Q. Who proposed this cryptocurrency concept?
"Increase GDP growth by awarding coins for all educational achievements, with coins receiving a share of national revenues"
A. Brian Brooks, America’s top banking regulator
Crypto gets less niche every day!
This, to give people crypto tokens that represent a claim on future increases in the tax base, is a brilliant idea. Almost straight out of a lunch conversation at Ava Labs.
Bank chief proposes far-out crypto idea ‘that should be next Nobel Prize’ https://t.co/Hp3hFIA5wl
It's actually sort of an interesting spin on socialism, though convincing anybody to actually pursue this seriously is going to be pretty tough. Clear financial incentives for people to learn and succeed do work though.
Since higher literacy rates correlate to higher “gross domestic product,” then incentivizing people to continue their schooling could boost productivity, individual well-being, and societal prosperity, he says.
Yeah build more schools, hire more teachers and improve access to education in developing world, seems like a bulletproof idea.
When a country sells bonds it's selling chunks of future tax revenue. Foreign investors already buy it everyday and it's a good thing as long as the selling country uses the money wisely.
Else they can always stiff the foreigners by defaulting.
You don't need a blockchain.
A country directly selling bonds is very different from its citizens selling what is supposed to be their stake in their country's future.
This is like if you could buy people's welfare check for pennies on the dollar.
Presently the government is selling bonds to send everyone cash. Poorer people are likely to spend that cash immediately and wealthier people likely to save it. Some may actually buy the bonds and collect the interest.
Imagine the government, instead of sending cash, sent everyone the bonds. Poorer people would be likely to sell the bonds right away and spend the cash while wealthier people may keep the bonds and collect the interest.
It would be needlessly complex, but with the final outcome the same, we shouldn't get too hung up on the process?
"Under the plan, world governments would reward people with so-called country coins for continued learning. A student earns coins by completing online courses and passing tests. The coins would essentially represent claims on a “trust fund” set up by the state; they would entitle recipients to future payouts representing a share of the rising tax revenue generated by increased GDP.
Translation: As people get more education, nations, country coin–earning students, and investors get richer together. The cryptocurrency ensures everyone benefits, rather than just people who land good salaries in the job market after finishing their studies."
So let's say this actually becomes a thing. You basically own stock in your country's tax revenue. There's no way poor people won't immediately sell their stock to the rich out of necessity, thus providing the rich instant access to all your tax dollars in perpetuity.
Holy shit this is peak idiocy. They're assuming everyone will just hodl and that will automatically make everyone rich forever.
> There's no way poor people won't immediately sell their stock to the rich out of necessity, thus providing the rich instant access to all your tax dollars in perpetuity.
This is exactly what happened in post-Soviet Russia. The government gave everyone shares in all their industries but the poor people were still poor. So the rich went around buying them up for way less than what they were worth as the poor people would take whatever they could to buy food for their families.
Bingo, instant oligarchy.
It's also a classic example of "slap 'blockchain' on for no reason because buzzword". If you really wanted to do this (and I agree that it's dumb) it would have to be administered by some central authority anyway, so you might as well dispense with the cryptocurrency overhead and issue bond certificates.