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Freicoin: a P2P digital currency delivering freedom from usury

Freicoin: a P2P digital currency delivering freedom from usury | Money News | Scoop.it
Sepp Hasslberger's insight:

"

Freicoin is a peer-to-peer (P2P) currency based on the accounting concept of a proof-of-work block chain used by Satoshi Nakamoto in the creation of Bitcoin.

Unlike Bitcoin, Freicoin has a demurrage fee that ensures its circulation ..."

 

An interesting initiative, and it will be launched in a few days. (Check their "about" page for more information)

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gilles klein's curator insight, December 20, 2012 5:01 PM

Après Bitcoin, voici une nouvelle monnaie alternative. Et copyleft !

 

Dans un premier temps, il s'agit d'un fork (un projet parallèle) de Bitcoin. 

 

Si j'ai bien compris (mais n'hésitez à me contredire), il s'agit d'une monnaie qui perd de la valeur (par une taxe) quand elle n'est pas investie dans des biens d'équipement. C'est la notion de "demurrage" (terme maritime anglais dont je n'ai pas trouvé la traduction en français). En gros, ce sytème monétaire se propose de rompre avec la spéculation financière qui perd tout intérêt et privilégier une valeur d'échange de marchandises. C'est donc une monnaie P2P et BTB.

 

A vrai dire, le site qui fait la promotion de cette monnaie est très théorique, et, pour un non économiste, il est difficile de se faire une opinion sur son intérêt et ses avantages. Mais il en va de même avec le bon vieux système monétaire que l'on utilise tous les jours. Qui se pose la question de ses mécanismes ? On l'utilise et puis c'est tout.

 

Il en va de même avec Bitcoin et freicoin. Il faut commencer par en faire l'usage, tester ce qu'elles apportent si elles avantages le bien-être plus que l'accaparement, l'échange plus que le pouvoir, la coopération plus que l'individualisme.

 

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“Strip private banks of their power to create money”: Financial Times’ Martin Wolf endorses Positive Money’s proposals for reform

“Strip private banks of their power to create money”: Financial Times’ Martin Wolf endorses Positive Money’s proposals for reform | Money News | Scoop.it

Printing counterfeit banknotes is illegal, but creating private money is not.


The interdependence between the state and the businesses that can do this is the source of much of the instability of our economies.


It could – and should – be terminated.


“Our financial system is so unstable because the state first allowed it to create almost all the money in the economy and was then forced to insure it when performing that function. This is a giant hole at the heart of our market economies. It could be closed by separating the provision of money, rightly a function of the state, from the provision of finance, a function of the private sector.”

Sepp Hasslberger's insight:

It would be a giant step forward to take away the banks' ability to create money. The idea isn't so strange any more when the Financial Times picks it up...

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Life in a 'degrowth' economy, and why you might actually enjoy it

Life in a 'degrowth' economy, and why you might actually enjoy it | Money News | Scoop.it
What does genuine economic progress look like? The orthodox answer is that a bigger economy is always better, but this idea is increasingly strained by the knowledge that, on a finite planet, the economy…
Sepp Hasslberger's insight:

Doing more with less ... that is where it's at. 

The writer argues for de-growth and we certainly could do with less stuff. But the aim is to bring us in line with what planetary resources will bear. 


Perhaps paying attention to how we manufacture and making adjustments to use as little of both energy and physical resources as possible, could just work to let everyone enjoy a life of comfort while fitting within the planet's living eco-system.

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Money as a Commons

Money as a Commons | Money News | Scoop.it
Money is either a reward for past work, or (when issued through the device of credit) an advance secured in expectation of future work. From this viewpoint we can see money as an aspirational commons - a Common Pool Resource backed by our collective efforts, that with the right governance regime could be managed equitably and to mutual benefit. By Graham Barnes.
Sepp Hasslberger's insight:

Could money be a Common Pool Resource, instead of being expensive credit created by the banks?

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Ecuador: Introducing the World's First National Digital Currency

Ecuador: Introducing the World's First National Digital Currency | Money News | Scoop.it

Ecuador is on track to become the world’s first nation to create its own digital currency. The country’s central bank announced last week (link in Spanish) that it would begin distributing the yet-to-be-named currency in December.


Backed by liquid assets, the currency will initially rely on demand to dictate how much will enter the marketplace, the bank explained.


