A Blockchain Project that cannnot be resisted

[Ucy]

Printing Coins out of thin air to pay people living wages?


Building a new Blockchain to help attract large numbers of users and businesses from all over the world.


It is Virtual Nation on ethereum-like blockchain.  This blockchain will try to achieve low centralization by the use of automation, smart contract and similar service. It Could end up becoming the most decentralized platform after Bitcoin if things are done right.




Paying people extra Income

The idea is to supplement users income with native coins printed out of thin air.
Users who receive their salaries and wages in the native coins will be given additional coins for free. ... an additional increase of about by 50—300% .  Example:  Sarah receives $20 worth cryptocurrency for doing a bounty job, she gets additional $60 worth of coins. The smaller the users wages, the more free coins they get. Users who earn more than 15,000 monthly won't qualify for the supplementary income. The income will be only paid in stablecoin.
  "Real world" or non-blockchain workers could ask their employers  to only pay them in our cryptocurrency or stablecoin in order to be part of the supplementary income


The supplementary income cannot be withdrawn.
The free coins cannot be withdrawn or converted to cash. it can only be used within the Blockchain economy to pay for goods and services. And the coin must be converted to the platform cryptocurrency before it can be used for payment of goods and services.
The supplementary income will be paid in the platform stablecoin while the main income will be paid  in either the platform cryptocurrency or stablecoin.
The supplementary payment is calculated and paid automatically with no central leadership.  Everything will be done in a very transparent manner. It cannot be centrally control. Big changes have to be done democratically or through consensus.


We will use a foolproof way for users identification without violating their privacy. This will help prevent abuse of the system. People with special equipments to carry out the identify verification and  be rewarded with stablecoins or crypto.  via a new Consensus algorithm called  --PoI(Proof of Identity)?




The benefits of this method:

1. People from every part of the world will want to be paid in the blockchain coins.

2. Many important businesses/companies will find the blockchain attractive due to the possibility of strong demand for goods & services and a strong spending culture .

3. Businesses on the blockchain will be taxed. The taxes will greatly help the blockchain economy.

4. The idea behind limited withdrawal is to reduce coin dumping,  increase scarcity, stimulate demand especially within the Blockchain, and prevent the coins from causing inflation in real world.



I would like to know the opinion of people knowledgeable in money and economy.

[Ucy]

Printing Coins out of thin air to pay people living wages?

Any expert around?

[avikz]

Printing Coins out of thin air to pay people living wages?

Any expert around?

I am not an expert but printing money out of thin air, will not lead to prosperity. Instead it will kick in the inflation which will later lead to hyper inflation which can't be controlled just by limiting demand and supply.

I have gone through the entire proposal and I understand people will not be able to convert those reward coins into any other coin or fiat. They will be able to utilize the coins into a certain platform only. My personal experience says, it is not a sustainable model. Even if you maintain the price of the coin by limiting its usage, the business model doesn't look sustainable enough!

You can search quora and you will find a lot of interesting discussions on your question. When people will start receiving free money, it will create abundance and not scarcity! Just my 2 cents! I would love to hear what others think!

[mu_enrico]

Printing coins from thin air never be a good idea since it has no utility. From what I read, your proposal also contains "market intervention" with limited withdrawal. This would make disequilibrium similar to the socialist/communist countries.

Moreover, I'm afraid with the law implication of this idea. Governments won't be happy with the idea of "Virtual Nation."

[mrdeposit]

Printing Coins out of thin air to pay people living wages?


The benefits of this method:

1. People from every part of the world will want to be paid in the blockchain coins.

2. Many important businesses/companies will find the blockchain attractive due to the possibility of strong demand for goods & services and a strong spending culture .

3. Businesses on the blockchain will be taxed. The taxes will greatly help the blockchain economy.

4. The idea behind limited withdrawal is to reduce coin dumping,  increase scarcity, stimulate demand especially within the Blockchain, and prevent the coins from causing inflation in real world.



I would like to know the opinion of people knowledgeable in money and economy.

We want a adoption but not something like this. This idea can look like exceptional on paper but in reality it will not work because of human nature. Single idea or invention is not able to change whole economic model and monitoring people for preventing abuse will have side effects in society. I smell communism in this thread.

[MakeMoneyBtc]

It sounds to good to be true and will remain that way. All this ideas seem great when you read them but when you think about it you realize the possibility of something like this happening is small, very small.
Printing money out of thin air? And what is the point of that if they are useless and have no value? Printing money this easy means there will be way to many of them and everyone will have as much as possible so no one has any advantage anymore and all are equal

[stompix]

Printing Coins out of thin air to pay people living wages?

Any expert around?

