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RE: Help get my 50,000 email subscribers joining Steemit
With the ELM system we don't let all accounts have a negative balance, which mosts LETS do allow. That's the main difference. I don't think there will be any way that we can integrate a cryptocurrency with our local currency . They are totally different in concept and function. That said, we could always exchange between our local currency and other cryptocurrencies.
I see interesting. More like an asset-based system than a credit-based system? How is the initial supply distributed? Who controls the database and supply and what if it's corrupted? How do people pay, with mobile phones or is there physical currency? It may not be a pressing issue in a tightnit local community, but just curious since cryptocurrencies solve a lot of potential problems. You can issue ELM on something like the bitshares blockchain so there is a public ledger for audits and there is redundancy to the database. Maybe something to think about down the road.
Anyways good luck with your effort to bring Bernie supporters here.
It isn't really asset based either. We are just selective about who gets credit and how much.
The money is created by giving some accounts the ability to carry negative balances.
The database is hosted on our nonprofit site and backed up daily. If it got corrupted we'd go to our most recent backup.
The system is all digital and you can pay via mobile or desktop through the site.
Is there a way to take money out of circulation in a blockchain system?
On a totally different note, would you like to share about what you would like to be able to purchase using SMD in the comments here: https://steemit.com/steemit/@nathanbrown/whales-what-do-you-want-to-buy-with-your-smd