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Could negative currency be useful? For instance a fungible, negotiable debt instrument, registered on a blockchain so it can't be unilaterally destroyed. Put co
by hirundo 7y ago
Could negative currency be useful? For instance a fungible, negotiable debt instrument, registered on a blockchain so it can't be unilaterally destroyed. Put contractual language on it to the effect that "Registering acceptance of this note obligates you to pay $X to the U.S. treasury by date Y."
Bob buys an apple from Alice but doesn't have the cash, so instead accepts/registers a -$1 note from Alice, who now has less of a tax obligation to the treasury. A portion of the negative purchase price is for insurance and interest, so the positive price of the apple is a lower absolute value.
It could be a low friction mechanism for small loan transactions.
- franciscop 7y agoThat is what money represents/has represented historically: https://en.m.wikipedia.org/wiki/Credit_theory_of_money https://en.m.wikipedia.org/wiki/Credit_theory_of_money
- quickthrower2 7y agoThis might work if there is some reputation attached to the borrower's crypto address. So if they don't pay back, no one will lend them money again.
- ajhurliman 7y agoLike a loan?
- daveFNbuck 7y agoHow would this be better than credit cards?
- isostatic 7y agoDid you miss the word “blockchain”?
- SmellyGeekBoy 7y agoIt's called an invoice. I'm not sure why the blockchain would need to be involved.
- skykooler 7y agoWhat's to stop someone throwing negative value currency in the trash and thereby gaining money?
- deleted 7y ago[deleted]
- rtkwe 7y agoIn OP's proposal it's all blockchain (jazz hands) so there's no disposing of it.