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Nickel Exchange (Micropayments at last?)
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Surlyben
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Joined: 31 Mar 2002
Posts: 99
Location: Seattle, WA

PostPosted: Thu Nov 14, 2002 7:40 am    Post subject: Nickel Exchange (Micropayments at last?) Reply with quote

I ran across this while reading this posting over at
http://www.infoanarchy.org/

Anyway, it's an attempt at micropayments called Nickel Exchange.
Kuro5hin has a press release looking thingie:
http://www.kuro5hin.org/story/2002/11/11/0535/2339

and the Nickel Exchange website can be found here:
http://www.ginx.com/nx/

I did a search and didn't see it mentioned in this forum, so I thought I'd post the link and see if you guys have any comments

Ben
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Kevin Pease
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Joined: 26 Jun 2001
Posts: 24
Location: New Jersey

PostPosted: Thu Nov 14, 2002 1:06 pm    Post subject: Reply with quote

I have to say this looks rather ill-planned. There are so many problems with this system that I don't know where to begin.

Amounts are approximated sloppily, and you're told up front that some people might not get paid and some people might not have to pay. The middleman pays out first, trusting everyone to send in the owed five-spot later by their own means. Can you say "bankruptcy," kids? A vast number of members won't bring their wooden-nickel tally past $4.95. The well will run dry fast, even assuming all participants are honest, and they won't be. What an easy scam! A whole bunch of friends would each donate four dollars of other people's money to one agreed-upon recipient and split the take.
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