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     6 years ago 

    For any token to work on blockchain technology country wide.

    1. Each citizen would have to have a digital connection, educated in how it works, strong support functions to assist users. (How often do you see rural folk needing assistance at ATM with bank cards?)
    2. Money for nothing and tricks are free... How do you fund the project? Mention is always made of avoiding taking tax payers money, only a government can distribute tax collected. Using 10% charge from high end vendors to the multitude would never work.
    3. One token required why UBU? Reliant on Vendors offering goods at a cost, percentage would more than likely go to UBU. Putting assets to use (no mention on what assets in interview), no transparency - no go!
    4. Idea of trying to offer vendors a market place on a token is nothing new, see Groupon pre 2016 when coupon discounts were used to lure shoppers from 2010 to 2016.

    An idea that has stuck in my mind over the past five or more years - http://www.no-straight-lines.com/

    1(a) Each and every person does have value, what value do you have to offer to another, take it back to barter and trade, one person grows vegetables another bakes bread, they are able to trade in food value.
    2(a) Impoverished do not need tokens, they need a helping hand to invest into their future, slowly helping others to grow. Hidden agendas of possibility via taking from those who have and giving it to the have not's, a lovely idea how do you convince the rich it is the right thing to do.

    In a country like South Africa (my opinion only), if government decided to introduce a small token to avoid carrying cash could be used for transport, rent, electricity, food:-
    1(b) Starting with the local "Grant" system where blockchain technology would be more transparent in receiving and spending at stores where "Grant" is paid out, would entice buying/selling moving token into real world and educating at the same time.
    2(b) Where the full Grant amount is not used the monthly balance could earn 1% interest, teaching savings. Implement through corporate and government PnP, Spar, Post Office, Taxi Services all using one token, able to "swipe" a QR code screen when funds are needed.

    Whole reason why the original bitcoin project introduced a large decimal system is for supply and demand, ease of use, small amounts could be used daily. Greater value of coin would mean smaller decimal of coin would be used. Once proper control on costing vs expense and security in place, digital money will become a way forward.

    Very good business plan has to be introduced, all these small coins at the moment are feeling their way around IMHO. Long answer, jotting down my thought!

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       6 years ago 

      Well said, @joanstewart - better articulated than my churning thoughts.

      Each citizen would have to have a digital connection, educated in how it works, strong support functions to assist users. (How often do you see rural folk needing assistance at ATM with bank cards?)

      This, for me, is where the dilemma begins - and ends. I live in a village where cash is still king. And not all (in fact a lot of it) is in the formal economy. There is an expression in the village to the effect that you can watch the same R10 note go round and round the village time and time again. That said, there are folk (lots) who get social grants and who have them deposited into their bank accounts. The young people - many unemployed and unskilled - even with matric - all have smart phones but data is expensive and patchy here. One of the big providers is in the process of putting up a tower, but that only means that signal will be less patchy - for mobile phone data. The price doesn't change.

      Then, there is the very real issues of crime and drugs. We know through folk who work for us that there are mothers who, until the family stepped in, with help from SASSA, were getting their child grants and frittering every cent on tik.

      One of the things that is evident from my looking at the website is that the UBU is to be spent - it says so - but with vendors that are registered. So that also means that vendors have to be tech savvy and her I also see issues for rural areas: we have at least three stores (very small), not to mention the garage and the post office that have no connectivity at all. Two of them are run by foreigners and the other by an ouma who probably has never touched a computer and still has an old fashioned till.

      And our village, by comparison with some of the hamlets you find in the poorer parts of the country, is well-resourced. So...

      I do think the principle is a good one, but I agree with you that there is a great deal that needs thinking through in the implementation.

      @joanstewart I appreciate your considered reply.

      Fiona

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