png&auto=webp&s=03acdce545cd032f7e82b6665b001d7a06839557
The winning bank will be focused on solving real user problems and meeting user needs. Not slowed down by rigid idealism like censorship-resistance and absolute decentralization, as it is with most non-custodial wallets. The winning bank will be a world-class product that’s smooth, performant, and accessible. Not sluggish and slow, as it is with most non-custodial wallets. The winning bank will be one where blockchain & crypto is mostly invisible to end-users. Not front-and-center as it is with non-custodial wallets. The winning bank will be one managed and run by professionals who know exactly what they’re doing. Not DIY (Do It Yourself), as it is with non-custodial wallets.
So are these non-custodial wallets a threat to Genesis Block in winning the broader consumer finance market, and becoming the bank of the future?
No. They are designed for a very different audience.
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submitted by mickhagen to genesisblockhq [link] [comments]

Riddim Remix Stems Thread (2.0 Edition)

UPDATE 2: I give up. Mixstep got obliterated and I'm not in the mood to go around looking for file sharing sites to host these on. Sometime soon I might upgrade a Google drive account for more space to fit all of these in there, but that's it for now.
UPDATE: The thread is closed for now until I make a new archive. DBREE got fucking obliterated because apprently some cunt uploaded Endgame spoilers and Disney intervened. I’m kinda short on time (due to stuff at school) at the moment and I’ll get on it as soon as I can. Also, fuck the Reddit app, I tried to make this announcement in there and it deleted all the entries after The Visit (SpaceGhost VIP). If anybody can fill me in on the ones that are missing (only one I can remember off the top of my head were the stems for Murder Music), I’d appreciate it.
Hey guys, since the original thread got archived, here’s a new, updated version for all of you guys to download stems from and remix! You know the drill.
0-9
50 Carrot - 3rd Bass
5ohman - Sneaky Snitch
A
Acaustik - Array
AD & SenoDubz - Bankai
AD, Curzed & Subfiltronik - Evil Ryu
Airvalue - Dikke Taarte
Akira & Subfiltronik - Black Knight
Algoreythm - Cosmic Death
Allesnik - Piggies
AOWL - Realm
Artix! - Megaman NEW
Ayonikz - Forest Adventure NEW
B
BadKlaat - Buh
BadKlaat - Freq Skank
Baska & Kinetic - Let The Boy Watch
Batikz & Heavy Kill - Riddim Monster Mutherfvck
Batikz - Cumbia Peposa NEW
BDKDZ - Smell
Bitcoin & Bigchop - Serbian
Blankface & BloodThinnerz - Future Fusion
Blasta Dubz & Susanoo - Insanity
Boarcrok & Boogie T. - D.F.G.N
Bong - Hostile Enforcement
Brexi - Legendary NEW
Brikz - Monster
Brikz, R2D2 & Cosmonaut - Brains
Bryzergold & Meta - Vegafornia
Bukez Finezt - Duck Trumpet
BVSSIC - Dirt
C
Chaimba - I Don't Need You
CHMST - Jump On It!
CHMST - System Error
CHMST - Trampoline
CrossDubz & Sixela - Area 51 NEW
CrossDubz - Riddim Alarm NEW
D
D-Jahsta - Slug Bass [Big Up Helldivider & Exolit!] NEW
D-Jahsta - System
DarkElixir - Headslung [Big Up Madcore!]
DirtySnatcha - Ghetto Blastin
DirtySnatcha - Swerve
DirtySnatcha - This Is Dubstep NEW
Dr Proctor - Sinkhole
Dr Proctor & Synista - Celestial Vermin
Draco - Dragonz
E
ekko - Ice Up [Big Up ekko!] NEW
ekko - p90 [Big Up ekko!] NEW
Element - Retro
Emilian Wonk - Toxic Abe's
ENiGMA Dubz - Badness
Enimpa - Frogs On Acid
Enimpa & JG Dubz - Boss Flow
F
Fayte - Frostmourne
Fayte - Nightmare
Flexa - The Real Skywalker
Flick - Greymon
Flick - Zurg
Flix - Squeez
Fugitives - G Mode
G
Gangar - Ghidorah NEW
Gangar - Lobotomy
Genetix - Hostile Enforcement
Getter - Fallout
Gitlo - I'ma Dog
Gitlo - Planet Radio
Glockz - Lovro
Glockz - Nightmare
Gnaw & Syfon - Rupee Riddim
Grym - Elevated
Guadaña - Satania Dubz
Guadaña & Mohno - Vestilis Obsidere
Guru - Block Rockin NEW
H
Havvik - Blood Cells
Helldivider & Exolit - Bene Tleilax NEW
Helldivider & Exolit - void. NEW
Help7 - Saiyan Pride
Herobust & MONXX - Giant Squiddim
I
Iconics - Madness
IOZE - Badges [Big Up IOZE!] NEW
IOZE - Monday Mornings [Big Up IOZE!] NEW
IOZE - Take This [Big Up IOZE!] NEW
IOZE - Tracksuit Slaviddim [Big Up IOZE!] NEW
Infekt - Objector [Big Up Infekt!]
Infekt - Raptor 2015
Invictous - Mexico
J
Jam PRD - Planet Earth [Big Up Nacha and SHRQ!] NEW
JPhelpz - Biggup King
Jub - Golden Rings
K
Kanashi - Baphomet VIP [Big Up Kanashi!] NEW
Kill Rex - Adventure Time NEW
Kozik - Turtle [Big Up Madcore!]
Krazex - Vader
Krxnik - Riddim Killa
Kurai & Guadaña - Healing Protocol
Kyper - Haise NEW
L
L3mmy Dubz - Serial Killer
Laem - Celestia
Laem - Mr Pop
LazyFlex - Space Terrors
LazyFlex - Swag NEW
London Nebel - Death Rattle
London Nebel - Riddim.FM
Lower & Atex - Scope
Lower - Alien OG NEW
LunarDash - Fritz The Cat
LV - Weapon
M
Madcore - Artifacts [Big Up Madcore!]