Do you have to be an expert or to ask an expert to realize that money printed out of thin air will have the same value as ...thin air? Very thin air

Zimbabwe was printing money, Venezuela is printing money, Turkey and Iran are printing money how good are their economies doing?

And before you even think of bitcoin
Yeah, it might look as it gets created out of thin air (which is obviously not) but image where the value of one BTC would go if we have a fork and increase the limit from 21 million to 21 billion, so that everyone can have a full coin?

We want a adoption but not something like this. This idea can look like exceptional on paper but in reality it will not work because of human nature. Single idea or invention is not able to change whole economic model and monitoring people for preventing abuse will have side effects in society. I smell communism in this thread.

Revolutionary economic model, perfect on paper, terrible in real life....yeah, socialism. Not full communism but only a few feet away from it.

[sunsilk]

The supplementary income cannot be withdrawn.
The free coins cannot be withdrawn or converted to cash. it can only be used within the Blockchain economy to pay for goods and services.

It means that those free coins cannot be withdrawn will never be of any use except for paying goods and services? Well, if we are paying something in exchange of goods and services it's already treated as money.

Without having a way to withdraw it or convert it to cash means that you can use it as a money and money is cash. It might be confusing with my explanation but as long as you can use it for exchanging goods or services, its good. The question is, who are those people that are willing to receive coins printed out of thin air?

[deisik]

The supplementary income cannot be withdrawn.
The free coins cannot be withdrawn or converted to cash. it can only be used within the Blockchain economy to pay for goods and services. And the coin must be converted to the platform cryptocurrency before it can be used for payment of goods and services

Then it will be an utterly useless coin

Though I think it would be incorrect to call what you suggest a coin at all as it will be more like a token than a coin. Look, people are not actively using "real" cryptocurrencies for the things you mentioned (to pay for goods and services), so what makes you think mostly the same people will be using your coin for exactly the same purposes?

Further, if you disallow withdrawals and conversions of that coin for other cryptocurrencies to avoid dumping (as you say yourself), you are already implicitly assuming that it has no value. Otherwise, why would you want to do that? If a cryptocurrency is worth something, people will be converting other coins into it, not the other way around

[davis196]

Any idea about creating free coins out of thin air is doomed to fail.
Those free coins won't have any value and there's no way to control the withdrawals off all the stablecoins that are forbidden for withdrawal or conversion into fiat money.

[fauzan Ichsan]

The supplementary income cannot be withdrawn.
The free coins cannot be withdrawn or converted to cash. it can only be used within the Blockchain economy to pay for goods and services.

It means that those free coins cannot be withdrawn will never be of any use except for paying goods and services? Well, if we are paying something in exchange of goods and services it's already treated as money.

Without having a way to withdraw it or convert it to cash means that you can use it as a money and money is cash. It might be confusing with my explanation but as long as you can use it for exchanging goods or services, its good. The question is, who are those people that are willing to receive coins printed out of thin air?

without the quality and product, of course the coin will be a rubbish coin, so that there is no hope of high value later. therefore of course we better sell it immediately if it has value

[gantez]

Printing coins without proper planning both in present and future is a room for inflation because it will bring too many unplanned coins in the hands of people.

[el kaka22]

I believe money out of thin air is always an issue, if its just money that could not be turned to cash and can only be used to buy and sell stuff than at what point it stops being a token and becomes money itself, money is used to buy and sell stuff as well, what else do we do with it. So, you are suggesting a bitcoin that can't be turned to dollars but still have a dollar value. That would decrease the value of it a lot and would have to spend too much of it to buy something.

I think the idea behind is sweet and I understand where it comes from but universal basic income is more in this alley than a new blockchain project. I know we are not there remotely close to what universal basic income could be because even minimum wage is not enough for people but that is going to help out a lot of people when governments start doing it.

[Crypdon]

The US treasury is printing money out of thin air and are now 20 trillion dollars in debt. It is clearly not a good idea, better to stick with bitcoin and it's deflationary policies

[Ucy]

Well, i knew the idea wont be popular, that is why i deliberately used "printing out of thin air" to see what new idea critics will bring into the argument, and you all made interesting point

In my opinion, printing coins out of thin air is not always bad especially if done right.


Let see  what make money lose value


1. Excess money in circulation.    If demand for money is less than supply, the money loses value. Central banks usually stop money from inflation by reducing its supply to create artificial scarcity.
2. Money can also lose value in import dependent economy. If nations are excessively selling their fiat currencies to buy other nations currencies, inflation will set in. You have to have a fairly independent and strong production-based economy to avert this type of inflaion.

