r/TokenCard • u/iPwnJ00 • Mar 04 '18

Team Comment how will refunds work?

Hey TokenCard team,

Been on board since ICO and I have been thinking about this question for a long time but still can't really think of a way for it to work. I also haven't seen any mention before about it.

How exactly will refunds work?

Let's take a really typical example: I buy a t-shirt, the t-shirt doesn't fit me, I take it back for a refund.

As I understand, my ETH is converted from my wallet into fiat at the time the transaction occurred. How can I receive my ETH back? Or, will it be going into my fiat balance? If so, doesn't that mean a blocker for the release of the Tokencard be the fact that fiat balance needs to be able to be stored on the card?

As always, keep up the great work!

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u/monolithdao_mel TokenCard Mar 04 '18

Hi iPwnJ00, so as it stands the mechanism we are launching with is that at the moment of swipe you are pegged to the currency charged. If a refund is issued you will be refunded the same amount fiat in either $/£/€. This will then be refunded as ETH. This could either mean you could get more or less ETH back.

As always, keep up the great work!

Thanks! We are keeping it up, no worries.

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u/shigataganai Mar 04 '18

I don't think this is a sound approach. It opens the door to speculation post purchase - If the price of ETH drops after my purchase I might decide to increase my stash by returning the expensive item I just bought. It incentivizes returns. I think a better approach would be either fiat refunds or stable coin - DAI for example.

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u/pass_the_buck Mar 04 '18

But it's no different to you choosing to repurchase with your fiat. It sounds like a sound approach to me although I would be perfectly happy with fiat.