Topic: Hacking the current Economic System (Critical Reviews Needed please) (Read 1030 times)
August 28, 2014, 08:12:10 AM
Bitcoin is in itself a hacker of the current economic system.
August 28, 2014, 04:15:01 AM
To address your question, If we are to use Bit-coin as an example, it seems Bit-coin is only valuable because of its convertibility to US and other currencies which themselves operate within the framework of capitalism , Which I addressed earlier.
If I may, I would like to understand that your question is this,
Does an item has to be both desirable and scarce in order for it to retain value?
I believe not, for much of history human credit was extended, many people in villages and local communities still do, for example in India and even rural America; shop-keepers will keep an ledger or an tab, (extending credit to locals and regulars).
This is simply the individuals trust or credit in another, and this is infinite in quantity and desirable and in my opinion, has great value.
My question to you is as follows,
1) Do you believe that humans, are inherently self-serving?
2) Do you believe that given the chance, humans have an infinite appetite for consuming?
According to modern economic thought, because every individual seeks to gain advantage for his personal benefit, the market is the fairest way to distribute the scarce resources.
If I think of anything more I'll edit this post, till otherwise peace
If I may, I would like to understand that your question is this,
Does an item has to be both desirable and scarce in order for it to retain value?
I believe not, for much of history human credit was extended, many people in villages and local communities still do, for example in India and even rural America; shop-keepers will keep an ledger or an tab, (extending credit to locals and regulars).
This is simply the individuals trust or credit in another, and this is infinite in quantity and desirable and in my opinion, has great value.
My question to you is as follows,
1) Do you believe that humans, are inherently self-serving?
2) Do you believe that given the chance, humans have an infinite appetite for consuming?
According to modern economic thought, because every individual seeks to gain advantage for his personal benefit, the market is the fairest way to distribute the scarce resources.
If I think of anything more I'll edit this post, till otherwise peace
1) Yes it is a basic instinct, called survival
2) Maybe not everyone, but enough people would take everything they wanted, which would create an extreme shortage
Questions/points for you:
1) Would you work hard and consume less than everyone else? Or would you consume more and work less than everyone else? --if everything was free. most people would barely work and just consume
2) No merchant would accept these "points" as they could be infinitely printed. Unlimited supply and low demand = worthless
3) Bitcoin is not valuable because it can be converted to USD. It is valuable for its portability, divisibility, decentralized, limited supply, security and many other properties. It bitcoin becomes the currency of any country or the world it will be independent of the USD and prices will just be listed in bitcoins.
4) Remember that people were spending USD in computer mining + electricity long before bitcoin was even worth a single penny.
August 27, 2014, 12:14:07 PM
To address your question, If we are to use Bit-coin as an example, it seems Bit-coin is only valuable because of its convertibility to US and other currencies which themselves operate within the framework of capitalism , Which I addressed earlier.
If I may, I would like to understand that your question is this,
Does an item has to be both desirable and scarce in order for it to retain value?
I believe not, for much of history human credit was extended, many people in villages and local communities still do, for example in India and even rural America; shop-keepers will keep an ledger or an tab, (extending credit to locals and regulars).
This is simply the individuals trust or credit in another, and this is infinite in quantity and desirable and in my opinion, has great value.
My question to you is as follows,
Do you believe that humans, are inherently self-serving?
Do you believe that given the chance, humans have an infinite appetite for consuming?
According to modern economic thought, because every individual seeks to gain advantage for his personal benefit, the market is the fairest way to distribute the scarce resources.
If I think of anything more I'll edit this post, till otherwise peace
If I may, I would like to understand that your question is this,
Does an item has to be both desirable and scarce in order for it to retain value?
I believe not, for much of history human credit was extended, many people in villages and local communities still do, for example in India and even rural America; shop-keepers will keep an ledger or an tab, (extending credit to locals and regulars).
This is simply the individuals trust or credit in another, and this is infinite in quantity and desirable and in my opinion, has great value.
My question to you is as follows,
Do you believe that humans, are inherently self-serving?
Do you believe that given the chance, humans have an infinite appetite for consuming?
According to modern economic thought, because every individual seeks to gain advantage for his personal benefit, the market is the fairest way to distribute the scarce resources.
If I think of anything more I'll edit this post, till otherwise peace
August 13, 2014, 12:06:48 AM
Any currency that can be printed infinitely by anyone will end up worthless. Even though merchants could choose which ones to accept or reject, they's probably just reject all of them. Although you might see inflation as a good thing to reduce hoarding of money, it actually results in some waste of real resources. Not only that, but also "points" wouldn't just inflate, they'd hyper-inflate.
There's a reason we have money. If your system would work, then we'd just be better off not having any currency and letting people take anything they want, and work as they see fit.
Using Bitcoin as an example, what do you think would happen if anyone could choose to mine a block anytime they want? Personally I know that I'd have a lot of Bitcoin pretty soon... but I wouldn't be rich, because Bitcoin would become worthless.
There's a reason we have money. If your system would work, then we'd just be better off not having any currency and letting people take anything they want, and work as they see fit.
Using Bitcoin as an example, what do you think would happen if anyone could choose to mine a block anytime they want? Personally I know that I'd have a lot of Bitcoin pretty soon... but I wouldn't be rich, because Bitcoin would become worthless.
August 12, 2014, 11:51:18 PM
Big Idea, Mobile App device that allows any user to award themselves their own "points" based on good deeds they done each day, Deeds get publicly listed on users profile. Merchant/other Users accept these "points" for products/services; By essentially giving everyone an possible printing press (and purposely not implementing a check-stop against abuse), we are allowing them to determine for themselves their point "needs" in life, as well as eliminate the "time value" of assets (due to inflation in points as well as an the removal of the incentive of storage for under or un-utilized assets). This will create an decentralized safety net that allows people to do what they most would like to do and hopefully stop the increasing need for the search of privatization and yield in debt-based capitalism
Steps added for clearer understanding of concepts
Step 1) each person gets an theoretical printing press by allowing for each user to decide how much each of their karma actions are worth, note that what is considered karma action and said action awarded will be public info, but up to each user to decide
step 2) merchants and 3rd parties are allowed to accept or reject points from the user-group for services/goods as well as participate in scenario 1
Step 3) by doing so we create an "social safety net", (oh no )I gotta work in the sweatshop or the loan-shark will break my legs) remove time-value storage of goods (oh no I got to get as much stuff as I can cause I'm not sure when I might need it), increase efficiency of work allocation and workers (ie oh no I hate this job but I need the money so Imma just do it really badly), as well as this being able to be free from all nation state controls (currency controls, central banks, large FIN institutions) and also remove the debt conundrum with debt-based capitalistic societies, (more debt then there is money to repay, exponential growth of debt over time = more people in debt to those who have capital)
Steps added for clearer understanding of concepts
Step 1) each person gets an theoretical printing press by allowing for each user to decide how much each of their karma actions are worth, note that what is considered karma action and said action awarded will be public info, but up to each user to decide
step 2) merchants and 3rd parties are allowed to accept or reject points from the user-group for services/goods as well as participate in scenario 1
Step 3) by doing so we create an "social safety net", (oh no )I gotta work in the sweatshop or the loan-shark will break my legs) remove time-value storage of goods (oh no I got to get as much stuff as I can cause I'm not sure when I might need it), increase efficiency of work allocation and workers (ie oh no I hate this job but I need the money so Imma just do it really badly), as well as this being able to be free from all nation state controls (currency controls, central banks, large FIN institutions) and also remove the debt conundrum with debt-based capitalistic societies, (more debt then there is money to repay, exponential growth of debt over time = more people in debt to those who have capital)
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