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Bitwalking

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  • 21-11-2015 10:18pm
    #1
    _Tombstone_
    Closed Accounts Posts: 3,006 ✭✭✭


    New Crypto currency where the Bitwalks (BW$) are mined by walking.

    1 BW$ = 10,000 steps = 5 Miles

    They have shops and banks in talks/ready to go, apparently.

    It's invite only at the min though.

    Initially, users will be given the chance to spend what they earn in an online store, or trade them for cash.
    The founders of the project, Nissan Bahar and Franky Imbesi have attracted more than $10m (£6.6m) of initial funding from mainly Japanese investors to help launch the currency and create the bank that verifies steps and any transfers.
    The idea of Bitwalking is to take advantage of the trend for fitness trackers by offering an additional incentive to keep fit.
    The global scheme plans to partner with sportswear brands, health services, health insurance firms, environmental groups, and potentially advertisers who could be offered unique insights into the audiences they are targeting.
    In the future, employers may be invited to take part in a scheme that would be offered to their employees to encourage them to stay fitter, with the currency they earn converted and then paid alongside their salaries.

    In developed nations the average person would earn around 15 BW$ a month, but it is hoped that in poorer countries where people have to walk further for work, school, or simply to collect water, the Bitwalking scheme could help transform lives.

    More Info.

    Sign Up!














    I'm gonna be rich!!!


Comments

  • Options
    #2
    ThisRegard
    Closed Accounts Posts: 27,834 ✭✭✭✭ThisRegard


    It's a bit odd. They really should have providers signed up first and then people can make their decision to enroll or not.


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    #3
    Murph_D
    Registered Users Posts: 10,418 ✭✭✭✭Murph_D


    It's a bit odd, full stop.


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    #4
    menoscemo
    Closed Accounts Posts: 13,915 ✭✭✭✭menoscemo


    In developed nations the average person would earn around 15 BW$ a month, but it is hoped that in poorer countries where people have to walk further for work, school, or simply to collect water, the Bitwalking scheme could help transform lives

    So, they are going to bring their smartphones and GPS watches with them as they collect water to record their steps? :rolleyes:


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    #5
    Singer
    Registered Users Posts: 2,415 ✭✭✭Singer


    Crypto-currencies typically rely on proof of work that's non-trivial to get around. It's not difficult to think of ways to circumvent a walk detection phone app. It's a nonsense idea. May as well have an app that detects neutrino decay.


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    #6
    _Tombstone_
    Closed Accounts Posts: 3,006 ✭✭✭_Tombstone_


    Singer wrote: »
    Crypto-currencies typically rely on proof of work that's non-trivial to get around. It's not difficult to think of ways to circumvent a walk detection phone app. It's a nonsense idea. May as well have an app that detects neutrino decay.
    you didn't read the link.


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  • Options
    #7
    Singer
    Registered Users Posts: 2,415 ✭✭✭Singer


    _Tombstone_ wrote: »
    you didn't read the link.

    I did :)

    I have mild scepticism when it comes to trusting this:
    "The team has created its own walking algorithm to verify users' workouts"

    As a basis for a currency this is babble. It makes bitcoin look credible :D


  • Options
    #8
    Krusty_Clown
    Registered Users Posts: 19,495 ✭✭✭✭Krusty_Clown


    Enough of your skepticism! I for one, shall immediately be sending them my bank account and credit details as well as some personal information, so they can credit my account and reward me for being active. With a business model like that, how can they possibly fail?

    Please excuse me for an hour. I'm going to walk the three miles to Dunnes Stores and demand that they accept my bitwalking dollars in exchange for a few tinnies. I wonder which shops in the third world accept bitwalking dollars?!


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    #9
    Krusty_Clown
    Registered Users Posts: 19,495 ✭✭✭✭Krusty_Clown


    The value add from the creator's prospective is that they get to mine all of the data captured, based on your walking/location patterns and all this information is sold on to advertisers and other companies who can use this information to sell you more stuff. Google has been capturing this data for ages and are way ahead of the curve.

    Anyone see that episode of Black Mirror, where you are forced to exercise, in order to turn off adverts from the screens that surround your lives? Sounds pretty similar.


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    #10
    gordongekko
    Registered Users Posts: 5,301 ✭✭✭gordongekko


    you can only earn a max of £3 a day. So on average youll probably earn a euro or so a day if you remember to use it everyday. You can only spend the coins in their own shop so the reality of this is youll get a slight discount on the price of products in their store and have to spend your own hard earned cash to purchase the products in the end.


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    #11
    ThisRegard
    Closed Accounts Posts: 27,834 ✭✭✭✭ThisRegard


    Krusty_Clown wrote: »
    The value add from the creator's prospective is that they get to mine all of the data captured, based on your walking/location patterns and all this information is sold on to advertisers and other companies who can use this information to sell you more stuff. Google has been capturing this data for ages and are way ahead of the curve..

    But their T&Cs say they won't sell on the info to third parties. You're not trying to say people lie to on the internet now are you?


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    #12
    Krusty_Clown
    Registered Users Posts: 19,495 ✭✭✭✭Krusty_Clown


    ThisRegard wrote: »
    But their T&Cs say they won't sell on the info to third parties. You're not trying to say people lie to on the internet now are you?
    Without derogating from the provisions of Bitwalking's Privacy Policy, you agree to be presented in the Services with advertisements and promoting materials, and further including third party offers which may be designated specifically to you based on your personal information.
    Sign me up!


  • Options
    #13
    ThisRegard
    Closed Accounts Posts: 27,834 ✭✭✭✭ThisRegard


    The BBC has an in depth look at it,
    Because the new scheme necessarily tracks its users there will be data available that could be particularly valuable to advertisers - and accompanying concerns over privacy.
    "That won't be for sale," says co-founder Nissan Bahar.
    "We may explore offering advertisers the opportunity to focus on different groups depending on how active they are, but we won't pass on any information relating to individual's movements."

    http://www.bbc.com/news/technology-34872563


  • Options
    #14
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Krusty_Clown wrote: »
    The value add from the creator's prospective is that they get to mine all of the data captured, based on your walking/location patterns and all this information is sold on to advertisers and other companies who can use this information to sell you more stuff. Google has been capturing this data for ages and are way ahead of the curve.

    Anyone see that episode of Black Mirror, where you are forced to exercise, in order to turn off adverts from the screens that surround your lives? Sounds pretty similar.
    This. There are tonnes of programmes where one can willingly expose themselves to advertisers in return for some small payment. This looks like exactly the same thing except you'll start being targetted by businesses that are on your waking routes.


  • Options
    #15
    ultrapercy
    Registered Users Posts: 1,605 ✭✭✭ultrapercy


    Krusty_Clown wrote: »
    Enough of your skepticism! I for one, shall immediately be sending them my bank account and credit details as well as some personal information, so they can credit my account and reward me for being active. With a business model like that, how can they possibly fail?

    Please excuse me for an hour. I'm going to walk the three miles to Dunnes Stores and demand that they accept my bitwalking dollars in exchange for a few tinnies. I wonder which shops in the third world accept bitwalking dollars?!

    This you could make you rich. Demand to be back paid on the last 5 years of the 1000 mile challenge table. You will be the Bill Gates of boards. Don't forget your friends tho who would have done anything for you if they knew how rich you were going to be.


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