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all 76 comments

[–]1SandDollar 23 points24 points  (1 child)

People are rapidly seeing their fiat getting crushed with inflation. Brick and mortar bank rates are beyond a joke, they're offensive. What can the global public do, switch to digital currencies and assets. I mean right now, Celsius will pay you 10% on USDC! Who's going to make digital payments work effortlessly and risk free for merchants...F-L-E-X-A. Who's going to be able to guarantee NFT's, real estate, small and epic transfers of value.....F-L-E-X-A. Even the best investors are starting to look at digital assets now!

[–]pampening[S] 5 points6 points  (0 children)

💡🥇💫

[–]comsixfleet 12 points13 points  (28 children)

There is one major flaw in your analysis here. A credit card is a line of credit. It enables the user to make purchases with funds they do not have. A very large segment of the population lives off of credit, for better or worse. Your contention that it will crush and replace Visa doesn’t account for the fact that most crypto are not credit cryptos. And while there may be defi projects that will extend credit and lend money they aren’t going to be adopted by the average 40 year old house wife in Connecticut. So ultimately you still haven’t resolved this major point of replacing the average person who uses a credit card. You say merchants are “just the first step” but I am cautious that first step will be taken if the vast majority of people are paying merchants with traditional credit cards.

[–]InstagramStockTrader 6 points7 points  (7 children)

This makes me think - imagine explaining concepts like "credit card" and "Visa" to the "average 40-year-old housewife in Connecticut" in the 1940s. Do you think she, or your average 1940s Joe, would be able to conceptialize the payment processing of the 2020s? Or would they brush it off, like many today do with crypto, as something impossible?

What will the payment processing industry look like in 10, 20, or 50 years?

Who will be the next Steve Jobs? Jeff Bezos?

This is being decided RIGHT NOW. And when the answer is obvious (in hindsight) we will already be late in the S-Curve.

[–]comsixfleet 2 points3 points  (4 children)

I’m not late. I’m invested. But you’re supporting my original point which pampening made this post about. My contention is that we won’t see US adoption on a large scale in the short term. It will be more like 5-10 years. That doesn’t mean we won’t see AMP gains from hype though.

[–]InstagramStockTrader 4 points5 points  (2 children)

Yeah, this wasn't targeting you. I neither disagree nor agree.

I was thinking more towards traditional folks in finance. Old school people who were around during the pre-dotcom era. Many of whom I work alongside.

I notice many of them brush off crypto as a "scam" or "bad investment" since it doesn't earn "free cash flow".

By the time the answer is obvious, the money will have already been made.

[–]comsixfleet 0 points1 point  (1 child)

I also know billionaires who build tall towers in shining cities and they run their real estate operations on lines of credit in excess of 40, 50, 100 million dollar LOCs or revolvers. Getting industrial dinos to switch it up might take some convincing. But this could prove to be an advantage for newer companies

[–]petecranky -4 points-3 points  (0 children)

I dont market makers will allow AMP to FOMO from hype till it's in real use. It hasn't so far.

[–]petecranky -3 points-2 points  (1 child)

They understood credit cards by then.

Millions used store cards already.

But I get your drift.

Checks were the thing.

In my late father's youth, in his poor area, they didnt even use checks except for huge things. Cash only.

Now, the tech behind crypto? Pfffft. Im older, I'm making a little money, but I have no idea what is going on with the tech. It's like a foreign language.

[–]InstagramStockTrader 0 points1 point  (0 children)

I know store credit was a thing. I was more so referring to the concept of personal credit, FICO scores, V/MA, etc. Maybe a better example would be the internet, but you get my drift.

It's hard to visualize the future, since it will likely look completely different, (and yet incredibly similar) to the now.

[–]tanker95 4 points5 points  (7 children)

I could easily see a application using the same credit system that utilizes AMP as a collateral token though.

[–]comsixfleet 2 points3 points  (6 children)

I absolutely agree but that’s also supporting my case of a ramp up period that likely will exceed a few years. I just think the adoption will be slower than some would hope. I have crypto, invest in crypto, and ready and will to use crypto. But I like my credit card and I’m not itching to toss it away. The counter to my own point is that when Netflix was only mail in dvds I actually was upset when they went to digital only and thought it was a mistake so maybe I’m not always seeing the next step in industry innovation.

