Hm, the tide seems to go toward only electronic payment. Not "no way to pay". The masses I think will largely accept this, whether called CBDC or not. Are you sure enough people
will want your alternative to that system? I am aware of problems with electronic payments, but I use them almost exclusively. Most others seem totally uninterested in their problems.
Their system increasingly looks like it will disappear in a big bang event.
I thought it would dwindle away but in Singapore cash is already gone.
Hm, the tide seems to go toward only electronic payment. Not "no way to pay". The masses I think will largely accept this, whether called CBDC or not. Are you sure enough people
I agree, the model is not yet proven.
I am seeking a community to test it in.
Govt money will vanish when that moment comes.
There will be little warning and no time to prepare.
I suppose the system is meant only for small communities? Otherwise, most of the most important problems will likely mostly come in bigger communities (which will remain untested?).
It is easy to simply put on the note "backed by 1gram 24k gold" or whatever.
Perhaps you remember the days of "personal cheques" ?
In these days you become "self-banker with a vaults"
I remember seeing it as a kid, and even then wondering how one can trust someone writing such a cheque. This is the case whether I say "1gram 24k gold" or not.
Are you saying direct gold ownership is broken? I suppose writing notes based on gold is a messy business, I can write an infinite number of notes based on the same piece of gold.
In theory a bank could make sure this does not happen, and its reputation would be reason to trust it (more so than that of one person), but this too only works temporarily as we know.
Gold standard is already hammered out of existence by the LBMA mafia.
This is a fundamental flaw in commodity standards - they get owned by the richest psychopaths.
Are you saying direct gold ownership is broken? I suppose writing notes based on gold is a messy business, I can write an infinite number of notes based on the same piece of gold.
Any traveling salesman who wants to prosper will specialize in crypto or local currencies that have credibility in his next venue. He might trade local notes to pay for local expenses.
OK, you already plan to base it on other money systems, it is only for use as "physical cash", not "currency"? And you must accept all the aforementioned kinds of irregularities?
An hour of work is a notional Value - it is specifically only a Value - to be negotiated around.
A traveling salesman should be clever enough to ask ahead of time which notes are best
"best", for his purposes, which are not everyone else's purposes. Fiat is easier that way, one note is as good as the next. We may need to sacrifice this, but there is a cost to that.
Then over time this new system evolves to not only take care of security/guarantees for a cost, but also to have all the characteristics of a modern bank. I.e. the new thing you make,
it may eventually change character slowly into what you are trying to replace. At least I have seen no guarantee that this does not happen. Before that though, it can be nice I suppose
Then someone comes up with a walled garden version of the thing, with assurances and so on, and it catches on, and becomes what the masses use to avoid being taken to the cleaners.
Then over time this new system evolves to not only take care of security/guarantees for a cost, but also to have all the characteristics of a modern bank. I.e. the new thing you make,
I think the normal trajectory of such things is that first people do "brain up", but then after some time someone says, this is a jungle, we want, nay NEED less danger.
Then someone comes up with a walled garden version of the thing, with assurances and so on, and it catches on, and becomes what the masses use to avoid being taken to the cleaners.
Yes there will be problems,
similar to problems banks had when creating personal checking accounts.
Populations always seek ways to "game the system".
People need to 'brain up'.
I think the normal trajectory of such things is that first people do "brain up", but then after some time someone says, this is a jungle, we want, nay NEED less danger.
I am just testing RAI. ImageBot would, I believe, take such flimsy requests, and by itself make an attempt to make a fitting image. RAI seems to be different. Which is OK.
But one only knows such things after having explored the service with test requests.
Sorry, can you be more specific? Let me know what image you'd like me to try to make, be descriptive (visual) and maybe we can do it! Thank you. :)
I am just testing RAI. ImageBot would, I believe, take such flimsy requests, and by itself make an attempt to make a fitting image. RAI seems to be different. Which is OK.
Map of political borders for North America corrected to the date 2024 December 31
I tried to send 1024 sats to RAI too, but it doesn't want to make a picture for me. Does it have to be a very descriptive request? Or is it perhaps not yet ready for prime time?
I guess my conclusion is that your model, even if amended over time and so on, I do not see that it is proven to work properly. And atm, govt money probably works best short term.
Slowly, step by step they are likely going to fleece us all, but short term, their system is far more practical.
You can still have notes, but notes backed by gold. Anyway, we all know what that leads to of course, you get bankers with vaults, and eventually fiat as logical next step.
I guess my conclusion is that your model, even if amended over time and so on, I do not see that it is proven to work properly. And atm, govt money probably works best short term.
I suppose such problems can often be worked around with clever wording and so on. But even then, I believe a "gold standard" or similar thing is far more easy to deal with.
You can still have notes, but notes backed by gold. Anyway, we all know what that leads to of course, you get bankers with vaults, and eventually fiat as logical next step.
The traveling salesman has no use for my local work, as he will be gone the next day, and can't even find me by then. When gone he might never come back.
I suppose such problems can often be worked around with clever wording and so on. But even then, I believe a "gold standard" or similar thing is far more easy to deal with.
You sell that bill to someone who will put me in a coal mine or to clean out manure or something like that. Or, you want to buy services from a traveling salesman.
The traveling salesman has no use for my local work, as he will be gone the next day, and can't even find me by then. When gone he might never come back.
I am not saying this is all a totally rubbish idea, but there are many unique problems to handle. I.e. I say "I will work 1 hour for you", thinking I will work in your bakery.
You sell that bill to someone who will put me in a coal mine or to clean out manure or something like that. Or, you want to buy services from a traveling salesman.
Yes you can, in a communities where people face neighbors.
It replaces cash because it declares a certain Value (1hour of labor, or, 1 kilo of sugar, or ?)
It can accelerate barter.
I am not saying this is all a totally rubbish idea, but there are many unique problems to handle. I.e. I say "I will work 1 hour for you", thinking I will work in your bakery.
Suppose I write such a thing, and then I do not abide by it. And when you complain, I lie and say I did it. Then what? What if I die? Normal money can still be used in such situations.
Also, I cannot buy stuff with such a note from a third party like I can with money. Trade becomes very hampered by such a system, no? And disputes about the text, do I need a lawyer?