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Indeed, it does require capital. That's kind of the point. Why would you hand out something that's worthless? What use is that to anyone?
by brndnmtthws 9y ago
Indeed, it does require capital. That's kind of the point. Why would you hand out something that's worthless? What use is that to anyone?
- cdancette 9y agoI guess they hope that the currencies will be worth something. I don't see how this can earn value, but i think it's interesting to try.
- brndnmtthws 9y agoIt can't hurt, but IMO it would make more sense if the government did what it was supposed to do in providing health, security, and providing for basic needs of every citizen. How exactly you implement that, and which shitcoin you use (USD, BTC, ETH, LTC or make a new one) doesn't matter.
- cdancette 9y agoI think you're right, the solution is not only technical, and we need to explore other things
- beejiu 9y ago> Why would you hand out something that's worthless? Like, say, money? The banknotes in your pocket are fairly 'worthless'. That does not stop people trading them for things of real value.
- brndnmtthws 9y agoMoney has value because people agree on it as a medium of exchange. Perhaps some day this new coin will be worth something, but I'm pretty skeptical of creating new coins when there's already literally hundreds that can do the job.
- adjkant 9y agoSee above, but I don't know of any other coin that can do the job that this one is attempting to do.
- adjkant 9y agoBitcoin was once just as worthless as this coin. All of this is based on confidence in the value. So were all other currencies minus the value of the paper and ink itself. In order to actually get people to use this, you need an argument (not a technical one) about why people should use this. I can imagine one focusing on an accessible UBI and global resource reset. While that argument would eventually be important, this paper obviously has other flaws to consider before getting that far ahead of getting into the nitty-gritty there.
- brndnmtthws 9y agoRight, but my point is that you don't need to create a new coin. Just use one of the many well-tested existing ones.
- adjkant 9y agoYou do in order to enable UBI directly in the protocol, which is the goal of this paper. You can't regularly distribute Bitcoin to all users without first acquiring it. I think this is one of the few examples of a new coin that actually is needed in order to accomplish its goals. Of course, whether it actually does that successfully is another argument entirely.
- brndnmtthws 9y agoIt seems like the real challenge here is solving the identity issue. That is something which would require a brick and mortar solution, and those have existed for quite some time with varying degrees of success. Identity companies like Equifax have done a shit job, and they try to pass the liability on to end users who then have to deal with the fallout of fraud. There are a few identity management on the blockchain startups already, but I'm not sure any of them will be more successful than the DMV.
- adjkant 9y agoYes, the identity issue is still there. Solving that doesn't make Bitcoin a viable option for this idea though. This whole comment thread is discussing why this coin is needed over any other, not the identity issue. I think that need is well established for the stated goal.