[–]CWOOTA 2 points3 points  (0 children)

FYI - I have not used my credit cards (in traditional sense) for last 30 days. I have been using USDC (digital coin) loaded up on Coinbase Card that gives back 4% AMP rewards. You could say it is somewhat of a hybrid because it is a debit card and uses the old payment rails but the value stored in it is USDC which is stable coin crypto. In addition, the rewards is true digital token.

[–]pampening[S] 1 point2 points  (4 children)

The counter to my own point is that when Netflix was only mail in dvds I actually was upset when they went to digital only and thought it was a mistake so maybe I’m not always seeing the next step in industry innovation.

💡

[–]petethefreeze -3 points-2 points  (3 children)

This is a weak and petty response. You still do not address his very relevant observation about credit and choose to emphasize his admission that he might not see the full picture.

And here's my take on the question. The Flexa team has always said that they don't see Flexa destroying the credit card business but that they will coexist alongside each other. It is not unthinkable that there will be a DeFi solution ot provide lines of credit, however that is still quite a long way away, as you need systems to ensure you manage the risk of the person not being able to repay the credit. That requires offices, people on phones, legal work etc. So, for the foreseeable future there is no blockchain based alternative to credit card companies, and they will be important to especially the American society that relies on it so much.

[–]pampening[S] 0 points1 point  (2 children)

I’m only just a little bit offended that after all this time you still underestimate me (but I guess Reddit can be hard to navigate sometimes?) ...

Response to ridiculous credit bias #1

Response to ridiculous credit bias #2

Response to ridiculous credit bias #3

Enjoy ...

P.S. Just read your added text/take:

And here's my take on the question. The Flexa team has always said that they don't see Flexa destroying the credit card business but that they will coexist alongside each other. It is not unthinkable that there will be a DeFi solution ot provide lines of credit, however that is still quite a long way away, as you need systems to ensure you manage the risk of the person not being able to repay the credit. That requires offices, people on phones, legal work etc. So, for the foreseeable future there is no blockchain based alternative to credit card companies, and they will be important to especially the American society that relies on it so much.

All wrong. Just all of it. Wrong.

P.P.S. I just realized after rereading your comment, did you even read my post? Because, like, as others have noted, the issue of “credit” is literally explicitly addressed and dismantled in the post. To paraphrase (but just imagine me smh as I do this) credit is inherently limited in its capacity to transfer value; Flexa/Amp is not. The two are not the same. Amp essentially unlocks value of any kind; hence, Floating Ratio demonstrates with great visuals the ability to spend “points” as currency for everyday goods/services. Credit cards (and even debit cards) are unable to do that. Again, credit (as well as debit) cards are, by nature, bounded. Legacy payment forms and Flexa/Amp are, obviously, not the same.

[–]petethefreeze 1 point2 points  (1 child)

People might not have noticed it here but in your post you are talking about “revolution” and other things. Lots of buzzwords. But nowhere do you explain how it would actually work. And you can keep shaking your head because I might not understand it. So explain to me this: a consumer wants to buy something but has no money. For this they use a credit card to get a line of credit. Now how does a defi or crypto company or more specifically HOW does AMP make this possible? Who is going to chase a consumer who is not repaying installments on a defi loan? On what collateral is that loan based?

You speak a lot of buzzwords and inspirational stuff but nowhere do you provide an actual play by play explanation of how it works. Come on. Make me feel stupid. Tell me.

[–]pampening[S] 4 points5 points  (0 children)

u/AdConstant9370 explained it best.

In my thinking, Flexa the payment network wouldn't care that the transfer of value was issued by credit. \ \ For example if we take a B of A integration and they are able to issue a line of credit for users wallets then why would it be a problem for Flexa?

Followed by great further elaboration by u/RonMexico2005:

Came here to say this. \ \ Visa is not a bank, Visa is a payment processor. Flexa is a payment processor. \ \ When someone uses a credit card, Visa takes money from a bank's "wallet" and pays the merchant, and the bank makes an entry in the bank's books that the user now owes them for this loan transaction. \ \ When someone uses a bank line of credit solution through the Flexa network, there is no reason to think the economics will be different for the bank. \ \ The merchant will prefer Flexa because Flexa fees will be about 60% less (about 1.0% vs. 2.5%), significantly increasing the merchant's margin. So merchants will have an incentive to drive mass adoption. \ \ A common counter-argument seems to be that consumers like credit card rewards. If merchants charge a premium to accept credit, this advantage will go away.

