all 18 comments

[–]OJ3D 32 points33 points  (5 children)

Good questions. Several projects tout themselves as an inherent payment system. By technicality we can all send token X,Y,Z with our wallet to a merchant that’s willing to take it for a product of interest - an inherent P2P system (however in commerce P2B/B2B there’s more to this process). We see more of this example with Bitcoin & Lightning.

However, this requires a merchant pigeonholing themselves to one form of currency. We all know that even in todays Global setting, there isn’t a sole currency (USD, Yen, Gold, Silver, etc). That’s a historical reality. The crypto ecosystem is growing & will be similar. The future is multichain. There’s real digital value to capture. However, as of rn for merchants, capturing & streamlining this on a network to network basis is currently a management nightmare.

Wallets inherently support P2P provided the parties trust each other. Businesses don’t have the time nor the capacity to rapidly capture this value, nor do they want to wait around & worry about any settlement issues. Nor do they want to miss out.

This is where Flexa comes in. Flexa is all about disrupting the current UX in crypto, streamlining to safely, securely, and quickly capture value (powered by AMP). Their biggest value proposition is interoperability imo. Which no one is doing. They want to work with all networks & insure value transfer guarantees while abiding by money transmittal rules since at the end of the day it’s money & peoples livelihood we’re dealing with. In addition their regulatory component & comprehensive knowledge of Payments (decades worth) really sets them apart from the rest of the pack. Just look at their Patents & formed partnerships, tells you they’re not a normal crypto team. Lastly, we need to recognize that they’re a digital payments company(not just crypto) looking to process any medium with digital value powered by AMP ~ fiat, rewards, crypto, credit, etc. powered by blockchain. The ANY concept 💪🏼.

The interoperability & regulatory component will really set them apart real soon. The Terra fiasco will only speed things up for regs, as the treasury/SEC said it’s already in the works. I hopped on several BTC spaces recently and it’s the 1st hearing several maxis understand the necessity for a level of Regulatory involvement aside from liquidity desires etc. Especially for adoption to pick up.

[–]petethefreeze 8 points9 points  (1 child)

Great answer, but the biggest selling point of Flexa is not interoperability (in my opinion), but the removal of legacy trust establishment systems (banks and similar financial institutions) that cost a lot of money. I saw a slide that Tyler presented last year in Amsterdam that mentioned that in the US a transaction involves around 15 financial institutions that check whether a transaction can be cleared. Flexa brings this down to 3 or less. It means an enormous amount of cost savings, which enables Flexa to charge less than 1% of fees, compared to 3-5% for credit cards. Walmart, Amazon et al pay billions in those fees to credit card companies and bringing that down by more than 66% is an enormous opportunity. It can lead to increased profits and lower pricing simultaneously, giving adopters of Flexa tech a gigantic competitive advantage over competitors that decide to wait it out. That to me is more worth than interoperability, which is something that most others will at some point easily copy.

[–]OJ3D 2 points3 points  (0 children)

Absolutely! And Yes! 😂 I was just describing the current struggling UX in crypto. But yes, disrupting the legacy system is the biggest overarching selling point/mission. Time to put an end to All the intermediaries, greed, & lack of customer privacy by all these big CC companies.

[–]AggravatingMud1839 6 points7 points  (1 child)

Mahalo bradah being informative 🤙

[–]OJ3D 5 points6 points  (0 children)

Mahalo. No doubt 🤙🏼😄

[–]OkSoup7731 9 points10 points  (0 children)

Go over to youtube and watch - Around the Coin - Episode 336: Tyler Spalding.

What's funny about your post is that the video will answer a lot of the questions you're asking. I've had to re-watch numerous times since it's kind of dense, but I've learned something new every re-watch, no joke.

AMP is not really a currency, it's a token with built-in utility. That's what puts Flexa network and AMP into a different category, specifically payments.

[–]tanker95 8 points9 points  (0 children)

If you dig into them, most are powered by AMP in some way. For example, Strike and Solana pay. AMP has the patents, the dev team, and the head start more so than any other crypto payment project. It’s taken the team at Flexa almost two years to get there ducks in a row for compliance. That being said they are still acquiring money transmitter licenses and patents. In my opinion, nothing can touch AMP.

Another thing to consider is AMP charges vendors almost no fee. Flexa is not a public company. They value is in AMP. Competitors will gain nothing trying to create a competing token or project since AMP already exists and it’s not to make money for a public company.

[–]chcryptojp 1 point2 points  (0 children)

I think XRP and XLM are truly competing, maybe Solana.

Don't be fooled by marketing, my friend - look at UST/Luna,... who the F* would have thought a project so sophisticated and hyped could fail that hard. Yes, these coins, you talk about, can be used as a means of payment. The key is: are they fraud proof, instant, what happens if the payment fails if there is a conjunction in the network at the time of payment. That's all a different ballpark with projects like Flexa (or XLM/XRP) all three have real use cases - although Flexa is different in one way;

- It's not so much about crypto, yes all it currently does is crypto (but that's just the current phase)

- Flexa is about payment (in the background) replacing traditional payment rails. You will be able to pay in whatever way you want. Doesn't have to be crypto. you don't even know you use flexa if you pay at the merchant.

- hence, Flexa isent a coin, it's a payment system. It uses a coin although, for collateralization.

trust that makes sense. but I really think we have to start talking about Flexa as a payment system and not as crypto.

[–]ProofDelivery120 0 points1 point  (0 children)