It works better if most fail out at the end of Freshman or Sophomore year. Keep a good reputation among people who don't know better, and set a low bar for acceptance. People will react, "you got into !!!"
I went to a 2nd-tier tech school that did that. So many people from my freshman class dropped out, it wasn't even funny.
I remember that the first iPhone was a real "gotta have it." I'd been waiting for a web browser and email in my pocket for years.
Smart Watch? I'm not really sure. I like my self-winding watch. It's not very accurate, but when I need time to the minute I just look at my phone.
I think the only appeal of the smart watch is that it'll vibrate, so it's easier to feel.
None of the comments seem to address the crux of the issue. From the article: "This is huge for the merchants who are losing a significant amount of money on every credit card transaction."
Credit card fees are HUGE. Imagine if ACH deducted 2-3% of your paycheck every week. You'd scream bloody murder! The article doesn't even mention chargebacks...
I'd consider this a "shot over the bow" towards credit card fees and chargebacks. Apple or Google's system may win in the end; but Visa and Amex will need to lower their fees significantly.
The reason why we don't have one yet is that writing a distributed social network is HARD. It's a much harder problem than inventing the web or email, because the security stakes are much higher. The consequences of spamming and spoofing are even worse than what we see in email; thus an author of a distributed social network needs to solve this problem early in the process.
Another problem is encrypted communication. Https requires buying certificates, thus a well-designed distributed social network needs a means of key distribution that allows a casual server operator to get running without purchasing a certificate.
When I met the Diaspora team, they were very ambitious; but they just weren't experienced enough for the task. Something like a distributed social network requires a team with significant experience, much more then a group of fresh grads will have.