What On Earth Is The "Earth Dollar," And Is It Worth The Initial Investment Of Attention...? (Part ONE)

in crypto-news •  20 days ago

The ICO space has become something like the wild wild west, flooded with both legit projects and probably even more altcoin scams and pie-in-the-sky dreamers attempting to cash in on the crypto trend. Navigating the choppy waters to separate the diamonds from the duds is not always easy.

And sometimes, first impressions aren't everything.

Sometimes, there are gems to be found that require a bit more digging to unearth just what substance is beneath the surface of first appearances.

And my goodness, did I ever just find something that caught my attention:


Earth Dollar.




I stumbled across it linked in an aquaintence's Facebook post about Bitcoin, and glanced over the website... not entirely impressed.

The general intention is honorable, for sure: developing an ecosystem prioritizing sustainable development, protecting the earth, basic income, all that feel-good stuff about healing the planet. Though perhaps I've grown initially skeptical of crypto projects, and the professionalism of the home page didn't look as polished as that of a properly legit professional venture. Nor was I inspired by the content on their social media profiles, which seemed to have a bit of the usual marketing-motivational hype and not as much detail as I'd hope from a top-level venture.

But... the first impression might have been misleading.

Continuing on, there was a video of a presentation by the founder. And again, my skepticism kicked in - it coming from the "Federation Of World Peace And Love" conference, which might sound just like some hippie-dippie airy-fairy stuff. But then came one sentence that jumped out and got my attention:


"The indigenous people have pledged 3.2 TRILLION dollars in assets to back (the) currency..."


Triple-take.


at 3:16

Now, I'm not sure on the actual legal arrangement to back this statement and how it's setup - though the basic gyst, one would guess, is that they've secured the value of multiple aboriginal tribes/bands' lands and gotten onboard to give that security as backing for this Earth Dollar cryptocurrency and surrounding ecosystem.

$3.2 TRILLION. And that's just the start, with only a dozen soverign nations.

So, back to the website to have a more thorough look. And the overview is going like this:

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As well, one large component of the project is a Basic Income model.

Basic Income - the concept of providing all citizens a monthly payment to cover their basic living expenses - has been growing in popularity lately, even winning the support of industry leaders such as Elon Musk, Mark Zuckerberg, and Richard Branson.

Paired with the financial-backing of natural assets value as determined through the World Bank's Natural Capital Accounting System, this particular approach to testing and growing a Basic Income program could be particularly interesting.

A full 42-page presentation is available at:


World Basic Income & the Earth Dollar Solution


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All sounds good.

But still not totally convinced. I mean, there's been alot of different websites for organizations that have similar high-hopes of changing and saving the world. But words are cheap, and it's easy to throw them around like a flashing neon positivity sign - while there's not always the structured, organized, diligently, detail-rich strategic roadmaps and substance to back up the claims of amazing intentions found especially in the crypto-bubble space.

Though, it carries on...

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That's right. This project is using natural capital - "the world's stock of natural resources, which includes geology, soils, air, water and all living organisms" - to back its cryptocurrency.

And, it's using a new accounting system designed by the World Bank "being steered by The Economics of Ecosystems and Biodiversity (TEEB) and is expected to replace the old GAAP accounting system by the year 2030.

Ok. The World Bank... not small players. And who are these TEEB guys?

Digging deeper, take a look at their partners list:

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And Advisory Board:

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And if you check out their Initiative, in consideration of the level of players involved... well, things are starting to look like there might be more to this than just another happy-sounding idea.

It took quite a bit of jumping around and piecing things together to see the full scope of all this.

And I confess, that through the first parts of the research, I was skeptical and unexcited by the presentation. The first impression of pieces like this left me questioning how much substance there was to the project, or whether it was all just a mashup of buzzwords:

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Maybe I've gotten numb to the amount of claims and standard rhetoric and general basics thrown around by ICOs, that somehow I was still immune to being lured into thinking such a vague, generic, idealized summary. Also, I'd checked out their Bitcoin Talk thread which started two years ago - and didn't instill confidence, given it was more of the fluffy idealism talk, with not much else showing over the last two years of the conversation.

Well, I judged to quickly - as one may have to digest the entire bigger picture attempted to be shared throughout this two-part story.

Yes, their Values are on point, though it still wasn't that which turned my head yet:

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Yes, that all sounds great. As does $3.2 TRILLION in backing natural assets. As does the World Bank's Natural Capital Accounting System. As does Basic Income.

But as with any ICO project, there is the key question: who is behind the project? Who's on the team?