Ecuadorian newspaper El Comercio reported (link in Spanish) that the currency will be circulated via the country’s mobile network

Sepp Hasslberger's insight:

Good for Ecuador. A national digital currency that can be used by mobile phone. December they say is the introduction...


and it seems that Peru is preparing to go the same way. They want to introduce their electronic currency by 2015 (article in Spanish)

http://elcomercio.pe/economia/peru/proyecto-dinero-electronico-funcionara-desde-mitad-2015-noticia-1750712 ;

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Bristol pound is just one example of what local currencies can achieve

Bristol pound is just one example of what local currencies can achieve | Money News | Scoop.it

The budgets of local authorities are being cut while the needs of their populations remain the same.


However, borrowing on the money market is not going to do anything for the local economy. Faced with this reality, some councils are discovering that the use of local currencies offers an alternative to more cuts or debt.


Mayor Georg Moosbrugger from the Austrian village of Langenegg, which issues its own Talente currency, puts it best when he says: "Wherever the money rolls, there it has an effect. Local money doesn't roll very far and so it can get to work in my area."


The community council can decide which local taxes may be paid in local currency to subsidise the rural economy, keep purchasing power in the region and support cultural and educational organisations as well as solar energy generation. Social enterprises also accept local money in payment for local food, arts and crafts and holiday lets.


In Britain, local businesses in Brixton and Bristol can pay their rates in local pounds. The local authority uses this income to pay its employees, who then spend it with local businesses...

Sepp Hasslberger's insight:

Quite some experimentation with local currencies going on. Now city Councils catch on and accept them in payment for their rates and taxes...

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Money vs Credit

Money vs Credit | Money News | Scoop.it

A person may go irremediably negative for perfectly understandable reasons that do not imply any need for discipline while another may go negative foolishly and people who go positive can be abusive with their earnings.


But in all those cases the measure of value of what was consumed can be equally valid, that is the function of money is to measure value it is not a measure of credit or credibility at most it is just one of many possible indicators of credibilty.


We need to graduate to where personal human behaviour is controlled in the context of an empowered and wholesome community i.e. where all can expect to eat and be housed and rarely does anyone procure things without a sound reason irrespective of their balance. 


This in our current society seems impossible because all motivation is framed in terms of excesses the objective being not a wholesome existence but rather the ability to satisfy whims. 


We live in a society where being mindful of money is the key to freeing oneself of having to be mindful in most other domains.

Sepp Hasslberger's insight:

This is in the context of BIBO currency, where money is seen as a record, an outcome, of transactions, not as a necessary input. Transactions create money, rather than the other way around. It envisions a world where you can buy what you need without having to have accumulated money (or credit) to do so...

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Interview with Steve Keen: A Computer Simulation of Monetary Dynamics - YouTube (11min)

The financial crisis that ran from 2007 to 2009 has been called a "Minsky Moment," meaning it offered a much-needed reminder to all economists of Hyman Minsky's neglected dictum that "capitalism is essentially a financial system."

But even with this reminder, it is hard to know what to do next, since it is difficult to express Minsky's vision using the standard equilibrium methods of economics. Arguably that is one reason that Minsky has remained a minority taste in economics. 

Steve Keen, a grantee of the Institute for New Economic Thinking, wants to change all that by developing a computer simulation tool that captures the monetary side of the economy in a realistic way, including its non-linear dynamic development over time.

Sepp Hasslberger's insight:

We might learn some surprising things about economics once this tool to analyse the monetary side of things, becomes available...

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You Can Only Be Against Basic Income Based On Morals, Not Evidence - Falkvinge on Infopolicy

You Can Only Be Against Basic Income Based On Morals, Not Evidence - Falkvinge on Infopolicy | Money News | Scoop.it
There are all sorts of arguments against giving everyone an unconditional minimum income. But the only one that stands up to reality is, "I don't like it."
Sepp Hasslberger's insight:

Basic income... 

"There is no catastrophic disincentive to work, or incentive to be lazy, like basic income opponents predict. Everyone does not start sitting around at home. People who are able to work and keep society running continue to do so."

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International system of wealth extraction makes poor countries poorer, concentrates riches with the already rich

International system of wealth extraction makes poor countries poorer, concentrates riches with the already rich | Money News | Scoop.it

One of the early promises of neoliberal globalization was that it would bring prosperity to poor countries, drive development, and reduce inequalities, ultimately helping poor countries gradually converge with rich countries.


But exactly the opposite has happened. Globalization has made inequality worse, both between countries and within them.


If we want to put an end to poverty and extreme inequality, we need to dismantle the global wealth extraction system that draws our planet’s wealth to the rich at the expense of the poor.


We need to democratize the institutions that control global economic policy.


