A couple of years ago I had the idea to create an app which will it make very easy to pay with cryptocurrencies like it is with paying by coins. But I was looking for fair and stable currency which I have not found then.
So my idea was to create an own currency.
What I not wanted is that one is able to buy coins on the market, to protect this currency against speculations.
But I had no idea how and when to create coins…
A couple of days ago I had the great idea to create coins while paying them out as a basic income and I started the project ExpiringTimeCoins.
Like most of those ideas they are already mostly in others minds as well
So I found out about Grandido from Bernd Hückstädt which is really a great idea and almost similar to mine but lacks of security because its currently only installed on one server and it seems that he has not heard about block-chain or Sybil.
Nevertheless I also found out about circles which I find a very good idea with one exception. Don’t take it personal but you are replicating the same mistake, so to say, than the government is doing with real currencies.
With real currencies the problem is that the amount of money will be increased limitless.
And if I understand circles the same thing is happing.
My idea and also the idea of Bernd Hückstädt was to let the coins expire in value so that there is a constant amount of coins on the market.
There are other great effects. See the coins as the blood of the economy. If the coins will loose value over time then everybody wants to get rid of the coins faster and that keeps the blood floating through the economy faster.
You will get debts for no interest rates. Maybe one may say I will give you 100.000 circles today and you give me 80.000 back in one year because otherwise he will loose these circles over time.
My idea was to let the coins be worthless after one year. Bernd Hückstädt was talking about 50% a year.
His idea was to look at the nature. Everything dies one day and that is for a good reason and so should the money.
This is also a good protection against inflation and holds the prices stable.
Today we have got the chance to implement the expiring of value using computers.
Btw, expiring of the value of money is not a new idea. This was also done in Wörgl and had great effects on the economy.
Thanks for reading
Here is a link to the story of “Das Wunder von Wörgl” in German.