Suncho

32 ms·

181.
by Suncho 11y ago
The trouble is that, as you've pointed out, the government firmly believes that putting newly minted money into consumers hands is a leading cause inflation. So they're not exactly going to be wildly keen on what you plan to do.
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by Suncho 11y ago
Good questions! 1. Where does the money come from to fund the conversion into USD? i.e. is this self-funding somehow or is it a government program? It's not a government program. The primary way in which we build our USD reserves is
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by Suncho 11y ago
My organization would definitely accept Gresham Dollar for most transactions. I don't know what the organization would be called though. Any ideas? I can certainly imagine a poor community transacting in Gresham Dollar among themselv
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by Suncho 11y ago
These are important points. Thanks for bringing them up. * Someone with a deep pocket decides to buy as much as possible at a high discount, say 1 cent per dollar, and wait 30 days and get a 100x gain in a month. * We've addressed thi
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by Suncho 11y ago
There are a few different ways we can build our USD reserves, but the primary one is through a crowd investment system that I've devised. Investors will be purchasing, at a pre-negotiated discount, GD to be delivered at a future date.
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by Suncho 11y ago
I'm sure this is controversial for me to say, but we can pay for a basic income by printing money and handing it out. The government likely won't even think to do this because it's so counter-intuitive. By creating our own c
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by Suncho 11y ago
* 2) Walk me through the process of opening an account, buying a shirt from WalMart, buying a USB stick from Amazon and buying an Apple at my local market. * Every Gresham Account has a balance in GD and a balance in USD (for when the GD au
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by Suncho 11y ago
1) Could you describe the problem you are trying to fix in more detail? I'm trying to solve the problem of how to get income to consumers in a reliable and efficient way that causes a minimum of economic distortion. Consumers must be
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by Suncho 11y ago
Thank you for the very thoughtful questions. A pretty fundamental question: why the Gresham Dollar and not regular dollars? Political reasons. The United States government could technically fund a basic income through deficit spending, b
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by Suncho 11y ago
It will be distributed in deposits across banks that do have deposits at the Fed. We'd try to do it in such a way as much of our reserves as possible are FDIC insured. Have you heard of CDARS? It would be similar to that. http:&#x2F
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by Suncho 11y ago
Poor people are actually great early adopters in this case because they have the highest marginal propensity to consume (i.e. what money they get, they're more likely to spend). Gresham Dollar's longevity depends on people spendi
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by Suncho 11y ago
Yes. Our own private central bank.
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by Suncho 11y ago
The psychology behind a currency run causes people to want to get rid of the untrusted currency as quickly as possible. In the case of Gresham Dollar, because we don't offer on-demand exchange, that means spending it. The less people
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by Suncho 11y ago
There will be provisions in the merchant contract for what happens if we run out of USD reserves. In the initial months after we launch, every Gresham Dollar will be 100% backed by USD reserves, so the merchants (and other users) will take
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by Suncho 11y ago
Yes. The innovation here doesn't lie the technology itself, so I've decidedly been putting less effort into that aspect of things up to this point. Thanks for the advice. I want to do what's cheap and efficient and secure.
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by Suncho 11y ago
I fully expect (and hope for) such a market to emerge. One key thing, which I mentioned in another comment, is that GD "matures" into USD after a certain period of time (e.g. 30 days). But some people might not want to wait for t
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by Suncho 11y ago
I'm not sure I understand your question. Basically, Gresham Dollar is a currency that's backed by USD reserves. A debit card is a card you carry around that lets you directly spend your bank deposits. One of the initial Gresham
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by Suncho 11y ago
TL;DR: The currency is valuable to them. The core mechanism behind Gresham Dollar is that each unit of GD lives for a limited amount of time (e.g. 30 days) after which it expires and we replace it with an equal amount of USD from our rese
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by Suncho 11y ago
Good question. I'm not entirely sure that we will. My is that certain aspects of the system will be distributed for efficiency and security purposes, but we'd need a central authority in charge of the currency, so we don't
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by Suncho 11y ago
Great questions! Where would people would get Gresham Dollars: We build our initial consumer user base by choosing an American city and handing new money (that is, GD) to the people in that city who are most likely to spend it – i.e. low in
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Apply HN: Gresham Dollar – Viral Currency for Basic Income
27 points by Suncho 11y ago|98 comments
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by Suncho 11y ago
People often ask me: "If there were no copyright law, how would studios earn money?" They'd work on commission. They'd work on crowd-funded commission. If you want a movie made, you pay for it yourself. If you want
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by Suncho 11y ago
You don't sound dense at all. We might have a fundamental moral disagreement, which is fine: But everyone has to contribute in some way to eat. I disagree with this. And I actually would say that it's a problem if we're
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by Suncho 11y ago
It allows them to sell the products of their labor for money. That's a pretty fundamental requirement of capitalism, no? Sort of. There are plenty of things we can produce that nobody would want to buy. Capitalism doesn't real
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by Suncho 11y ago
I don't think "post-capitalism" is possible. People will always want to trade something and there will always be markets for those things. But as technology advances, markets for certain types of goods tend to collapse as
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by Suncho 11y ago
Can someone explain without using "magic happens here" arguments how an author, musician, etc. would build a portfolio of assets from which they could attain any measure of financial security in this world? No. They can't.
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by Suncho 11y ago
> Your scenario is too simplistic to use. Yes. Both of our scenarios were simplistic. You came up with a simplistic scenario in which adding money to the supply did cause price inflation and I came up with a simplistic scenario in which
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by Suncho 11y ago
Okay. Let's say we have two oranges and $10 in the money supply. Let's also say that one guy has all of the $10 and he's only ever going to want one orange. What's the price of an orange? $10. One orange gets sold a
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by Suncho 11y ago
> So just print more money? Right. And hand it directly to consumers. > I just tried to explain to you that printing money without producing more goods/services just dilutes your purchasing power. Yes. But then you went on to s
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by Suncho 11y ago
Hmm. I wouldn't characterize what happened in the 2000s as a debasement of the dollar. Real wages have decreased, but shouldn't we want to spend less money on labor as we develop labor-saving technologies and take advantage of c

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