New idea for a crypto-currency. Please tell me if it would work.

[MasterOfDisguise]

I am new to crypto-currencies but want to share an idea with you. Would it be possible to create a cryto-currency with an inbuilt income for everyone who uses it? That way no matter what people will always have enough for the bare necessities of life.  People will still be able to increase their 'income' (for lack of a better word) but they've got the inbuilt income to fall back on.

[1715170787]

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[1715170787]

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[1715170787]

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[1715170787]

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[Satosh¡ Slot]

Yes, there's nothing stopping this from happening. A problem is that each address that is to receive the citizens' salary would have to be tied to a specific person. A government can do this, but it would also basically give the government power over this money. And they would have the power to create addresses to receive funds for wars and stuff like that, just like they do with fiat currencies.

[snakesoft33]

 A Marketing coin,  no mining,   the client show's promotions,  x qty of client's  fo x amount of coins minimu 0.01 to promote some company Ads or activity.....   Something that pays  for publicity

Imagine, a coca cola ad, or Facebook Video...

[MasterOfDisguise]

Yes, there's nothing stopping this from happening. A problem is that each address that is to receive the citizens' salary would have to be tied to a specific person. A government can do this, but it would also basically give the government power over this money. And they would have the power to create addresses to receive funds for wars and stuff like that, just like they do with fiat currencies.

That is a very good point. Would there be a way of preventing governments or other organisations/groups from doing this?

[MasterOfDisguise]

Yes, there's nothing stopping this from happening. A problem is that each address that is to receive the citizens' salary would have to be tied to a specific person. A government can do this, but it would also basically give the government power over this money. And they would have the power to create addresses to receive funds for wars and stuff like that, just like they do with fiat currencies.

And I heard that there can only ever be a maximum of 21 million bitcoins. With this idea would there be a limit as well or would you constantly have to keep mining more coins?

[Relnarien]

I am new to crypto-currencies but want to share an idea with you. Would it be possible to create a cryto-currency with an inbuilt income for everyone who uses it? That way no matter what people will always have enough for the bare necessities of life.  People will still be able to increase their 'income' (for lack of a better word) but they've got the inbuilt income to fall back on.

It's an interesting idea, but I'm not sure it would work the way that you expect it to. People can easily abuse an unregulated system like that by using fraudulent means to "multiply" their "income." But if you regulate it, then it will become centralized even if that isn't your intent. Who would define what the "bare necessities of life" are? Someone who is about to become homeless would surely insist on being given rent money for free for the sake of "fairness." And why would the currency have any value if everyone can get them without having to do anything or invest anything exhaustible? People would just end up passing inflated money around while goods continue to be consumed without replacement. It would look like a perverted form of neo-communism designed for the digital age.

[MasterOfDisguise]

I am new to crypto-currencies but want to share an idea with you. Would it be possible to create a cryto-currency with an inbuilt income for everyone who uses it? That way no matter what people will always have enough for the bare necessities of life.  People will still be able to increase their 'income' (for lack of a better word) but they've got the inbuilt income to fall back on.

It's an interesting idea, but I'm not sure it would work the way that you expect it to. People can easily abuse an unregulated system like that by using fraudulent means to "multiply" their "income." But if you regulate it, then it will become centralized even if that isn't your intent. Who would define what the "bare necessities of life" are? Someone who is about to become homeless would surely insist on being given rent money for free for the sake of "fairness." And why would the currency have any value if everyone can get them without having to do anything or invest anything exhaustible? People would just end up passing inflated money around while goods continue to be consumed without replacement. It would look like a perverted form of neo-communism designed for the digital age.

Yeah, I know there are a lot of flaws with this idea but I do like the sound of it. Would there be a way of preventing people from fraudulently using the system? What about designing it so that each user has their own address like 'Satosh¡ Slot' suggested? However, again, people/organisations could find ways round this. They could somehow create false identities to get new addresses.