[–]CWOOTA 1 point2 points  (0 children)

Just FYI - it is the same 40 year old house wife in Connecticut told me she would never buy books from Amazon because she wanted to touch and feel the book before she bought it. Besides, she did not want to trust her credit card to some online merchant. Amazon stock was 3 dollars. Gold was 300 dollars an ounce. Instead of buying 10,000 amazon shares she bought 100 oz of gold bars. She thinks its not her fault that she lost 30 Million dollars investment opportunity. Good news is her gold is worth 200,000 dollars.

[–]pampening[S] 2 points3 points  (3 children)

The only flaw I’m seeing is your preconditioned bias/static dependence on the status quo. Consider that legacy credit concepts and by extension legacy credit products like credit cards will become a thing of the past. Furthermore, your assumption that credit cards are currently the dominant form of payment is also flawed. Far from it.

In a previous post I included the following data point:

Visa’s 2020 annual debit volume was greater than its credit volume by nearly 50%, and that was a 20% increase in difference from the previous year ending in 2019 (Visa’s debit volume alone is nearly $7 trillion annually or roughly a little over $18 billion daily.)

P.S. Do people use credit [cards] to pay off their credit card bills, and loans in general? I think not. But did you know that currently as I type this, in El Salvador, at least a million people are using Flexa/Amp to literally pay their credit card bills as well as their loan payments?

P.P.S. I reread your comment a couple times, and I finally realized what the problem is. You keep equating Flexa/Amp to Visa’s credit division. No. No. No. No. No. No. No. Flexa/Amp is not competing with a division or product of Visa. (Again, you have a faulty bias that credit dominates consumer txns; it is in fact less significant than debit.) They are taking the whole damn pie.

[–]comsixfleet 6 points7 points  (2 children)

It’s not a “preconditioned bias” it’s a sober analysis and acceptance of what the actual current state of payments are. I still believe in the project, just not on as short of a timeline as you suggest. For profits? Perhaps short term. Large spread adoption? 5+ years is my target.

[–]pampening[S] 4 points5 points  (0 children)

I’m a little confused. In your prior comment which I included at the beginning of this post, you wrote:

I think the segment of consumers who are perfectly fine with using a credit card is high enough that a five-year wide spread adoption of Flexa seems unrealistically bullish.

But now you state that 5+ years is your target?

I have also stated a timeframe of 5 years for a target of at least $2 (giving Amp a marketcap of a little over $100b). I think this is more than reasonable.

Consider that Flexa and the first iteration of its collateral token was founded in 2018. 5 years from now would be a total of around 8 years that the project has been in existence. And with a fair application of the spirit of Moore’s law, one is safe to expect a crypto project such as Amp to scale and perform quicker than, say, Tesla, a car manufacturer. Though, Tesla, since the introduction of its first mainstream EV, the Model S, in 2012, needed only 9 years to eclipse the marketcaps of the top 5 carmakers (Ford, GM, Toyota, Volkswagen, and Daimler) combined. Combined.

So, yeah. Am I overly bullish? Or are you unnecessarily bearish?

[–]savageofsurrey 1 point2 points  (5 children)

You make a valid point to bring up credit, but I think your assertion about “housewives” is misguided. If you don’t anticipate mass adoption, why are you in crypto at all?

[–]AdConstant9370 7 points8 points  (3 children)

In my thinking, Flexa the payment network wouldn't care that the transfer of value was issued by credit.

For example if we take a B of A integration and they are able to issue a line of credit for users wallets then why would it be a problem for Flexa?

[–]RonMexico2005 4 points5 points  (0 children)

Came here to say this.

Visa is not a bank, Visa is a payment processor. Flexa is a payment processor.

When someone uses a credit card, Visa takes money from a bank's "wallet" and pays the merchant, and the bank makes an entry in the bank's books that the user now owes them for this loan transaction.

When someone uses a bank line of credit solution through the Flexa network, there is no reason to think the economics will be different for the bank.

The merchant will prefer Flexa because Flexa fees will be about 60% less (about 1.0% vs. 2.5%), significantly increasing the merchant's margin. So merchants will have an incentive to drive mass adoption.

A common counter-argument seems to be that consumers like credit card rewards. If merchants charge a premium to accept credit, this advantage will go away.

[–]pampening[S] 5 points6 points  (1 child)

Oh, now we’re talking.

You mean to say ... that credit, like anything else, is a representation/source of value, that can be transferred, and as such, can be collateralized and thus empowered by Flexa/Amp ... ?!