Well, the founder, David Kam, first struck me as a bit of an interesting character in the above-linked YouTube presentation. Though having also come across this overview of his vision, it seems his intentions are in the right place, at the least:



Of course, if looking into any investment, it may be wise to dig deeper to find out exactly what a person's background entails. And upon doing so, it appears that Kam has run into some complications with the law a few years back - although that particular case sounds questionable, as though he potentially could have been the target of corporate & governmental forces who were attempting to supress his previous attempts of advancing a "green stock market" type project conflicting with the status quo and big business, rather than solid evidence presented that Kam actually did anything illegal or wrong.

One other unsettling Google response from www.newagefraud.org addresses his involvement with the Indigenous Peoples United Nations and a few other people of questionable character. The outlook therein is potentially-offputting with implications and/or insinuations that Kam ain't the best guy. However, no real concrete evidence seems to have been provided to back up any concerns as they were published two years ago.

And if Kam and his team at Earth Dollar, Earth Bank are able to provide detailed information prior to the official token launch in a couple weeks - and it has been said there will be some important news released next week - then all such previous controversy might be proven irrelevant, should sufficient evidence be publicized showing the results of their efforts in the last couple years that backs up their claims of what's been in the works.

Of course, results speak for themselves. And despite what controversy might exist in the troll-ridden realms of internet forums, it does seem as though Kam has been hard at work behind-the-scenes building the team and foundations to really get this off the ground.



*Splitting this story up for easier digestibility, we'll be carrying on shortly with Part TWO to take a closer look at the team and a few more key details to this project.

And in the meantime, if you're interested in more information, there's a wealth of details in the "Living Economy" section of their website worth exploring for a more thorough look at everything.


Carry on to Part TWO here...

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So I read about this, but how exactly does it claim it can be backed by Earth's natural resources? Where can I read about this?

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I'm hoping more specific details of that will be released this week.

Though in short - it's because its based in the Natural Capital Accounting System. To my understanding, its essentially a different set of rules, wherein a concrete value is given to certain assets - i.e. a newly planted tree is worth $xxx. It's not merely the Earth Dollar project's own system, but one designed by the World Bank and led by the TEEB guys - so it's an entirely new global standard working on being implemented.

I too, would like more info on the "official" interconnection with the system. Though given its legit and just needs further articulation, it's a pretty cool model - as the value of the Earth Dollar would therefore be attached to the contributions of network partners' activities in integrating the accounting system, recording natural assets and facilitating work valued within the system, such as planting trees, cleaning up pollution, etc.

In the meantime:

Frequently Asked Questions on Natural Capital Accounting (NCA)

What is natural capital accounting?

Natural Capital Accounting from TEEB

might offer more info.

and I've also started a Twitter list of parties involved with Natural Capital Accounting.

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Thanks for this.

A few problems I see with this.

Whenever someone discusses "intrinsic" value as does the EarthCoin, red flags go up in my mind. In economic theory there is no such thing as intrinsic value, that is something has value in of itself because it has value. It's a circular logic that doesn't make sense and is often used in finance, but what they're really talking about is something more like book value. Value is subjective in all regards so for something to have value because it has value doesn't make sense to me. I'd need to see them address this issue before I can agree that something could be backed with $3T worth of assets.

One other note, if they are to value things like air, water, trees, etc. are they using markets to do this? Are they looking at the forestry futures and marking them to market on the books? I'm not asking you specifically, just raising the question.

That said it's a nice idea. I just need more proof of the concept.

Wow, am I also ever happy to come across your post!

Thanks you so much for putting this one on the exposure radar for us to see and invest into.

Namaste :)

Color me skeptical. A lot of this "green stuff" is pure hokum and BS designed to prey on the stupid and the naive.

Is the Earth Dollar in this camp? Not sure. I'd be cautious.

i really enjoy the concept and promotion, even the name. I am ready to invest in 11/11/2017

You said it all. ICO is now gradually becoming another means of scamming people. I pray we dont fall for the fake Coin @rok_sivante

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This one smells bad to me. Smells like it could be in the scammish fako category.

Hey dude

Not to be that guy -- but if you look smack in the artwork/graphic section there of their partners --- look at the one that says

ICLEI

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In a nutshell, that is one of the key organizations tied to the whole "sustainable" thing and I do not mean the nice way --- they are closely tied to the Agenda 21 / 2130 (Updated name/timeframe) depopulation and related "agendas"

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International Council for Local Environmental Initiatives
ICLEI – Local Governments for Sustainability, founded in 1990 as the International Council for Local Environmental Initiatives, is an international association of local governments and national and regional local government organizations that have made a commitment to sustainable development.


If you type that name into your local municipal governance websites, it often comes up.

I am very familiar with their work, we can just leave it there.


