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Bitcoin Questions Emerge for Cities

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Resurgent phoenix
Resurgent phoenix  
12/24/2013 12:35:39 PM
User Rank Burgher
Re: Confusing Bits
Wbalthrop, I like your system, but Humans need to become much more civil to make BIG a success.

Resurgent phoenix
Resurgent phoenix  
12/24/2013 12:32:56 PM
User Rank Burgher
Re: Confusing Bits
Dave, It seems Data mining will replace option trading. Do you think options trading and Data mining are similiar?

Resurgent phoenix
Resurgent phoenix  
12/24/2013 12:32:54 PM
User Rank Burgher
Re: Confusing Bits
Dave, It seems Data mining will replace option trading. Do you think options trading and Data mining are similiar?

richheap
richheap  
12/11/2013 4:34:06 AM
User Rank Staff
Re: Confusing Bits
I agree, kq4ym. I've read quite a few articles about Bitcoins to try and get my head around them, yet I still don't understand exactly how it works or what I'd get out of it.

My other concern is that, when an investment idea like this starts making it into the mass media, I worry that the opportunity to make any big returns from it has already gone. If it was such a great investment then surely the savvy investors would keep it to themselves?

It's like how I feel when I see commercial property investment funds or buy-to-let property deals advertised on the London Underground. If they're trying to get novices like me to part with my money then surely it can't be a very smart investment? Having said that, I don't have a detailed understanding of how the Bitcoin market works so I'm happy for someone to pick apart these points.

wbalthrop
wbalthrop  
12/9/2013 5:01:27 PM
User Rank Urban Legend
Re: Confusing Bits
@Nicole,

How to distribute a new currency is the hardest part, and I'm working out some of those details.

My initial thought is that it would require a wholesale replacement of our current monetary system. It would not function well as a parallel currency as Bitcoin is trying to do. Unlike the Resource Based Economy however, it would be a smoother transition than just doing away with the use of currency all together. As long as there are scarce resources, we need some mechanism to allocate those resources in way that maximizes the benefit to society. The market system under Capitalism attempts to allocate resources efficiently, however that mechanism has many flaws and is not efficient in terms of benefiting all of society.

Distribution would likely incorporate a proposal called the Basic Income Guarantee (BIG)? Under that idea, everyone would receive a basic living income that would be equal for every person. On top of that, people who are able to work, can earn extra income to enhance their standard of living. But those unable to work (for any number of reasons such as technological unemployment), would have enough to maintain a decent life. This means the whole structure of monetary flow needs to be rethought. Distribution would probably be from some central authority that would keep track of net energy production and release E-dollars equal to the available energy. The trick would be that society cannot spend more energy that it is capable of producing. In this way we would be forced to be more conscious of our energy footprint, and it would be more difficult for us to spend future energy stores that our descendants way wish to exploit.

A lot of issues need to be worked out yet, such as how to deal with large capital expenditures, because the use of debt would not exist. Take a residence for example. Today you need to borrow a large sum of money, creating a debt to some institution. Under the E-dollar system, it may be that the total amount of embedded energy in a home is calculated at the time of contruction, and amortized (without interest) over  the estimated lifespan of that building. The eergy used in construction would have to come from a reserve set aside each year for that purpose. If there is not enough reserve energy, then weo need to build more solar panel or wind turbins.

A payment would be due back to the central authority by whoever lives there equal to the amortized energy amount for that residence. As an individual you can decide how much of your energy budget you wish to go towards your residence, as opposed to say, traveling or some other aspect of your life.

The benefit to this system is that it supports the notion of a steady state economy, because debt is not used, perpetual growth is not a required factor for a healthy outcome. As technology permits, abundance will be possible without destroying the economic system, because the supply/demand Capitalist market will not be in control. The use of the BIG distribution of income will permit technology to replace the need for human labor without causing undo hardship from the inability to find work. If productivity increases, it simply increases the share of energy disributed to each person every month. In this way we can work toward an eventual goal of full automation where a Resource Based Economy becomes feasible.

As is usually the case, this probably raises more questions than it answers.

Davedgreat2000
Davedgreat2000  
12/9/2013 3:10:19 PM
User Rank Urban Legend
Re: Confusing Bits
Look up E-Gold...you have an account of gold but trade it as any Dollar would be traded for goods and services. Its just in electronic form. Not sure if it caught on but it was something like Bitcoin but with actual gold.

Davedgreat2000
Davedgreat2000  
12/9/2013 3:08:07 PM
User Rank Urban Legend
Re: Confusing Bits
Mary, the other ones are catching up but most of them are new at least a few months old. Bitcoin has been around for a few years.

Check out Max Kaiser on RT (Russian Times), he loves the Bitcoin

Nicole Ferraro
Nicole Ferraro  
12/9/2013 2:43:42 PM
User Rank Staff
Re: Confusing Bits
Hi wbalthrop: Wow, really cool and forward-thinking ideas here. Now I have a better understanding of your interest in the Venus Project.

So, your idea about e-dollars is interesting; but how do people earn e-dollars to begin with? 

Mary Jander
Mary Jander  
12/9/2013 10:39:01 AM
User Rank Staff
Re: Confusing Bits
Wow, @wbalthrop: I'm impressed with these ideas. But I think they are a bit too far-forward for many of us today to really understand or accept. That said, if we could start thinking a bit more along these lines, it would help get us going in the right direction. Sometimes it takes a couple of "radical" concepts to start things moving, even if the ultimate goal might fall short of the vision you express.

Mary Jander
Mary Jander  
12/9/2013 10:36:06 AM
User Rank Staff
Re: Confusing Bits
Even after reading and researching Bitcoin, I tend to share your viewpoint, Nicole, and I think that lots of folk do, too. Still, it's amazing how Bitcoin caught on with online criminals, so where there's a will there's a way to understand it, I guess.

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