Forget Google - It's time to break up the payment processing duopoly of Visa and MasterCard

submitted by magnora7 from medium.com

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[–][deleted] 11 insightful - 2 fun11 insightful - 1 fun12 insightful - 2 fun -  (6 children)

Yeah. You're right and not alone. The book-money system is a giant clusterfuck for all sheep. I touched this problem several times, but it seems very hard to break, because to me it seems like you need control over a lot of natural resources to build a new money system, that can grow naturally without the small snakes sitting on their mountains of FIAT-money taking control of it. If you want anonymity in it, you need negative interest in a timely sense, i believe. But i'll never forgive google for all the shit they're trying to pull off and pulled off. They divided the internet in two communities, by building a big wall. Or maybe you need a lot of real estate, where people can move into, so you can shield your smart money and smart contracts for a long enough time period , so they cannot break your blockchain or take control of it by more buying more current. I thought about this a lot recently. Maybe the money system is the key to hurt Alphabet. Or the Chinese pull out a bunny of their hat on their own to break the dollar supremacy. This could help alot.

[–]Vigte 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (5 children)

If you want anonymity in it, you need negative interest in a timely sense, i believe.

I'm not sure I quite understand this, how do interest rates affect anonymity?

Other than that, I agree :D

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (4 children)

People will hoard your currency which is feeding their greed and other sins , if you put anonymity as a protecting veil in it. So you gotta mitigate this problem, by making the hoarding very hard in a timely sense that means putting a negative exponent in the equation that defines the "growth"-direction of the money or inflation /deflation as a given starting direction / constraint. If you can hold people accountable for "bad" hoarding by putting anonymity out of this system, you can go after the people doing this quickly enough, because the positive "growth" (it is only virtual, because you can't generate worth exponentially only in a O( nx ), or polynomial sense) generates enough overflow money for it. But you put in the old might and hierarchy-questions there also again.

And i don't like hierarchies, that we all know failed so often. Its either a meritocracy or plutocracy at some time point then again. But you can mitigate this one, by tightening other screws and putting some sand in that gearbox that defines the hierarchies of the whole new system. How corruption can be defined better to be solved is the real brain bomb for me, if you choose the old direction. Another question for me is: where you loose more energy, so more or less which direction to choose here is better.

[–]itsoktobewhite 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (3 children)

negative interest

Isnt that just inflation?

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

No. To understand this imagine money as rl stamp cards. In our currently (most of the world) implemented money systems, every money unit generates stamps over time if taken out of the system from the owner to save it up for worse times and enough new stamps generate a new money unit. Negative interest means, you loose stamps on every money unit over time, so it makes no sense to save it up that clearly, because you loose some of it by saving it over time.

Inflation / Deflation on the other hand is the change in the relation of the growth between the rl economy ( produced new tangible goods ! ) and the amount of money in the whole system of the currency.

[–]itsoktobewhite 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

I see your point but I dont understand how they aren't effectively doing the same thing.

Negative interest - you take money away from hoarder.

Inflation - the hoarders money has less buying power over time.

Inflation is why people generally dont hoard money. They invest in things to make the money grow. So wouldnt some form of 'negative interest' system on wealth not money work better. Something like once you hit a billion bucks that is enough. You can still generate more wealth but you must give half to the needy.

[–][deleted] 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

I think now, this is an excellent idea. But the greed problem stays and that is why i think there still will be people trying to circumvent it just for the kicks.