Labor Theory of Value | Bitcointalksearch.org

The_Dark_Knight

hero member

Activity: 840

Merit: 502

Quote from: bitbor on November 18, 2017, 07:42:34 PM

Hello everyone, did you ever heard about a currency based on human's labor ? Why is Bitcoin based on supply/demand when we could use its technology to make a system where money is created by human's labor ?

I am planning to make my own one but would be great to have some ideas on how to do it and what to take care about ?

Thank you

Do not try to reinvent the wheel, bitcoin may be a new way to understand a currency but it is based on concepts that are thousands of years old, like a low supply of coins and all the characteristics of money, the law of supply and demand took us a lot of time to understand it but at the end we did, you are trying to create something that is completely untested, do not waste your time it is not going to work.

hatshepsut93

legendary

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There is already a cryptocurrency like that, it's called Raiblocks and it's "mined" by human workers who solve captcha and claim coins from a centralized faucet server. You can come up with your own ideas how to implement a human-based PoW, but it will just be an experiement with almost zero chance of becoming an actual widespread currency. Value exists when there are people who are willing to buy it, and buyers don't really care how it was produced, they only care about its property. So, even if you'll take many people and make them work hard on creating a currency, the market can easily decide that its value is lower than amount of work spent on creating it.

player514

legendary

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Quote from: bitbor on November 18, 2017, 07:42:34 PM

Hello everyone, did you ever heard about a currency based on human's labor ? Why is Bitcoin based on supply/demand when we can use its technology to make a system where the money is created by human's labor ?

I am planning to make my own one but would be great to have some ideas on how to do it and what to take care about ?

Thank you

Could you specify what you mean by a currency on human labor? The supply and demand allows for a full market to be created just based on a currency rooted in the community, not in some centralized government type figure. That is why bitcoin is so popular -- people have faith in the coin, they put their money in and they can pull the value for everyone up. This system is pretty self sufficient, which is why we've seen bitcoin work for a while. I don't understand what you exactly mean by human labor.

Ductram

newbie

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Quote from: bitbor on November 18, 2017, 07:42:34 PM

Hello everyone, did you ever heard about a currency based on human's labor ? Why is Bitcoin based on supply/demand when we could use its technology to make a system where money is created by human's labor ?

I am planning to make my own one but would be great to have some ideas on how to do it and what to take care about ?

Thank you

bitbor

newbie

Activity: 3

Merit: 0

Hello everyone, did you ever heard about a currency based on human's labor ? Why is Bitcoin based on supply/demand when we could use its technology to make a system where money is created by human's labor ?

I am planning to make my own one but would be great to have some ideas on how to do it and what to take care about ?

Thank you

Topic: Labor Theory of Value (Read 181 times)