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Related materials (I am starting a role at GLO on Monday): White Paper: https://docs.google.com/document/d/1E09fdrvBr_TgsUqODq-MROfoSniHI8Ri_3gRYYoWXi0/edit ht

Related materials (I am starting a role at GLO on Monday): White Paper: https://docs.google.com/document/d/1E09fdrvBr_TgsUqODq-MROfoSniHI8Ri_3gRYYoWXi0/edit https://docs.google.com/document/d/1E09fdrvBr_TgsUqODq-MROfo... Open Roles: https://boards.greenhouse.io/globalincomecoin https://boards.greenhouse.io/globalincomecoin FWIW, I found out about GLO from the HN March 2020 Who's Hiring thread

Isamu 4y ago
> We’re launching a new coin, intended to be used for payments just like the dollar or the euro. As adoption grows, we can slowly create additional money and give this away for free, to people directly. It sounds like the plan is, get people to adopt your money so that its value isn’t zero, then print some more to give away, to everybody on the planet, hoping this doesn’t drive the value to zero.
- anm89 4y ago
  My guess on the economics of this are: 1)Take money from SF VCs for tax deductions and social cred. 2) Hand it out to create the appearance of growth and hopefully get the coin to have some value as you mention above 3) Quickly harvest the data of everyone involved 4) Sell that data while the original thing implodes 5) Dump any remaining coins, hopefully at a decent gain, to finish the scheme.
  - glocoin 4y ago
    Global Income Coin is a non-profit. We run entirely on philantropic donations. We won't use created tokens to fund ourselves; no hands in the cookie jar. There’s also no pre-mine, founder/investor allocation, or any other for-profit scheme. We won't sell data.
    - anm89 4y ago
      So if the entire scheme is to hand out donated money why does it require a cryptocurrency? That sounds pretty much like what give directly already does. But unless there is some kind of trick played with the currency, you haven't created any revenue stream which enables you to do this indefinitely. Like it feels like you are making some revolutionary promise, but haven't made any revolutionary innovation that actually enables it. It seems like there's just hand waving around "cryptocurrency" and somehow that enables indefinitely handing out money. Hard to put a finger on but just doesn't add up to me. On paper it's a great goal. I wish you luck with it.
- wmf 4y ago
  It sounds obviously pointless when you put it that way, but somehow crypto airdrops keep having non-zero value. In the context of SBF's recent interview https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm... I guess this project is aiming to ponzify the planet.
- glocoin 4y ago
  That's indeed exactly the plan. It's how fiat currencies work, too. Of course, these are already established (and have the added benefit of being the only way to pay taxes). Admittedly it will be very challenging for a new currency to reach a similar status - it's perhaps our hardest problem to solve.
  - hn_throwaway_99 4y ago
    I am honestly baffled that anyone thinks that nations would give up their monopoly power when it comes to managing the money supply. Just look at governmental reactions to Libra/Diem: https://en.wikipedia.org/wiki/Diem_(digital_currency)#Reception https://en.wikipedia.org/wiki/Diem_(digital_currency)#Recept...
    - glocoin 4y ago
      This will very likely be a problem we'll run into if we gain massive adoption, and it will be difficult. But if we prove to be a useful monetary system that benefits the population, then perceptions might change. We are already starting to see countries and cities consider accepting crypto as legal tender and be used to pay taxes.

Isamu 4y ago

> We’re launching a new coin, intended to be used for payments just like the dollar or the euro. As adoption grows, we can slowly create additional money and give this away for free, to people directly. It sounds like the plan is, get people to adopt your money so that its value isn’t zero, then print some more to give away, to everybody on the planet, hoping this doesn’t drive the value to zero.

anm89 4y ago
My guess on the economics of this are: 1)Take money from SF VCs for tax deductions and social cred. 2) Hand it out to create the appearance of growth and hopefully get the coin to have some value as you mention above 3) Quickly harvest the data of everyone involved 4) Sell that data while the original thing implodes 5) Dump any remaining coins, hopefully at a decent gain, to finish the scheme.
- glocoin 4y ago
  Global Income Coin is a non-profit. We run entirely on philantropic donations. We won't use created tokens to fund ourselves; no hands in the cookie jar. There’s also no pre-mine, founder/investor allocation, or any other for-profit scheme. We won't sell data.
  - anm89 4y ago
    So if the entire scheme is to hand out donated money why does it require a cryptocurrency? That sounds pretty much like what give directly already does. But unless there is some kind of trick played with the currency, you haven't created any revenue stream which enables you to do this indefinitely. Like it feels like you are making some revolutionary promise, but haven't made any revolutionary innovation that actually enables it. It seems like there's just hand waving around "cryptocurrency" and somehow that enables indefinitely handing out money. Hard to put a finger on but just doesn't add up to me. On paper it's a great goal. I wish you luck with it.
wmf 4y ago
It sounds obviously pointless when you put it that way, but somehow crypto airdrops keep having non-zero value. In the context of SBF's recent interview https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm... I guess this project is aiming to ponzify the planet.
glocoin 4y ago
That's indeed exactly the plan. It's how fiat currencies work, too. Of course, these are already established (and have the added benefit of being the only way to pay taxes). Admittedly it will be very challenging for a new currency to reach a similar status - it's perhaps our hardest problem to solve.
- hn_throwaway_99 4y ago
  I am honestly baffled that anyone thinks that nations would give up their monopoly power when it comes to managing the money supply. Just look at governmental reactions to Libra/Diem: https://en.wikipedia.org/wiki/Diem_(digital_currency)#Reception https://en.wikipedia.org/wiki/Diem_(digital_currency)#Recept...
  - glocoin 4y ago
    This will very likely be a problem we'll run into if we gain massive adoption, and it will be difficult. But if we prove to be a useful monetary system that benefits the population, then perceptions might change. We are already starting to see countries and cities consider accepting crypto as legal tender and be used to pay taxes.