Post
Topic
Board Altcoin Discussion
Re: New idea for a crypto-currency. Please tell me if it would work.
by
MasterOfDisguise
on 27/07/2014, 04:23:55 UTC
I am new to crypto-currencies but want to share an idea with you. Would it be possible to create a cryto-currency with an inbuilt income for everyone who uses it? That way no matter what people will always have enough for the bare necessities of life.  People will still be able to increase their 'income' (for lack of a better word) but they've got the inbuilt income to fall back on.

It's an interesting idea, but I'm not sure it would work the way that you expect it to. People can easily abuse an unregulated system like that by using fraudulent means to "multiply" their "income." But if you regulate it, then it will become centralized even if that isn't your intent. Who would define what the "bare necessities of life" are? Someone who is about to become homeless would surely insist on being given rent money for free for the sake of "fairness." And why would the currency have any value if everyone can get them without having to do anything or invest anything exhaustible? People would just end up passing inflated money around while goods continue to be consumed without replacement. It would look like a perverted form of neo-communism designed for the digital age.

Yeah, I know there are a lot of flaws with this idea but I do like the sound of it. Would there be a way of preventing people from fraudulently using the system? What about designing it so that each user has their own address like 'Satosh¡ Slot' suggested? However, again, people/organisations could find ways round this. They could somehow create false identities to get new addresses.