[MasterOfDisguise]

I am new to crypto-currencies but want to share an idea with you. Would it be possible to create a cryto-currency with an inbuilt income for everyone who uses it? That way no matter what people will always have enough for the bare necessities of life.  People will still be able to increase their 'income' (for lack of a better word) but they've got the inbuilt income to fall back on.

It's an interesting idea, but I'm not sure it would work the way that you expect it to. People can easily abuse an unregulated system like that by using fraudulent means to "multiply" their "income." But if you regulate it, then it will become centralized even if that isn't your intent. Who would define what the "bare necessities of life" are? Someone who is about to become homeless would surely insist on being given rent money for free for the sake of "fairness." And why would the currency have any value if everyone can get them without having to do anything or invest anything exhaustible? People would just end up passing inflated money around while goods continue to be consumed without replacement. It would look like a perverted form of neo-communism designed for the digital age.

Just a few more things to add. You said this currency would not have value but how would it be any less valuable than bitcoin? I mean bitcoin isn't backed by anything apart from trust. And each user would receive a fixed income. It would be just enough for them to get by. And, If, for argument's sake, a person was about to become homeless and needed enough money to pay their rent then if their fixed income didn't cover it then they would have to find somewhere within their budget I suppose. And you're right. It does seem like a perverted form of neo-communism which wasn't my intention. Perhaps someone can improve on this idea or think of some sort of variation.

[Relnarien]

I am new to crypto-currencies but want to share an idea with you. Would it be possible to create a cryto-currency with an inbuilt income for everyone who uses it? That way no matter what people will always have enough for the bare necessities of life.  People will still be able to increase their 'income' (for lack of a better word) but they've got the inbuilt income to fall back on.

It's an interesting idea, but I'm not sure it would work the way that you expect it to. People can easily abuse an unregulated system like that by using fraudulent means to "multiply" their "income." But if you regulate it, then it will become centralized even if that isn't your intent. Who would define what the "bare necessities of life" are? Someone who is about to become homeless would surely insist on being given rent money for free for the sake of "fairness." And why would the currency have any value if everyone can get them without having to do anything or invest anything exhaustible? People would just end up passing inflated money around while goods continue to be consumed without replacement. It would look like a perverted form of neo-communism designed for the digital age.

Just a few more things to add. You said this currency would not have value but how would it be any less valuable than bitcoin? I mean bitcoin isn't backed by anything apart from trust. And each user would receive a fixed income. It would be just enough for them to get by. And, If, for argument's sake, a person was about to become homeless and needed enough money to pay their rent then if their fixed income didn't cover it then they would have to find somewhere within their budget I suppose. And you're right. It does seem like a perverted form of neo-communism which wasn't my intention. Perhaps someone can improve on this idea or think of some sort of variation.

Hashing is necessary to generate more Bitcoins though. That is a costly and time-intensive process. The entities who are currently generating the largest amount of Bitcoins have invested fiat into the network, which means that wealth is being transferred into the system. In the proposed system, coins are regularly generated as income for simply being part of the network. That makes it extremely inflationary and not sustainable in the long term. Some existing coins (not saying which) already generate coins for similar arbitrary reasons in a centralized manner and will someday lose all of its speculative value once massive inflation forces the entities pumping their prices to stop doing so.

[Susi.D]

Interesting Idea. I am also interested to start in a niche, just not this specific like your idea. May you want to check as well? https://bitcointalk.org/index.php?topic=717933

[Razick]

Yes, there's nothing stopping this from happening. A problem is that each address that is to receive the citizens' salary would have to be tied to a specific person. A government can do this, but it would also basically give the government power over this money. And they would have the power to create addresses to receive funds for wars and stuff like that, just like they do with fiat currencies.

Another problem is that this would cause an "inflation tax" on the currency's users. The only people who would want to use the currency would be people who stand to gain more from income than they would lose from inflation. If the income was high enough to provide for the cost of living inflation would have to be very high. In the long run, the currency would become almost or completely worthless as "taxpayers" abandon the currency and inflation takes over.

[Spoetnik]

have you seen how many people are angry and blame the world problems on welfare ?
i don't think this concept would go over too well..

it's a nice thought but..