Comment by perpetualcrayon | Hacker News Reader

Comment by perpetualcrayon | Hacker News Reader

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perpetualcrayon

The basic idea is that each participant can distribute 'X' # of coins to every other participant in the currency. The caveat is that each individual needs to be held accountable for the choices they make as to who they "vouch" for when distributing currency.

That's not to say the amount distributed can change in some obvious way. My current thinking is that if person A, B, C say person X gets money, then they get the same "agreed upon" (or fixed) distribution as everyone else.

On the other end the coins that are created have a "depreciation" built in. Something that depreciates 100% in 5 years won't appear too valuable. But something that depreciates over the course of an entire lifetime will feel plenty valuable to the people who are the original recipients. So in other words my current target is 100 years.

Things to consider: 1. Create lots of accounts, allocate money to yourself. 2. How do you hold people accountable in a distributed trustless manner? 3. Once you have centralized identity or accountability, then there is really no use to doing a blockchain. So solving 1 & 2 is the hard part of your idea. 4. Freicoin had demurge built in, you had to spend it or it would go down in value. This is anti-capitalist-- literally, they were marxists trying out their idea-- the consequence of this is that it undermines people's ability to save and invest for the future. If your coin goes down in value over a lifetime (Which you can accomplish easily by simply having increasing inflation over time-- very much like the USD) then it becomes difficult to save for retirement or that time of your life when your medical expenses go up.

I'm looking at the "accountability" part a little differently. It's not necessarily going to be some built in rules in the coin that hold people accountable. Instead one of the critical philosophies I've adopted is "enable the people who hold the coin". The coin won't hold people accountable, the tooling needs to be available to allow people to hold other people accountable.

If you can verify one person as being a single participant then you've stumbled onto something as big as Bitcoin itself

That's definitely an important objective. Although admittedly it won't be as pure as something like Bitcoin. I'm targeting what you could loosely equate to a scientific proof of existence, not a mathematical one.

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