Madcore - Awakening [Big Up Madcore!]
Madcore - Babylon [Big Up Madcore!]
Madcore - My Life [Big Up Madcore!]
Madcore - Thugs
Madcore & R2D2 - Get High [Big Up Madcore!]
Martz & Emilian Wonk - Real Riddim Hours
Meta - Badmon (SpaceGhost Remix)
Midnight Tyrannosaurus - Statue Planet Scandal!
MODERN TVLKING - MODIFICVTIONS (Big Up StrickenTheChicken!) NEW
Mohno - Emeralds
Mohno - Modern Talking
Mohno - When Fate Plummeted [Big Up Mohno!]
MONXX - Scary Riddim & Nice Sprites
Moonboy - Alien Invazion NEW
Moonboy - Blasta
Moonboy - Gunnas ft. MagMag
Mr. Yukk - Destroyer
N
Naito - Mori [Big Up Mohno!] NEW
Naito - Sukochi [Big Up Mohno!] NEW
NostraDubz - Robot NEW
P
P0gman - Blunt
P0gman - Glocks Blast
P0gman - They Know
P0gman - ZERØ
Pharma & CrossDubz - Crablante NEW
Plazid - Screwdriver
Plazid - Wheres My Riddim?
Poisonous - Man
Ponicz - Get Gully
Ponicz - Hold Up
Presoak - Soaker NEW
Pryme - The Black Knight
R
R4KE - Covenanter VIP
R4KE - Sector Dub [Big Up R4KE!] NEW
R4KE - Translunar NEW
Rem - Rock Lee
R!SK & Hawkinz - Tha Heat [Big Up Naut and Mohno!] NEW
Rulo - Buho
S
Samplifire - Hold Up NEW
Shikh & Susanoo - Shuriken Kage Bunshin no Jutsu
Shirako & Draco - Molag Bal
Shockz - Alienstep
Shozen - Space Case
SHRQ - Mario Dub
SHRQ - OG Krunch [Big Up SHRQ!] NEW
Skinzmann - Ion Cannon
Sledge - Blood Riddim
Sledge - Hell
Sledge - Possession Jutsu
Sledge - Say It
Sledge - Surgeon [Big Up object61!] NEW
SpaceGhost, Brikz & Mammoth - The Visit (SpaceGhost VIP)
submitted by DatRandomGuyTho to riddim [link] [comments]

[ANN] Developer Announcements - May 2018

All messages are taken from the official Linx Slack and Twitter with permission of the developer to share here
Previous threads:
[ANN] Developer Announcements - August 2017 [ANN] Developer Announcements - September 2017 [ANN] Developer Announcements - October 2017 [ANN] Developer Announcements - November 2017 [ANN] Developer Announcements - December 2017 [ANN] Developer Announcements - January 2018 [ANN] Developer Announcements - February 2018 [ANN] Developer Announcements - March 2018
May 1
Dev: Hi guys, we hope that you are all well. Please find our May update below.
https://mylinx.io/news/may-2018-update/ May Update:
Payment Integration: Unfortunately we have to announce that our first scheduled Linx payment retail integration has been delayed. Of course this comes as a disappointment for us as we're sure it does to you too. We have uploaded a press release from Traxsource below explaining the situation. Here is a transcription :
April 30th, 2018
Due to the increased work load involved in our ongoing store upgrades we are not in a position to integrate the Linx payment system on May 1st as planned.
We are extremely disappointed to announce this news, as both sides have put so much time & effort into making this happen. It goes without saying that we will continue to offer our full support to the Linx project & the team behind it. We hope to be able to bring this project to fruition at a later date.
Sincerely,
Brian Tappert Traxsource Managing Director
The platform : As you will no doubt be aware recent guidelines and regulations in the protection and handling of personal data is changing the way web based platforms operate. API access to some of the biggest social networks is now being restricted among other things and this has caused us to rethink a few major aspects of our own platform.
Although we firmly believe the new data regulations are a great thing for end users, it has also resulted in changes to some of the features that were originally incorporated . Our original schedule for the roll out of the platform was in stages. First we would introduce a fully functional baseline system and then start adding more features over time. After much discussion, we have now agreed that we need to deliver a much more ambitious platform from the get go. One additional aspect of the resdesigned platform is that we will now be including an audio upload and streaming service which will allow artists and musicians to showcase and sell their music directly (using Linx of course) from their profile page.
We are very close to completion and will notify beta testers as soon as we comfortable with the new model so you can put it through it's paces before release.
Block halving : Welcome news for long term holders is that in around 36 days the Linx block reward halves for the first time since our blockchain launched. This will reduce the block reward from 50 to 25 Linx, dramatically slowing down the amount of freshly minted Linx released every day. You can monitor the countdown to halving at the following page : https://mylinx.io/halving
Source and Wallets : The team is currently working on a completely updated version of the Linx source code which implements many of the latest developments in blockchain tech. iOS and Droid wallets will follow the release of the new source. As we're sure most of you are already aware, Linx wallet support is already available for iOS and Android in the excellent Coinomi app : https://coinomi.com
Lastly, although the unexpected delay in our first retail integration was not the news we’d hoped to deliver to you today, we hope that finally knowing who the retailer is will go some way to easing any concerns you may have had about the validity of the Linx project or the abilities of our team. Although we have had to adjust the schedule of our roadmap our goals for Linx remain unchanged. There is a ton of exciting things happening behind the scenes but we remain reluctant to speak about them until they are ready to be realized. In light of the current situation we hope that you will understand the reasoning behind our position on this. For those that are uncomfortable not knowing what's coming, we totally understand and trust you will use your best judgement with regards to any Linx holdings you may have.
