Crypto-Currency as a tool for Living Income

Post Reply
User avatar
Blaž Cegnar
Posts: 57
Joined: 13 Jun 2011, 20:36

Crypto-Currency as a tool for Living Income

Post by Blaž Cegnar »

In the current system, changing anything in relation to banking and money creation demands great effort from many people and as we all know, the banking cabal is not keen on losing the tool that makes them rich and powerful. Thus changing the old banking system will still take some time. But what I see as a better and easier solution is to use one of the new crypto currencies, or even create a new one, with the purpose of distributing everyone on Earth (or at least to those who have access to internet at first) a Living Income Guaranteed. How the system would work is very simple. We would create a limited number of crypto coins, like they are created now, enough for every person on Earth to use and receive a monthly guaranteed income. The amount of the living income received would be regulated in relation to the current value of the currency in the system, so that the amount would be enough to cover for the basic needs of a person, like food, clothes, rent, health care and education, starting small and gradually becoming higher. The way money for living income would be obtained is through a single "Life Support Tax" that would be paid on every transaction of the crypto currency. The amount of the tax would be very small and could be calculated based on the average transaction amount per month in the system, so that enough "Life Support Tax" money would be collected for everyone to receive a living income. This way we can leave the old system to fade away as we can create the new crypto currency by ourselves or use an existing one. The living income calculation and distribution would work automatically. Of course, one person could only receive one living income. So the holder of every account would have to be transparently identified to prevent unnecessary greed. Whenever you create your first crypto currency account in the system, you would be eligible to receive your living income. Obviously in the beginning, the amount would be very small because there would not be a lot of activity yet in the system when the crypto currency is first created. But it would get bigger as the system would spread and the currency value would rise.

So, what do you all think? Where do you see any potential problems, what are the solutions and how can we make this work?

User avatar
Brahim NoopooH
Posts: 1
Joined: 26 Oct 2020, 01:04

Re: Crypto-Currency as a tool for Living Income

Post by Brahim NoopooH »

I think that the vision you had 5 years ago may potentially be coming to fruition now in 2020 in the midst of the Covid-19 crisis. There is now talk of such a plan that sounds very much to be the beginning stages of an equal money system. There is also talk of crypto-currencies being the mode of payment. I can confirm that the crypto-currency market is much slower than the fiat currency market but Bitcoin, Etherium, and Litecoin are ticking up substantially in popularity because of the Covid-19 economic crisis. Here is an article that mentions the establishment of a "universal basic income" under a "World Debt Reset Program" being introduced by the IMF in the coming weeks and months.

https://www.silverdoctors.com/headlines ... -and-more/

Marlen
Posts: 4366
Joined: 12 Jun 2011, 20:16
Contact:

Re: Crypto-Currency as a tool for Living Income

Post by Marlen »

Here's a copy of an email I got today from Matthew Slater (UK), I took a MOOC he made along with professor Jem Bendell on monetary theory and redesigning money systems many years ago. I agree with his views even if they aren't the most popular at the moment. He has another idea and perhaps not for living income as such but about the current money situation

What you mention above is perhaps what will be most likely implemented. We have yet to see how that plays out, but I'd like to share these other sources he mentions as an alternative to consider as well.

My main point with crypto is still what Matthew mentions below about the market forces. I understand how some may be benefitting a lot from that at the moment, but as he says, it's not the kind of agreement or principle I'd like to see as a new system for everyone.

Take from it what you will and thanks for re opening the discussion

"Greetings Money Freaks,

This month I published my Credit Commons protocol https://creditcommons.net/ for nested mutual credit clearing, which like every complementary currency before it, will change the world if only people use it. Unlike the hundreds of projects which I've seen come and go, the protocol is not itself a currency, but a means for independent currencies to connect. And unlike almost every other currency exchange you can imagine, it works with fixed exchange rates, which helps to ensure that exchange is fair, credit, because the only business relationships I care about involve trust, and it enabled groups govern their own currencies rather than being subject to 'markets'.

I invite you to dig into these ideas and make as much noise online, pro or anti, as you can about Credit Commons and adjacent issues because there's no chance that either Modern Monetary Theory nor blockchain anarcho-capitalism can deliver what their advocates promise. Also join me for an Ask Me Anything https://creditcommons.net/ama session on Friday morning Europe time. A team has formed in UK to identify new opportunities for mutual credit money systems as a response to COVID and the seemingly inevitable next decade of recession. If you think you can help Mutual Credit Services (better site coming soon!) let me know.

You may remember I promised a paper on the growth imperative with Prof Bendell, and this is still due next month. Researching that I corresponded with Paul Grignon, author of the enlightening Money as Debt animations featured in the MOOC. His current focus is on designing a new kind of community bank.

Turning to the bigger picture current damage to the economy caused by lockdown continues to be smoothed over by bailouts, meaning they will decide later who actually pays. I've yet to hear a politician dare to talk about the new normal, apart from some half-hearted Great Reset propaganda from the founder of WEF and his friends. Even as the economy spins out of control, and policy makers have no ideas, I don't see attention or resources flowing towards alt-economy ideas; in other words, the cavalry is not coming. More of the same, more likely.

Reinforcing Ellen Brown's article in the last newsletter, this post by about how even the bailout process is being outsourced/privatised to Blackrock, and why that's probably a bad thing. https://www.counterpunch.org/2020/06/24 ... ire-squid/

More about the evolution of capitalism. In particular how 2008 and COVID responses strengthen the global role of the dollar. And a similar argument that the Yuan will not dethrone the dollar any time soon.

One way to bend the economy to suit reality would be prolonging (consumer) debts indefinitely.

Warren Buffet's is changing his attitude to money in light of all the bailouts and negative interest, this article is tantalising but frustratingly short on in detail!

https://medium.com/the-ascent/warren-bu ... 45461a5969

If you like podcasts, here's a nice primer on MMT in the context of COVID bailouts, The Treasury is choosing death (90 mins) from UK based activist accountant Richard Murphy.

I find Prof Richard Werner whose 'Princes of the Yen' was featured in the MOOC always enlightening and uplifting. In this video interview he warns about Central Bank Digital Currencies (54 mins) and shreds central banks in general. https://youtu.be/OdYmdKUiQNw

That's all folks,

Matthew"

Post Reply

Return to “Equal Money System Discussions”