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This forum is primarily for the discussion of developing monetary systems like Digital Coin, but also existing alternative and mainstream monetary systems past & present. It should be used thoughtfully to both present and study such systems in an open, objective, and active manner. Please leave your politics at the door. Those coming to grandstand or otherwise play politics, will be removed. Stick to the facts and reference all that you are able.

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Author Topic: open-source currency (independence from central bank control)  (Read 2816 times)
1 currency now
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« on: January 04, 2010, 06:33:22 PM »

So great to find this site.

I have been commenting regularly over at the Calculated Risk blog about since Bear Stearns collapsed in March, 2008, under variations of this handle, "one world currency", or "yogi".   I'd like to introduce myself and my line of thinking.  I have a B.A. in Economics and a law degree (J.D) but no specific training in currency history or theory distinct from "monetary", "fiscal",  or other broader economic fields.  I've never worked in the financial "sector".  After reading CR, "The Trillion [now 2] Dollar Meltdown", "Empire of Debt", and Reggie Middleton's research, I was sold, by May 2008, on the notion that the system was facing imminent collapse, and I still think the zombies are being held up only by ever more elaborate Ponzi systems.

In thinking about solutions, or a better system after the fall, I gradually concluded that an open-source global digital currency, indexed somehow to a weighted basket of all liquid tangibles (Comex, e.g.), (initially adjusted to existing leading currencies (Forex)), denominated in numbers (unique), arbitrarily pegged at issuance then left to float free, was both inevitable and a beautiful thing.  As an open-source system, it would be forever voluntary, existing side-by-side with national currencies (and SDR's) if the market so chose.  The goal is to provide a reliable measure and store of value and reduce transaction costs for "honest brokers".

It is neither a capitalist-free market idea nor a socialist one, and I believe the politically-charged terms and the focus on a public/private distinction in Economic discussion often do more harm than good.  

I don't bring this up to claim some stake to originality, and I am happy to remain anonymous.  I merely wish to state that I arrived at very similar conclusions to what I have so far read here independently so I am thrilled to find a site of like-minded people.   (When I first realized there was no need for central bank control of currencies, I posted something like "I doubt I am the first to realize this idea, but if so I want "credit"!--It was strictly a pun.)

I had in mind an algorithm which would "value" (as accurately as could be hoped) every oft-traded (liquid) commodity (tangible) in terms of every other, perhaps factoring in other standard measures (bytes of storage, protein, vitamins, kilowatts, etc.  Every bar-coded transaction would be traceable and used to reprice, with anonymity "built back in" as much as possible. I have not yet studied the formula Mr. Grignon suggests for the initial peg and float,  which sounds like there is no need to independently price commodities (?) but these are "details".

My concern is that it be open-source, both to keep costs down and at long-last to eliminate the risk of inflation-printing by central banks and counterfeiting by pirates.  As such, I intend to take no personal financial reward from any work in developing the currency; rather, I would be interested in contributing to an endowment for a prize to anyone who might foster development and implementation-- either with theory, software, hardware...  Does any such prize already exist?
Thanks and looking forward to learning a lot here. Grin
« Last Edit: January 13, 2010, 07:43:34 AM by 1 currency now » Logged
Jordan
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« Reply #1 on: January 13, 2010, 01:11:11 PM »

Great comments and thoughts!   Grin   I'm right with you on the open source idea.   I'm not aware of any prize, but it sounds like a fantastic idea.  I could build a website a page for such (in a few weeks as I've just moved house and have limited internet access). 

If we can sketch out some details and perhaps set-up an account for donations? then we could put out some media releases and get some real attention (hopefully).

Great to see you on here, keep posting your ideas!

-Tyler Jordan
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Fanees
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« Reply #2 on: February 06, 2010, 11:50:00 AM »

I think that:
1. Paper money and any other currency should be prohibited.
2. United States government should create fully open-source and absolutely transparent digital money system.
3. Other countries in the world legislatively must prohibit all kinds of currencies (by prohibiting I mean making digital money the only legal tender for public and private debts like paper dollar. Paper dollar will be withdrew from circulation)
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joeyfrich
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« Reply #3 on: September 07, 2010, 04:29:45 PM »

1 currency now, you'll be glad to hear that an open source currency already exists.
Bitcoin.org went public in July 2010, and the Bitcoin community is growing quickly.  Here's the technical abstract which explains how this open source currency works:
http://www.bitcoin.org/bitcoin.pdf

You can get bitcoins by supporting the network with your CPU cycles, or you can buy bitcoins with your credit card:
https://buybitcoins.com

To get started using bitcoin, you need to download the Bitcoin client from http://www.bitcoin.org
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Jordan
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« Reply #4 on: September 07, 2010, 09:32:50 PM »

Thanks for the info. We had another post on Bitcoin last week.  I've looked into it and the fundamentals look really good.  Just a matter of it being taken up by people, and that seems to be beginning to happen too.  Looking forward to seeing bitcoin takeoff!
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davidg1228
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« Reply #5 on: September 22, 2010, 07:32:14 AM »

Dear Jordan;
I am new and have no idea how to post a comment, perhaps you could help I did enjoy your piece but I would like to express my thoughts and although I thought I was posting I obviously have no idea of how to, because I can't find what I thought I had posted. Now if that was not an idiot talking I don't know what would be but on the off chance that you will read further and perhaps help me I will continue.

