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Author Topic: A simple definition of all existing money which cant be created or destroyed  (Read 338 times)
BenRayfield (OP)
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April 12, 2015, 10:38:16 PM
 #1

Every dollar I have was created by some account by the rules which define that kind of money, and eventually it may be destroyed by certain possible actions within those same rules. This same behavior can be represented by holding a googol amount of that money in a publicly visible account called the "constructor", from which all "new money" is not created but moved from that account to the "account which creates the money". Similarly, "destroying money" can be represented by sending it to a "destructor" account, which the rules of that money type prevent from ever leaving. A constructor can not receive money, only send it, and a destructor can only receive money but never send it. Since everyone would at all times see the unique number of each piece of money in both the constructor and destructor accounts, for each money type, it would be impossible for anyone who normally mints money to mint more than they tell people they have minted, which would be counterfeiting.

It would also allow many people across the world to sum the amount of that money in randomly chosen areas which divide the world more or less in half, and to verify that sum equals 1 googol of that money type. If it is found not to equal that, the people rightfully reduce their belief in the value of that money type, and they have a right to that information so they can accurately believe which things are more or less valuable.

I consider it money laundering by such mints to hide the account which the money was sent from, to them, in the process they call minting.

Bitcoin does something similar, as its been proven there will never be more than 21 million bitcoins. That should be represented as all 21 million already exists (including in fractional pieces) and are moved from the constructor account to whoever mints them by creating the next blockchain root.

Some parts of that are a more trustable model than existing money types, and since they all in their existing behaviors can be reprsented in a common definition of money, using constructor and destructor acccounts and rules from where it may move from and to based on defined conditions or actions in the world, I think people should tell eachother and those who can make it happen to define each money type in such formal math detail so anyone sending or receiving it knows what they are part of.

Similarly, things like the transfer of driver license from a government department to a person, or the taking back of it on certain actions observed on the road, could be represented as a kind of money whose rules include the conditions which it can be transferred to a person, that a person can have only 1 unit of it, who may send it and after what occurs, etc. Voting is a similar license which is spent by each person anonymously toward an account for each possible person where it is counted and announced to the public who got how many votes. This process is so complex and slow in their use of paper computing of MapReduce, that it can only be done every few years or months for very few things.

abyrnes81
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April 12, 2015, 11:39:05 PM
 #2

About  : "Nothing is created, nothing is lost, everything is transformed. »  It is really impossible, but I like your post.
Somekindabitcoin
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April 12, 2015, 11:40:27 PM
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You can actually destroy bitcoins forever, but Who'd want to destroy em when you can sell em?
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