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Ask HN: Cryptocurrency w/ Built-in Guaranteed Basic Income

6 points by gremlinsinc 13y ago

Would it be possible to build a Crypto-currency that also has a built-in tax system that goes into a pool and pays out dividends to users... Taking a 2.5% cut, and redistributing that monthly to all users.. The only problem is we'd need to have a way to ensure non-duplicate accounts, which takes anonymity out of the equation... I honestly feel that bitcoin-like currency will topple governments--because when everyone is using a global currency, they won't be able to control the power via money. I'm very intrigued by a Guaranteed basic income, but what if we could launch a lite-coin clone that actually gives free coins to people on a monthly basis, and rewards businesses that accept the coin.. We could have a tax, plus instead of just mining for coins--the system could actually have a master account --a dispensary of sorts that creates 1 coin per active account per month, and dispenses that coin to recipients. --- Active means-mined, or bought/sold via coin.. Still thinking on the subject, but would something like this be possible? Any other suggestions on how to make it better?

gmuslera 13y ago
That users must have one and only one account is something that belongs more to the real world than to the virtual one. And probably for that you will need government cooperation, maybe from all of them for this to work.
ctdonath 13y ago
Well, the obvious problem is you're proposing a self-destructive currency. Do you really want to opt into a currency system which will inherently lose value? and be non-anonymous to boot? You're building in a tax & welfare system ... creating a government, in an intention to topple governments. I'll pass. I like my cash anonymous & stable. If you want part of mine, earn it by trading something I value.
cryptcurrency 13y ago
Interesting concept. I actually have a theory that the next stage of crypto currencies will have this "sort of thing" built in. An idea I've had recently is that I want a cryptocurrency where each user has his own blockchain. In other words, no universal ledger of all transactions on the system. The other important concept is that (not saying I have all the answers) each person is free to spend his / her currency as they please. No "mining". But the "ledger" can be synchronized with what may resemble "FOREX markets" but the point of these markets isn't to allow you to trade other currencies on other block chains, but it's to help determine what that individual's currency is worth. If done right, then theoretically the person(s) who are right in the middle of the bell curve have the most valuable currency, and those at least one or more standard deviations from the center have less value. The catch is that those people who you transact business / exchange currencies with, the "currency markets" will generate the exchange rate and convert the money into your currency units. Theoretically the "currency markets", there would be many of them, and likely there could be many within a geographic area comparable in size to a U.S. County. Ultimately the overarching goal would be that those who spend too much or too little will ultimately pay the price with a loss in currency value. I think one of the keys here will be to try to create a set of checks and balances to help ensure people can't just create tons of accounts, and start using them all. So perhaps a concept of "type" of transaction will be important. For example, the blockchain shows how much the individual spends on "housing", "food", etc...

6 points by gremlinsinc 13y ago

gmuslera 13y ago

That users must have one and only one account is something that belongs more to the real world than to the virtual one. And probably for that you will need government cooperation, maybe from all of them for this to work.

ctdonath 13y ago

Well, the obvious problem is you're proposing a self-destructive currency. Do you really want to opt into a currency system which will inherently lose value? and be non-anonymous to boot? You're building in a tax & welfare system ... creating a government, in an intention to topple governments. I'll pass. I like my cash anonymous & stable. If you want part of mine, earn it by trading something I value.

cryptcurrency 13y ago

Interesting concept. I actually have a theory that the next stage of crypto currencies will have this "sort of thing" built in. An idea I've had recently is that I want a cryptocurrency where each user has his own blockchain. In other words, no universal ledger of all transactions on the system. The other important concept is that (not saying I have all the answers) each person is free to spend his / her currency as they please. No "mining". But the "ledger" can be synchronized with what may resemble "FOREX markets" but the point of these markets isn't to allow you to trade other currencies on other block chains, but it's to help determine what that individual's currency is worth. If done right, then theoretically the person(s) who are right in the middle of the bell curve have the most valuable currency, and those at least one or more standard deviations from the center have less value. The catch is that those people who you transact business / exchange currencies with, the "currency markets" will generate the exchange rate and convert the money into your currency units. Theoretically the "currency markets", there would be many of them, and likely there could be many within a geographic area comparable in size to a U.S. County. Ultimately the overarching goal would be that those who spend too much or too little will ultimately pay the price with a loss in currency value. I think one of the keys here will be to try to create a set of checks and balances to help ensure people can't just create tons of accounts, and start using them all. So perhaps a concept of "type" of transaction will be important. For example, the blockchain shows how much the individual spends on "housing", "food", etc...