If you have any questions about anything ask away and we'll do our best to address them where possible here in the slack channel.
Team Linx
May 2
Dev: Hi guys, before we address your questions we just want to say that the reactions to the news yesterday from the community both in here, on Telegram and on Twitter has left us somewhat deflated. We knew the delay wasn't going to be well received but we hoped that you would see that the delay was not of our making, and see the positives in revealing the name of our partner and also realise that we have been completely straight with you from the start. Instead we watched some of our "supporters" calling us scammers, some even insinuating that we dumped ahead of the announcement. Neither could be further from the truth. Emotions were running high yesterday. We wanted to let everybody have their say before we responded to anything. With that said, onto some of your questions and comments...
User: "Some of us are holders and miners from june. We deserve more @linx team" Dev: We appreciate your frustration John as we are feeling exactly the same. Months and months of work on the payment system took priority over everything else as we knew it was going to be a massive coup for the project integrating with one of the most reputable dance music retailers in the world. The amount of work involved set us back with everything else. Remember, we don't have millions of dollars raised from an ICO to just employ an army of people to get this done. All we can do is assure you that nothing has changed from our perspective, if anything our vision, especially for the platform, is bigger now than we first anticipated. We totally appreciate and respect people like yourself that have been with us from the start and shown real support for the project and we hope that your faith in the project remains.
User: "Unfortunately devs probably knew for quite some time that this wasn’t happening today and used their recent hype to dump their bags." Dev: Not true. For those calling us scammers or liars or insinuating that we have dumped our supply, we suggest that you save yourself the anxiety and exit now without looking back.
User: "if there was an exchange they would have mentioned it" Dev: Check out the guidelines and rules for listing on any of the larger exchanges.
User: "its been 1 year with nothing to show for it at the moment" Dev: Not true and extremely insulting.
User: "you don't give us enough information" Dev: Yes this is a valid point, but we did tell you how we planned to operate from day one. If we felt we could tell you things and they wouldn't be used as hyping weapons we would be much more forthcoming. The last thing we wanted from this project was a lot of hot air out there and a community getting progressively angered by promises of things to come that are yet to materialise. Yesterday, when we did say something, we watched as people from the crypto community publicly attempted to rubbish our project to our retail partner. Yes, against our better judgement we have made some statements, in good faith, regarding our roadmap along the way to address some of the constant questions raised from the community. The reason we never wanted to say anything prematurely is hopefully blatantly obvious now. We fully understand the never ending cycle of hype and fud that the cryptoscene thrives on, but we told you from the start that we were not going to do that.
User: "Since the first partnership didn't go through for now, could you tell us a bit more about the future business strategy of linxpay? Will you release the retail or consumer software to public?" Dev: Absolutely. We weren't planning to release this until the retail version was out there but yes, the consumer version will be fast forwarded now for sure. Work on the platform is currently taking priority, once that's finished this will be next. Think of it like an alternative to the paypal model. It will be as simple as registering an account and making a simple API call to start accepting Linx on any website or blog.
User: "Why set deadlines at all if it's not set in stone with Traxsource." Dev: We didn't. We agreed a deal with Traxsource in 2017. The timelines for integration were chosen and subsequently postponed by Traxsource for valid and unavoidable reasons. The 'set in stone' date of May 1st was their choice as was made clear in our previous announcement.
User: "please tell us about new exchanges." Dev: We have submitted, and are still actively submitting exchange listings. That's all we can say right now. We know that's not exactly what you want to hear but it's the truth.
User: "Good luck finding a link to that "press release" anywhere, likely fake." Dev: It's probably a good idea to wait and see next time before you accuse us of being fraudsters. The press release was entirely Traxsource's idea. They are fully aware that this further delay from their end might hurt our reputation and this is the last thing they wanted to happen. They have supported us from the start. The music industry is extremely fluid and unfortunately full of unexpected circumstances that often cause delays.
User: "reveal the identity of the devs please" Dev: If you are unable to trust us without knowing who we are then this isn't the project for you. There are plenty of crypto projects with photographs and linkedin accounts for you to invest in. We have our reasons for wanting to remain anonymous which we'll explain a bit more in the following answer.
User: "Could you provide a valid business reason why being anonymous is a good thing for Linx?" Dev: Sure. Has the anonymous nature of Bitcoin prevented it from being adopted? Charlie Lee recently stated that he will eventually pull away from the Litecoin project as he doesn't feel having a public head for the project is a good thing. We feel exactly the same way. Any project should thrive (or fail) based on the project, and not who is behind it and what they say or do. Also remaining anonymous allows us to poole our enormous resources without interference from the crypto community. For example - this was tweeted directly to our retail partner yesterday "@traxsource we have some developers who will build and deploy a working product. No need to work with @linXcoin".
User: "scam exit today?" Dev: No.
User: "So they've dumped everything" Dev: No.
User: "Why release the name of the partner? if the deal was still on you would keep the name hidden for competitive advantage" Dev: Do you think that this was the way either us or Traxsource wanted to announce this integration? Can you imagine the fallout if we had simply said that there was another delay without telling you anymore? We had no choice but to reveal the name and we are massively disappointed that we had to do it this way.
User: "The fact that you didn't begin the marketing is a problem" Dev: Yes it is a problem but we couldn't. The marketing of this integration is a joint venture between ourselves and Traxsource.
User: "obviously this is a huge disappointment for you guys, as I can't even imagine the man hours you've put into this project." Dev: Yes this is a massive disappointment for us. We have been working towards this since last year. Other aspects of the project were put on the back burner as this took priority. It's the last thing we wanted or expected and has put us behind schedule several times now, not to mention also delaying other aspects that were tied to the release of this integration. We are now having to adjust our strategy to fit the situation which is not easy when we've been working to said strategy for over a year.
