A blockchain solution for Harvey
Shortly the USA will be borrowing a huge amount of money to provide disaster relief for Harvey. As a community that sees the potential of cryptocurrencies/blockchains I believe that we should take this time to discuss an alternative way that relief can be paid for. I do not understand why the USA government needs to "borrow" money (raise the debt ceiling) in order to pay for this. After all any government has the right to print its own currency an as long as the money is not used to line the pockets of the government, there is little risk of hyper-inflation. A one time event such as this disaster is the perfect opportunity to do so. In the event the dollar devalues it would only be a few cents against other currencies or gold because while the M2 supply of USD is $10.5 trillion dollars while the actually amount of currency based is over $1.5 Quadrillion. See definition of derivatives and this interview with Jim Rogers.
I can understand the hesitancy that the US government has over such a dramatic shift in policy but there is actually a solution that you and I know about and that is to fund the rebuilding process using a specific cryptocurrency designed on this project.
I suggest that the US government create a new coin that builds on the concept of smart contracts.
- They could pre-mine the coin to the approximate value of the reconstruction costs.
- Create a hardware wallet paired with telephone technology. This unit could be manufactured for about $50. These phones would be distributed to the population to allow distribution of funds directly to the survivors.
- Retail stores, home builders etc would be encouraged to accept this coin as currency
- Construction projects and relief efforts could be set up as smart contracts
- Corruption will be reduced as it is a public ledger
- An element of Proof of Stake could be introduced (much as Steem has)
- In Canada there are RRSPs which defer the tax accrued until they are cashed out. The same principal can apply to capital gains and interest obtained with this coin.
I can see that this type of process would not only be carried on by the government without affecting its day to day operations.
Please upvote and resteem and direct people to this message to get others more qualified to weigh in and discuss this idea.
The reason they have to borrow is because the federal reserve is a private bank, it's not owned by the government.
As far as printing the money. It's the same issue. Private company printing money for the us government. They aren't goin to do it for free.
Hello
I am hoping to promote an idea for having a blockchain solution for relief efforts around Hurricane Harvey. Perhaps you could do something similar to what I am doing today - sending the link to my posting:
https://steemit.com/steem/@dwarrilow2002/a-blockchain-solution-for-harvey
I am hoping to gain the attention of experts in blockchain design and initiate a dialog around this.
This just goes around the federal reserve allowing the government to print as special type of money.
i think you could be definitely on to something.