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Hi, I'm working on solutions to currency inflation and would love some help. Similar to a COLA (cost of living adjustment) on your salary, I think people should
by photonpsd 5y ago
Hi, I'm working on solutions to currency inflation and would love some help. Similar to a COLA (cost of living adjustment) on your salary, I think people should receive a COLA on their savings. Inflation destroys economies and lives all over the world, due mostly to uncontrolled currency printing by gov't. And, as obvious as it may sound, we don't have to sit back and just accept it anymore. We can build tools that protect people, and their savings, from dramatic losses in value. To do that, I am building an NFT "Russian doll" that is linked to CPI (consumer price index). How does it work?: As CPI rises past a predetermined level, the smart contract in the Russian Doll nft will auto-mint the holder a new NFT (Russian Doll #2), which the holder can then sell to cover inflation. Buyer of Russian Doll #2 gets same inflation protection, as CPI rises past a predetermined level, RD #2 auto-mints RD #3, and on and on.
As governments print more money, and prices rise, the hope is that citizens can use these NFTs to combat that rise in price. That is the basic idea, which we can iterate on. I'm super excited about it simply because I think it has the potential to do a lot of good in this world. look forward to hearing from anyone interested, please reach out!!! (pdeckr at gmail).
- robbiep 5y agoSorry I’m not sure I understand. You’re countering inflation by building inflation into crypto? Wont that just lead to runaway inflation, algorithmically determined?
- heliodor 5y agoThe CPI data is determined and published by the government. It has received plenty of criticism. Also, blockchain is supposed to solve trust problems, government being one big one. Instead, you're going to trust their CPI data?