What if our money supply would come not just from bank underwriters guessing how a business will do in 10 years, and risk managers guessing what interests rates will be, etc. Instead, it will come form communities of all kinds. ("But how will we pay for it?" By removing money from circulation via taxes and fees.) Each community can be the source and sink of its own money supply, instead of the banks, who are motivated not by social good but by profit motive.
I know some people will knee-jerk downvote this because it's talking about Web3 again. I'm not talking about ponzi schemes or speculative bubbles. I'm talking about communities issuing their own currency to their own members, whether they're online (e.g. HN Karma) or offline (VegasCoin). Just because Web3 has been overrun by green and the profit motive doesn't mean the idea of communities having their own smart economies with their own monetary and fiscal policy is not good. Don't throw the baby out with the bathwater. (Look at my posts... I'm essentially a libertarian communist going back years, so someone like me might buck the trend of assholes who are just in it for the grift.)
So self-assured. Did you even see the link to the pdf? It explains…
1) Give the tools for any community to release their own coin
2) Communities pay the coin for participation or doing something (eg Hacker News karma). Maybe have a UBI to everyone so they can vote with their wallet. Upvotes are coin transfers etc.
3) Make the coin usable for local advertising or by local vendors. This is the WORK the community has to do (not us) same as VISA and Mastercard network had to do!!
4) Allow people to buy the local coin in a decentralized way. Now each coin becomes exchangeable all for other coins.
5) Intercoin network. Converts any coin to any other coin. Once your local farmer and electric company accepts YOUR city’s local coin, then you pay for food or your electricity bill, using hackernews coin, transparently.
Intercoin is to value what Internet is to communication. We are building an internet of value. It’s completely voluntary. If you don’t want to use it, don’t. If you want to shit on it, at least learn about it first.
As I said, I am willing to make a wager. Happy to take the other side? If I win, you post the printed screenshot with your face next to it, and in giant letters “I supported fascism / authoritarianism / totalitarianism because it was cool”.
> 3) Make the coin usable for local advertising or by local vendors. This is the WORK the community has to do (not us) same as VISA and Mastercard network had to do!!
Is anyone doing that? How far along are they, compared to VISA and Mastercard (or even just other crypto)?
If sufficiently large communities released their own coins, if enough people in each community decided to engage with it - and you know that crypto reputation is not the best - and they decided to put enough work into making it usable locally, if there was a large enough market... GP could use it to pay for their bills.
As it stands, though, this just reads like "draw the rest of the owl".
Are you proud that Big Tech and Big Banks were the only ones able to build the infrastructure and get a large network effect? You like monopolies and cartels?
VISA was simply a project of Bank of America. They did the work. They got the merchants to accept it.
The CCP helped WeChat get all merchants to accept payments with WeChat. Maybe you like all your monetary policy being centrally controlled, by the Fed? Perhaps you’ll be welcome the new CBDC and National ID, that’s coming, knowing that the central planners have your best interests in mind…
HN is irrationally against Web3, thus many knee-jerk hate on decentralized networks. And they have never heard of communities having their own currency and being able to run their own monetary policy.
If our government had the guts to institute Pigovian taxes, then the Fed wouldn’t have to step in and use the only lever they have — interest rates - to squadh inflation. And all these banks wouldn’t be going belly up. This is just one example.
Personally, I see that the world isn’t HN. And with all these banks going belly up, they’ll gladly latch onto something else. Now if we don’t do anything, it’ll be CBDCs and National IDs.
We are at least trying to build a viable alternative that’s by the people. Historically Hackers were anti-establishment and against bootlickers. They very much support cypherpunks like Phil Zimmerman and other “crypto bros” as you call them. Maybe the “Hacker” ethos in Hacker News will shine through in the future, and you’ll realize that squashing self-sovereignty and welcoming more consolidation and centralization is not the way. Stop trying to ride the “cool” bandwagon of VCs that give you money to build a monopoly, and embrace the real hacker ethos of open source alternatives that are BY the people, not just FOR the people by the elites.
Touché. Although, to be a bit pedantic — downvotes don’t actually give currency to the downvoter any more than you can simply slice off a few ether from another account balance
The PDF is a summary/introduction for a whitepaper.
The last page links to the whitepaper for more information. Using the word whitepaper. And you need to either go there or somewhere with the same content for a full understanding.
Come on, work with people. It's very clear what they meant, and their wording is reasonable.
I don't even need to go into how they were using quotes to be inclusive of things similar to whitepapers...
Your bias is that you are against Web3, so unfunny jokes and incorrect information by other Web3 haters is totally cool, but in-depth explanations, or presentations summarizing years of work in Web3 to produce free helpful open source software, are silly and to be criticized without even engaging with the substance.
We'll end up with decentralized money on secure, decentralized platforms owned by communities of people, instead of banks, soon.
What's missing is simply scalability and user adoption of local community currencies.
If you are curious how it could possibly happen, here are the steps to actually get it done in any community: https://community.intercoin.app/t/rolling-out-voluntary-basi...
Or in PDF form: https://intercoin.org/communities.pdf
What if our money supply would come not just from bank underwriters guessing how a business will do in 10 years, and risk managers guessing what interests rates will be, etc. Instead, it will come form communities of all kinds. ("But how will we pay for it?" By removing money from circulation via taxes and fees.) Each community can be the source and sink of its own money supply, instead of the banks, who are motivated not by social good but by profit motive.
I know some people will knee-jerk downvote this because it's talking about Web3 again. I'm not talking about ponzi schemes or speculative bubbles. I'm talking about communities issuing their own currency to their own members, whether they're online (e.g. HN Karma) or offline (VegasCoin). Just because Web3 has been overrun by green and the profit motive doesn't mean the idea of communities having their own smart economies with their own monetary and fiscal policy is not good. Don't throw the baby out with the bathwater. (Look at my posts... I'm essentially a libertarian communist going back years, so someone like me might buck the trend of assholes who are just in it for the grift.)