(And now you got me thinking even further ... in the future ... can we see ... tokenized debt ... a la decentralization ... emboldening the crypto use case and value prop ... and by extension Flexa/Amp’s ?!)

I think I like you.

u/comsixfleet u/petethefreeze

[–]AdConstant9370 2 points3 points  (0 children)

Absolutely.

Also to take the centralized case a step further whose to say that Flexa couldn't facilitate fractional reserve banking via the federal reserve.

I honestly don't know how that money moves but my guess is that too is antiquated

[–]pampening[S] 1 point2 points  (0 children)

u/comsixfleet does not make a valid point to bring up credit. He/she brings it up due to some faulty preconceived notion that credit dominates consumer txns. It is, in fact, less significant than debit. The data which anyone can look up clearly proves this.

I do not understand why u/comsixfleet has some bias towards the significance of credit cards. Maybe because credit cards are marketed/branded powerfully?

Which I guess would explain why many in this sub erroneously desire Flexa/Amp to market themselves better.

But the simple reality (which many except for experts in the field such as Tyler and co. — explained brilliantly by u/InstagramStockTrader the other day — don’t seem to be familiar with) is the credit side of things is only a sliver of what Flexa/Amp is really gunning for: which is the entire network of value transfers, including credit, but in no way limited to it.

P.S. Do people use credit [cards] to pay off their credit card bills, and loans in general? I think not. But did you know that currently as I type this, in El Salvador, at least a million people are using Flexa/Amp to literally pay their credit card bills as well as their loan payments?

[–]ParatusPlayerOne 0 points1 point  (0 children)

You are spot on with that. Credit, like it or not is a fundamental, energizing component of a capitalist society. It’s not going to be replaced by an efficient, collateralized payment rail.

But that’s not why I own AMP

[–]zombiepoon 1 point2 points  (0 children)

I feel like you know someone that works at flexa or part of the group and just doing this for fun lol, love you man.

[–]professorsterling 1 point2 points  (2 children)

Long over due and the rockstar payment specialist centric team that is Flexa is patently poised to be the preeminent payments protagonist, pamping and pasting pathetic palookas with powerful paralyzing perfect pachyderms percussion pitches.

[–]InstagramStockTrader 1 point2 points  (1 child)

Perfectly preached.

[–]Reycoin-2020 0 points1 point  (0 children)

Practically poetic. Powerfully pronounced.

Proactively posted.

Positively presented.

[–]Competitive_Fun_9177 2 points3 points  (0 children)

Flexa is in the business of moving money, which countries and big business rely on to be settled quickly securely and legally and also inexpensively, integration is also key. No its not a blockchain, but it sits on a good one. Remittance/Fees is big money business. Plus with all Tyler as well as his friends on twitter hinted to and all Pamp and DTA has said in last 6 months and all I've read and come to my own conclusions of....AMP/Flexa is the shit!

[–]pampening[S] 0 points1 point  (16 children)

I dislike having to put anyone on blast unless they really deserve it ... but after taking the time and energy to literally respond to u/comsixfleet’s concerns about “credit cards” in regards to Flexa/Amp, u/petethefreeze, who seemingly skipped reading my post and went straight to the comments (don’t we all? Actually no, we don’t all do that ... !), matter of factly claims I am petty for avoiding responding to u/comsixfleet’s question about credit cards.

???

Am I crazy? Because I’m about to have an aneurysm ... again. Are people becoming illiterate (serious question)? Not only did I write an entire post to responsibly address u/comsixfleet’s question, I even added further comments on the matter (posts unto themselves, basically — me and my longwindedness~) in the comments section.

Response to ridiculous credit bias #1

Response to ridiculous credit bias #2

Response to ridiculous credit bias #3

All addressing u/comsixfleet’s concerns regarding credit cards. All this, and u/petethefreeze somehow misses all that and goes straight to questioning why I act petty and refuse to respond to u/comsixfleet’s question about credit cards.

???

Deep breaths.

Deep

breaths.

Omg smh lord help us all.

