IOU Tracking

[Singpolyma]

While I'm totally on board with the concept of distributed payments, a
lot of people probably won't see the value in it at first.

There is something, I have discovered, that ripple (or, RipplePay,
since AFAICT ripple the protocol is not finished) is really good at
that normal people find useful: IOU tracking.

My friends and I routinely borrow money from each other (buying pizza
and one doesn't have cash, or whatever). RipplePay has so far proven
to be a very simple and effective tool for keeping track of our debt
to each other.

The only thing that would make it better is an API and an Android/
iPhone app so we can enter IOUs on the go, and have them synced in to
the server when we get back to WiFi.

I have a feeling that Facebook users might find this sort of
functionality useful as well.

If you market as "we're a new kind of money," you'll get nerds. If
you market as "the best social site for tracking money your friends
owe you" you may find a market for that. Once people are already
using the service, network effects start to come into play and the
payment system uses become more possible.

[Singpolyma]

On Aug 21, 12:44 pm, Singpolyma <singpol...@singpolyma.net> wrote:
> The only thing that would make it better is an API and an Android/iPhone app so we can enter IOUs on the go, and have them synced in to

> the server when we get back to WiFi.

Oh, to clarify. I'm a web developer with some Android dev
experience. I'm volunteering to help with this, as well as saying
it's a good idea :)

[Thomas Hartman]

you may have noticed this group has gotten quiet.

this project is In Hybernation.

if you will run with it, maybe it will wake up.

best, thomas.

[Singpolyma]

On Aug 21, 2:19 pm, Thomas Hartman <thomashartm...@googlemail.com>
wrote:

> you may have noticed this group has gotten quiet.
>
> this project is In Hybernation.
>
> if you will run with it, maybe it will wake up.

I have read the "project status" thread. Given that it is very
recent, I figured that it's not too late to be interested. I'm
certainly going to be using ripplepay quite a bit (as long as there
are not plans to shut it down). Perhaps I'll study the python and try
to write a compatible ruby version that has a UI focused more on the
IOU bit, then write interop modules for each (according to drafts and
such hanging out on the wiki).

[Miles Thompson]

Hi,

just wanted to say that I'm also a coder that is interested in / planning on / started on doing a facebook/twitter/social network type ripple pay app.

If you are interested in the coding side also make sure you are aware of what the folks on the agile-banking list are doing as well.

I would also mention that in terms of an app that concentrates just on the IOU tracking bit there are already a few facebook apps in this space:

Fliff
http://apps.facebook.com/fliffme/

Short Reckonings
http://www.shortreckonings.com/

MoochSpot
http://moochspot.com/


More generally in the money on facebook space we have

my bucks (yuck!)
http://apps.facebook.com/mybucks/pages/home

facebook 'money' (double yuck)
http://apps.facebook.com/money-ciiaaj/

just giving (not exactly alt money but cool!)
http://apps.facebook.com/justgiving/

In terms of twitter we have twitpay and twollars of course.

--



miles

--
miles
http://google.com/profiles/utunga

[Singpolyma]

On Aug 21, 3:50 pm, Miles Thompson <utu...@gmail.com> wrote:
> I would also mention that in terms of an app that concentrates just on the
> IOU tracking bit there are already a few facebook apps in this space:
>
> Fliffhttp://apps.facebook.com/fliffme/
>
> Short Reckoningshttp://www.shortreckonings.com/
>

> MoochSpothttp://moochspot.com/

>
> More generally in the money on facebook space we have
>
> my bucks (yuck!)http://apps.facebook.com/mybucks/pages/home
>

> facebook 'money' (double yuck)http://apps.facebook.com/money-ciiaaj/

>
> just giving (not exactly alt money but cool!)http://apps.facebook.com/justgiving/

Good to know about the prior art. Of course, these are all facebook-
only, which makes them sort of useless, but good to know about anyway.

[Miles Thompson]

Just want to emphasize that by no means did I mean to puncture your enthusiasm by showing this other prior art.

When you see that other folks have done stuff it doesn't mean its necessarily a bad idea to do something similar...

If anything it is good because it shows there is a market.

Also its quite possible that you would be able to:
 - do it better or
 - do it with a different angle (eg the ripple angle, or as something that is less centralized than 'facebook' only)

miles

--
miles
http://google.com/profiles/utunga

[Ryan Fugger]

Sounds awesome. I'm quite busy at the moment, but I'll be glad to
help out however I can.

Also check out billmonk.com and buxfer.com for existing IOU tracking services.

Ryan

On Fri, Aug 21, 2009 at 1:57 PM, Singpolyma<singp...@singpolyma.net> wrote:
>

[otak...@gmail.com]

Someone on the agilebank list
also mentioned

http://www.listia.com/

I think it's a great idea.

A points / credit / IOU system combined with a Freecycle Network right?

If only it was a open source, P2P system,
running on something like Opera Unite or Freenet

Then it would be really something.

Alex

ps, I just read the book "The Paypal Wars" .
Paypal takes on the mighty eBay and well...
finds itself beated into submission.
But they put up a good and entertaining fight along the way.

Very useful information on how to get a banking system started
(it's just about the 1999 to 2002 era)
and the sort of errors to avoid.

[Miles Thompson]

ha ha, yes that was me.

i was a bit suprised to see that folks are so positive about ListIA. I
think the branding is great, and I love the idea that it encourages
free cycle like sharing but once you dig into it a bit.. well, as you
say it is very centralized, its not at all 'open' and worst of all, as
far i can see, it is an alternative currency system where there is
nothing at all 'backing' the currency they suggest.

that is, if they can get enough activity the currency may start to
take on value, but its a currency that is backed neither by someone's
promise to pay (like Ripple) or make good (like Lets), nor by any
goods/energy/land or gold to keep it valuable (like a lot of other
ideas).

the idea of selling people the ListIA credits directly is actually
quite clever but all the people in the system are very much at the
mercy of List IA in that ListIA can, at any point, choose to 'cash
out' their start up idea by selling as much currency as possible at
such a (declining) rate as to liquidate the maximum amount of cash as
possible and effectively devalue to zero any credits held by anyone
else.

so, well, yes, personally id love to see more ideas *like* listIA but
more open and with a bit more thought going into who has the right to
create and issue credits..

miles

--
miles
http://google.com/profiles/utunga

[Miles Thompson]

A link that folks on this list may (i hope) find interesting

A Running Summary of Facebook’s Virtual Currency Tests
http://www.insidefacebook.com/2009/08/26/a-running-summary-of-facebooks-virtual-currency-tests/ 

miles

On Sat, Aug 22, 2009 at 7:44 AM, Singpolyma <singp...@singpolyma.net> wrote:

While I'm totally on board with the concept of distributed payments, a
lot of people probably won't see the value in it at first.

<snip>