Manna – Crypto Basic Income | Hacker News Reader

Manna – Crypto Basic Income

mannabase.com

17 pointsfabianhjr11 comments

According to the whitepaper, the vast majority of existing monetary base is held by the founders and close associates:

-19% directly by the founders

-36% donated to Mannabase, a company directly controlled by their foundation

-17% paid to "dozens" of developers and technical staff

Another 9% was mined into circulation, and there is a strong probability that the early miners and the founders are one and the same. A grand total of 6% was given away as UBI but they promise to give more away by a complex process that seems very centralized.

It's essentially a UBI-branded premine: if you make us filthy rich we promise to make the world a better place. Certainly a splash of color in a crypto space that seems to be dominated by those who exploit more basic human impulses.

From the "whitepaper": https://i.imgur.com/YJ1KhMj.png

If they actually want to make the world a better place (or deliver the message), perhaps one founder (among many) shouldn't have a piece of the cake bigger than the whole humanity combined. One can't have the cake and eat it, too.

The entire founding team has literally no experience (or really any advanced, post college education), outside of working in cafes and small newspapers. CTO's LinkedIn is just this job.

Not that experience is tantamount to success, but this isn't a simple undertaking.

They have been working on this since 2015 and did a trial run under the name GrantCoin. (Which as far as I know went smoothly) While it is a huge undertaking and even if this project fails, it would be interesting to see more robust CryptoUBI projects rise up from the ashes.

Given the number of cryptocurrencies devs have struggled to get their coins in front of the community. Some of the devs have tried distributing free coins and this is known as "airdrop" in the cryptocurrency community. Though most of them use some criteria to stop people from falsely claiming coins.

I forgot the exact name but there was a cryptocurrency which did an airdrop for citizens of a particular country.

This coin seems to be in a similar mold. Though the pitch is that it is Universal Basic income.

Looking at the history, it seems it is just a re-brand of an existing coin called Grantcoin which has been in circulation since 2015.

As far as I know, this is the second Basic Income coin in circulation. The first is based on a WoT and is mostly in France.[1] The overall concept is refered to as "universal dividend" or a 10%/year inflation equally distributed to the WoT members justified by a "Relative Theory of Money".[2]

I have been skimming the "whitepaper" of Manna but haven't really seen how it works; it seems to just give a fixed amount of Manna per week to all members. Regardless, would love to hear pros, cons and see what ends up happening.

[1]: http://duniter.org/en/

[2]: http://vit.free.fr/TRM/en_US/TheorieRelativedelaMonnaie.pdf

Page 13 which shows that this is a struggling coin since 2015 with barely enough "approved recipients". Two years in and they have 3446 participants.

But the glaring mistake is pointed out by cornholio already. So we already know what will end up happening if this ever takes off. These guys with their more than 50% stake will strike it rich.

As I said, most devs struggle to find an audience and need a pitch to sell it to the people. This coins pitch seems to be "UBI".

As for Duniter, I invite you to do more than just watch the train pass by. ;)

https://blog.p2pfoundation.net/theoretical-underpinnings-dun...

https://fr.wikipedia.org/wiki/%C4%9E1

Ask your questions or statements here: https://forum.duniter.org/latest

A UBI _tax_ is pure theft, but because I can voluntarily participate in Manna, it solves the dilemma of a UBI. I wish them luck!

If anything this will be very interesting experiment in macroeconomics.

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