[ANN] Freicoin: demurrage crypto-currency from the Occupy movement (crowdfund)

[Explodicle]

Freakoin

That's so going to stick.

This project is important as it might attract Occupy people to P2P crypto-currency in general.
Once they get the idea, they will have better understanding of the technology and will be able to choose the coin they like.

The initial particular characteristics of the coin are not that relevant, what's more important is that this is the coin designed specifically for them by NASA engineers!

+1. We might even want to create a whole bunch of different inflating/demurring coins, so they can pick whichever rate they think is best. Call me optimistic but I'm hoping for WAY higher than 4.4% annual growth in a few decades.

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[Bitcoin Oz]

I joined occupy to open peoples minds about the financial system but it turns out that is not what occupy is about unfortunately. It ended up being a running battle with local police and council. It got sidetracked by non issues.

What Ive found is that the police and council cant do squat about me trading bitcoins where they can confiscate a tent

This is why I want to setup a bitcoin trading desk in Melbourne.

[Bitinvestor]

ARBEIT_MACHT_FREICOIN

[Bitcoin Oz]

I do think the inflation should be 2% or so rather than 5% which seems massively excessive. I mean the reserve bank usually aims for 2-3% so dont make it WORSE than fiat.

[maaku]

If the goal is price stability or 0% basic interest (read Gesell for why these are linked and why they should be the goal), then you need to account for productivity and population growth as well. Historically, the sum total has been in the 4-5% range.

[galambo]

Second, choose a new name. Forget about coin being in it and think of the name as your key sales tool. Freicoin is too German-sounding for US users.

What would you propose this coin be called?

I think the name is selected partially out of the vanity of its creator.   For example, the Google "Page"rank did not refer to "webpage."

The first US coin to have a metal value less than its indicated value carried the name "Trime" which seems to me to be a pun. Perhaps this coin could be called the "Trius."

[maaku]

Actually that really is a coincidence (besides, Frei/“free, unencumbered, liberal” and Fried/“peace” are related lexicographically more by chance than by etymology).

“Freicoin” was the name given to a hypothetical bitcoin-based demurrage currency promoted by @jtimon on this forum about a year ago. It was through conversations with jtimon that parameters of this proposed alt chain were set. “Freicoin” itself is an nod to “Freigeld”, the hypothetical state-backed demurrage currency used by Gesell in his economic theories. In this context, “Frei” means free, no-cost, or unencumbered, and is a reference to the approx. 0% interest and easy access to credit it would provide.

[galambo]

Actually that really is a coincidence (besides, Frei/“free, unencumbered, liberal” and Fried/“peace” are related lexicographically more by chance than by etymology).

“Freicoin” was the name given to a hypothetical bitcoin-based demurrage currency promoted by @jtimon on this forum about a year ago. It was through conversations with jtimon that parameters of this proposed alt chain were set. “Freicoin” itself is an nod to “Freigeld”, the hypothetical state-backed demurrage currency used by Gesell in his economic theories. In this context, “Frei” means free, no-cost, or unencumbered, and is a reference to the approx. 0% interest and easy access to credit it would provide.

Sorry, it's a bad idea to make this joke before you explained the origin of the name.

[maaku]

No worries; just wanted to make sure there was no confusion  

[Bitcoin Oz]

If the goal is price stability or 0% basic interest (read Gesell for why these are linked and why they should be the goal), then you need to account for productivity and population growth as well. Historically, the sum total has been in the 4-5% range.

Understood.

[steelhouse]

The coin is a joke.  Everyone will be a miner, hoping the people that do the real work will earn money for them.  What I will do is become a miner and sell the coins and buy BTC.  Assuming it is worth the electricity to do so.  These Bill Still/Ellen Brown types need to learn a lesson, inflationary coins are not fair.  Yes, the 4.4% might be a good fee to maintain the system, but not as a plan to hurt the rich.

[maaku]

What I will do is become a miner and sell the coins and buy BTC.

Then you will be doing exactly what the currency is designed for.

Let me reiterate again: the purpose of this *coin is to cleanly separate the dual purposes of money, medium-of-exchange from store-of-value. You trade your mined freicoins for BTC, but the counter-party to that transaction doesn't want to hold on to freicoins any more than you do. So he uses it to buy services he needs, and the service provider gets rid of it by paying an employee, and that employee spends it buying groceries, and that grocer turns a profit and invests it in bitcoins, bringing the Freicoin cash back to the exchange, etc., etc. ad infinitum.

Bitcoin is and always will be an ideal mechanism for storing value, superior to Freicoin in that regard. That is expected, desirable, and by design.

[smoothie]

What I will do is become a miner and sell the coins and buy BTC.

Then you will be doing exactly what the currency is designed for.

Let me reiterate again: the purpose of this *coin is to cleanly separate the dual purposes of money, medium-of-exchange from store-of-value. You trade your mined freicoins for BTC, but the counter-party to that transaction doesn't want to hold on to freicoins any more than you do. So he uses it to buy services he needs, and the service provider gets rid of it by paying an employee, and that employee spends it buying groceries, and that grocer turns a profit and invests it in bitcoins, bringing the Freicoin cash back to the exchange, etc., etc. ad infinitum.

Bitcoin is and always will be an ideal mechanism for storing value, superior to Freicoin in that regard. That is expected, desirable, and by design.

This thread is a waste of time seriously. You dont need to raise funds to start a new block chain.

[Bitinvestor]

You trade your mined freicoins for BTC, but the counter-party to that transaction doesn't want to hold on to freicoins any more than you do.

Do you really think that people will spend bitcoins to buy freicoins THAT THEY DO NOT WANT? Really?

[Bitcoin Oz]

If no one wants the currency who gets left holding the bag ?

[Bitinvestor]

If no one wants the currency who gets left holding the bag ?

The miners? Galambo! 

[galambo]

You trade your mined freicoins for BTC, but the counter-party to that transaction doesn't want to hold on to freicoins any more than you do.

Do you really think that people will spend bitcoins to buy freicoins THAT THEY DO NOT WANT? Really?

Of course they will. The question, as always, is at what price.

[Bitinvestor]

Of course they will. The question, as always, is at what price.

See my previous reply. 

[Explodicle]

Merged mining is an important feature. It gives miners a reason to mine something that at first will trade for almost nothing, and if Freicoin ever takes off then Bitcoin can free ride off the high subsidy.

[smoothie]

Please close this thread it's retarded.