7 ms·

Time-Based Currency [video]

32 points by jonbaer 7y ago

pkos98 7y ago
Regarding alternative forms of currencies, have a look at this one: https://en.wikipedia.org/wiki/Demurrage_(currency) https://en.wikipedia.org/wiki/Demurrage_(currency) This approach tries to avoid hoarding of money by decreasing the value of hoarded money. The concept is part of the idea called "Freiwirtschaft" (German, literally translated Free economy): https://en.wikipedia.org/wiki/Freiwirtschaft https://en.wikipedia.org/wiki/Freiwirtschaft
- npongratz 7y ago
  Built-in demurrage has been tried with Freicoin, which has been around [0] since 2013: http://freico.in http://freico.in https://coinmarketcap.com/currencies/freicoin/markets/ https://coinmarketcap.com/currencies/freicoin/markets/ [0] For the loosest definition of "been around" -- I assume its blockchain still exists somewhere, but their own website links to an explorer that apparently doesn't exist. And their Github repo hasn't been updated for ~18 months: https://github.com/freicoin/freicoin/commits/master https://github.com/freicoin/freicoin/commits/master
  - theamk 7y ago
    Perhaps people were not spending it, so over time, its value dropped all the way to zero? :)
dnprock 7y ago
I'm experimenting with a new type of currency: an inflating supply crypto. The supply inflation is 7% per year. When new money is issued, everyone has equal access to purchase the coins. Inflation also discourages hoarding behaviors that we see in a system like Bitcoin. The long-term goal is to be a medium of exchange. https://bitflate.org/ https://bitflate.org/
- BubRoss 7y ago
  This is already a well worn mistake. Inflation is good for the entity that controls a currency. Why would someone want to convert their money into a currency that is meant to inflate?
  - gnaritas 7y ago
    > Why would someone want to convert their money into a currency that is meant to inflate? reply To spend it of course, that is the purpose of money. You convert wealth to money so you can trade it for some other wealth.
  - dnprock 7y ago
    In the long-term, you don't want to hold this coin. It's meant to be a Medium of Exchange. Its value decreases over time. But in the short-term, you can speculate on its adoption. With Bitcoin, people speculate on a Store of Value. With Bitflate, people speculate on a Medium of Exchange. There's a field of currency trading. Having inflation does not mean a currency is worthless. The market can incorrectly price a currency.
    - BubRoss 7y ago
      Why would people put their money in a crippled medium of exchange like bitcoin or somewhere that their money is guaranteed to inflate away when neither is necessary? It isn't even a difficult problem to make a crytocurrency that doesn't inflate endlessly and doesn't have artificial constraints on its throughput. It makes no sense to make a currency with these defects. (Also no one said inflation makes a currency worthless).
      - dnprock 7y ago
        Thanks for the reply. It's kinda hard to reason these economic systems from a personal perspective. It's probably easier to understand them when the system is supported by a group of individuals (collective view). Bitcoin is an extreme example of protecting your own money. Other people who don't buy in are losers (from Bitcoin's holders perspective). People are self-fish. Bitcoin works on this self-fish mechanism. When you first look at Bitcoin, it's a ridiculous idea. But when enough people buy into the idea, it can start to work as a Store of Value. With inflation, there's a similar mechanism. Why should you hold a currency that devalues over time? Because when enough people use it, they will accept the currency as a Medium of Exchange. For example, the USD. Everyone knows that it inflates. But nobody really cares. It's a fairly good medium of exchange. I can use it to buy stuff. Then why should you hold a crypto that inflates? Because it's decentralized. The rule is set and fair for everyone. I don't think it would completely replace fiat either. But it would be a good option to have. Bitcoin is a Store of Value because of deflationary supply. Bitflate is a Medium of Exchange because of inflationary supply. Each coin will not work by themselves. But together, they can make a monetary system. We need two coins that work in opposite directions. I call this monetary dualism.
deleted 7y ago
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tromp 7y ago
Grin appears to be the only cryptocurrency with a constant reward: 1 Grin per second forever.
RichardHeart 7y ago
Neat. I made a cryptocurrency which monetizes time. Longer you lock up, higher % of inflation you receive. Lightly similar to a time deposit at a bank. I'm quite surprised no one did it before. It's virtual lending, in that value is accrued by those unlocked, by the reduction in circulating supply by those locked.

