contactkarmabank
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i honestly think that is it not really different from bitcoin (albet they are inherently deflationary) or the fiat currency scheme going on today(drone strikes keeps people honest). The key issue is reaching critical mass, it is quite easy for things that have artifical scarcity today (digital goods) but also at an more tangible level I think the key issue is that the majority of the populace lives in fear of scarcity which propels them to hoard, if such an psychological fear was removed it would free up a ton of resources. the problem with past socialism was that it was implemented from the top-down rather then the bottom up
no this is an meta-physyical karma-bank, I am talking about an digital de-centralized currency system that is inherently inflationary
To address some of the real questions I had in my previous thread, I decided to comply an list of possible questions that I believe most people have on their minds on why such an system will not work.
If I may, I would like to understand that your questions are this,
Does an item has to be both desirable and scarce in order for it to retain value?
I believe not, for much of history human credit was extended, many people in villages and local communities still do, for example in India and even rural America; shop-keepers will keep an ledger or an tab, (extending credit to locals and regulars).
This is simply the individuals trust or credit in another, and this is infinite in quantity and desirable and in my opinion, has great value.
My question to you is as follows,
Do you believe that humans, are inherently self-serving? Do you believe that given the chance, humans have an infinite appetite for consuming?
According to modern economic thought, because every individual seeks to gain advantage for his personal benefit, the market is the fairest way to distribute the scarce resources.
If I think of anything more I’ll edit this post, till otherwise peace