Search String (google, so consider that filter as well)

https://www.google.ca/search?rlz=1C1PRFC_enCA553CA554&ei=I733Wfr4O5-9jwT9qISIBg&q=agenda+21+iclei&oq=agenda+21+iclei&gs_l=psy-ab.3..0j0i22i30k1l4.87535.95137.0.96521.39.25.0.0.0.0.126.2186.16j7.23.0....0...1.1.64.psy-ab..22.17.1682...0i67k1j0i131k1.0.KiGJIAMPTFA

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through rose-colored glasses, the entire world looks rosey.

through the low-theta conspiracy-theorist lens, everything looks like...

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I get it. Like I said in my other comments, a lot of good looking stuff is greenwashed, propaganda type stuff.

** I did not say this was. **

But things need to be looked at. I almost did not bother writing a comment, because I have seen you take shots at people offering another perspective along these lines in life.

The difference, is I have been an actual activist, as you know, standing on the front lines, who is well researched in a lot of these matters.

Not everything is a conspiracy.

-- some things look great until you research them and I offered another perspective and gave you links and some basic heads up even.

I will not make that mistake again.

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why label offering a counter-perspective a mistake...?

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Agenda 21 is a 350-page document divided into 40 chapters that have been grouped into 4 sections:

Section I: Social and Economic Dimensions is directed toward combating poverty, especially in developing countries, changing consumption patterns, promoting health, achieving a more sustainable population, and sustainable settlement in decision making.
Section II: Conservation and Management of Resources for Development includes atmospheric protection, combating deforestation, protecting fragile environments, conservation of biological diversity (biodiversity), control of pollution and the management of biotechnology, and radioactive wastes.
Section III: Strengthening the Role of Major Groups includes the roles of children and youth, women, NGOs, local authorities, business and industry, and workers; and strengthening the role of indigenous peoples, their communities, and farmers.
Section IV: Means of Implementation includes science, technology transfer, education, international institutions and financial mechanisms.

God forbid people-run governments put efforts towards combating poverty, changing consumption patterns, promoting health, protecting the environment, strengthening roles of children, youth NGOs, communities, farmers, etc... evil bastards.

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The one thing that rose my eyes was:

Ok. The World Bank... not small players. And who are these TEEB guys?

Smacks of too much UN agenda 21 type stuff for me.

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Yep, you are awake and bang on.

The LSS is all this good sounding stuff, is honestly just greenwashing for the globalist agenda, so many times out of / 100.

Everything needs to be looked at closely now, what you see is not often what the real goods are for humanity.

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funny how so many seem to think "awake" begins and ends with a simple rejection of "status quo" perspectives and an adoption of their opposite, as though both ends of the spectrum could not have both their truths and falsehoods - that "awake" equates to declaring assertions of absoluteness rather than continually embracing where one could be wrong and there could be yet far more to learn of how not everything is black or white...

Very deep findings and coallating dear friend.

But the World Bank is involved through TEEB accounting system and we all know who controls World Bank but it states in their Values and Sacred Promises: DIversity- we believe in freedom, we do not believe in one world Government....

Sounds like subliminal message...

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we all know who controls World Bank

paranoid conspiracy theorists may have their assumptions, though your statement is incorrect. No, we don't all know. And while I'm very familiar with all the conspiracy theories that'd attempt projecting the answer to that question as "truth," whatever facts there may be supporting their theories do not discredit the massive amount of constructive development the World Bank has supported and continues to support.

fuck presumptions of "subliminal messages."

here we have a project - Earth Dollar - that's working to solve global poverty and war, implement basic income, and grow an alternate economic model/system supporting the care of the environment - to say the least. those are BIG goals. not ones that can be accomplished by condemning the legacy institutions for perceived imperfections, but working with those who hold positions of power within them to collaborate in building the new and changing the old from within.

pardon my bluntness, though I can no longer take a soft stance on topics like these, having spent way too long in the conspiracy theory world and come to see the futility of condemning global systems based on assumptions and theories, when the solutions require an unbiased approach to understanding all sides of the story and moving forward with love, wisdom, and diligence rather than fear and judgment...

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Earth Dollar is a fantastic idea, infact it represent all my plans and reason why i created @steem-lagos to solve some problems here in my locality. But in Conspiracy theories lies some tiny elements of Truth like the saying Goes; out of every lies there is always a fragment of the truth.

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Of course. The problem arises, however, when certain bits of truth get blown way out of proportion, pieced together into stories, which then get attempted to be passed off a Truth, when what typically results is a grave distortion of perception and manipulation of context to support beliefs incongruent with the actual bigger picture as it is. Cognitive biases on hyperdrive.

There are too many ICOs recently, it's hard to keep track.... I hope it doesn't cause Cryptos to lose value and momentum they've been gaining, it'd be sad to have another case of internet bubble... This looks promising though with all their affiliations... It's just hard to tell these days

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Wow. How cool!

Good Post. Thank for sharing

Thanks for great info sharing

Im absolutely for the concept of it..but "The indigenous people have pledged 3.2 TRILLION dollars in assets to back (the) currency..."??
Common man...