We need to put control of money creation and the money supply back in public hands...

Sepp Hasslberger's insight:

It's our monetary and economic system that's rigged to create ever greater inequality, and to concentrate resources and riches with those who already have them.

Time to re-think things...

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Financial Crisis Or Monetary Crisis?

Spanish economist, author and complementary currency activist Susana Martín Belmonte exposes the false assumption that has led to a fundamentally misguided diagnosis of the current financial crisis...
Sepp Hasslberger's insight:

It isn't just complementary currencies we need, she says, but we need a real reform of the monetary system. Bank-credit generated money just isn't going to do it...

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Self-Issued Credit (from Money as Debt 3) - YouTube

To be able to exchange our Production is the reason we need money and therefore our Production should be the direct source of money.


In the current system we turn positive real wealth into a mathematically unstable DEBT-of-money to banks and enslave ourselves to numbers.

Sepp Hasslberger's insight:

A nice basic explanation of money...

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Money Is A Form Of Social Control And Most Americans Are Debt Slaves

Money Is A Form Of Social Control And Most Americans Are Debt Slaves | Money News | Scoop.it

Is America really “the land of the free”? 


Most people think of money as simply a medium of exchange that makes economic transactions more convenient, but the truth is that it is much more than that. 


Money is also a form of social control.  Just think about it.  What did you do this morning?  Well, if you are like most Americans, you either got up and went to work (to make money) or to school (to learn the skills that you will need to make money). 


Not that money is a bad thing in itself.  Without money, it would be really hard to have a modern society.


Unfortunately, our money is based on debt, and debt levels in the United States have exploded to absolutely unprecedented levels in recent years. 


The borrower is the servant of the lender, and if you are like most Americans, nearly every major purchase that you make in your life is going to involve debt.



Sepp Hasslberger's insight:

It boggles the mind how much we work just to continue living an indebted life.


By being in debt we actually perpetuate the rat race we often complain about ...

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Community Currencies to fight poverty in Africa by redefining Community Development

Community Currencies to fight poverty in Africa by redefining Community Development | Money News | Scoop.it

Empower communities to pull themselves out of poverty by helping them develop and manage their own community currency. Community currencies are a structured form of barter which works as a supplement to national currency. There’s no debt, no interest, and small businesses can trade even if they are “poor” in Kenyan shillings. 


This currency program is so revolutionary that six of our team members went to prison after introducing the Bangla-Pesa program in Mombasa's largest informal settlement. After winning a precedent-setting case against the Central Bank, we re-launched the Bangla-Pesa  with great success and the full support of the government.


People living in slums have a tremendous untapped capacity for trade and they only need a means of exchange to unlock their economy. The full impact of allowing micro-businesses in slums to trade without depending on scarce money is a revolution in how we think about sustainable development and poverty reduction...



Sepp Hasslberger's insight:

This is a great idea! 

Replicate the success of the Kenyan Bangla-Pesa in other developing countries. 

Definitely worth supporting, in my opinion.

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Why Apple Pay Is A Threat To Bitcoin

Why Apple Pay Is A Threat To Bitcoin | Money News | Scoop.it

The imminent arrival of Apple Pay should be worrying bitcoin advocates, and here's why.


Apple Pay isn’t even here yet and, arguably, it’s already winning the war against bitcoin.


Like the digital currency, Apple is disrupting the payments system, but people will probably use it more than they use bitcoin.


Cupertino has carefully focused on three areas to make sure that happens: front-end experience, financial institutions, and merchants...

Sepp Hasslberger's insight:

Apple has the great advantage of user experience, but it does come with certain concerns, as explained in the article.

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The economics of digital currencies - Bank of England says they are no threat to financial stability (vid 5min)

A key question surrounding digital currencies like Bitcoin is: to what extent should they be considered as money? This video answers that question by considering the roles we expect money to serve, and how much digital currencies are currently used in those ways.

Sepp Hasslberger's insight:

The Bank of England seems to have a substantially positive view of digital currencies such as Bitcoin.

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UK Chancellor to Outline Bitcoin Measures in Budget 2015

UK Chancellor to Outline Bitcoin Measures in Budget 2015 | Money News | Scoop.it

The budget is one of the most important days on the UK political calendar as the Chancellor declares new taxation rules, new financial measures to help grow the economy and sets the public spending levels. It is often held in March and is closely watched due to its potential to affect the wealth of millions of individuals and businesses.


