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RE: Is Cryptocurrency The Way To Achieve A Basic Income?
I think in the future we will be using multiple different cryptos for various different reasons. And if we made this basic income then there would be one specific coin that would be that basic income. Which would instantly destroy the problem of people spending it on wrongful items because those luxury stores just wouldn't accept that type of crypto. This is a great idea I haven't delved into how crypto would be involved but you really got me thinking about it now. Cheers have a great day!
Isn't dictacting when and how people spend money antithetical to a free market? How are you defining 'wrongful' items?
If society decides to go towards a universal basic income system, why would we put limits on it at all? Is there a benefit to society to dictate to people what they can or cannot purchase with their income?
Also, to go that route, you'd have plenty of illicit markets spun up immediately to take 'UBI-coin' and exchange it to 'luxury-store-coin', thus defeating any controls and making the coin worth less than it should be.
Just playing devils advocate and if you read his article I'm just playing on his idea that people shouldn't be able to spend all their basic income on something like a brand new xbox if they haven't even fed themselves in the first place. And that wouldn't be a possibility if everyone could see each others wallets and where their UBI-coin would be spent. And if you don't want people seeing where you spend your money do something more to make money and have a different coin than just the UBI.