| I have a fundamental question about the technology. As soon as a single centralized service such as any business accepts trust in order to facilitate payments, they are added as a link of trust no? Wouldn't that lead to any fake account being able to simply "spend money" in order to fundamentally legitimize their Personal Coins? Wouldn't this mean that anyone can Mint literally any amount of coin types and purchase literally anything, only for each of those currencies to gain the same global value? EDIT: I have no issue with the Economic principle of UBI. I believe if appropriately applied it is literally the absolute final goal of any organized civilization. EDIT 2: I am actually quite concerned about this model. Several large initiatives seem to have backed a system that not only is broken by default but literally legitimizes discrimination. I don't mean that in some whiney "everyone should be equal!!!!!" bullshitty way, but literally. This model places the burden of trust on any acceptor of the currency, i.e. vendor/service. This means that essentially any business that IS concerned by their contribution as legitimization of so called Scammers will increase scrutiny drastically. Any orphan/Retiree/Huge segment of population of any demographic that might not have any fundamentally trusting connections are fundamentally unable to spend any amount of currency. This would REQUIRE a form of centralized Trust which would need to be regulated in the identical way ISPs and Hosting providers handle SSL Certificates. Some form of fundamental right to trust by citizenship or other inherent association with a trusted entity simply by existing would be absolutely required. Which essentially leads to a regular currency within a few basic steps of reasoning, since eg. governments trust one another, and each of these trusts any citizen. Immediately the exact same existing financial scenario. EDIT 3: I mean this is essentially the EXACT same model as any centralized Stock Exchange. Except instead of shares in a central service/business we get shares in individuals. Which leads to absolute nightmare scenarios where highly connected individuals are inherently more valuable and produce an equal amount of currency, however at a far higher value. Seems familiar no? A CEO that acts as the central trust for a corporation (lets ignore the obvious issues with having a potentially temporary individual as the inherent financial representative of a registered business) would require to be trusted by all employees in order to redeem their pay checks. Meaning that CEO can spend his personal coins at a far higher value since they are inherently trusted be a large amount of individuals. Meaning there is no UBI and everyone still has currency, except instead of being backed by the hypothetical stability of a sitting and established authoritative structure it's affected by the hilariously unstable social graph of the world. We NEED to research systems like this, I CANNOT STATE THIS ENOUGH, but we can't let good intentions lead to an even worse scenario than our current model for fiat currency. |