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Who may or may not be wondering if they have the best Proof-of-Work or Proof-of-Stake algorithm.
Who believe in this technology but by its complexities may be struggling to find its most efficient implementation.
Bitcoin development is sought as a solution to the worlds economic problems. Unfortunately, neither Proof-of-Work or Proof-of-Stake will solve any the real problems. There's one problem with crypto-currencies that nobody seems to mention which is the creation of each new alt-coin dynamically adds to the supply of crypto-currencies, there are only a certain few of us in the world who transact in crypto, the rest of the flock may be coming at rapid rates but there will be no gigantic rise in bitcoins price if there are new alt-coins to absorb the growth. The next biggest problem for crypto is the fact that each coin is limited in its supply, this allows hoarding to create depressions in crypto-economies. The first issue acting as countermeasure for the problematic effects of the second, but a man or group of men with enough wealth can overcome that countermeasure. Neither Proof-of-Work nor Proof-of-Stake nor any combination of the two, can eliminate these issues. The people who so fervently believe in these crypto-currencies suffer these negative effects.
The only algorithm that will work to solve real economic problems, is an algorithm based on, ALL HUMAN LABOR!
Granted, those Proof-of-Bandwidth guys really have something to look into, but it's still quite a pathetic technology compared to what blockchains have open the door for.. Such as a real solution to our worlds dire economic state!
A proof-of-value algorithm supporting a perfectly balanced and fair economy, one worthy of freedom loving nations!
For a perfect economy to exist, the gross domestic product must equal the money supply!
In other words: An economies total money supply, must be equal in its proportion to all productions of all human labor existing within that economy.
In simple words: A man must be paid for his work by increasing the money supply, and he must be paid for every contribution he proves to have made into the economy, an appropriate amount decided according to the value of his contribution, a process naturally causing the total money supply to grow equal to the total of every mans work.
All that's needed to make this real ladies and gentlemen, is a blockchain to publicly store the truth.
The only way to honestly record every proof-of-value in an economy, is to create a public record that everyone can trust...
A "republic" in latin "res publica" translates to english "the thing public", a "republican government" is a form of governance by the public for the public and secures freedom to its citizens by its public records! The problem is that all public records are modifiable, and cannot be wholly trusted!
Blockchains being what they naturally are, is where your focus should drift.. They are un-modifiable trustworthy public records!
Is it far fetched to believe blockchains can multitask, intercommunicate, and form proof-of-value currencies supporting perfectly balanced economies ensuring freedom, peace, justice and perfect republican governments?
Fiat money has proven a lopsided measure of labor, making slaves of men by giving the worlds wealth to few, a balanced measure of labor is the only cure to imbalance!
Bitcoin and all current alt-coins are also lopsided measures of labor because they only weigh some human labor and do not measure all of the human labor within its economy.
For justice to exist in law their must be a balanced measure, and all relevant weights must be accounted for. Likewise for fair trade to exist the medium of value being exchanged must balance. If the value of the medium exchanged in a trade is controllable by men, those men will tip the scales into their favor.
Proverbs 11:1, "A false balance is abomination to the LORD: but a just weight is his delight." in Proverbs 16:11 "A just weight and balance are the LORD'S: all the weights of the bag are his work." in Ezekiel 45:10 "Ye shall have just balances, and a just ephah, and a just bath." in Deuteronomy 25:13 "Thou shalt not have in thy bag divers weights, a great and a small." Leviticus 19:35 "Ye shall do no unrighteousness in judgment, in meteyard, in weight, or in measure." and Deuteronomy 25:15 "But thou shalt have a perfect and just weight, a perfect and just measure shalt thou have: that thy days may be lengthened in the land which the LORD thy God giveth thee." the bible also warns of the danger in using unbalanced weights to achieve justice in Hosea 12:7 "He is a merchant, the balances of deceit are in his hand: he loveth to oppress." in Micah 6:11 "Shall I count them pure with the wicked balances, and with the bag of deceitful weights?"
What does it mean for every man to be paid for every work he completes, with a money supply growing equally?
Simply that, Every human either prospers for his labor or dies of his laziness. Inflation becomes the effect of every man paying his share of every man's pay. Inflation can be eliminated by subtracting the wages a man earns during his life from the money supply upon his death, of course this also eliminates the possibility of leaving an inheritance. However, Every man has incentive to help his neighbor, because every work he completes is a work he receives compensation for. Meaning compensation for all services from government to lawn and elderly care services are naturally paid for by the society employing such economics, because each man's labor creates a value in his community, and thus his community ought pay for his services. The value of man's labor (money) is only needed to purchase natural resources and creations of human labor. Corporations are provided mechanisms for decentralizing their operations, allowing companies to throw out their hiring and firing mechanisms and allow any person who wants an opportunity to work for their company on that day to do something for them and receive payment for their work. A decentralized company has no need of owners or to issue stock because the holders of its currency control its decisions and an investor invests money into it by purchasing its currency. Each decentralized company having its own currency, and exchanges allowing trade between them creates a extremely competitive economy. Companies operate more efficiently from the lower overhead of automated management and create better products to cater to consumers who have more wealth and are less likely to make purchase decisions on price, and will more often choose quality over cheap. The economy more efficiently responds to its needs through the free market because when something needs to be done that nobody wants to do, the market naturally bids up the projects currency until it pays enough to convince somebody to do it. Likewise is something that everybody wants to do, the market naturally draws the price down until the pay is so low that nobody wants to do it. Production rises exponentially, and freedom becomes a normality of society.
If this is implemented correctly, every corporation will have its own currency or multiple currencies, likewise will each industry, and one currency to unite them all. Every currency will communicate with every other currency and operate its own decentralized exchange and every wallet will allow its owner to trade manually and automatically, on these exchanges and because by this the free market decides the value of a work in the economy, these wallets should include ways to generally trade these currencies categorically, topically, by tag and/or otherwise!
A somewhat more technical description of my proof-of-value algorithm and how it relates to governance can be found in the following article on my website:
http://ziggyburning.com/levitated-existense/governance/governance-2-0-can-intercommunicating-blockchains-replace-governments/
Are there any developers out there, willing to make this real? If so, join my google group, I don't have much time at the moment, so won't be much help if at all, until a few legal things are settled, but if enough developers show interest, I will setup a basecamp and restructure my other projects for the time to help out and be involved!
BTW, feel free to run with these Ideas and create such an economy independently of me or anyone else! I could care less of patents or copyrights... Just, make it happen.. The one condition I ask is that my suggestions be used to create a "republican" form of government, if you think "democracy" is a good idea, do not abuse my thoughts to force our world into the slavery of your good idea.
Democracy = Voters make Decisions = Majority Rule = Minorities are enslaved to Majority will = Very Bad Idea!
Republic = Jurors make Decisions = Community Rule = Minorities share an equal voice with Majority = Freedom!