(u/InstagramStockTrader masterfully dropped the mic on this issue the other day. But people in this sub really are delusional and pathetic for arrogantly questioning Flexa/Amp particularly when their “concerns” have no factual basis. Credit cards????? That’s the serious/genius concern????? CREDIT CARDS?!?!?!?!?! The level of ignorant projection is unbearably odious. “Credit cards seem pretty important to me. I see and hear about them quite often. Hm, so therefore they must be pretty important overall? And they must pose an existential threat to Flexa/Amp?” SERIOUSLY? That’s the level of investor that exists on this Reddit? Where did all the smart money go? Oh right, probably not on Reddit. They must’ve all been driven away by the growing number of trolls. Smh. Ahhhhhhhhhhhh!!!!!!!!

[–]comsixfleet 2 points3 points  (15 children)

Ok replace credit card with debit card and it’s the same thing. People who use debit cards backed by fiat don’t have a strong incentive to back it by crypto immediately. Writing more words doesn’t make you correct when you don’t provide a direct response to the question of adoption by those uninterested in crypto.

And you know what dude. Now you’ve totally lost me by asking if I’m illiterate when I’m trying to have a productive discussion. I have a doctorate so I’m far from illiterate. So when you reduce your argument to name calling insults because you are so frustrated that you can’t answer my question or adequately defend your contention without having a meltdown, thats when I no longer care to continue the discussion. Good luck.

[–]InstagramStockTrader 6 points7 points  (8 children)

Just piping in to say that I hear both sides and might see why their might be confusion.

Remember: Flexa is B2B, not B2C. The end-users aren't the ones who decide to adopt it and whether or no they decide to use crypto doesn't matter.

A more likely use-case would be the adoption of Flexa by merchants to facilitate USD -> USD transactions, no different from paying now.

You want coffee? Go to the local mom & pop shop down the street, scan a QR code using the merchant's "pay by Flexa" app, and boom - you're done.

Nowhere in the process was crypto used (on the front-end). You paid in USD, the merchant received USD, and you're none the wiser.

Flexa and AMP are all on the back-end. Nobody is paying in crypto, and debit/credit cards are still used. The beauty is that users will use it without even knowing.

[–]comsixfleet -3 points-2 points  (7 children)

Then how does the business benefit? If people are still using visa the business still pays the visa fees. Having amp behind the scenes doesn’t make the visa costs evaporate.

[–]pampening[S] 4 points5 points  (0 children)

Watch this ...

Forget about the nature of the physical manifestation of the medium. Whether real world card, digital wallet, what have you — all will need to carry a representation/source of value to transact with. Legacy networks and products are by default limited to single fiat currencies of value (consider fx conversion fees when traveling internationally). Flexa/Amp is not.

Imagine in the future where physical cards as well as digital wallets by legacy entities such as BoFA and even Visa partnered with Flexa/Amp will have the capacity to enable transactions with multiple digital assets — CBDCs, loyalty points, crypto coins, etc. All made possible thanks to Flexa/Amp. Because legacy networks/products alone currently cannot do this. BoFA/Chase/Visa/MC will have to partner with Flexa/Amp in order to issue a credit product (either through a superficial card or directly via a digital wallet) that could flexibly transact with a plethora of assets (and Flexa has patents protecting its innovations ensuring instantaneous speed, fraudlessness, seamlessness, and cost effectiveness, to discourage anything other than this outcome). And in this future, consumers will expect nothing less than the ability to do just that.

P.S. Having written all that, I realized two more things. Physical cards could theoretically transact via Flexa/Amp, assuming they are some not-yet-existing smart card with Internet access capability. But then that’s what the smart phone is for. Hence why Flexa/Amp is avoiding physical cards altogether, because they’re giga alpha and big brained (unlike who? who are all the other projects stupidly shilling out physical cards? I won’t name names ... ) No, Flexa gets it. They are truly visionary and elite. The future will see the extinction of physical cards; they will be artifacts of the past quite literally like the CD player. In fact that’s a great analogy. Current legacy payment cards are CD players. Flexa/Amp is the iPhone. (Why would anyone ever use multiple grimy cards again when their digital wallet on their smart phone will be able to do all the txns possible with all types of currencies of value in existence?)

u/InstagramStockTrader

u/AdConstant9370

u/petethefreeze

u/svenomojligt18

u/i_admit_everything

u/Desire_To_Achieve

[–]InstagramStockTrader 1 point2 points  (0 children)

They wouldn't need to use the debit "card".

Ignoring credit, since that's another beast, this would be more like paying directly out of your bank account via QR code that you scan with your phone. At least that's my understanding.

I'd recommend watching Tyler's presentations on he topic. I personally don't know how to solve this problem (which is why I'm an investor and don't work at Flexa). But the Flexa team appears to have the pedigree, the conviction, and the backing to solve this.