A spokesman for the UK Treasury revealed for CCN that a study was being undertaken, led by the Treasury working together with different government agencies, on Bitcoin’s potential for innovation on financial commerce and Bitcoin’s potential risk. The study will conclude with proposals for the budget of 2015 which the Chancellor is expected to announce in Parliament. 


The United Kingdom is seen as one of the friendliest legal jurisdiction for Bitcoin businesses. Following the New York’s highly criticized Bitlicense proposals, the Chancellor announced his support for Bitcoin, stating: 


I believe we can make London the Fin Tech capital of the world. It has to be what the City becomes in the future.

Sepp Hasslberger's insight:

The City of London is apparently set to lead the way on how to integrate Bitcoin into the economy of banks and finance...

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Crowdfunding a Basic Income: This German Guy Wants To Give You A Bunch Of Money To Do Nothing

Crowdfunding a Basic Income: This German Guy Wants To Give You A Bunch Of Money To Do Nothing | Money News | Scoop.it

What would you do with your life if you didn’t have to worry about your source of income? Would you just sit around all day and do nothing with your life? Or would you spend your time following your dreams and doing something meaningful with your life? A 29 year old founder of a tech startup company from Berlin was interested in finding out.


Michael Bohmeyer stopped working earlier this year and now lives off the $1,300 he makes from his startup each month. He says from the moment he made the decision to do this his life radically changed. So he started “My Basic Income”, a new project looking to raise enough money to pay someone $1,300 a month for a year, no strings attached!


Read more at http://higherperspective.com/2014/09/free-money.html#KEHGehWg56IRgjD4.99

Sepp Hasslberger's insight:

This guy is out to make a case: People who receive a basic income don't get more lazy, they all of a sudden like to work and have fun at what they choose to do...

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What if everybody got free cash? Myths and facts about Unconditional Basic Income - YouTube video (30min)

What if everybody received every month enough money to live by?


Will society collapse?


Will we all become slackers?


Myths and facts about Unconditional Basic Income, with analysis from a real world experiment conducted in India between 2011-2013.


The video is of a Keynote speech by Federico Pistono at the Future of Work Summit, NASA Ames Research Park, California, June 30, 2014.

Sepp Hasslberger's insight:

This is a talk on unconditional basic income, based on a real world experiment they did in India. 

Compared to matched controls, people receiving the (rather small) monthly payment in the pilot program were 

-twice as likely to have increased their production at work

- able to increase their livestock by 70%

- more likely to increase their income from work

- three times as likely to start a new business or production activity as others 


- significantly reduce their indebtedness


- significantly increase their savings 


- more likely to make improvements to their dwellings, repairing walls and roofs, switching to better sources of drinking water


- having improvement in children's weight for age


- consuming more varied diets


but they were not more likely than others to increase spending on "private bass" such as alcohol or tobacco

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Ecuador: The First Nation to Create its own Digital Currency

Ecuador: The First Nation to Create its own Digital Currency | Money News | Scoop.it

Over the weekend, CCN reported on the government of Ecuador's decision to ban Bitcoin, along with all other cryptocurrencies, via a National Assembly majority vote on July 23rd.


Ecuador currently uses the US dollar as its official currency, and the new national cryptocurrency will be integrated alongside the Dollar.


The National Assembly’s explicit intention that their central bank’s cryptocurrency “allow government to make payments in digital currency” makes clear their plan to


a) institutionalize the use of a national currency for internal cash flow, and


b) eliminate Dollar and foreign currency dependency.


The cryptocentavo’s example of a centralized implementation of an essentially decentralized technology is going to be watched, internationally, with great interest.

Sepp Hasslberger's insight:

Ecuador will be the first country with its very own crypto currency. 


They banned Bitcoin and are ready to have their central bank issue ... something similar.

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California Passes Bill to Legalize Complementary Currencies

California Passes Bill to Legalize Complementary Currencies | Money News | Scoop.it

Dating back to the California Constitution of 1849, Section 107 of the California Corporations Code stated:


  • No corporation, flexible purpose corporation, association or individual shall issue or put in circulation, as money, anything but the lawful money of the United States.


The Alternative Currencies Act removes Section 107, an outdated yet significant legal barrier to the creation and circulation of complementary currencies (and, arguably, other forms of exchange such as frequent flier miles, Amazon Coins, and other similar reward systems).


This relatively minor change to the Corporations Code – removing a single sentence – nonetheless represents a significant step toward further legitimizing complementary currencies, and reflects the growth of a diverse range of new payment systems and community-based means of exchange that have flourished in recent years.

Sepp Hasslberger's insight:

Way to go!

