Looking to Start a new Decentralized Currency that is Absolutely Fair

[michaelbenton]

I would like to start a decentralized currency, OR put it on top of the bitcoin network, that is absolutely fair.  It would work as a unit of account with a production model that tries to keep the value level with whatever the world reserve currency is OR some combination of the top currencies.  This is, of course, open for discussion.  The main point is to keep the currency absolutely fair. 

Whenever new currency is created, overall, it should go to all users equally.  I say overall because miners should get paid and so should staff that's voted in--possibly.   I am not certain if the Keynesian model is correct.  I do KNOW that having new money go to a small group of people is UNFAIR.

I am not sure how to ensure the system is not cheated with new users, that is registering more than once.   Plus I'm sure there are a zillion things I did not think of.

Please help me.  At worst, this will be a great thought experiment.

Thank you.

[tagged]

So by fair do you mean everyone on the planet gets the same amount of coins?  How is mining fair going forward? So much luck is involved with mining...  i think you need to define fair better.

[michaelbenton]

Yes, I'm thinking that everyone gets equal amounts as new coins are produced.  Miners should be given more of a salary I'm thinking.  I am unsure.  I need help.  Thanks.

[Colin Miner]

I need help. 

You do.

I suggest you think this through before posting any more.

[michaelbenton]

Anyone that's interested, let me know.  Colin, I welcome your thoughts if you have any.

[michaelbenton]

The biggest problem I'm having is determining how to verify a registration especially with wanting to keep it decentralized.  Do you do some typo of palm reader like they have in some bitcon atms and then hash the resulting image file and check to see if that one isn't already used?  Could you base it on ip and only allow an ip to have so many registrations.   

How could this be done?

[markm]

It does not matter how many times someone gets some coins, as long as everyone can jump through the same hopps to get some.

Make people do 100 captchas in a row or whatever, as long as they are not biased to a particular culture or language or race or gender or handicap or lack of handicap (just as do-able for blind people as for deaf people as for deaf-dumb-and-blind people and so on) it doesn't much matter what it is, as the market will end up setting its value what whatever the market thinks that many hours of that unskilled a person's time is worth, with richer people preferring to hire people to do it for them because their own time is too valuable to bother with such garbage...

Plus in any case even if you did give it to people they would lose it to someone soon enoguh anyway that it would be pointless. The folk who rake in 90+% of the wealth will rake it in along with all the other kinds of wealth if it is actually wealth at all.

So really you only end up enriching the fat cats since all the stuff you give to the downtrodden will end up in the hands of the fat cats anyway.

Another way of looking at it is we aleady have all been given a steady income of 24 hours per day. Wow, super-fair. We spend those hours differently. Some folk invest them better than others... But it is fair, right? So don't bother yourself, we already have a perfectly fair currency we are all being given steadily 24/7...

-MarkM-

[michaelbenton]

Thanks for the thought.  Sorry it took me so long to respond.  I disagree with you though.  Currently all new money created that is not debt goes to banks whether the Federal reserve or local banks.  They create policies that allow them to enrich their friends.

I think it is fine if a real company that produces goods and services winds up with the most money as long as when the money is created it goes to all individuals equally.  That is a fair system whether you never create new currency or you crank it out 24/7.  Cranking out currency for no reason would not be the goal of the currency I'm describing.  The goal would be to create a currency that can be used as a unit of account instantly and all new currency created goes to everyone equally.  What we'd try to do is get one unit of this currency equal to one US dollar at all times.


The captcha idea is interesting.  So that's the first idea!  Let's keep this rolling.

[williamevanl]

Thanks for the thought.  I disagree with you though.  Currently all new money created that is not debt goes to banks whether the Federal reserve or local banks.  They create policies that allow them to enrich their friends.

I think it is fine if a real company that produces goods and services winds up with the most money as long as when the money is created it goes to all individuals equally.  That is a fair system whether you never create new currency or you crank it out 24/7.  Cranking out currency for no reason would not be the goal of the currency I'm describing.  The goal would be to create a currency that can be used as a unit of account instantly and all new currency created goes to everyone equally.  What we'd try to do is get one unit of this currency equal to one US dollar at all times.


The captcha idea is interesting.  So that's the first idea!  Let's keep this rolling.

You are probably being incredibly naive. Have you taken apart the bitcoin code? Do you understand how that all works? Have you created your own prototype currency. Do you have any understanding of anything necessary to get a project going?

[michaelbenton]

If you are asking am I a seasoned programmer, I am not.  I am hoping to find people interested in this project and the goals I have stated.  If not, I may pay someone as I'm able.  I do have professional contacts that may be interested but I figured I'd go to the smartest people first.  