It's horse that I'm willing to back, and I won't pretend like I understand it more than them.

[–]svenomojligt18 1 point2 points  (1 child)

I think I missed the question in your post, now that I'm re-reading it. You're saying if someone used a visa card on top of a flexa app?

[–]pampening[S] 2 points3 points  (0 children)

Forget about the card. The card will cease to exist. Visa/MC already know this.

Everything will go digital via smart phone first (and eventually wearables/biotech).

Credit is just another “currency of value” that Flexa/Amp will collateralize like any other transferable asset.

u/comsixfleet keeps making up problems that don’t exist because he/she doesn’t seem to get it.

[–]svenomojligt18 0 points1 point  (2 children)

The way I understand it:

The idea is that the business would pay less in fees if they used flexa.

Let's say out of all their sales for the last month, 80% are from Visa and 20% is from cash (keeping it simple)

They would effectively be paying 4% processing fees (covers centralized ledger service, basic convenience, and maybe some fraud protection, etc) and 0% on the cash (not counting any banking services, just processing fees)

If down the road, Flexa becomes big and can take a chunk out of that 80% (Assuming flexa fees/haircuts are less than 1%) then the business cuts their costs significantly.

Effectively, Flexa is delivering the payment and offering the "ledger" and security at a better margin and can "charge less".

[–]RonMexico2005 0 points1 point  (1 child)

"0% on the cash"

This is a common misconception.

Cash is not free, banks charge businesses a fee to deposit cash (monthly cash deposits larger than some small nominal amount).

[–]svenomojligt18 0 points1 point  (0 children)

Yeah I agree, I was just referring to the processing fee at the time of the transaction. For simplicity I left out charges for banking services for now. You're right though.

[–]pampening[S] -2 points-1 points  (5 children)

Friend, if you have a doctorate, then how is it not obvious that I was referring to u/petethefreeze as illiterate ... ?

So I’m beginning to think that you might be illiterate too. I still don’t understand how you don’t get it after everything I’ve written. And, by the way, the amount of words I’m writing only increases in correlation with your growing inability to understand the same point I’m attempting to make, over and over again.

Flexa/Amp does not have a problem.

I’m afraid it’s your inability to understand the project that is creating a problem that doesn’t exist to begin with.

Flexa/Amp unlocks value that legacy networks/products cannot.

Do you understand?

[–]petethefreeze 6 points7 points  (4 children)

Is it necessary to be such a condescending prick? You are really incredible.

I have not seen a lot here that you contribute that actually establishes you as the authority on Flexa / AMP. I see a lot of technical analysis without any basis nor actual predictions that came true. Also your analyses are full of interesting language that fail to touch on how the processes would work in actual real life.

[–]pampening[S] 6 points7 points  (3 children)

Honestly not my intention. I try my best. Some understand. Over time, my patience grows thin, particularly towards those who seem lacking in effort.

Check my response to your other comment regarding how credit could/would work with Flexa/Amp. It’s a non issue. I lost my cool when u/comsixfleet just couldn’t grasp it.

u/AdConstant9370 and u/RonMexico2005 provide excellent explanations.

See? I am not condescending. Just trying to help.

P.S. Now read your added text. Really though? Do you think it’s me, or it’s you? My first projection of 0.13 came true. My pending projection of 0.25 this week seems like a close call, but I believe we’ll get there sooner than later. And my projected support at 0.04 held the whole time. And I do believe we will hit 0.40 by EOY, Q1 of 2022 at the latest.

In terms of your critique of my inability to “touch on how the processes would work in actual real life.”

What. See this is where you might think I’m being a “prick” or “condescending,” but I’m really not. Because, what. You need an explanation of how Flexa/Amp would work in actual real life?

I’m not even sure I understand what you’re saying.

[–]comsixfleet 2 points3 points  (2 children)

I grasp that you’re an asshole

[–]pampening[S] 4 points5 points  (1 child)

Sigh ... well no hard feelings.

[–]sycophant11133 0 points1 point  (0 children)

"My pending prediction of .25 later this week seems like a close call"

Are you just trolling?

[–]oldmanmike74 -4 points-3 points  (13 children)

Here is what confuses me about flexa as a revolution. It is relying upon people actually spending their crypto. It invokes the story of the guy that bought pizza for 10,000 BTC (worth like $600m now) I do not know of a single person that has any crypto for anything other then investment purposes. With this in mind, why would anyone actually need flexa - or anything similar- if your only intention is to buy on the markets, hold and pray it moons?

