BTC, the blockchain and compounded interest

[funtotry]

Actually I believe the poverty has gotten MUCH better, I think theres half as much impoverished people as before, and the median incomes have moved much higher in the past 100 years across all countries, its definitely improving.

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[BitcoinFr34k]

1 - there doesn't need to be. That is not how interest works. You receive interest because you lend someone money and allow them to use it for specific agreed upon purposes. If you simply have your bitcoin in your wallet (eg you control your private keys) then no one is able to do anything with your money while you are waiting to spend it.

There are already options to earn interest (including compound interest) on your bitcoin - one of which is lending on bitfinex - another of which is investing in the bankroll of casinos

2 - I am not sure what exactly you are asking. But I am pretty sure that is how the blockchain works today

[franky1]

putting aside 'interest' and just concentrating on world poverty

until you solve these 2 things:
1. greed of the trust management, meaning the guys that handle the dispersing of funds not to take huge chunks of cash out of the hoard/profit/interest
2. greed of merchants raising their prices because the country is suddenly more wealthy with lots more cash to hand.
.. you will always have a bunch of rich guys, vs a bunch of poor people, with a large gap in the middle

in short if you can find a way to ensure that all african births get an entitlement to X coin at set dates of their lives and in a way that no other person can fake identities or intercept the funds before the beneficiary gets a chance. and a way to ensure merchants dont inflate costs of goods/services to try grabbing the new fresh cash in the economy from the newly rich generation of people.

the only way i can see it happening is if a privkey/public key pair is generated directly by their DNA, which the new borns family only disclose the public key to the child birth registration system so that the system knows who to create the transaction to. whereby the dna is needed to sign a tx when its time to spend.

that idea aside. watch the movie "intime" where every human has a built in wallet inbedded in their arm that has been prefilled with 1 years worth of funds, only accessible on their 25th birthday, whereby most transactions are done hand-to-hand with not central system.

its a great idea to try helping the poor, but if most of the money gets syphoned off and centralized... then its an instant failure.

so i hope you have some great non interceptable methods to award funds to people

[bytme]

When I was a kid in the '70s I believed if I could live to 60 (and afford it) I could live to 100. If I lived to be 100 (and afford it) I could live to be 150. I would take this thinking and belief in the growth of knowledge all the way to immortality and the eventual choice to be part of the seeding of humanity on some exotic planet in some far galaxy.

Of course I understood that immortality did not equate to impervious to death. Shit happens.

My father used to tell me that my dream of ending poverty on in this world was possible. If you can get past the corruption, the greed and the fear of change. He also said that there might come a time a few hundred years down the road when some become bored with it all and tear it all down. Just because they can. Such is human nature.

None of what I'm saying means anything in the grand scheme of things because there is no grand scheme. We are all just doing what is within our hearts and minds. Some are less equal than others in one or the other. Or both.


Corruption and greed does have a leg up on the majority. Seems it's always been the case. Once it was simply a matter of survival. Now it's a matter of modus operandi. AKA CYOA!

My thoughts on creating an institution of fairness to the people and the planet is obviously flawed in many ways. As I've said before I don't have all the answers. Nor does any sane person expect me to.

Sure, life isn't fair. Still, nobody has yet to my knowledge willingly admitted to me that what the world needs is more greed and corruption. I was just wondering if the blockchain could facilitate the dream. So far the answer I've gotten is maybe.

Thanks for the redirect Cyrus. Seeing as there is no social engineering section then the economics forum is likely the best place for this to find it's own level in the primordial ooze of half baked ideas.

[bytme]

franky1, as stated above I do see the problem of greed. Compounded by corruption it is what has brought humanity to this stage and I expect lessening the interest paid to corruption will in time create some balance for the whole.

This "the only way i can see it happening is if a privkey/public key pair is generated directly by their DNA, which the new borns family only disclose the public key to the child birth registration system so that the system knows who to create the transaction to. whereby the dna is needed to sign a tx when its time to spend" is one way toward a less fearful and pessimistic world. imo

I saw the movie you referred once. Can't remember how it ended but I did take note of the guy who gave away his time, having lived over a century already, came to the belief that there is "enough for everyone". I was always taught such.

May you always have enough.     

[futureofbitcoin]

I like what andreas says. He's already taking enough risk by having a significant amount of bitcoins, there's simply no need to take more risk.

Would you loan out your apple stock or google stock for a small percentage interest? It's not even sustainable, as there is a finite amount of apple stock/google stock/bitcoin.


Besides, bitcoin in itself acts like compound interest, since it's deflationary. In essense, both are basically "you end up with more purchasing power after time".

[btc_enigma]

Compound interest  is a sham. In an inflationary economy, ur actually losing ur purchasing power even after compound interest

BTC doesn't need any interest . You just keep ur btc coz anyway it will grow vs other currency. The problem is the hoarding