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A comment on SocialCoin: A Cryptocurrency for a Global Basic Income.

Re:SocialCoin: A Cryptocurrency for a Global Basic Income by thomas4019 on Tuesday July 15, 2014 @12:53AM (#8034855)
You're right about the problem, your solution is off.

> It doesn’t matter if retailers don’t accept the coin, users can just exchange the coins for bitcoins or local fiat currency for immediate real world use.

No entity would give fiat currency for these SocialCoins unless they had some real or speculative value.

> The basic idea is that 10% of the profits that miners earn from mining this coin is pooled and distributed to every member of the network on a bi-weekly basis.

Are these "profits" from inflation or a transaction fees?

[ Parent | on HN ]
Re:SocialCoin: A Cryptocurrency for a Global Basic Income by dllthomas on Tuesday July 15, 2014 @12:55AM (#8034859)
"No entity would give fiat currency for these SocialCoins unless they had some real or speculative value."

Or the entity had some other interest in keeping the scheme going.

Not that this necessarily seems likely/sustainable/advisable...

[ Parent | on HN ]