Bitcoin Forum

RESET-coin?

Have you ever thought about a second chance? Why not to create a coin for a better equal society and give everybody not just a second chance but a N-chance?

All actual crypto-currencies are just a migration to the virtual world of the same monetary-financial model of society of our times. But, not always things have been this way. In many ancient society, past errors and debts where annually burned in big ritual fires. Many of this traditions persist in modern times, but with their meaning lost. Why not to try a completely different crypto-currency? Let's call it RESET-coin.

RESET-coin will be the first crytpocurrency with a reinitialization function.

On the creation phase (genesis point), everybody can create a wallet and will receive a fixed amount of RESET-coins (1.000?). People can sell, exchange, work for, or do whatever they want with their RESET-COINS.

An algorithm inserted in the RESET-coin source will automatically choose a “reset point”. On that day and time, everybody balances are going to return to the initial amount of coins.

The aim is to create a dynamic economy and guarantee same opportunities to everybody. With such ecosystem, doesn't have any sense to store large amounts of coins for a long period of time. On the other hand, you have to carefully administrate your coins in order to not get out of balance. The “reset” event will occur between some maximum and minimum period (for example: 6 months / 4 years) to ensure that is not predictable, creating “cycles” of economy.

This is just a sketch idea, waiting for community feed-back and ideas. From my point of view, the two keys problems to solve here are:

1. How to ensure a completely random and without manipulation, selection of the reset point.

2. How to ensure that on start point and reset point, each living human being receive the same amount of bitcoins, not more, not less. This have many consequences:
- Prevent one person to have more than one “account”.
- Computers and bots cannot substitute humans.
- Guarantee that only grow-up responsible people can have an “account”.
- when somebody die his account gets destroyed/inaccessible.
Some sort of “proof-of-live” should be created, can be a combination of Turing test and identity checking. Of course, anonymity is scarified, but in benefit of many other advantages.

What do you think about, is a interesting start point or just a bold, crazy, too radical and difficult idea?

absolutely no logic in reset thing. What a trash.

Economy is like: you work hard to grow food, make things, build scrypt farm, mine scrypt coins. Will you agree to reset you real things, like throw them away???

Well, your idea about what "economy" is or isn't, is the result about how you have been educated. Nothing stops us to think a diferent "economy". Anyway, all new idees should be discussed, not just to disqualified.


A less radical approach, about Reset-coin, could be to change the reset-function to a correction-function.
Let's imagine Paul, John and Alice have 1.000 coins each at the genesis point.
After 6 months Paul has been able to own a total of 1.200 coins, John is a business genius and gets 2.000 coins and Alice have only 300 coins.
When the correction event happens, the network take some coins from the "wealthy" account and give them to the "poor" accounts, but in a proportional way, and without changing the positions. So now Paul is going to have 1.150 coins, John 1.800 coins and Alice 500 coins.

6 months later: Paul = 1.500 coins, John = 300 coins, Alice = 800 coins
Correction happens: Paul = 1.400 coins, John = 500 coins, Alice = 850 coins
and so on.


About how to guarantee one humang being = one account:

Perhaps an new technology like google-glass could help. Let's imagine everybody have a google-glass or something similiar, that comes with an iris identification system connected to your wallet. So, nobody else can use your coins and even when somebody dies, that account just become inaccesible.

Imagine how popular a crypto that required Google Glass would be :P

There's no way this could ever work.

I've got an idea. How about incorporating retina recognition. This will be the only form of ID required to receive this income. There will be no need for people to give their name, address, ID card, passport etc. Although you have a database of everyone's retina, there will still be an aspect of anonymity because it won't be known who the eye belongs to.

Retina identification can work well!

Also I thinked about heart-wave identification, perhaps it is more confortable and cheap: http://article.wn.com/view/2014/02/13/Bionyms_Nymi_wristband_lets_you_use_your_heart_to_open_your_/