User: "Also if items have changed it would be good to provide fans with more realistic + achievable timelines" Dev: Although we completely understand, and in another situation would totally agree, this is something that we will not be doing. Once bitten... From here on out we will only talk about things that are imminent. That way there is no room for disappointment on either side. We feel this is the only way to proceed and maintain credibility in the current climate.
User: "thank you for this good partnership" Dev:Thank you for again being one of the few that has actually picked up on what a big achievement this is. From the very start we asked you to trust us and for those that have, hopefully we've been proven worthy of that trust.
User: "The team must show more respect for investors" Dev: We haven't received a single penny of investment from anybody.
User: "If they didn't care about crypto community and communication at all, why give all those promises they knew they couldn't 100% deliver?" Dev: The failure for this to happen on the announced dates was not our call, we were 100% ready.
User: "So no milestone has been accomplished" Dev: If pairing up with one of the biggest retailers in our industry and thereby opening Linx up to an entirely new and significantly large audience is not a milestone then nothing we do is ever going to be good enough for you.
User: "The "store upgrade workload" reason sounds bullshit." Dev: It's not. We know the reasons for the latest delay and they are 100% valid.
User: "I think the regulations gave them cold feet" Dev: That is not the reason, see answer above.
User: "I firmly believe that Linx will have its chance to show itself to the world, and maybe it will not take long". Dev: Thank you for the vote of confidence, so do we! We wouldn't be doing this if we didn't :)
User: "The fact is the awareness of this project is only maintained by the community." Dev: Do you really think Traxsource agreed to partner with us because of the Linx community?
User: "If you are really so confident, please at least show us some proof so we can trust?" Dev: Very confused by this question, this seems an impossible ask.
User: "technically, maybe it would have been better for the devs to simply just keep the project closed as they once mentioned" Dev: Agreed.
User: "Keep in mind that there seemed to have been a NDA between linx and their partner" Dev: A fact that most other people haven't picked up on and yes, you are correct. It's not just Linx that needs to keep plans under wraps for competitive edge, our partners do too.
User: "Take a closer look at Traxsource instead and what a quality business it appears to be." Dev: Exactly. Anybody who knows anything about our market knows how big a deal this is. Maybe it would be useful for some to go back and read what Linx is all about.
User: "I just hope that the devs won't lose the motivation to achieve what they had planned". Dev: No we won't. Of course we would benefit from less criticism and more support from the community though :)
User: "I can't speak for everyone but personally as an EDM fan I truly want to see the project become reality and would love to help make it become a reality in any way I can". Dev: You are exactly the kind of person that we hoped would get behind the project and we value your support.
Dev: We have only covered a handful of questions here but it is clear that 2 of the biggest concerns you have relate to communication from us and listing on more exchanges. We will look into making both of these matters a priority going forward. We appreciate that there are some of you that have been with us since the start and we wish this recent announcement had been different for you as much as for ourselves. The last thing we wanted to do is let anybody down. It's especially hard when things are beyond our control as they were in this instance. We'll ensure that a repeat of this situation doesn't happen again by only releasing information on things that are imminent, no big lead ups.
We also hope that our answers to some of your questions do not come across too rude or dismissive, as that is really not our intention, but it is really important that we are quite blunt in our answers to avoid any misunderstandings.
In closing we just want to say that we are very encouraged by the support and activity in the community run Telegram channel especially. Please don't think that we don't care about, watch and value your support in the community channels, we most certainly do.
May 15
Dev:Hey guys,
Hope you're all well.
To address one of the issues brought up recently we are going to be posting progress updates and answer some of your questions every week or two from now on. Any questions you have can be posted in any of the Linx social groups and we'll pick a few and answer what we can.
Progress Updates :
-- Exchanges: As you are all no doubt aware the space has changed a lot over the past few months and many exchanges now only seem to be interested in ERC20 tokens that have raised significant funds from an ICO - and therefore can afford the substantial listing prices that some centralised exchanges are currently charging. We have some options on the table but we would really like to hear feedback from the community as to which exchanges they would prefer to see us spend the money on.
With that said we are totally prepared to follow the listing fee route with exchanges that still offer this option (fewer and fewer of them around it seems), but as mentioned above we would like to get some feedback from you guys before we proceed as we need to choose wisely. We want to ensure that there is a bigger marketplace for Linx traders but at the same time we don't want to see pump and dumps.
We have already submitted listing applications to several of the big exchanges but we have no further details to report at this time.
We've also begun adding Linx to voting systems on exchanges that offer this feature. Here is the voting link for SouthXchange - https://www.southxchange.com/Home/Vote - the Linx voting address is 16bt2DWHh2hxzgjK31sCifiLuUcvQaUFti if you want to support this listing. If there are any exchanges in particular that you would like us to add please let us know.
Although this is not ideal right now we believe that the future is going to be much brighter as more and more people move towards decentralised exchanges. We most certainly will be adding Linx to as many of these as possible as soon as the updated Linx source is released. The updated source fully supports DEX requirements.
-- Platform: We implemented some exciting tech this week on the streaming side of things. Beta testers will get to try it first and once we're happy that the platform is ready to launch we'll be able to tell you about it. Yes this is secretive but for good reason. We are not trying to sell anything based on this information, we're just keeping you in the loop while building something new and fresh. The last thing we need is somebody trying to copy our ideas before we've had a chance to release them. All things going well we should be in a position to give you a timeframe for the beta release in the next update. If you are wondering why you can't see any activity on our github for anything to do with the platform it's because it's all being done on our own self hosted private gitlab repository. At some point in the future we may open this repo up for community contributions, but for now it's strictly an in-house affair. Just because you can't see what's happening doesn't mean we're not busy beavering away :)
-- Retail Integration: No further news on this at the moment, please see the statement from Traxsource if you are unaware of the current situation.
