A long time ago, I wrote an idea for cryptocurrency that had a built-in half-life.
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A long time ago, I wrote an idea for cryptocurrency that had a built-in half-life.
Basically every so often, half the value held would decay as a form of tax, to be redistributed uniformly.
And after looking at the space again, I think something like this is necessary for any hypothetical digital currency to resist hoarding of wealth.
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Soatok Dreamseekerreplied to Soatok Dreamseeker last edited by
And while there are a lot of ways to implement this sort of algorithm, a simpler idea is to double, rather than halve, the mining rewards every so often. An infinite supply of coins.
The other part of this is to built atop something like the cryptography underpinning Zcash, so transactions are private.
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@soatok
Resulting in deflation of the token value and encouraging infinite resource grinding/waste in mining.
Would reduce hoarding, though. -
@Exindiv If you use a consensus mechanism that isn't PoW, I'm less worried about this.
(And deflation of token value is intentional. Fuck wealth.)
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@soatok
That would be less wasteful.
Still, I personally view crypto currency as a terrible idea on near every level. Bleh. -
@Exindiv So too is our incumbent financial system. Look at how they're clamping down on adult content. We need an alternative, unfortunately.
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@soatok
Crypto isn't really a viable alternative. It's like using collectors cards as currency.
It would be better to call for nationalization or deprivitization of card processing. -
@Exindiv That wouldn't do one wit to stop the anti-porn lobby's control in America. If anything, it would give them more power.
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{Insert Pasta Pun}replied to Soatok Dreamseeker last edited by
Part of why I think people go to coins (besides the anti porn lobby) is because money transfer in the US sucks.
India has a system that transfers person to person crazy volumes of cash
Some places in the EU have similar awesome systems without the need for PayPal or cashapp (though those still get used)
Some banks refuse to use OFX and thus companies like plaid exist.
A large part of having such a predatory amount of coin schemes has to be the antiquated banks and pricey, slow transfers