As far as being naive....I hope so.  I honestly have zero profit motive.  Well, I would like to benefit from such a system--the same as everyone else.  I think this idea has merit though.  

I have mined other coins and I have very novice programming experience.  I am a GREAT GUY though so I've got that going for me.  

William do you have an idea as to how you could ensure new users are unique so as coins are generated they do not go to people that have created many either addresses or accounts?  This does not have to be like anything we've seen before.

[williamevanl]

If you are asking am I a seasoned programmer, I am not.  I am hoping to find people interested in this project and the goals I have stated.  If not, I may pay someone as I'm able.  I do have professional contacts that may be interested but I figured I'd go to the smartest people first.  

As far as being naive....I hope so.  I honestly have zero profit motive.  Well, I would like to benefit from such a system--the same as everyone else.  I think this idea has merit though.  

I have mined other coins and I have very novice programming experience.  I am a GREAT GUY though so I've got that going for me.  

I'm glad to hear that, I think I'm just getting a chip on my shoulder from all of the optimistic (I can't actually do anythings). People are buying domain names and asking for developers when they themselves can't do anything for their own projects.

The world is filled with a million ideas, what it lacks is execution and development effort. It won't simply be an idea that someone comes up with, it will be an implementation that someone tries, alters and tries again eventually reaching something great.

Your basic question is one that has haunted millions of computer scientist for decades. How do you create a fair voting system online where everyone is uniquely identified etc.. If someone could crack that basic question they could implement a completely fair currency where 100% of coins were distributed equally among everyone (or whatever is possible) in the world. Google scholar some of those ideas, you aren't the first one to think "wouldn't it be great if we had a fair decentralized anything". There are 7 billion people in the world, of course the idea has merit but you haven't caught up to where the problem currently lies. (as millions have already had the idea)

(Apologies for sounding snark)

[michaelbenton]

No that's ok.  It sounds like I'm very naive. 

Thank you.  I'll bet we could possibly come close though.  Maybe that would be good enough until version 2?

[Bit_Happy]

In the real world, people who start successful companies sometimes get huge rewards.
What is "unfair" about a useful, successful, unique digital currency that also rewards the start-up team?

[williamevanl]

In the real world, people who start successful companies sometimes get huge rewards.
What is "unfair" about a useful, successful, unique digital currency that also rewards the start-up team?

I agree with you but I also agree with the OP that if someone figures out a way to 'nail' the initial distribution that might be game over for everything but Bitcoin. Aurora was the first crack at that on a small scale and people recognized that one of the leading factors for success in any decentralized exchange/currency will be the broadest distribution possible.

[michaelbenton]

In the real world, people who start successful companies sometimes get huge rewards.
What is "unfair" about a useful, successful, unique digital currency that also rewards the start-up team?

You're right that is far more fair that what we've had.  However, the unit of account is a big problem in my opinion.  Also, I don't really know if Keynesian ideas are correct or not.  

Also, we can always get more and more fair in my opinion.

[kelsey]

I would like to start a decentralized currency, OR put it on top of the bitcoin network, that is absolutely fair.  It would work as a unit of account with a production model that tries to keep the value level with whatever the world reserve currency is OR some combination of the top currencies.  This is, of course, open for discussion.  The main point is to keep the currency absolutely fair.  

Whenever new currency is created, overall, it should go to all users equally.  I say overall because miners should get paid and so should staff that's voted in--possibly.   I am not certain if the Keynesian model is correct.  I do KNOW that having new money go to a small group of people is UNFAIR.

I am not sure how to ensure the system is not cheated with new users, that is registering more than once.   Plus I'm sure there are a zillion things I did not think of.

Please help me.  At worst, this will be a great thought experiment.

Thank you.

No matter how 'fair' you make a distribution model, if the coin is successful it will end up in the same hands as a lesser 'fair' distribution model. While cryptos are directly exchangable for fiat they'll only be as fair as fiat.

[michaelbenton]

No matter how 'fair' you make a distribution model, if the coin is successful it will end up in the same hands as a lesser 'fair' distribution model. While cryptos are directly exchangable for fiat they'll only be as fair as fiat.

I am only concerned with the correct distribution.  In my opinion, if the initial distribution and all following additional increments are supremely fair then that's all anyone can ask.  Hard work should always be rewarded and if the coins end in the hands of those that make,produce, and work more then that's a great thing.

As far as people paying for more, that is an individuals choice as to whether they want to let them go--that's fair.