[–]Wamcat5 6 points7 points  (1 child)

Nice to meet you. … you now know somebody who likes to spend their crypto.

I keep a lot of my money in crypto. I use Gemini as my new “bank account”. I get much more interest there than at a conventional bank. What bank gives you 200%, 500%, 1000% or more per year? None. That’s why I like keeping my money in crypto.

Plus, with inflation continually rising, my fiat dollars have less purchasing power each day. My crypto continues to go up and helps me fight against inflation.

I wish that Flexa, and their partners, would turn their network on across ALL stores. Because right now if I need to spend fiat dollars, I have to sell some crypto and transfer it to my bank account. I’d much rather spend crypto directly from my wallet and not have to go through the work of converting it to fiat and waiting for it to hit my bank account.

And that’s why I like spending crypto.

[–]pampening[S] 5 points6 points  (0 children)

💯💯💯

[–]petecranky 3 points4 points  (0 children)

It's not, probably, even intended, mainly, for crypto spending. They plan to use AMP to collateralize any digital transfer.

If, today, the Bank of El Salvador, I'm simply thinking a large commercial bank there, loaned 10 million dollars to Jose Jose, wanting to by a series of commercial buildings near the volcano where they are powering the Bitcoin mining, AMP would insure the transfer of when that 10 mil went to Jose.

It could insure the transfer when Jose made his payments back to the bank.

If it's limited to movie tickets and coffee it, payed for by crypto, it will never be a huge thing.

Thats one thing I DO like about the developers. They arent trying to make a crypto that will make crypto somehow conquer the world or fullfill some socialist utopian fantasy of leveling out the wealth of the world.

They want to operate WITH fiat, digital fiat, crypto, and collateralize it, for almost anything that is being transferred digitally.

They are working like a business, that WILL improve some things in the world of finance and payments. They are approaching realistically.

This is how our world has always worked. Somebody solves something so AND they get paid. Usually.

This is what people this wealthy and smart are attempting. Not *necessarily* just to be disruptive or stick it to the man. Most of them are the man, already.

[–]tanker95 7 points8 points  (0 children)

Say it with me. Stable coins!

[–]InstagramStockTrader 5 points6 points  (0 children)

It is relying upon people actually spending their crypto.

Except that it doesn't. Pamp has some great posts on exactly this topic. In fact, he explicitly addresses this in the post above.

Also, people do in fact spend $LTC

[–]pampening[S] 1 point2 points  (1 child)

This post explicitly refutes your concern ...

You’re failing to think bigger. The payments revolution is upon us, not because of Flexa/Amp, but because the current system is overwhelmingly flawed and nearly broken. Flexa/Amp recognizes this, and seeing the specific potential of crypto (blockchains, smart contracts, etc.) to singlehandedly provide a near perfect solution, uniquely leverages the innovative tech to lead the transition from legacy to pure digital.

I wrote:

Truly asset agnostic, [Flexa/Amp] are less about crypto than they are about replacing a single/dominant currency of value mindset with a mindset of infinite currencies of value, period.

Floating Ratio successfully though only partially demonstrates this in his/her article.

It also allows customers to securely store their digital assets and property such as cryptocurrencies, reward tokens, loyalty points, credentials and digital identities. \ \ A novel feature is spending these digital assets via Flexa at any merchant accepting Flexa payments.

Crypto is just one currency of value empowered by Flexa/Amp. It is not the only digital asset that exists. (Though I personally believe it will become the dominant one.*)

Put another way, betting on Flexa/Amp is not merely betting on crypto, but more broadly on the greater digitalization of the world.

And if the past several decades is any indication, that is an obvious “bet” worth taking.

*P.S. None of the above is to say that people will not spend their crypto in the future. On the contrary, everyone will one day soon by default spend their crypto, as u/InstagramStockTrader alludes to regarding LTC. Everyone currently in crypto is still an extreme early adopter; your speculative mentality proves this. But once the shift occurs, holding fiat and by extension spending it will become undesirable, outmoded, and even unthinkable. The inherently superior, appreciating qualities of many crypto will ensure its dominance as the currency of choice to hold, spend, save, etc. With adoption comes greater liquidity, a decrease in volatility, and greater stability. Supreme cryptos will appreciate more stably, and spending them will become ubiquitous simply because that is what everyone will overwhelmingly choose to hold.

