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Author Topic: call for suggestions on oversight and constitution  (Read 459 times)
FederalReserveofWIP
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December 28, 2014, 12:28:31 AM
 #1

Hi everyone,

Hope you're enjoying a merry and festive holiday season.

As many of you know the Federal Reserve of WIP launched a centralized, fiat currency a few days ago (based on a centrally controlled public ledger - see my other posts).  In the few business days that have passed since, we have seen a 44.22% day-over-day growth in number of new users, as well as a 100% growth day-over-day in number of coins and their velocity, while the money supply was increased by only 5% since inception.  Please note that WIP is currently pegged to $0 and may only be used in transactions without monetary value, such as favors, gifts, and so forth - so that this strong demand in the face of such restrictions is particularly exciting.  Within days of launch, we also have had our first applicant bank into the Federal Reserve of WIP banking system, which has been approved.  The Commercial Bank of Internet Points, CBIP, is now an official lending institution in the Federal Reserve of WIP system.

The main difference between WIP and other currencies is that the Federal Reserve of WIP retains complete autonomy over the coin and its ecosystem.  This means we can rewrite the public ledger at any time.  It also means that unlike other coins, we are able to enact laws and rules for our ecosystem, reverse fraudulent transactions, and so forth.

In keeping in mind the vast power we exercise over our coin, I was wondering what the community's thoughts were in terms of formal governance?  For example, how should the limits of the Federal Reserve of WIP be set constitutionally, how should there be oversight over its actions?

As Chairman of the Federal Reserve of WIP, I would welcome feedback into the kinds of formal processes that the community believes works.  We have seen companies go from two graduate students to a market cap in the several hundred billion on a policy of "Don't be evil."  We would like to follow in those footsteps.

As an Internet currency, what can we do to be the best, fairest, and most accessible currency on the planet?

We welcome your feedback, and thank you for the fantastic feedback to date.  Don't forget to bank with CBIP, where I will be keeping my own personal money.

Best regards:

Chairman of the Federal Reserve of WIP
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franky1
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December 28, 2014, 01:06:32 AM
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a constitution should never be based on money.. it should just be as simple as

"your free to do whatever your biologically capable of, as long as it does no cause harm or loss to anyone else"

oversight should just be warning messages to get people to check their trust with the other party. if you start making rules. and become the administrator of them rules.. then you become accountable and trust me, unless u have 100,000 employee's to administer every rule broken and be the mediator between the parties.. it wont work.

the key point is to make everyone accountable for their own actions rather than having to rely on third parties.

that being said..

you can put as many motto's as you like into your slogans, and create alot of media awareness and glossy videos talking about constitutions.. but in the end.. ur currency needs to be different and of benefit to users to not be just another pump and dump altcoin..

if you have wasted your time creating an altcoin before even thinking up your mantra (i presume to be ur constitution) then i already see your failure in management and ultimate failure in the coin.


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Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
FederalReserveofWIP
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December 28, 2014, 01:26:27 AM
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a constitution should never be based on money.. it should just be as simple as

"your free to do whatever your biologically capable of, as long as it does no harm or loss to anyone else"

oversight should just be warning messages to get people to check their trust with the other party. if you start making rules. and become the administrator of them rules.. then you become accountable and trust me, unless u have 100,000 employee's to administer every rule broken and be the mediator between the parties.. it wont work.

the key point is to make everyone accountable for their own actions rather than having to rely on third parties.

The number you state, 100,000 employees, is very large.  The entire congressional staff of both the United States Senate and House of Representatives is only about 10,000 employees.  Also, do consider that $200 million has been spent on mining equipment for bitcoin.  If that money had been spent on moderate arbitration stipends for 100,000 volunteers, it would have more than accounted for these stipends.  Bitcoin has an admirable market capitalization of over $4 billion as a currency.  But fiat money supplies such as the USD - which have no online public ledger - have a market cap that is over 3,000x higher.  We hope to show that we can reach some of the usage cases that are inappropriate for the decentralized, irreversible bitcoin system having a fixed or slowly-inflating money supply and no central control.

To do so we do require trust and accountability, and sane policies in the best interests of the WIP ecosystem.  Thank you for sharing your thoughts, Franky.