Please get your questions in for the next update, we're listening :)
Wishing you all a fantastic week and, as always, thank you for being #LinxHeadz!
User: can you expand even a little on the music streaming platform?
Dev:Sure, the streaming part is just one aspect of the platform. It will enable artists to self-distribute. It can be used to simply showcase their work (think Soundcloud etc) or it can be used as a direct-to-fan sales platform utilizing instant purchases and downloads. It can also be used as a secure private distribution platform, for example - a producer or band sending out demo's to record labels. The labels will be able to play the track but the public will have no access or even knowledge that the track exists.
User: Regarding the exchanges and fees: can you elaborate on what options are on the table?
Dev:We'd rather not for the simple reason that once we start naming exchanges it opens up the doors for potentially negative responses aimed at said exchanges, remember this is all being discussed in a public forum. But more importantly, we don't want to lead the conversation. Right now the addition of new exchanges is more important to you guys than it is to us, so we'd rather hear what you want without trying to steer the debate in one direction or another.
Thanks for the suggestions of exchanges so far, please keep them coming.
May 21
Dev: Hi guys, please find some responses to your recent comments, suggestions and questions below. Team Linx
User: "wish we had more info about the payment system" Dev: As mentioned before, we spent months building a highly customised version just for Traxsource. As well as being a realtime payment processing engine it also includes a fully detailed customer management and tracking system including accounting and refund processing. It's incredibly simple to install on a retailers server and it is also completely self-hosted. It doesn't rely on, or even talk to, any of our servers. It only requires one live encrypted node (that doesn't even have to be localised) to connect to the Linx blockchain and a server with a valid SSL certificate to operate. It will convert several different FIAT currencies into Linx on the fly based on the current average exchange rate and includes weighting options for the retailer to cover any potential price swings. It's a fully automated system that creates unique user accounts for each customer and tracks their purchase history - it can even offer automatic discounts based on this. It fully integrates with any existing customer database or accounting system that a retailer may already have. It has several levels of security built in including anti-fraud mechanisms. It has a complete user management system whereby the sysadmin can grant varying levels of restricted access to company employees. It truly is a one click solution for any retailer that wants to start accepting Linx on an existing store and a fully functional out of the box customer management system for those wanting to open an online store from scratch. What was once a simple payment processing engine has evolved into a beast of a system unlike anything else out there in this space for sure.
User: "Do you feel the current developers can handle the workload required? Any plans to expand the linx team in the near term?” Dev: It is a lot of work, and the unexpected delays haven't helped at all, but it's important that these early stages of the platform are completed by the core team as they understand the full vision. Yes, we absolutely plan to expand the team once the platform stage is out of the way. We are actively looking for a dedicated lead iOS Dev, (if anybody in the community has suggestions we are all ears). We've already got people waiting to go with regards to the music PR side of things, we've had them from the start.
User: "new exchange suggestions" Dev: Many thanks to all of those that have put forward their suggestions of potential exchanges. We have been making applications where relevant. Some exchanges have already got back to us with offers of listing fees. Once we hear back from all of them we'll review the situation and decide where to go from there.
User: "Bittrex" Dev: We have already re-submitted Linx for listing on Bittrex. When we originally submitted it last year, the circulating coin supply was too low. At the time they required at least 10% of the total supply to be out there, this wasn't the case back then, but it is now. Please keep in mind that if Bittrex does decide to list Linx we will not be able to talk about it.
User: "TradeOgre also is free and good coins are being added there" Dev: Linx has been submitted for listing on TradeOgre.
User: "Dex exchanges" Dev: We will be submitting to many of these as soon as the updated source code is released. There are BIP's in the updated source that are required for DEX listings.
User: "what about the exchange you said you had?", "why aren't you talking about that?", "they have also made irresponsible announcements such as that they had 1 definite and more pending exchanges" Dev: We have definite options on the table to pay for listing Linx. We are not going to disclose what exchanges these are until, and if, we decide to actually go with any of these. This was the primary reason why we asked for your opinions.
User: "starting a community fund to cover exchange listing fees" Dev: Thank you, this is true community spirit and let's us know how much you care about this project being successful! Hopefully this won't be required but it's good to know that some of you have got our backs in this respect :)
User: "there's something fishy going with big buy orders", "looks like insider trading", "somebody knows something" Dev: As mentioned above, we have submitted Linx to several exchanges. It's possible that any of these could have decided to get some supply prior to a potential listing, but if that is the case we certainly wouldn't know about it.
User: "linx kiosk and linxtalk.org" Dev: Neither of these are anything to do with us.
User: "They abandoned the project for the moment. No roadmap,no news about exchanges, no news about the integration with TRAXSOURCE, no real dates when they communicate Only promises. I think they did on puropose to let the price go down" Dev: Categorically not true. Why would we want to kill the value of our own project and upset the entire community at the same time? We’d lose all round! If anything, it's posts spreading FUD like this that could be having negative effects on the price. Of course it's your right to say whatever you want if that's what you believe, just don't expect anything positive to come of it if you do though.
User: "sometimes I think they are professionals and they know what they do, other times I think they are naive and lacking in experience", "i think they are just to slow for crypto business", "I feel like the project is being run by arrogant musicians rather than business folk with common sense", "honestly I dont think we can expect anything from Linx" Dev: How are these comments at all helpful or constructive? Insulting our project management, our team's characters' and our abilities has no value and is nothing more than that - throwing insults. Not only is it unhelpful but it’s irresponsible to the rest of the community. These forums were set up for supporters of the project. Please remember that they are also accessible to any potential exchange or business partner. Anybody that uses these forums to simply slag off the project and the team are undermining all of our efforts and the efforts of the rest of the community to move the project forward, not to mention the negative effects comments like this will have on new members joining.
