4 ms·

What do you consider centralized currency? I mean, Rome had coin, I'm not sure about egypt and ancient sumeria, but I know they had gold and plenty of slaves.

What do you consider centralized currency? I mean, Rome had coin, I'm not sure about egypt and ancient sumeria, but I know they had gold and plenty of slaves. People have been warring and exploiting others since civilization... I can't say 10k years back before the move towards grouping in clans and cities... But technological currency also could "right the wrongs"... Imagine if each person could only have 1 bank account on a blockchain, verified by identity which is somewhat centralized but governed by a DAO. This bank account is auto-taxed (tx fees), it has a max limit, say 999 million. So essentially, there could not be billionaires. Sitting coin is taxed as well after awhile, and estate transfers would be limited say max 50 million can be transferred to posterity. The rest is paid out to all users as a dividend. The bank account would also pay out UBI to people based on the size of their wallet and their utilization. The more purchases, the more utilization the more your payouts from UBI. A large portion would also go towards a central "trust" for crowdfunding of businesses, mutual aid for emergencies, and for healthcare. The DAO would invest in worker/consumer owned grocery stores and try to peg the value of the dollar to prices by owning some of the pricing. Basically start w/ competing with Amazon on some consumer goods via the internet, and brick/mortar stores. DAO would work w/ devs to develop an algorithm that ensures not too much deflation/inflation, max limits, good taxation, good ubi, good burning/minting via staking protocol, etc... all while being open and transparent.

donw 6y ago
What's to prevent the people that deploy and maintain that software from modifying it slightly to exclude themselves from the cap, and diverting those sitting coins to their own accounts?
Melting_Harps 6y ago
> Imagine if each person could only have 1 bank account on a blockchain, verified by identity which is somewhat centralized but governed by a DAO. Are you seriously pitching me the DAO, like I don't know it was one of the biggest exit scams in all of Cryptocurrency History? Listen, you ETH guys worship Vitalik and walk around pounding that koolaid that you give us all that work in the space a bad name, give it a rest... I mean it, money is something ETH just isn't good at. In fact, I still cannot see any value or a usecase in ETH to this day besides a bunch of pump and dump schemes that tarnish what BTC and other alts have done. I was forced to use solidity and hyperledger at an enterprise level for a megacorp, tied what the ripple and stellar idiots that were brought on without my consent to a project I had been brought no I had no choice but to leave the project and the Industry for some time. We had to loss weeks/months of work to make something that had worked in BTC (multi-sig escrow) for years just because it sounded better if it had a functionality in those 3 useless alts. To this day I still cannot believe Vitalik, a former Unsystem developer, didn't just make this all up and his hiding all of exit scam money to contribute to the BTC network in some way; none of it adds up at all, how do you from squatting and working on FOSS in Spain to being best buddies with Putin? Chances are had he just held onto a fraction of his BTC from back then they'd all be millionaires since 2017. But to answer you question: Centralized currency: The means to issue and control the medium of exchange in any system (eg: civilization, country) and impose arbitrary and even malicious actions to detriment of those who reject or oppose your currency. Often a role held by Nation States and by extension Central Banks that preclude said entities.

donw 6y ago

What's to prevent the people that deploy and maintain that software from modifying it slightly to exclude themselves from the cap, and diverting those sitting coins to their own accounts?

Melting_Harps 6y ago

> Imagine if each person could only have 1 bank account on a blockchain, verified by identity which is somewhat centralized but governed by a DAO. Are you seriously pitching me the DAO, like I don't know it was one of the biggest exit scams in all of Cryptocurrency History? Listen, you ETH guys worship Vitalik and walk around pounding that koolaid that you give us all that work in the space a bad name, give it a rest... I mean it, money is something ETH just isn't good at. In fact, I still cannot see any value or a usecase in ETH to this day besides a bunch of pump and dump schemes that tarnish what BTC and other alts have done. I was forced to use solidity and hyperledger at an enterprise level for a megacorp, tied what the ripple and stellar idiots that were brought on without my consent to a project I had been brought no I had no choice but to leave the project and the Industry for some time. We had to loss weeks/months of work to make something that had worked in BTC (multi-sig escrow) for years just because it sounded better if it had a functionality in those 3 useless alts. To this day I still cannot believe Vitalik, a former Unsystem developer, didn't just make this all up and his hiding all of exit scam money to contribute to the BTC network in some way; none of it adds up at all, how do you from squatting and working on FOSS in Spain to being best buddies with Putin? Chances are had he just held onto a fraction of his BTC from back then they'd all be millionaires since 2017. But to answer you question: Centralized currency: The means to issue and control the medium of exchange in any system (eg: civilization, country) and impose arbitrary and even malicious actions to detriment of those who reject or oppose your currency. Often a role held by Nation States and by extension Central Banks that preclude said entities.