Post
Topic
Board Economics
Re: Creating a guaranteed minimum income through crypto-coins
by
thedarklight
on 18/06/2014, 16:35:40 UTC
Great discussion, but as brush242 says it would be far too messy to require proof-of-human work every single day.  A non-profit verification foundation makes more sense, and to avoid double-dipping/double-claiming it would need to base verification on a derivative of some unique identifying feature that cannot be changed.  I think there are three broad categories of such identifiers, all of them imperfect:

  • Commercial identifiers (phone numbers, accounts on social networks)
  • Government identifiers (passport metadata, tax/identity number etc)
  • Biometrics (see CheapID for a proposal on this front)

The fourth way is to build a web of trust with crypto, check out OpenUDC project who have gone down that road.

They way to do it is to provide universal basic capital. Universal basic income still requires there be corporations or businesses providing products and services. Universal basic capital is owning shares in these businesses.

So if your community owns shares or if your nation owns them then the profit of the corporations would become a dividend. This dividend could be the universal basic dividend paid to every citizen or community member.

You don't need to tax anyone or redistribute wealth. Wealth creation itself would create the dividend just as it currently does for the small handful of shareholders we have. If everyone had their fair share of ownership then if capitalism does work it works for everyone.

Also it would make things more democratic. So if you're an anarcho-capitalist or a left-libertarian it would still work in your favour. If you're a billionaire then you don't have to worry about your taxes going up because it's not funded by taxes. What you would have to worry about is competition from decentralized businesses owned by communities.

If you're part of the community today we could take a snapshot of every member of the Bitcointalk forum. We could make each one prove they are human. We could then give each one beta access to a new kind of DAC or decentralized application.

This DAC would buy shares in other DACs and then hold them on behalf of the community. If the laws allow then these shares could be turned into real shares or signed over to each member who verifies they are a unique biological individual. The shares would then be legally signed over to them or given to them over Ethereum.

What happens next? Well this app would not be an ordinary app. Users of the app would earn shares in the app. The more you use the app the more potential shares you could earn. As the app becomes more profitable your shares would pay dividends from transaction fees. It's also possible to burn the transaction fees and cause deflation which also has the same effect.

The app would be 1.0. As a 2.0 is made or when different people make new DACs then they would simply airdrop to the shareholders of the original 1.0 app. That means once you join the community it's once per lifetime and you never have to do it again. The network on Ethereum would remember you and would know you're human.

So that would be something which could probably only be done on Ethereum in the form of a DAO. But I don't think taxing people or inflating a currency is a good way to produce a sustainable basic income. A sustainable income could best be produced if you either tax automation or own shares in automation.