User: "They have said many times their least concern is the investors" Dev: Of course we are concerned that people have put their faith and trust in us and we aim to deliver, but if you want us to make a choice between working on making this happen or spending our time posting pointless updates to keep speculators happy the work will win every time.
We all win when we achieve what we've set out to do and then you guys start shouting about how great it is and inviting people to see for themselves. We've taken onboard the valid criticisms about the lack of communication and are actively rectifying that.
User: "You don't have to do things just to tick them..." Dev: So you want us to lie then? Wrong project.
User: "I doubt linx really want to avoid the crypto community and not understand the importance of community support, but their stance is that they only want hype when the hype is supported by fact. After being burnt by their own mini-hype they are even more conservative in leaking info now." Dev: 100% correct. It has never been our intention to cut the crypto community out, if that were the case we would have just got on and done our thing without even bothering to tell anybody about it until we were ready to go.
We are all too aware of what "community" can sometimes mean in the crypto space. We know there are many of you that support our vision and are very excited, as are we, about what we are trying to achieve, but sadly this doesn't ring true for lots of others. We're not naive, we know a lot of you are here to make money and then move on to the next thing. That's absolutely fine, but don't get that confused with "community support". What we have tried to do from the start is minimise the hype/fud that "communities" rely on as our goal for this project is much more than to just be another coin sitting on an exchange. We are building something that we hope will revolutionise the way assets change hands in our industry (the music business). This is why we haven't subscribed to the same tactics that some other crypto projects use. We know we have something here and we believe we can make this happen. We don't need, or want, people shilling the project based on future promises. We brought this project to the crypto community to give those of you that liked the sound of what we are planning the chance to get involved and support it early. We knew we were a way off from realising most of our goals which is why we haven't hyped it yet.
User: "hard questions require harder answers" Dev: Couldn't agree more, let's do it!
User: "1. Rapidly improve the entire approach to communications and remove all previous lead dev arrogance.” Dev: Communication criticisms have been taken on board, hence the regular Q&A. Lead dev arrogance? What is your reason for this comment? Please expand.
User: "2. List the coin on many many more exchanges immediately (Use dev fee if needed and discuss community raised funds).” Dev: As mentioned above, Linx has been submitted to many exchanges and the community raised funds issue has also been addressed.
User: "3. Hire more team members (actually use the dev fee / no man is an island)." Dev: So you'd like us to dump our dev fee on the exchanges to hire some more people? What do you suppose that would do to the price and confidence in the project right now? Is this really what you want us to do? We are managing this project responsibly. As explained above, we will expand our team when needed.
User: "4. Set out a new clear product roadmap that is achievable, and stick to it. This is just software, break it down and get it out there.” Dev: We have a roadmap. This isn't just "software". We are talking about opening up the crypto space to an entirely new market here. The marketing and branding of this project is just as, if not more, important as the "software".
User: "5. Stop creating more hidden sub projects / idealistic dreams, this will hurt the overall brand and project long term, if the mic cable gets pulled out again inadvertently.” Dev: You mean like issuing a new roadmap?
User: "6. Think about strategy, security and data privacy, way in advance (GDPR re: linx social platform api usage - should have seen that a mile off).” Dev: Security and privacy have been utmost in our thinking since day one. It's one of the reasons we created Linx in the first place. It's also why we shut down our web wallet. With regards to GDPR we have been fully compliant since the first line of code was typed. What we couldn't account for was how the big social platforms were going to limit, or in some cases entirely lock down their API’s due to GDPR. We've had to make adjustments based on ongoing changes being made to these platforms, as will any other platform using API’s in this way. As mentioned in the last Q&A this has actually pushed us in another, much bolder direction than we first anticipated. It's just going to take a bit longer to realise it.
User: "7. Release the new 2.0 source code and talk about it with your community." Dev: The new source is coming and there will be a full update about what's changed when it's released.
User: "8. Do more Q&A’s." Dev: Hello :)
User: "9. Listen to and work with your community (crypto or otherwise) there is much intelligence in mass. Do not ever alienate them again, these are your fans, holders and miners, keeping your network secure. Without them, this will be doomed to the bedroom.” Dev: We are well aware of the importance of the miners that secure the network. We chose a POW algorithm to ensure that Linx could involve the entire crypto scene. We also value the support of the community when it's real support or valid criticism, and not just bitching because their planned pump and dump didn't pay off. As you can see, we will happily address any valid question or criticism. But we're not going to pander to people that are simply insulting us.
User: "10. Keep positive." Dev: Why would we not be positive? It does wonders for our team moral reading comments from our "supporters" about how useless we are, it really encourages us. Seriously though, If you really mean this and want us to keep positive then you the community can help with this. Insulting us, spreading FUD & general negging is not the way to help with positivity.
submitted by CryptoSaul to LINXcoin [link] [comments]

Linx Discussions [May 2018]

Hey Guys,
This is the community driven Linx Reddit Channel and from now on we will be opening a monthly thread for general discussions so please have all of your Linx related general discussions in this thread.
Linx Devs have limited their self to Linx Slack channel in order to focus on actual product development so @Cryptosoul is updating below thread with all the dev comments in slack and if you like to join slack channel, please PM me your email and i will send you an invite..
[ANN] Developer Announcements - May 2018
Project Updates
As you might already aware, Linx announced it first retail partnership with Traxsource, even though the actual integration got delayed, we now know the name of the partner which proofs that our celebrity lead dev has connections in the business.
With that being said, Linx team is currently focusing on following things,
Linx Flagship Platform - nearing completion and will be open soon for the beta testers.
(Quote)
The platform : As you will no doubt be aware recent guidelines and regulations in the protection and handling of personal data is changing the way web based platforms operate. API access to some of the biggest social networks is now being restricted among other things and this has caused us to rethink a few major aspects of our own platform.
