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I don't understand what makes this a "cryptocurrency" instead of just any kind of currency token. I know that it's mostly a buzzword these days but at the very
by simias 7y ago
I don't understand what makes this a "cryptocurrency" instead of just any kind of currency token. I know that it's mostly a buzzword these days but at the very least I'd expect cryptocurrencies to involve some kind of cryptographic proof for transactions.
Here as far as I can tell it's just some centralized system monitoring user/guinea pig activity and issuing some token currency based on an unspecified algorithm. I mean isn't that effectively equivalent to store cards that reward you with store credit when you purchase certain products? Or videogame editors who give coupons to elected Steam users based on their previous purchases? Or credit card rewards?
> [...]verifying, by a cryptocurrency system communicatively coupled to the device of the user, if the body activity data satisfies one or more conditions set by the cryptocurrency system; and awarding, by the cryptocurrency system, cryptocurrency to the user whose body activity data is verified.
I can't continue this comment because the sound of the bullshit alarm blaring in the background is starting to get deafening. Excuse me, I meant cryptobullshit cryptoalarm cryptoblaring.
There have been many attempts at making a useful proof of work for cryptocurrency systems, the problem is that it's not enough for the proof to require work, it also needs to be trivially and "objectively" verifiable by any user of the system and it needs to reference the transaction data somehow to avoid reusing old proofs. If you get rid of these constraints I don't understand how you can claim that it's a cryptocurrency system or even that there is any novel aspect to it.
- jotakami 7y agoUseful proof of work is not the basis for a cryptocurrency, it is the basis for... useful work. The inventors apparently don’t understand the economic principles behind commodity money.
- AKifer 7y agoBut this might find a fertile ground at those proponents of an universal basic income. So anyone doing exercise "good" for his/her health will be rewarded, perhaps the intrinsic value here is the saved indirect cost of healthcare.
- nybble41 7y agoIf payments are conditioned on the completion of assigned tasks then it's not UBI. The beneficiaries still have to choose to participate and actually do the work, so it's really just another job.