3. A Nation spending more than it produces could cause inflation.



How this will affect our Platform

If you could create an economy that is fairly inter-dependent, inflation will be prevented. Example of such inter-dependence . Company A on our blockchain would need to buy raw material from company B ,company C buys from  company D etc... You would only need to spend outside of the blockchain native currency if companies or individual do not have the required raw material on our platform markets. You could also persuade an outside seller of raw material to trade with you on the platform and be paid in the native coin . This kind of inter-dependence will be strongly incentivised, not with currency but with recommending your companies to consumers on the platform.

We will start with small scale businesses (hopefully they grow into large companies).  An uber-like transportation owner on our marketplace would be patronized (in p2p manner) by users who benefited from our supplementary income. Same as education and healthcare institutions on our marketplace.

Prices of good and services will be competitive and will always adjust to reflect prices on traditional market. Low prices will be one of the criteria to recommend businesses to consumers on the Marketplace.




I doubt if this additional income will cause inflation. It is not really free money per-see. It is more like  financial incentive for patronage and hardwork. People don't realize that Bitcoin and major altcoins print money out of thin air to reward network participants. Hard work is being paid for in this case and this does not cause inflation. By the way, coins will be printed automatically at fixed amount. No individual can decide to print as he/she wishes

[fudster]

I doubt if this additional income will cause inflation. It is not really free money per-see. It is more like  financial incentive for patronage and hardwork. People don't realize that Bitcoin and major altcoins print money out of thin air to reward network participants. Hard work is being paid for in this case and this does not cause inflation. By the way, coins will be printed automatically at fixed amount. No individual can decide to print as he/she wishes

Its true that hardfork are like coins out of thin air but those hardforked coins are supported by a community, you would have to have a community before your stablecoin shall be stable. Also if it can't be withdrawn, that's a problem because crypto community likes to have thier own bank regardless of whether its a stablecoin or not.

[Naida_BR]

Sounds to me like a childish idea of a way to promote your project without any advertising.
What will move this project forward is just inflation and what I really cannot understand is how will all these coins created. I mean that after all even that you cannot withdraw these coins what will be the value for the merchandiser to accept it, if he cannot convert it. It will create a vicious cycle with losses to every actor that hold these coins.

[poptok1]

1. Excess money in circulation.    If demand for money is less than supply, the money loses value. Central banks usually stop money from inflation by reducing its supply to create artificial scarcity.
-snip-

It your simplistic view of supply and demand mechanics of money that is misleading you slightly.
This subject is much more complex than simple printing or not printing funds in to economy by central banks.
This equation is considered valid while economy is stable/gradual up-down Ms=CC+rD
-where:
    Ms - money supply;
    CC - cash in circulation;
    rD - all real deposits.
As you can see, it's not only banks but also people with their decisions to deposit money, have influence on the general supply.
 CC=CC/rD this means that 'CC ratio is directly connected with the consumption rate to GNI
Now ordinary (no central) bank is also restrained by similar mechanics, they need to evaluate how much money they have as liquid(CL) and how much as deposits. Br=CL/rD
Central Bank, who has the power to decide about monetary base(M), needs to take in to consideration how much CC and rD non central banks have(Br). So, M=Ms*X, where X expresses as factor: CC+1/CC+Br
As you can see, X factor is inherently unstable(and composed of 3 additional conditions), central banks can't foresee it accurately so they have to estimate how much money will be required. Sometimes central bank is forced to reduce M, destroy physical money in order to keep gradual growth(whenever this is good or not is another question) and secure the value of Br, not only to prevent inflation.
        

[Ucy]

I now think that the supplementary income should be restricted to buying of basic goods and services.
it should not be used for the purchase of unnecessary(and possibly unhealthy) things.  We could only allow buying of healthy foods, basic smart-phones/computers and other basic things of life.  

So coins from the supplementary income could only be enabled for basic goods and services on the main Marketplace

[stompix]

I now think that the supplementary income should be restricted to buying of basic goods and services.
it should not be used for the purchase of unnecessary(and possibly unhealthy) things.  We could only allow buying of healthy foods, basic smart-phones/computers and other basic things of life.  

Oh, Stalin would be so proud of you.
We should only buy things that are necessary for the social revolution, nothing that would work against the principles of a healthy life as it was decreed by the party, nothing that would turn us into a consumerist decadent capitalist country!!!

Of course, you have a list of those products, milk is good, cheese also but mozzarella is not needed for a healthy life and should be allowed to be brought by the masses And all the products should also be made in the same country and only by companies that are owned by the state or the workers: PPP

As I was saying 4 months ago, you were one step close to communism, not you've managed to jump the fence.

So coins from the supplementary income could only be enabled for basic goods and services on the main Marketplace

I have a good name for it, Torgsin