Although we firmly believe the new data regulations are a great thing for end users, it has also resulted in changes to some of the features that were originally incorporated . Our original schedule for the roll out of the platform was in stages. First we would introduce a fully functional baseline system and then start adding more features over time. After much discussion, we have now agreed that we need to deliver a much more ambitious platform from the get go. One additional aspect of the redesigned platform is that we will now be including an audio upload and streaming service which will allow artists and musicians to showcase and sell their music directly from their profile page (using Linx of course).
We are very close to completion and will notify beta testers as soon as we comfortable with the new model so you can put it through it’s paces before release.
Source
(Un-Quote)
Linx Wallet 2.0.0 to integrate all the new blockchain technologies
(Quote)
Source and Wallets : The team is currently working on a completely updated version of the Linx source code which implements many of the latest developments in blockchain tech. iOS and Droid wallets will follow the release of the new source. As we’re sure most of you are already aware, Linx wallet support is already available for iOS and Android in the excellent Coinomi app.
Source
(Un-Quote)
Block halving - Linx block halving expected on or around 06th June 2018 and current block reward will be reduced to 25Linx per block.
Other than above Linx devs now have shifted the priority to get Linx listed on new Exchanges and also to improve the communications. And as stated in slack they have already approached many exchanges but due to the exchanges policies Linx devs will only be able communicate those once finalized.
Linx Progress update from Slack - 14 May 2018
Hey guys,
Hope you're all well.
To address one of the issues brought up recently we are going to be posting progress updates and answer some of your questions every week or two from now on. Any questions you have can be posted in any of the Linx social groups and we'll pick a few and answer what we can.
Progress Updates :
-- Exchanges: As you are all no doubt aware the space has changed a lot over the past few months and many exchanges now only seem to be interested in ERC20 tokens that have raised significant funds from an ICO - and therefore can afford the substantial listing prices that some centralised exchanges are currently charging. We have some options on the table but we would really like to hear feedback from the community as to which exchanges they would prefer to see us spend the money on.
With that said we are totally prepared to follow the listing fee route with exchanges that still offer this option (fewer and fewer of them around it seems), but as mentioned above we would like to get some feedback from you guys before we proceed as we need to choose wisely. We want to ensure that there is a bigger marketplace for Linx traders but at the same time we don't want to see pump and dumps.
We have already submitted listing applications to several of the big exchanges but we have no further details to report at this time.
We've also begun adding Linx to voting systems on exchanges that offer this feature. Here is the voting link for SouthXchange - https://www.southxchange.com/Home/Vote - the Linx voting address is 16bt2DWHh2hxzgjK31sCifiLuUcvQaUFti if you want to support this listing. If there are any exchanges in particular that you would like us to add please let us know.
Although this is not ideal right now we believe that the future is going to be much brighter as more and more people move towards decentralised exchanges. We most certainly will be adding Linx to as many of these as possible as soon as the updated Linx source is released. The updated source fully supports DEX requirements.
-- Platform: We implemented some exciting tech this week on the streaming side of things. Beta testers will get to try it first and once we're happy that the platform is ready to launch we'll be able to tell you about it. Yes this is secretive but for good reason. We are not trying to sell anything based on this information, we're just keeping you in the loop while building something new and fresh. The last thing we need is somebody trying to copy our ideas before we've had a chance to release them. All things going well we should be in a position to give you a timeframe for the beta release in the next update. If you are wondering why you can't see any activity on our github for anything to do with the platform it's because it's all being done on our own self hosted private gitlab repository. At some point in the future we may open this repo up for community contributions, but for now it's strictly an in-house affair. Just because you can't see what's happening doesn't mean we're not busy beavering away :slightly_smiling_face:
-- Retail Integration: No further news on this at the moment, please see the statement from Traxsource if you are unaware of the current situation.
Please get your questions in for the next update, we're listening :slightly_smiling_face:
Wishing you all a fantastic week and, as always, thank you for being #LinxHeadz!
https://www.southxchange.com/Home/Vote
User: "can you expand even a little on the music streaming platform?"
Sure, the streaming part is just one aspect of the platform. It will enable artists to self-distribute. It can be used to simply showcase their work (think Soundcloud etc) or it can be used as a direct-to-fan sales platform utilizing instant purchases and downloads. It can also be used as a secure private distribution platform, for example - a producer or band sending out demo's to record labels. The labels will be able to play the track but the public will have no access or even knowledge that the track exists.
User: "Regarding the exchanges and fees: can you elaborate on what options are on the table?"
We'd rather not for the simple reason that once we start naming exchanges it opens up the doors for potentially negative responses aimed at said exchanges, remember this is all being discussed in a public forum. But more importantly, we don't want to lead the conversation. Right now the addition of new exchanges is more important to you guys than it is to us, so we'd rather hear what you want without trying to steer the debate in one direction or another.
Thanks for the suggestions of exchanges so far, please keep them coming.
If you require any assistance or information, please post here and we will try to help you out as best as we can and don't forget to check below community channels for more information.
submitted by sidathsaumya to LINXcoin [link] [comments]

Why would an average person actually choose to use Bitcoin?

(Cross post from https://bitcointalk.org/index.php?topic=131154.0) That is a question that I come across quite often. For example,
From: Cardiovorax
I understand all the ideological reasons for why someone might want to choose Bitcoin. Most of them are fairly crazy, but at least they're there. What I don't get are the practical benefits, why an average person would actually choose to use them. If you aren't worried about the government or the banks or planning to get rich quickly 2140, then what can Bitcoin actually do for you? That's the part that nobody has really managed to explain so far in any of the threads, at least as far as I can remember.
To be fair, we understand the currency, it's inner workings, and thus its potential quite well, but while we profess how great it is, with $'s and stars in our eyes, we likely forget that the people we are talking to don't know or understand everything that we do. So, I think we should come up with some examples that answer the question of "why would an average person care" (or re-paste them from older necro threads). Here are some of mine:
1) It lets you send money overseas cheaper than using a bank wire (FIAT > BTC > BTC > FIAT has way better fees and exchange rates than bank wire, Western Union, etc).
