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Author Topic: Welcome to Satoshis' Cryptocoin Continuum  (Read 1140 times)
dego
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July 26, 2013, 12:42:24 AM
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Attention, this post has a bit of a explorative philosophical nature. If you are not up to it, don't read further. But if you are interested, read it and spare your "but", "no" and "never!" until the end of this text.

Last night I had a little chat, over at the #freicoin chat and it evolved quite interesting. I talked to a user named "funky". He told me that he was making some quick cash with altcoins, which he sold early, as long as there was profit in (quite a well known schema in the altcoin sector) and before that altcoin falls into irrelevancy.

We talked about demurrage experiments in the US during the depression and about the theory of social credit. We also evolved thoughts about a new fictitious cryptocurrency named "speed money", basically money with an incentive to spend, but not a negative interest like Freicoin, but a positive bonus if you spend the money (Maybe technically not that easy to achieve). We came then to the point that if you get a bonus for every transaction, the amount of coins in that currency could rise constantly and infinitely, which he considered not being a problem, as services and goods would either way be infinitely produced (basically that opinion is behind the theory of social credit).

We talked a bit more about altcoins, as funky suddenly said "And here comes Satoshi, he combines social credit and difficulty derived value". We evolved that thought further and the conlusion was:

Satoshi, in inventing the bitcoin protocol (not only Bitcoin, but the protocol used by all the altcoins), created some sort of a social credit system as people can get free money while producing infinite new altcoins and creating new types of altcoins. New altcoins evolve, some vanish early, some hold a certain market value longer, some loose it faster. As Altcoins can be used to buy goods, but also are constantly threatened to vanish and loose value, the concept of speed money or demurrage lies within the infinite creation and decay of new altcoins - if you hold the coins too long, you are threatened to loose the value that once lied within.

That's Satoshis' Cryptocoin Continuum - Social credit combined with demurrage - we are already in it. Not with a single coin, but with all the cryptocoins.

Feel free to share your thoughts...

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July 26, 2013, 02:22:36 AM
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Nice.

I find your conclusion really interesting and, as a hypothesis, it actually holds quite well against the observed reality.

I guess we gotta keep an eye on this and let time decide..
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July 26, 2013, 08:15:56 AM
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"Social credit", "free money"... no, there is no free money.

Think money as "work time". The ideal form of money would be measured in time and/or energy.

So, basically you can't get another one's work time "for free".

Inflation, deflation, demurrage etc are merely (dangerous) tools to manipulate perception of the economy, and practically always will result in misallocations. It's all a great illusion to think you can fix the economy with monetary politics. If you look in the mirror and your hair are messed up, you wouldn't comb the mirror.

"Social credit" would macro-economically mean that everyone would own part of the means of production. May make sense in a highly automated world. But I'm afraid you'd have to ask the owner of the machines. Someone developed and built the machines.

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