5 ms·

I've read this and follow the guy on facebook. It is a bit over-spiritual for my tastes but he points out some good points along the way. It has been a while,

I've read this and follow the guy on facebook. It is a bit over-spiritual for my tastes but he points out some good points along the way. It has been a while, but ultimately I felt like he ignored some of the reality of 'very bad things can happen' and 'people are greedy.' I've tried to include those realities in some of my thinking on what money should be: https://vimeo.com/user17783424/review/123631462/ae47903c89#t=3m5s https://vimeo.com/user17783424/review/123631462/ae47903c89#t...

ZenoArrow 11y ago
I just watched your video, from what I understood of it it's an interesting idea. I have a question: It seems that in the system you propose money would lose its value if you held onto it, which I can see some benefits to, but doesn't it also encourage spending on unnecessary items? I understand the idea that you effectively have stock in the company you buy from, but that doesn't seem to slow down spending, you may end up buying a lot of goods from a reputable company that you can sell on at a later date without being subject to currency depreciation. To give an example, what would be the disadvantage to stocking up on something like Tide, which as far as I know has a long shelf life and appears to be a fairly commonly purchased item? I've rambled a bit so to summarise... instead of saving money, wouldn't people save with material goods instead?
- skilesare 11y ago
  Sure, and this provides the detergent maker more capital to create the next great detergent...which devalues the detergent you have...so only up to a point. In general it would be better to loan out your cash at a 0% rate of interest then to hoard material goods. Especially since risk is vastly reduced due to blockchain folding bankrupt entities. Even if you are never paid back in the short term, you end up paid back in the long term. Of course it is much better for you if the person you loan $100 turns it into $1M.
  - ZenoArrow 11y ago
    Interesting, you could be onto something here. Two more questions: 1. How does this system affect those that want to use their money at a slower pace, such as minimalists and nomads? In other words, do they have any options to spend at a slower pace without losing out? 2. I can see your approach is based on the blockchain, which I believe could work, but I wonder about whether a blockchain-based system will be fast enough when the quantity of transactions reaches that of an established currency. I don't follow news about cryptocurrencies that much, so perhaps this is already being tackled. Have people been working on improving the speed of blockchain propagation? Links to discussions/blogs about this would be welcome.
    - skilesare 11y ago
      1. One of the core concepts is 'Everyone is a bank'. The system has built in loan pooling complete with a marketplace. http://catallax.info/everyone-is-a-bank/ http://catallax.info/everyone-is-a-bank/ Instead of being paid interest, you receive a dividend over time based on how well the person who placed your loan does. 2. A trusted public ledger is necessary. A bunch of tech exists to build it on the blockchain right now, but you are right, it isn't a long term solution. As long as the ledger is public and verifiable you'd be ok.
jchrisa 11y ago
Thanks for the video, I enjoyed your talk. I have an idea for how federated blockchains can avoid Bitcoin's global variable problem. Recent http://thenewstack.io/why-art-could-become-currency-in-a-cryptocurrency-world/ http://thenewstack.io/why-art-could-become-currency-in-a-cry... Older http://www.wired.com/2014/07/document-coin/ http://www.wired.com/2014/07/document-coin/

ZenoArrow 11y ago

I just watched your video, from what I understood of it it's an interesting idea. I have a question: It seems that in the system you propose money would lose its value if you held onto it, which I can see some benefits to, but doesn't it also encourage spending on unnecessary items? I understand the idea that you effectively have stock in the company you buy from, but that doesn't seem to slow down spending, you may end up buying a lot of goods from a reputable company that you can sell on at a later date without being subject to currency depreciation. To give an example, what would be the disadvantage to stocking up on something like Tide, which as far as I know has a long shelf life and appears to be a fairly commonly purchased item? I've rambled a bit so to summarise... instead of saving money, wouldn't people save with material goods instead?

skilesare 11y ago
Sure, and this provides the detergent maker more capital to create the next great detergent...which devalues the detergent you have...so only up to a point. In general it would be better to loan out your cash at a 0% rate of interest then to hoard material goods. Especially since risk is vastly reduced due to blockchain folding bankrupt entities. Even if you are never paid back in the short term, you end up paid back in the long term. Of course it is much better for you if the person you loan $100 turns it into $1M.
- ZenoArrow 11y ago
  Interesting, you could be onto something here. Two more questions: 1. How does this system affect those that want to use their money at a slower pace, such as minimalists and nomads? In other words, do they have any options to spend at a slower pace without losing out? 2. I can see your approach is based on the blockchain, which I believe could work, but I wonder about whether a blockchain-based system will be fast enough when the quantity of transactions reaches that of an established currency. I don't follow news about cryptocurrencies that much, so perhaps this is already being tackled. Have people been working on improving the speed of blockchain propagation? Links to discussions/blogs about this would be welcome.
  - skilesare 11y ago
    1. One of the core concepts is 'Everyone is a bank'. The system has built in loan pooling complete with a marketplace. http://catallax.info/everyone-is-a-bank/ http://catallax.info/everyone-is-a-bank/ Instead of being paid interest, you receive a dividend over time based on how well the person who placed your loan does. 2. A trusted public ledger is necessary. A bunch of tech exists to build it on the blockchain right now, but you are right, it isn't a long term solution. As long as the ledger is public and verifiable you'd be ok.

jchrisa 11y ago

Thanks for the video, I enjoyed your talk. I have an idea for how federated blockchains can avoid Bitcoin's global variable problem. Recent http://thenewstack.io/why-art-could-become-currency-in-a-cryptocurrency-world/ http://thenewstack.io/why-art-could-become-currency-in-a-cry... Older http://www.wired.com/2014/07/document-coin/ http://www.wired.com/2014/07/document-coin/