2) It lets anyone open a virtual bank account without needing access to a physical bank. For example, some banks charge fees and require minimum balances for accounts, which may be prohibitively expensive. Some areas around the world don't even have banks other than in far away big cities. And in some cases, it's easier to just create a new Bitcoin wallet to store money in, than it is to drive down to a bank, fill out forms, come up with profs of ID, wait days for them to be verified, and another week for your account to actually be ready to use (especially if you're looking for a small business account).
3) It lets you accept payments online easily and way cheaper than with VISA, PayPal, or other such services. Heck, you can even just get a bitcoin address from MtGox or any other exchange, set up your account to instantly exchange any received BTC for local currency, and you're done.
4) It lets you accept payments over e-mail or any other service that can transmit text (even photos, as seen on girlsgonebitcoin). Some sellers may not have the means to build a website, but can still send out an invoice, asking to send payments to a specific address. (i.e. someone living in a poor country who only has access to an internet cafe, or someone who just doesn't have web skills).
5) It lets you accept tips or donations using any website. You can upload videos to YouTube, photos to Flickr, posts to a blog, music to Soundcloud, art to Deviantart, or comic strips to GoComics, and to accept donations all you need is to include a string of text in the description. No need to set up any money-accepting plugins, set up any bank or financial accounts, or rely on features provided by the service being used.
6) It lets you send money to places where PalPal or other money transmitting services are blocked, for example Russia or India, and is much cheaper for sending money to family in other countries. Even if that country they can't send money to is US, as in the example of the parents in Iran sending $2,000 to their college student son living here.
7) It lets you send huge sums of money overseas quickly and cheaply. If you were in US and you needed to pay $1,000,000 for a shipment from China, using normal methods of wiring money would take two or more weeks, and will cost more than $25,000 for the transaction. With Bitcoin, it takes a few hours, and costs $12,000 or less.
8) It lets you send micropayments better than anything else out there. It's easy and practically free to send $0.01 to anyone else using BTC, but would cost about $0.25 for just the fee to use the USD/EUR system. Any micropayment system that uses USD/EUR would have to sit on top of a larger system that stores all the money in a single large account, and all micropayments would have to be done as accounting entries within that account, instead of money actually moving around (i.e. you have to fund the system with a large payment, do your micropayment transactions, and withdraw when your fund is big enough again). This means micropayments using USD/EUR are restricted to only within specific services (i.e. your pre-paid micropayments fund that you use to pay for news articles can only be used within that news website)
9) It lets you create programs and services with their own bank accounts (the software stores value, as opposed to value always being linked to a real world person and a real world outside-the-service bank account). The Reddit tipbot is an excellent example of this, and would be impossible with USD/EUR, since to build it using FIAT, someone would have to open a real world bank account under their name (with all the forms, proofs of ID, etc), set it up to accept money transfers from others using PayPal, VISA, or something else, which will charge fees, have nasty exchange rates, have to keep to strict AML regulations, and be restricted to certain specific countries. Plus it would have all the micropayment issues mentioned above. With Bitcoin, all the "banking" is done with software, requiring no permissions, and no single programmer's name has to be linked with any bank accounts.
10) It lets you instantly fund USD/EUR based accounts around the world. The small LLC I started up keeps a BTC cash account for minor business expenses, and my business partners around the world will have Bitcoin funded VISA debit cards (as soon as Bitinstant releases them). That way, all the money is stored safely in the business vault, and if they need to pay for any business expenses, no matter where they are on the planet, or what their home currency is, I can fund their cards from home within 10 minutes. That's impossible with ACH, wires, or whatever else is out there.
11) It lets you link a payment account to a contract using address signing. For example, Person A agrees to buy Person B's debt. They write up an agreement contract, and instead of signing it with PGP keys, they sign it with A's and B's bitcoin addresses. Then money is sent from Address A to Address B, and any repayments are sent from Address B to Address A. That way, Person B can't claim that they never received the money, and Person A can't claim that they are still owed more than they really are, since all transactions are publicly verifiable on the block chain using the very addresses that were used to sign the contract. There is no need for any legal disputes of who owes what, since the blockchain keeps both parties honest (I actually did this already).
If you can think of anything else, please add it to the list.
EDIT: 12) Usenet has recently gone through the Wikileaks experience, with copyright behemoths pressuring VISA, PayPal, et all, to stop processing payments for Usenet service providers. Many have switched to Bitcoin since then, and I personally know Usener user who followed, now buying his btc from me for that purpose.
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FAQ Cast - YouTube The Manservant Asks About Smart Contracts LITECOIN/Starbucks? And Is LTC Losing Its Edge? BITCOIN WARNING From CoinFloor CEO How To Get Your First 100 Song Plays on SoundCloud, Spotify, Apple Music

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FAQ Cast - YouTube

Rappers and Music Producers, let's talk about how to get your first 100 song plays on SoundCloud. With an endless stream of SoundCloud links popping up on po... Let's talk about Litecoin and if it is still a dominate player in the cryptocurrency space, and also let's see how Starbucks helps us tell that story. Wallet I Recommend (Ledger Nano) - https ... Live Bitcoin Trading With Trading Robot DeriBot on Deribit DeriBot Backup 97 watching Live now Solventless Reviews Ep3: Award Winning Punch Drunk Hash Rosin - Duration: 24:10. What is a smart contract? What can one be used for? Where can you learn more about them, or even try one out yourself? Dig in and get learned, son. Check out... TL/DW wallet uses a backup server to store some important data in encrypted form. Backup server requires a storage token per each upload. Storage tokens can be acquired in exchange for a Lightning ...

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