Hmm, Your system appears to grant every person the right to print money by their merely being present.
No, nothing is being 'printed' and this is not mere semantics on my part.
This will fail, for the following reason, unless when present, you trade food, water, entertainment , or something else of worth , then you being present have no value and only becomes a deduction in my potential trading value.
Again, no. See my comments here:
https://bitcointalk.org/index.php?topic=1319681.msg16908409#msg16908409 Bitcoin and all modern digitised monetary systems are merely simulations. There is no 'value', only the perception of 'value', which is itself a misperception based on the belief that things (and unreal digital abstractions of things) can become something more than what they are simply by an act of faith.
You seem to be suggesting a return to some form of barter system. The point isn't to 'deinvent' the digital wheel but to reconceptualise it in a way that works to everyone's advantage.
Feed Store accepts credit from everyone that buys from them, Everyone that pays them uses only their credit, Feed Store runs out of Product , and goes to buy more, their vendors deny any more product on credit and require something of actual worth, which the Feed Store owner is unable to give them.
What is this 'credit' you're referring to? That's not what I'm proposing. I'm proposing a truly decentralised currency which allows everyone to create money as they require it. It would operate much like a debit card system (but using mobile phones), with the exception that if you do not have sufficient 'funds' available to complete a transaction then those funds would automatically be created debt-free. This can be viewed as 'credit' only in the literal sense of the term, i.e. to 'give credit' to someone, to reward them. The difference (and it's the only difference) between existing monetary systems and my proposal lies in how money is created: as debt by centralised sources under existing systems, as a debt-free gift by individuals themselves under my system. The only logical approach to 'money' when 'money' has been reduced to a digital simulation is to stop pretending that it has to be earned or issued as debt. It does not follow from this that everything will grind to a halt and everyone will do nothing at all. Hundreds of millions of people volunteer their time everyday. Look at the open source movement - Bitcoin itself is an example. People are creative and will still want to come together and create. Think of what could be achieved technologically if we stopped pretending that simulated money is 'real' and 'scarce', and recognised that there's no limit to the number of digital abstractions of money that can be created within a simulated system.
The more illusion, the faster a system will fail.
How can a digital simulation of money become more illusory than it already is? Simulated money will always be an illusion, but because it is a simulation we do not have to accept the 'rules' coded into it as if they were the Ten Commandments. Instead, we can select the relevant sections of source code, hit the delete button, and start over.
HS