32 points by jonbaer 7y ago

Regarding alternative forms of currencies, have a look at this one: https://en.wikipedia.org/wiki/Demurrage_(currency) https://en.wikipedia.org/wiki/Demurrage_(currency) This approach tries to avoid hoarding of money by decreasing the value of hoarded money. The concept is part of the idea called "Freiwirtschaft" (German, literally translated Free economy): https://en.wikipedia.org/wiki/Freiwirtschaft https://en.wikipedia.org/wiki/Freiwirtschaft

npongratz 7y ago
Built-in demurrage has been tried with Freicoin, which has been around [0] since 2013: http://freico.in http://freico.in https://coinmarketcap.com/currencies/freicoin/markets/ https://coinmarketcap.com/currencies/freicoin/markets/ [0] For the loosest definition of "been around" -- I assume its blockchain still exists somewhere, but their own website links to an explorer that apparently doesn't exist. And their Github repo hasn't been updated for ~18 months: https://github.com/freicoin/freicoin/commits/master https://github.com/freicoin/freicoin/commits/master
- theamk 7y ago
  Perhaps people were not spending it, so over time, its value dropped all the way to zero? :)

dnprock 7y ago

I'm experimenting with a new type of currency: an inflating supply crypto. The supply inflation is 7% per year. When new money is issued, everyone has equal access to purchase the coins. Inflation also discourages hoarding behaviors that we see in a system like Bitcoin. The long-term goal is to be a medium of exchange. https://bitflate.org/ https://bitflate.org/

BubRoss 7y ago
This is already a well worn mistake. Inflation is good for the entity that controls a currency. Why would someone want to convert their money into a currency that is meant to inflate?
- gnaritas 7y ago
  > Why would someone want to convert their money into a currency that is meant to inflate? reply To spend it of course, that is the purpose of money. You convert wealth to money so you can trade it for some other wealth.
- dnprock 7y ago
  In the long-term, you don't want to hold this coin. It's meant to be a Medium of Exchange. Its value decreases over time. But in the short-term, you can speculate on its adoption. With Bitcoin, people speculate on a Store of Value. With Bitflate, people speculate on a Medium of Exchange. There's a field of currency trading. Having inflation does not mean a currency is worthless. The market can incorrectly price a currency.
  - BubRoss 7y ago
    Why would people put their money in a crippled medium of exchange like bitcoin or somewhere that their money is guaranteed to inflate away when neither is necessary? It isn't even a difficult problem to make a crytocurrency that doesn't inflate endlessly and doesn't have artificial constraints on its throughput. It makes no sense to make a currency with these defects. (Also no one said inflation makes a currency worthless).
    - dnprock 7y ago
      Thanks for the reply. It's kinda hard to reason these economic systems from a personal perspective. It's probably easier to understand them when the system is supported by a group of individuals (collective view). Bitcoin is an extreme example of protecting your own money. Other people who don't buy in are losers (from Bitcoin's holders perspective). People are self-fish. Bitcoin works on this self-fish mechanism. When you first look at Bitcoin, it's a ridiculous idea. But when enough people buy into the idea, it can start to work as a Store of Value. With inflation, there's a similar mechanism. Why should you hold a currency that devalues over time? Because when enough people use it, they will accept the currency as a Medium of Exchange. For example, the USD. Everyone knows that it inflates. But nobody really cares. It's a fairly good medium of exchange. I can use it to buy stuff. Then why should you hold a crypto that inflates? Because it's decentralized. The rule is set and fair for everyone. I don't think it would completely replace fiat either. But it would be a good option to have. Bitcoin is a Store of Value because of deflationary supply. Bitflate is a Medium of Exchange because of inflationary supply. Each coin will not work by themselves. But together, they can make a monetary system. We need two coins that work in opposite directions. I call this monetary dualism.

deleted 7y ago

[deleted]

tromp 7y ago

Grin appears to be the only cryptocurrency with a constant reward: 1 Grin per second forever.

RichardHeart 7y ago

Neat. I made a cryptocurrency which monetizes time. Longer you lock up, higher % of inflation you receive. Lightly similar to a time deposit at a bank. I'm quite surprised no one did it before. It's virtual lending, in that value is accrued by those unlocked, by the reduction in circulating supply by those locked.