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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 hop
by anm89 5y 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 5y agoGlobal 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 5y agoSo 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.