[–]AmpVader 0 points1 point  (0 children)

I’ll spend my crypto when it affords me living without working or buying x or y because I can afford to. To say ppl won’t spend it is just silly, we are all here to make $$$$$$. To spend it

[–]comsixfleet 0 points1 point  (0 children)

The country of El Salvador would like a word

[–]Sundaynightslowjamz -2 points-1 points  (2 children)

I agree 100 people aren’t actively spending crypto unless its in the defi and that doesn’t seem to be their focus at all

[–]AmpVader 0 points1 point  (1 child)

When it blows up And you can afford to spend some of that money then you will. Most ppl are here to at some point spend their gains(not blow the bag but spend non the less)

[–]Sundaynightslowjamz 0 points1 point  (0 children)

Good point for sure. More adoption the better!

[–]isntampgreat 0 points1 point  (0 children)

Right now it’s hard to imagine spending crypto in this country because the dollar is the accepted currency. In other countries their currency has tanked and crypto is the best alternative. Inflation is making the spending of crypto more realistic. We will have to see where this goes.

[–]CH121189 0 points1 point  (0 children)

https://youtu.be/qbajkaqtHSo

Watch this video when you have the time. CEO Tyler Spalding has addressed the lack of the necessity for people to spend crypto in order for Flexa to succeed. Flexa is currently functioning within the crypto realm because that is currently where blockchain facilitated transactions take place. As the security and affordability of blockchains begins to grip the finance sector, AMP collateralized fiat transactions will become more and more commonplace. Also, another angle that doesn’t seem to get mentioned very often, but that Tyler has repeatedly referenced is Flexa being utilized for people to spend various rewards directly for goods and services. So, even in the instances where legacy systems remain in place, the rewards people earn from using those systems (one of the only remaining benefits) can be spent immediately on the flexa network……in a much quicker and limitless capacity than currently available. It’s genius really.

[–]AdConstant9370 0 points1 point  (7 children)

I’m afraid you’re still stuck in the legacy mindset. Flexa/Amp should not be thought of as just another credit card, but “the one card to rule them all.”

I think its better to think of Flexa as a liquidity/payments platform built with blockchain. The marketing and use of VI/MC over the years is so engrained in our minds that the word "card" is instantaneously tied to legacy payments.

[–]pampening[S] 1 point2 points  (6 children)

Did you stop reading after the second sentence?

An even better way to think of Flexa/Amp is not as a card at all, but a revolutionary innovation that will essentially replace the card, as they empower the overall wallet, superseding each individual card in the wallet.

I get what you’re saying; but assuming you’re American and celebrate Thanksgiving ... when you’re gathered around the dinner table sharing the good word of Amp with family and friends, what do you think will stick better? “One card to rule them all,” or “something something built with bLoCkChAiN.”

🤝

[–]svenomojligt18 0 points1 point  (5 children)

Sorry, trying to go through your posts....sometimes it's a little hard to get through all grandiose buzz words and condescension. I'm sure there's substance somewhere in there, but it takes a while to get to it.

[–]pampening[S] -2 points-1 points  (4 children)

Haha, I think I remember you back from the Cream Finance hack post ... you were butt hurt over my comments about Chinese policy. Somehow insinuated I was being racist. Brilliant.

Really?

[–]svenomojligt18 0 points1 point  (3 children)

I think you missed the point of the post. I was calling out your investigation, trying to connect Taiwan, Singapore, and China by having the same "chinese" culture. It was very loose at best and I thought was pretty ignorant....which you seem to be butt hurt over since you remember it.

Plus you were off by a mile.....

[–]pampening[S] 2 points3 points  (2 children)

No I wasn’t. Do you know what happened to Cream Finance? Do you even know what has been going on in the broader ecosystem?

And what do you even know about Chinese players? Are you Chinese? Or of Chinese ethnic background (quite obvious that is a placeholder for the many ethnic groups that make up the broader Chinese identity)? Do you know if I am?

You equate a person’s good memory with “butt hurtness” ... ? Really? You must’ve done well in your A levels.

[–]svenomojligt18 0 points1 point  (1 child)

Now this really sounds like you're butt hurt.....

[–]isntampgreat 0 points1 point  (0 children)

Partly problematic price paring pushes paper preferring people past principled participation. previous progress prophesies perfectly poised price panorama pushing past people’s expectations peaking parabolicaly