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A New Paradigm in Economic Thinking - Local Economic Direct Democracy combines economy, politics

A New Paradigm in Economic Thinking - Local Economic Direct Democracy combines economy, politics | Money News | Scoop.it

Communities worldwide want economies that are stronger, greener, fairer, more resilient, more democratic, and more diverse. Jobs must be created, climate change addressed, infrastructure repaired, schools upgraded, and more. The LEDDA economic direct democracy framework, now under development, offers a bold yet practical solution.


The LEDDA framework “pays” people to participate. Family incomes for members rise, and income inequality shrinks. Jobs are created, and funds generated for schools, nonprofits, and public service agencies.


The framework is designed to help cities, counties, and local regions lead the way in meeting their challenges, and in transforming local economies into ones that are vibrant, sustainable, resilient, and fair.


A complete description is given in the book Economic Direct Democracy: A Framework to End Poverty and Maximize Well-Being.


http://www.principledsocietiesproject.org/download/

Sepp Hasslberger's insight:

This seems like an interesting project to look into. I haven't done so yet, but if you are inclined, there's the link to the site... 


http://www.principledsocietiesproject.org/

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David Week's curator insight, July 15, 10:21 AM

Cities are aggregation economies, but our formal concept of economic value is too narrow. Works like this may not be technically sophisticated, but provide ways of seeing the city as a more complex field of value creation, all of which needs recognition.

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What happens after the crypto-revolution? | Matslats - Community currency engineer

What happens after the crypto-revolution? | Matslats - Community currency engineer | Money News | Scoop.it

Bitcoin may disintermediate banks, but that will not change the economy, save the environment or make society fairer.


One peaceful way to prevent our governments driving us to collective suicide is to get behind a new generation of P2P credit projects.


Modern money is scarce and thus has commodity value because it is created when banks lend it into existence. The amount owed to banks (the amount borrowed plus the interest) is always more than the amount borrowed, so money is in short supply by definition and can be traded as a commodity. (Money as Debt 3 explains this the best).


If money was backed by your reputation, and issued interest free in the quantity that reflected our trust and interdependency, we could expect the economy to display entirely different characteristics:

Sepp Hasslberger's insight:

The "economic crisis" is really a crisis of our money that does not properly support economic activity. So I believe it's time  to think about how money can be arranged in a new way...

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▶ The Simple Mathematical Flaw in Modern Economics - NEW - YouTube

Most people believe that interest is natural to money. However, the way in which money is created determines whether interest is applicable or not.

Two forms of money creation have dominated over the last 5000 years -- creating money out of credit and creating money out of gold or silver - with humanity going back and forth between centuries-long domination of credit money and centuries-long domination of gold and silver-backed money.

Credit money is newly created on the back of borrowers' creditworthiness. It is debt obligations enforced by civil law and backed by provisions for bad debt. Since credit money is legal agreements that require only paper and inexpensive credit risk insurance to create, credit money doesn't have to be borrowed from anyone and therefore doesn't attract interest - credit money is interest-free.

Sepp Hasslberger's insight:

A major flaw of money - we're renting it from a wealthy minority and we have to pay the opportunity cost called "interest"...

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Leander Bindewald: My suggestion for solving our euro woes? Back-up currencies

Leander Bindewald: My suggestion for solving our euro woes? Back-up currencies | Money News | Scoop.it

One currency seems not to be able to serve every human need alone. When the money dries up, people go hungry and sleep rough, factories lay idle, and the fabric of society starts to tear apart. 


This much became obvious when Greece filed for bankruptcy.


With over half of the country's young people without jobs, unemployment is more than a statistic: it is tangible. Anyone who takes a walk can see that money has become too scarce to allow the economy to do its job – matching supply and demand.


But what could the Greeks do? 


Sepp Hasslberger's insight:

Some time ago it was decided that monopolies are not ok and should be eliminated. So a number of them were dismantled.


One important monopoly seems to have been forgotten: Bankers are still the only group to create and loan out money.

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What's Wrong with the Current Monetary System - P2P Foundation

What's Wrong with the Current Monetary System - P2P Foundation | Money News | Scoop.it

"How is the present monetary system affecting the economy and thereby society and nature, and why is it failing?


I will outline the interconnected malfunctions of the globally prevailing monetary system in ten points.


1. Money is created as debt.


2. The money supply is under private control.


3. Bank deposits are not secure...


Sepp Hasslberger's insight:

From the p2p foundation blog, an article that outlines succinctly what is wrong with today's money.

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