Crypto-Currency as a tool for Living Income

[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?

[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]

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"

[ingridschaefer]

Bitcoin: A vision and tutorial (zoom-meeting):

https://www.youtube.com/watch?v=wfhRoTbJu9o

[Gabriel]

Bitcoin: A vision and tutorial (zoom-meeting):

https://www.youtube.com/watch?v=wfhRoTbJu9o

Awesome initiative !!!

[ingridschaefer]

Cool!

[Marlen]

I recommend checking out this interview with Catherine Austin Fitts who explains more about the plan of CBDC (central bank digital currencies) but there was a part where she mentions a guy that suggested that a specific curriculum could be given to homeschooled children to create crypto based system for money creation that central bankers and such could not get their hands on. James Corbett does say "unless they got the quantum computers " which means anything digital has the potential to be disrupted if "those in control of the systems " decide to disrupt it.

So, I found the idea interesting of how a ground up system separate from what we currently know could be built. This means no use of something like bitcoin still pegged to the value of dollar etc. But something genuinely outside, an alternative system. Of course to adopt it would require massive education on How to use it erc. But I find the idea quite interesting nonetheless aiming to the future. And! If all things fail let's always.consider money is an agreement of value by those that adopt it. So, this to me speaks about locally organizing to do this in case of having your "access to money" disrupted if getting into the full on technocratic plan that has already been explained by people in BIS and IMF etc... yep, if people follow that path, anyone's perceived subversion to the system could get your money access shut down

Ok so, this and more solutions are explained here
It is no living income plan, but it gives an overall view of money system and its creation in current times

https://youtu.be/dUb66PZ5EgY

[ingridschaefer]

Cool points to consider.

It could be cool to have another zoom about this and then you and for example Dan or Adrian (as participants of above zoom) being in as well - to share perspectives, possibilities and concerns. Let me know if you are up for this, maybe nearby or in further future.

Thanks!

[Marlen]

It's all I got for now, I am mostly following the lines of where some main economic restructuring is going, but it is all still a plan, a very ambitious one when it comes to controlling people and how it is linked to the covid stuff as excuse for this "monetary reset"

But things are still uncertain. So, I wouldn't see much of a point to discuss this atm. I am also learning from other people already doing deeper investigations into this in terms of alternative currencies. I have interviewed people that have actually done this in their communities. I don't have any of that yet. Merely exists at knowledge level.

I can share info to consider as well, I do see money linked to an agreement within a community. Sure, we would like that to be possible at a global level like EMS, but that is a long way to go.

So for now to me it makes sense to consider alternative currencies within the context of our reality and community around. James Corbett recently shared about this in the greater reset activation talks, will leave link here starting at 2:36:43
https://youtu.be/wuykVODsHw8

UBI is currently part of the agenda, not unconditional though but as a thank you for embracing the full controlled system where peoples money can be turned "off" if someone decides one is being critical of the system, like social credits in China.

So it would be great to discuss this if possible here on written form, considering the current context we are living in since this thread was started before dystopia hit our towns lol.

Thanks