    Now this may seem too simple to work, but I can’t seem to discover why it would not, which is the reason for my communication with all of you. I would like to open a discussion with anyone who feels they would like a more detailed explanation of how I feel this could be implemented.
    I am hoping that in your research you have discovered all the facets of our current money creation system, the cruelty and brutality, inherently built into the mathematics of it and that it is inappropriate to describe our current system, as a monetary system.

          All societies need a monetary exchange system to facilitate the trade of surplus the society produces collectively that it could not create individually. This is why we join together as a society, so we can share in the collective efforts of the whole and there by increase the comfort and ease of living of us all.

          To anyone who is paying attention, our intellects have been expanding at an incomprehensible rate, increasing as a result of our ever expanded communication thru technology, for communication of thought, is intellectual expansion. It is internet technology that provides us with the resource tool, and thru its ability to globally communicate researched data, it has shown us the inherent injustice in our present money creation system.

          As in all systems in nature, our intellectual expansion, coupled as consciousness by quantum physics, is emergent, or as Newton might say “An object in motion will remain in motion unless acted upon be an outside force”.

          Those in control would love it if this were not so but because of this expansion, they are dropping any pretext of being ethical and are now simply gobbling up all they can before the end, and they are right to do so because as its designers they understand the collapse of the dollar only means they can trade for the ONE controlling unjust money creation system they are already implementing thru The Bank for International Settlements in Belize. The IBS thru the International Monetary Fund are already issuing SDR’s or Special Drawing Rights, to nations for credit thru the IBS. If this nightmare goes global, God help our children’s children.

 

          Fortunately, the expansion of our intellects has allowed us to grow up to adulthood, to recognize we no longer need our controllers to guide us but instead, we can now take the responsibility for our society’s money creation for ourselves.

          My insights are two fold;

1)   Money creation can only be for things of value to society. Making money for things that destroy value is the cause of all inflation in our current system.

2)   All money must be made transparently. Without undisclosed money creation no one can abuse the system.

 

 

          With the implementation of the first, you eliminate all war and with the second all injustice. Somehow I know that something akin to this is what we are emerging to. This is how a just and equitable money creation system will emerge in the course of human history, we are becoming to enlightened for this not to be so. I just don’t know if we are really grown up enough yet to accept this responsibility, but God help our children if we are not.

          I would now like to close this with a quote from William Wilberforce, who at the close of presenting his evidence on the injustice and cruelty of the British controlled slave trade system at the time said; “After hearing this information you may chose to do nothing about it but you may never again say you didn’t know.”

          For all who wish to end injustice throughout the world, we must take the control of money creation away from those who are using this power for their personal wealth and for society’s enslavement and create money transparently and only for things of value. If we do this now, we can all live to see our children’s future as we would wish and hope it to be.

 

In Lak’ech     Love&Peace     David

 

David G Fanelli

36-2434 Mamalahoa Hwy.

Laupahoehoe, Hawaii 96764

808 962-6865

 

david.fanelli@hotmail.com

 
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Jordan
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« Reply #6 on: September 22, 2010, 09:30:13 AM »

Greetings David,

Your post was quite lovely and I'm unsure what problem there might have been for you in posting it, but it seems you solved it. I am in agreement with you on our current 'monetary' system, which is completely corrupted. It's a shame it's taken us so long to seek a solution, but I suppose that with the cheap energy we've had over the last century, not enough people really took an interest in the theft.

Currently there is one system called Bitcoin http://bitcoin.org which seems to be mostly what we are looking for as the basis for a real monetary system.  It is built on a distributed peer to peer network, is open source so we can see that it hasn't been tampered with, has a limited production of coins and has been designed to create a very slow deflationary trend. It could conceivably function as the 'PC' in Paul Grignon's Digital coin system.  I'm still evaluating it, but recommend others get involved with the beta-testing and post comments in their forum.

Cheers,

Tyler Jordan
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A persons greatness should not solely be defined by their passion and ideas, but also by their ability and desire to challenge all ideas equally.
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