Basic income in crypto

[Eliphaz Fimk]

... is there just this one? Airdrops were a joke.

Note this is a plug. I'm operating FIMK.

Finnish quasi-national cryptocurrency launched basic income program

FIMKrypto, a Proof-of-Stake cryptocurrency developed by a Finnish non-profit association Krypto FIN ry and based on NXT, reached on Monday the first major objective of its 4-year monetary social experiment execution plan; enabling basic income for all opted-in Finnish residents.

The association paid the first batch of its monthly income of 1000 FIMK per capita out of its total reserve of 313 million FIMK reserved for the basic income program. All Finnish citizens or residents with social security number and electronic banking id are eligible for the monthly basic income, with no further obligation than completing once an online authentication process verifying their identity.

In order to attract people to adapt FIMKrypto as domestic an international payment instrument, the Krypto FIN association pays also an one-time reward of 500 FIMK for anyone completing the simple authentication procedure.

Government issued id data of the authenticated account holder is encrypted and written into the FIMKrypto blockchain, from which it can be retrieved through an explicit permission from the account holder for circumstances that require strong authentication. Applicable services could include loan applications, document signing, or a number of other situations where an authentic electronic signature from decentralized archive becomes handy.

With time, the FIMKrypto community and the association seek to establish FIMK account authentication as an official strong identification method recognized by the Finnish national legislation to complement the existing identification methods offered by banks.

[pattu1]

What are you doing differently from auroracoin?

[goregrind]

Basic income means distributing something of value to people.
You're trying to give them something worthless hoping they'll create value, so thats nothing.

[neurotypical]

What are you doing differently from auroracoin?

Seems like the same thing to me.
PLus how do you calculate "basic income" when crypto prices are volatile as hell.

[bitcoinmining]

There should be some losers and there should be some winners, everybody can't be winners as you plan in this system.

[Eliphaz Fimk]

What are you doing differently from auroracoin?

FIMKrypto pays only to persons who opt in and authenticate by providing their government issued id data, allowing for slow expansion of currency supply.

FIMKrypto pays a small amount monthly instead of a lump airdrop sum at once, thus stabilizing markets.

You're trying to give them something worthless hoping they'll create value, so thats nothing.

Incorrect. FIMKrypto already has value of about 180 - 200 satoshis each, coming round to < 50 eur cents per 1000 FIMK.

That value has been created by us developers and coordinators by putting in thousands of hours of professional level work.

We give out that value for anyone willing to receive it. It's not much yet, but we're exponentially adding to so that the amount is prone to become significant.

How many non-governmental operators do you know who are able to create that much value and pay it out for any opted in countrymen? 50 cents is the amount you give for a beggar once or twice a year if you are nice and capable of creating that little extra value.

[Eliphaz Fimk]

There should be some losers and there should be some winners, everybody can't be winners as you plan in this system.

When you create value, everyone wins.

It's a positive sum game instead of zero sum game.

It's dependent on the will and activity of a sovereign party who can direct his efforts to produce something useful to the actual existence from the realm of ideas. That's exactly what we as an association have done. The result is here for everyone to see: free money.

[odolvlobo]

There should be some losers and there should be some winners, everybody can't be winners as you plan in this system.

When you create value, everyone wins.

It's a positive sum game instead of zero sum game.

It's dependent on the will and activity of a sovereign party who can direct his efforts to produce something useful to the actual existence from the realm of ideas. That's exactly what we as an association have done. The result is here for everyone to see: free money.

Well, that is a very common misconception. You haven't created value. You have created something that can be used to represent value.


Anyway, there are 5.5 million people in Finland. If you send each person 1000 coins per month, you will need 5.5 billion coins per month. You only have 313 million coins. Where will the rest come from?

[Eliphaz Fimk]

Well, that is a very common misconception. You haven't created value. You have created something that can be used to represent value.

It seems it's you who is actually holding onto quite a common misunderstanding. There's a lot of value in working thousands of hours to give birth to and further develop a system that people can use to transfer value, hold value, and do whatever they like with a public cryptographic ledger that wouldn't exist at their perusal otherwise. For FIMKrypto specifically the value comes from work we haven't seen in the crypto scene previously: the arrangements of the nonprofit organization and the opportunity to seize the basic income and use the crypto authentication technology with little effort.

Anyway, there are 5.5 million people in Finland. If you send each person 1000 coins per month, you will need 5.5 billion coins per month. You only have 313 million coins. Where will the rest come from?

Shouldn't you try harder please:

FIMKrypto pays only to persons who opt in and authenticate by providing their government issued id data, allowing for slow expansion of currency supply.

[odolvlobo]

Anyway, there are 5.5 million people in Finland. If you send each person 1000 coins per month, you will need 5.5 billion coins per month. You only have 313 million coins. Where will the rest come from?

Shouldn't you try harder please:

FIMKrypto pays only to persons who opt in and authenticate by providing their government issued id data, allowing for slow expansion of currency supply.

I'm sorry if I don't understand how your coin works. Do you generate 1000 new coins per person each month (potentially 5.5 billion per month), or are you providing the basic income from your 313 million coins? 313 million coins won't last very long if that is your total supply and FIMKrypto gains some popularity.

[Eliphaz Fimk]

I'm sorry if I don't understand how your coin works. Do you generate 1000 new coins per person each month (potentially 5.5 billion per month), or are you providing the basic income from your 313 million coins? 313 million coins won't last very long if that is your total supply and FIMKrypto gains some popularity.

We don't generate more coins for the basic income. 200 FIMK are created every 30 secs for the block reward, until the total of 1 Billion FIMK have been achieved.

So yes, the basic income is based on the 313 million stash. The monthly amount is dynamic, it only starts with 1000 FIMK per month. We can offer that for thousands of people though before it needs adjustment. We can offer about 500 FIMK monthly for > 10 000 people, which is already a nice number of voluntary, provably active bunch.