Been thinking about "how to increase the number of USDC transactions at shops" and have decided that the best way is to give people USDC cash back for buying things with USDC; and [loyalty] tokens for buying things with fiat. 

And then showing merchants how many people have those tokens. Or something of the sort.

Front toward enemy. @seyitaylor on twttr. 

Exposing your favorite defi protocols while building my own

The issues are bigger than that.

1. Comfort (not this crypto shit again!)

2. Easy, no-brainer USDC. For non-crypto natives, it's not real money until it's in their bank account.

3. Integration with existing systems — inventory, loyalty, customer management etc

4. Best-in-class customer UX is contactless. It means less time at the till, means you can serve more customers a day. Means staff have less cognitive overhead. Does your QR code move as fast?

if the issue is around getting merchants to accept USDC, the cost of a simple integration is zero cost - print them a QR code with their wallet address and put it right next to traditional card reader. Then when they see the activity, you sell them on the custom hardware/wallet that will make it easier for merchants to operate

they/them, candlemaker at 🕯️humankind🕯️, seemore.tv/humankind, hosting /samantha and /humankind

Yeah it's impossible for SMBs to do this properly. Even mid-sized businesses find it nearly impossible (I've asked).

To be clear, I don't think the SMBs should run the program. I think whatever organization has decided to help integrate and scale this... they should run it. And it can be a massive business simply because it helps SMBs discover new customers.

Substitute lack of a transaction fee for a discount for the customer. “Get a 5% discount if you pay with (insert crypto app name)”. 

Loyalty programs are great for smbs owners with strong business acumen but are generally difficult to manage for those just trying to make a living :(. I’ve been toying around with it and candles for a while but it’s just a whole other pipeline to manage.

call myself a vessel not a name | @rainbow

We're of the same mind but the core idea is not based in reality? 

OK. Where should the money come from? 
Great question. Who's invested in getting this off the ground? Circle? Coinbase? Consider this a marketing cost?

I’m of the same mind — excluding the loyalty / fiat bit — but remain unsure of where the cashback comes from

As to me, the narrative of offering consumers 2-5% off their purchase via saved fees isn’t based in reality. 

Merchants are operating on thin enough margins as is and have been keeping any savings to themselves.

I appreciate your thinking on it though, a lot of people avoid the hard problem and just say we’re early