RE: Hypothetical Price Stable Crypto Currency with Basic Income
Very interesting idea.
If we all drank from the same water source, then theoretically we would all work together to protect such source of water. Which in this case would be BITs.
I have been thinking, there is one major problem with most crypto currencies when compared to other financial assets. That is, you loose all of your investment if you forget your log in. Sounds ridiculous but that its how most cryptocurrencies are created.
If I had a house or a bunch of cash that I wanted to leave to my family or friends when I died, I simply have to get a will.
That keeps the economy going as the money goes back into circulation. It would be interesting if the BITs/BICs had a crypto-will along with them. Instead of revoking BITS they could be passed on.
Actually steemit has a system that could work for that. The account recovery option where you give someone authority to change your keys after a waiting period. Just extend that process to relatives to the deceased upon the order of a probate judge and you're good to go.
I think you misunderstand the concept. These BIT need to be one to each individual and never transferable or you have the sellers starving down the road.