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Comment by ryanjshaw | Hacker News Reader

Okay I'll bite. I've worked in both retail and corporate banking for over a decade. I've been responsible for software that processes large payments and receipts daily. I've cloned a few cryptocurrencies for fun and have a pretty good understanding of them. I cannot understand anything on this entire site. Does anybody know what this is all about?

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I've studied Bitcoin for many years on a technical level. I've studied altcoin and ICO scams from the beginning. This site has all the hallmarks of a technology scam.

Case in point: nowhere does this site articulate a problem to be solved. This has become my litmus test for a technology scam. Instead we see marketing happy talk - lots of it.

Most ICO and altcoin scams make vague references to Bitcoin's limitations. This one makes vague references to Lightning Network's limitations:

Layer 2 such as lightning network has a deposit in order to participate and two transactions to build a channel, then can scale micro payments across a network efficiently.

Gobbledygook designed to bamboozle the technically illiterate.

Looks like another rung has been added to the evolutionary ladder of the Bitcoin, But Better scam. First altcoins, then ICOs, now not-Lightning.

helps to flag if you find shady submissions

I feel the same way.

I've read through the whole thing and it's essentially a hand-wavy marketing pitch without any concrete details. At one point they link to a repo containing some node code (2-year-old code, mind you), but that didn't exactly help elucidate things for me.

From what I understood it uses RDF triples, linked data, and uses an ontology, that is compatible with Solid aka linking a "Person" to a "Wallet" and actions to a transaction/service/resource

[1]: https://en.m.wikipedia.org/wiki/Turtle_(syntax)

[2]: https://docs.solidpay.org/appendix-a-sample-data

I think rather than advertising an actual payments system, this is an example prototype application built with the Solid stack, with the intention of promoting Solid development. https://github.com/solid/solid

Seems like something that might eventually show up in the Showcase section at https://solid.mit.edu/#showcase.

Does anybody know what this is all about?

After about 1 minute of perusing, I am going to guess: Micropayments.

http://scottmccloud.com/3-home/essays/2003-09-micros/micros....

Seriously? If you clicked the link on Solid and webcredits, you can get the general gist of it. Ideally they should have everything on one page, but it took less than a minute for me to get the gist of what it's all about.

From what I gather, they're trying to make coinbase, but on top of ipfs.

Is this group associated with Coinbase? Did they get permission to use the name?

The term “coinbase” was in widespread use before the startup by that name. They’re not going to be able to retroactively trademark it any more than Square can prevent others from making square-shaped electronics.

The first time I saw the word coinbase was in an explanation of the bitcoin source code and how bitcoin works. I do believe it precedes Coinbase.

I haven't done all that but I fully understood.

You may want to explain it to us then.

what is it to explain? its all on the website. private silo with private data giving only what you need to the websites. Look up maidsafe and bra e browser they have somewhat same concepts.

That's the spirit.

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