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I think these sort of measures could be built into the algorithms behind the management of the currency. The entire infrastructure could be run by bots. Cyber s

I think these sort of measures could be built into the algorithms behind the management of the currency. The entire infrastructure could be run by bots. Cyber security will need to be tight, though probably not initially. As I understand it, this is about social justice, ie, leveling the playing field. Post-transition for GD would mean that all accounts are activated to receive basic income, and they would do so on an equal basis. Initially, the currency is seeded in communities that need BI the most, and then becomes contagious to the world at large. Ultimately, the system also prevents hoarding of currency and incentivizes exchanges.

Suncho 11y ago
I think these sort of measures could be built into the algorithms behind the management of the currency. That's the idea. I'd like to set it up so that everyone can see that we couldn't abuse the system even if we wanted to. As I understand it, this is about social justice, ie, leveling the playing field. It's primarily about economic stability. Social justice is a side effect. Post-transition for GD would mean that all accounts are activated to receive basic income, and they would do so on an equal basis. Yes. In fact, the plan is for all accounts owned by individuals to be receiving a basic income well before the transition date. Obviously, businesses do not receive a basic income. Initially, the currency is seeded in communities that need BI the most, and then becomes contagious to the world at large. Yes, but only because those who need it the most have the highest marginal propensity to consume. This maximizes the initial circulation of GD. If you give it to a rich person, they're far less likely to spend it. Ultimately, the system also prevents hoarding of currency and incentivizes exchanges. Hmm. I'm not sure what you mean. For Gresham Dollar to work, it assumes some level of "monetary entropy," (I just made that term up). In other words, money starts at a higher velocity but ends up accumulating in hoards. Basic income provides a steady supply of fresh money to counterbalance monetary entropy.
- gruvious 11y ago
  What I understood was that, if GD is allowed to sit in an account, it will eventually convert to USD at the reserve rate for that account, thus losing value (assuming GD=USD in terms of purchasing power). Wouldn't this discourage people from keeping large sums of GD in their accounts?
  - gruvious 11y ago
    OK, your other comment clarified the point for me. I thought that you would lose GD after the 30days because only a percentage of it would convert. I guess I assumed that the rest would be lost instead of resetting or rolling over.
    - Suncho 11y ago
      In normal times, 100% of GD (subject to the Activation Cap) converts to USD and none of it rolls over. Only during Disruption is some of the GD held back from converting. And other weird stuff is going on during Disruption too.

Suncho 11y ago

I think these sort of measures could be built into the algorithms behind the management of the currency. That's the idea. I'd like to set it up so that everyone can see that we couldn't abuse the system even if we wanted to. As I understand it, this is about social justice, ie, leveling the playing field. It's primarily about economic stability. Social justice is a side effect. Post-transition for GD would mean that all accounts are activated to receive basic income, and they would do so on an equal basis. Yes. In fact, the plan is for all accounts owned by individuals to be receiving a basic income well before the transition date. Obviously, businesses do not receive a basic income. Initially, the currency is seeded in communities that need BI the most, and then becomes contagious to the world at large. Yes, but only because those who need it the most have the highest marginal propensity to consume. This maximizes the initial circulation of GD. If you give it to a rich person, they're far less likely to spend it. Ultimately, the system also prevents hoarding of currency and incentivizes exchanges. Hmm. I'm not sure what you mean. For Gresham Dollar to work, it assumes some level of "monetary entropy," (I just made that term up). In other words, money starts at a higher velocity but ends up accumulating in hoards. Basic income provides a steady supply of fresh money to counterbalance monetary entropy.

gruvious 11y ago
What I understood was that, if GD is allowed to sit in an account, it will eventually convert to USD at the reserve rate for that account, thus losing value (assuming GD=USD in terms of purchasing power). Wouldn't this discourage people from keeping large sums of GD in their accounts?
- gruvious 11y ago
  OK, your other comment clarified the point for me. I thought that you would lose GD after the 30days because only a percentage of it would convert. I guess I assumed that the rest would be lost instead of resetting or rolling over.
  - Suncho 11y ago
    In normal times, 100% of GD (subject to the Activation Cap) converts to USD and none of it rolls over. Only during Disruption is some of the GD held back from converting. And other weird stuff is going on during Disruption too.