What if the World Lived Entirely on IOUs?

[cochranizer666]

Okay, so I just thought of a strange Blockchain idea, but I'm not going to ForkNote it.

So, what if there was one big ledger where if someone sells something, the person doesn't have to pay at all, but they still owe money? And this is balanced out by the same buyer selling something back, and the first seller writes his own IOU.

UPDATE: The more IOUs someone recieves, the more legally valueable and credible someone is. Also, it would feel like you're getting stuff for free, and the credibility of the seller would motivate the person to provide free services.

UPDATE #2: This Blockchain would be best recorded using Credit Cards, QR Codes, and terminals that have copies of the Blockchain as resources.

UPDATE #3: Let me simplify everything I'm proposing: The decentralized equivalent to the reasons dollars even exist...only you would owe Bitcoins instead of Gold, but not have to pay it, or have no deadline. In other words, owing Bitcoin to each other and not have to pay it, instead of owing gold to the governments and banks, and be punished for not paying it.

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[BADecker]

The whole banking system of the world works like this. A person or government borrows money from a bank. Rather than loaning money, the bank creates new money out of thin air, based on the signed loan instrument. Then the "borrower" pays back the "loan" thereby giving the bank something it did not deserve in the first place. Interest is extra that the bank gets.

This is how it works. It is a Ponzi that will fail when there are no new loans being made, or when they are not made in sufficient size or number.

[Barbarian]

Okay, so I just thought of a strange Blockchain idea, but I'm not going to ForkNote it.

So, what if there was one big ledger where if someone sells something, the person doesn't have to pay at all, but they still owe money? And this is balanced out by the same buyer selling something back, and the first seller writes his own IOU.

UPDATE: The more IOUs someone recieves, the more legally valueable and credible someone is. Also, it would feel like you're getting stuff for free, and the credibility of the seller would motivate the person to provide free services.

UPDATE #2: This Blockchain would be best recorded using Credit Cards, QR Codes, and terminals that have copies of the Blockchain as resources.

UPDATE #3: Let me simplify everything I'm proposing: The decentralized equivalent to the reasons dollars even exist...only you would owe Bitcoins instead of Gold, but not have to pay it, or have no deadline. In other words, owing Bitcoin to each other and not have to pay it, instead of owing gold to the governments and banks, and be punished for not paying it.

As BADecker has stated the world already works like this with the exception that only the big players, governments and banks gets to play the economy game like this, for the average person if you owe something you need to pay it, there is no way around that.

[BADecker]

Okay, so I just thought of a strange Blockchain idea, but I'm not going to ForkNote it.

So, what if there was one big ledger where if someone sells something, the person doesn't have to pay at all, but they still owe money? And this is balanced out by the same buyer selling something back, and the first seller writes his own IOU.

UPDATE: The more IOUs someone recieves, the more legally valueable and credible someone is. Also, it would feel like you're getting stuff for free, and the credibility of the seller would motivate the person to provide free services.

UPDATE #2: This Blockchain would be best recorded using Credit Cards, QR Codes, and terminals that have copies of the Blockchain as resources.

UPDATE #3: Let me simplify everything I'm proposing: The decentralized equivalent to the reasons dollars even exist...only you would owe Bitcoins instead of Gold, but not have to pay it, or have no deadline. In other words, owing Bitcoin to each other and not have to pay it, instead of owing gold to the governments and banks, and be punished for not paying it.

As BADecker has stated the world already works like this with the exception that only the big players, governments and banks gets to play the economy game like this, for the average person if you owe something you need to pay it, there is no way around that.

Different countries are different in different ways. But in the States, you can beat the banks and the credit card companies. Here's how http://voidjudgments.com/.

The brief of it is this. In America, you have the right to face your accuser. Your accuser is the plaintiff on the court paperwork. So, the plaintiff needs to get sworn in, get on the stand, show the harm or damage you did to him, with first-hand evidence and witnesses.

When the plaintiff is a bank or CC company, it can't be sworn in, get on the stand, or do anything. You win by default. But you must require it... to face your accuser. You must say it in court. It can't be your attorney that says it. You need to do it.

[cochranizer666]

Then I have another idea. We turn this into a currency: going back to just trading item for item. We create goods, we trade for other goods. I know it's going to be a lot more tedious, but if goods themselves is what we can create without getting in trouble for counterfeit, then we should do that instead. I would create digital art, and I would sell rights to it for a jug of soda and a Domino's Pizza. Also, if I were my favorite crush from high school, I'd flash for a MacBook Pro. I would record heavy metal CDs to trade for the Nintendo Switch.

[daronch]

Then the legal and police departments will thrive. Because there will be a need to track down those who default on those IOUs?

[Barbarian]

Then I have another idea. We turn this into a currency: going back to just trading item for item. We create goods, we trade for other goods. I know it's going to be a lot more tedious, but if goods themselves is what we can create without getting in trouble for counterfeit, then we should do that instead. I would create digital art, and I would sell rights to it for a jug of soda and a Domino's Pizza. Also, if I were my favorite crush from high school, I'd flash for a MacBook Pro. I would record heavy metal CDs to trade for the Nintendo Switch.

The reason money was created was to facilitate trade even if we went back to use bartering as the way to exchange goods, eventually a new currency will emerge simply because it is easier to use.

[Barbarian]

Then I have another idea. We turn this into a currency: going back to just trading item for item. We create goods, we trade for other goods. I know it's going to be a lot more tedious, but if goods themselves is what we can create without getting in trouble for counterfeit, then we should do that instead. I would create digital art, and I would sell rights to it for a jug of soda and a Domino's Pizza. Also, if I were my favorite crush from high school, I'd flash for a MacBook Pro. I would record heavy metal CDs to trade for the Nintendo Switch.

The reason money was created was to facilitate trade even if we went back to use bartering as the way to exchange goods, eventually a new currency will emerge simply because it is easier to use.