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Right, 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 ago
You 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 ago
  It 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 ago
    Yes, 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.
  - kaicianflone 9y ago
    The White Paper solves the identity issue under the Validator section. Equifax, the US Govt, or a State Govt could start a validator and Companies that trust the Validator will accept any coins that are validated by the Validator.
    - brndnmtthws 9y ago
      That sounds a little too magical. Solving the identity problem is the biggest challenge here.
gremlinsinc 9y ago
The coin itself would give you money to your bank account. It's like the US mint delivering coins to you hourly just for being a U.S. citizen. Bitcoin would require someone to buy all the coins. The coin itself would via technology divvy out newly minted coins on a set schedule to everyone equally. All current coins have transaction fees and other things involved in giving money, and no way to currently make anything like this without up-front seed money.

You 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 ago
It 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 ago
  Yes, 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.
- kaicianflone 9y ago
  The White Paper solves the identity issue under the Validator section. Equifax, the US Govt, or a State Govt could start a validator and Companies that trust the Validator will accept any coins that are validated by the Validator.
  - brndnmtthws 9y ago
    That sounds a little too magical. Solving the identity problem is the biggest challenge here.

gremlinsinc 9y ago

The coin itself would give you money to your bank account. It's like the US mint delivering coins to you hourly just for being a U.S. citizen. Bitcoin would require someone to buy all the coins. The coin itself would via technology divvy out newly minted coins on a set schedule to everyone equally. All current coins have transaction fees and other things involved in giving money, and no way to currently make anything like this without up-front seed money.