robaba

Skeptical said:

Well duh.., why would the dump money into a failing endeavor. You really felt the need to report the obvious?

Marvin said:

byronl said:

InspiredCode said:

JWSC said:

I imagine the initial AppleBank™ rollout could feature blockchain based AppleCoin™ operating at near break even margins to support fast banking services growth.  Imagine getting reasonable interest rates and no nickel and diming customers with hidden fees.  Imagine an open and honest bank.  It would be revolutionary.

It would also be damn near impossible because doing so would create a long list of business and Government enemies for Apple.  Any moves in this direction will have to be turtle slow.  But one can dream.

I would love to see Apple get in to both crypto and trading. Secure crypto storage feels like a core Apple competency. Not sure about AppleCoin, but an environmentally friendly crypto option would be great. We need to get away from the Chinese coal burning crypto mining farms.

crypto is meant to be decentralized. no point in a centralized apple coin. great decentralized cryptos already exist, such as nano

There's no requirement for crypto to be decentralized and the main thing that is decentralized is the ledger/blockchain, the coin creation doesn't have to be. Nano supply seems to have been fixed at the start:

https://www.reddit.com/r/WallStreetBetsCrypto/comments/qatu2e/nano_the_supply_squeeze_of_2022_dd/

Anyone can start a cryptocurrency and mint millions of coins by typing a command on the computer and decree that it's a limited supply crypto. Then transactions are recorded on a decentralized blockchain.

This is what makes crypto so untrustworthy because hundreds of people are making new coins out of thin air and convincing people to buy them. There was a streamer who did this recently and scammed people out of $500,000:

https://marketrealist.com/p/ice-poseidon-crypto-scam/

Apple already has a cash proxy in the form of gift cards that are used by some to scam people out of money:

https://support.apple.com/gift-card-scams
https://www.forbes.com/sites/daveywinder/2020/07/27/apple-sued-over-alleged-1-billion-app-store-and-itunes-scam-gift-card-fraud/

Instead of those, Apple can tell people to buy Coins that go in a wallet and can be used for any Apple transaction. If Apple maintains control over the transactions, they can block fraudulent transactions more easily as they can limit them by default to being within the same country or region or to known recipients.

There should probably be a single coin for this purpose that has the ability to be restricted by retailer so that each retailer doesn't have to implement their own coin from scratch. The coin creator (company formed by multiple retailers) would mint coins that have zero value. Then the retailer tags the coin with their id and sells them to customers and they can keep a ledger of coins they sold. They would redeem the same valid coins.

They don't really need the concept of coins to do this, they could just as easily use fiat currency with wallet to wallet transactions but fiat currency isn't limited to spending in store so the branded coins can be a more secure alternative to gift cards.

paxman said:

I'd like Apple to branch off its financial services into another company. Somehow it doesn't sit well with me that the company that produces my phone and computer also does banking. AppleBank? Ugh! A lot of this is optics, I know, but optics are important.