Submitted via IRC for takyon
Wal-Mart Signals Interest in Developing its Own Cryptocurrency
Wal-Mart (NYSE:WMT)[*] is planning on creating its own cryptocurrency, according to an application filed with the United States Patent and Trademark Office.
In the patent filing, Wal-Mart explained that its proposed cryptocurrency will be a stablecoin pegged to the US dollar and will be used to help low-income individuals that cannot qualify for traditional credit cards or other lines of credit get in-house financing from Wal-Mart:
"Using a digital currency, low-income households that find banking expensive, may have an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs. The digital currency may be pegged to the US dollar and available for use only at selected retailors or partners. In other embodiments, the digital currency is available for use anywhere. The digital currency can provide a fee-free, or fee-minimal place to store wealth that can be spent, for example, at retailers and, if needed, easily converted to cash."
Wal-Mart also suggested that the currency could be used to distribute welfare subsidies or other forms of aid, and highlighted the currency's ability to restrict or segment purchases:
"As an example of the set of rules, for example, in government assistance and dependent care, a government-assistance restricted currency may be good for food or even certain types of food but not alcohol or cigarettes."
[...] For its part, Wal-Mart says it doesn't have a timeline for development and rolling out its cryptocurrency. Likely the company is looking to see how Libra is received by the market — and regulators.
[*] The link given in the story: https://www.google.com/finance?q=NYSE:WMT is problematic for some people. It should redirect you to: https://finance.yahoo.com/quote/WMT/. --martyb]
(Score: 3, Interesting) by mhajicek on Friday August 09 2019, @05:46AM (8 children)
First it was customer loyalty cards, now every store will try to have it's own currency.
The spacelike surfaces of time foliations can have a cusp at the surface of discontinuity. - P. Hajicek
(Score: 5, Insightful) by AthanasiusKircher on Friday August 09 2019, @06:48AM (7 children)
They already do. They're called "gift cards." They're meant to force you to shop at a particular store, as that's the only way you can use that "money."
We're regressing -- for the past century and a bit more there was a unique move toward standardization unlike perhaps ever seen before in history. Many companies realized that by cooperating and using standards, we could all grow better together. Standard payment methods and pricing was one element of that.
Now it's a mad rush toward segregation and walls (no, that's not a bad pun). Many businesses used to operate private credit accounts for customers, which were useful in both getting loyal customers and retaining them. Private currencies are a move back in that direction, but at the expense of customer freedom.
(Score: 3, Interesting) by FatPhil on Friday August 09 2019, @07:21AM (4 children)
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by c0lo on Friday August 09 2019, @08:13AM (3 children)
Imbalance between paycheck and ability to metabolise alcohol detected.
https://www.youtube.com/@ProfSteveKeen https://soylentnews.org/~MichaelDavidCrawford
(Score: 3, Touché) by FatPhil on Friday August 09 2019, @11:00AM (2 children)
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by c0lo on Friday August 09 2019, @11:52AM (1 child)
To be pedantic, what exactly is lying down: the paycheck or the alcohol metabolizer?
https://www.youtube.com/@ProfSteveKeen https://soylentnews.org/~MichaelDavidCrawford
(Score: 2) by FatPhil on Friday August 09 2019, @07:54PM
And if I've been counting correctly, it's your round...
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2, Insightful) by Anonymous Coward on Friday August 09 2019, @10:59AM
That's a funny way to spell 'centralization'.
(Score: 0) by Anonymous Coward on Friday August 09 2019, @01:50PM
Coles Australia is a master at this.
(Score: 0, Funny) by Anonymous Coward on Friday August 09 2019, @07:09AM
In the future, starting now, Walmart will only be a range, a down-range, for active or inactive shooters, equally. Whether or not they have their own currency matters little, since the only currency is hot lead, not cold bit-coins. Dance with the Devil in the cold Moonlight?
(Score: 3, Touché) by FatPhil on Friday August 09 2019, @07:19AM
And on a more serious note, this is classic a junk patent almost devoid of specifics. It may be one thing, but in other embodiments, it might not. Pretty much guaranteed that the USPTO will accept it, then.
Great minds discuss ideas; average minds discuss events; small minds discuss people; the smallest discuss themselves
(Score: 2) by c0lo on Friday August 09 2019, @07:54AM
Translation: Walmart wants to act as a lender but completely side-step the banking/lending regulations.
One can only take a guess on which ones:
1. the interest rate level
2. the consumer protection in regards with debt/bankruptcy
3. maybe enlarge a bit the limits in which "loan enforcers" can operate?
https://www.youtube.com/@ProfSteveKeen https://soylentnews.org/~MichaelDavidCrawford
(Score: 1) by jmichaelhudsondotnet on Friday August 09 2019, @10:36AM
This is a good idea for wal mart, if all of their cash registers participated in the blockchain they could operate a currency backed by the trust of the cash registers. It wouldn't be public so it wouldn't be attacked. It would be better than having internal databases with small groups of employees responsible.
Then they wouldn't have to use Israeli products that send every transaction around the world. You guys do know that is what NCR is right?
I support nearly any transaction system if it means I don't have to do business with and give a cut to racist religious fanatics.
That said, wal mart is evil like facebork and no corporation or racist nations should be able to crypto-wash themselves and paint themselves as innovative over their actual history of facilitating human misery and the eradication of human rights.
(Score: 2) by DannyB on Friday August 09 2019, @01:36PM (1 child)
It will be very complicated to keep track of what the currency exchange rates are between crypto currencies and real currencies.
Assuming these store crypto currencies can even be exchanged for other currencies.
Why is it so difficult to break a heroine addiction?
(Score: 1, Insightful) by Anonymous Coward on Friday August 09 2019, @02:42PM
Not really: how many purple points a consumer will want to spend to get a dollar's worth of merchandise will be the exchange rate.
(Score: 2) by istartedi on Friday August 09 2019, @05:13PM
It's like regular money, but it's uh... fun. [youtube.com]
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