Best regards:

Chairman of the Federal Reserve of WIP
franky1
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December 28, 2014, 01:33:31 AM
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small minded, unprepared speaches...

doesnt seem like your doing well before you have even started..

for one.. your 10k quote of civil servants. is narrow minded, thanks for admitting u are american and cant see past the coastline of your country, to be able to see the GLOBAL picture.

also for a "constitution" there needs to be more than just a currency with arbitrators of claims.. their needs to be other services and sectors to ensure a full loop economy and community.. so dont compare yourself to paypal customer service department by saying arbitrators.. instead think of all public service roles and stuff.. think proper economy/community stuff if your even gonna try using big words like constitutions and oversight..

oh and to correct your numbers, in regards to just money management and forgeting public services.. and ill do you a favour and limit it to just USA,...

there are over 140,000 debt collectors in america....

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Don't take any information given on this forum on face value. Please do your own due diligence & respect what is written here as both opinion & information gleaned from experience. If you wish to seek legal FACTUAL advice, then seek the guidance of a LEGAL specialist.
odolvlobo
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December 28, 2014, 01:58:35 AM
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Who will enforce your constitution and how will they enforce it?

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FederalReserveofWIP
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December 28, 2014, 02:40:29 AM
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Who will enforce your constitution and how will they enforce it?

Dear odolvlobo,

The WIP economy is based on a public ledger that is centrally controlled by the Federal Reserve of WIP.  We explicitly reserve the right to take any action, up to and including rewriting the history of transactions retroactively.  (This is part of the reason that during introducing we are pegging WIP to transactions with a nominal price of $0.)

So here are example things that we can do as part of enforcement:

- We can penalize accounts by saying they will be locked out of the Public Ledger for a specific amount of time.

- We can require evidence be submitted.  For example, we would like to make ponzi schemes illegal in the WIP economy.  As such, where the history of transactions is in line with a Ponzi scheme and without an apparent external source of WIP income for the person running the scheme, we can simply require detailed evidence of actual sources of income.

- If these parties refuse our process, we can simply actively prohibit them from continuing their operations.  We can also reverse existing transactions.

- We can insure WIP, for example the WIP held in the CBIP bank and future banks.  (Similar to the FDIC in the United States.  - "The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the U.S. Congress to maintain stability and public confidence in the nation's financial system by insuring deposits, examining and supervising financial institutions for safety and soundness and consumer protection, and managing receiverships.")

- We already have volunteers committed to making WIP a success.  These volunteers can take many broad actions to ensure the fairness and transparency of the WIP ecosystem.


That said, although several mechanisms for enforcement are quite clear, the question remains: what rules shall be enforced?


To give you a simple example: as Chairman of the Federal Reserve of WIP I have received some WIP as a stipend.  Over the holidays a family member asked for WIP, and I will be giving a small amount (0.1 WIP) to this family member, from my own stipend, and with full disclosure.

Naturally since I am Chairman of the Federal Reserve of WIP I could do things that ran strongly contrary to this separation of interests.  At the moment there are no checks and balances.  I could, for example, treat family members with special privileges.  Or I could siphon off an unreasonable amount of WIP without public accountability.

While I have no intention of doing any of the above, some sort of central oversight and judicial process would certainly go a long way toward keeping WIP honest.  At the moment you have no assurances - and no process in place - except for the unilateral decisions of the Federal Reserve of WIP, which is not subject to any regulation or oversight and can take any action at any time.  While even with these restrictions there is strong interest in WIP, the economy will be even better off once further processes, checks, and balances are in place.

The result, a community-owned currency that has an actual monetary authority capable of easing the money supply and taking other actions to keep WIP at a reasonable level of inflation, with reasonable interest rates, and with high accessability, will be a boon to all its users.  At the moment, other currencies have a 100% APR, if they are available for borrowing at all, for example.

For this reason I do welcome your suggestions on creating some of the above framework.  Perhaps you would like to apply as an independent advisor?  There is no stipend for this position, but your input would be very welcome.

Thanks again for your thoughts, and I do look forward to more of your input.

Wishing you happy holidays:

Chairman of the Federal Reserve of WIP
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