Post
Topic
Board Economics
Re: Can we imagine an alternative monetary model to recover our current economic fai
by
oventu
on 07/01/2021, 12:21:04 UTC
Anonymous via email:

There are some issues. For example on the participation part you mention that "develop" will allow participants to receive currency based on their work. The classification of "develop" actually leverages the people who know how to code, develop an app, or come up with some designs. Assume that I am a farmer and have no idea on how to use a computer, how can I be a part of that community? Even if someone helps me to do that, I have no idea about coding. So, initially this scheme would be making the early adopters rich people of the community, but wouldn't be a totally "fair" way of distribution. There has to be some other way, and additional measurements so that anyone, including a 15 years old high school kid who wants to make some money on the side, can join the community and get paid by their work.
Another issue is voting, the reason why we vote is not that we are interested in democracy but simply because larger community means more things to be done and more things to be agreed on. In every country there are, perhaps, more than 1000 different government institutes. All of them are interested in different things such as the forests, or infrastructure of cities, or management of air traffic. Cumulatively, I believe there are more than thousands of proposals made in those institutes and as a person I can't spend all day in front of computer, reviewing those proposals. And again, there is the problem of "ignorant". Lets say there is a river and there has to be a bridge to be built, assume that the local people there don't like that bridge because if there is a bridge, visitors won't stop by the village and the villagers will not be able to generate income. Now the government entity that is responsible from that river knows that if bridge is built, the citizens of the country will be saving from fuel, less carbon emission and overall economic profit for every individual. With current system, the bridge would be built, but in your proposal, what if the villagers lobby together, make up some fake stories and make people vote against the bridge? Or another example is anti-vaxxers. I think you get the idea.

Also another thing about proposals, what is stopping me from proposing 100000 ideas a day? All of them are same or slightly modified, so no one has time to review all those and they get accepted. What if one of them is granting me unlimited power to mint unlimited amount of community currency? Initially, as you said on the article, the community can kick me and fork away. But what if that community already has 10 million members? At the end all can vote against me, for away, kick me from the community and so on, but my malicious actions would damage the community and badly affect its reputation, hence why now we have some "dictators" in some countries and why their reputations are bad. If the bad action has a huge effect on the community, its reputation is damaged badly too.

I didn't want to comment on the 51% because I believe it is not an issue. The problem could be solved easily if the members of the community really wanted. Since there is polling every day, in case of a 51%, community can easily fork away or update the state of the network. Just, the issue of polling has to be solved first.