Wednesday, March 11, 2020

Podcast Episode 17: Designing a Stable Currency (No Inflation or Deflation)

Purpose of Money (To store the value of our working time)
Attributes of a good currency
Hold Value
Problems with Inflation
Money loses value over time
Problems with Deflation
New users to the system are penalized
Hoarding is encouraged, potentially leading to a deflationary spiral
How to create a true stable coin (Match Supply with Demand)
Tie to the worth of human time
Money represents our working time so the value should follow human working time.
Design of System
Stable Coin - Tempus (Time)
Maintains stable value in relation to human work time
Users mint new coins by proving they are human and spending time
When new coins are minted, a percentage goes to shareholders.
New shares are created (5% annually) and sold for tempus that is burned
Increasing supply
Users mint new coins by proving they are human and spending time
For every new coin minted by users, a percentage is also minted and given to shareholders (or perhaps just used to buy and burn shares?)
Decreasing supply
Steady rate of burn (In theory, if there is a constant rate of burn then we should avoid the “death spiral”)
Inflate shares to buy and burn tempus
Proof of Human Work
Captcha market (I don’t really like this idea but it’s the best I’ve got so far)
captchas that prove you are human
Users are given a random captcha to prove they are human and mint new tempus
captcha developers get paid with bonds that mature at a later date (1 year?) and can be seized if the captcha is shown to be cheating the system
Bounties for discovering cheating users/ captchas
captchas must burn tempus to be listed/they must pay users out of pocket for an amount of time (1 Year)
Maybe try to determine the value by analyzing the fees people pay
Some other way to find how much people value their time

Monday, March 9, 2020

Podcast Episode 16: Easy Budget

Expenses that happen on a regular basis that you are committed to pay
Expenses that you know will happen but you're not sure exactly when or how much they will be.
Everything else
Take your income
10% for charity
10% for investing
Fund recurring items
Take 10% of what is left for reserve
The rest goes to discretionary income
Track your expenses and subtract them from your saving categories

Friday, March 6, 2020

Podcast Episode 15: Pick a Person

This algorithm is designed to select a random participant from a group by having each participant select a random number.
This allows for a decentralized and tamper proof way to select a random participant.
Following is a brief explanation:
Each Participant picks a number between 1 and the number of participants.
You then take the sum of the numbers and get the remainder after dividing by the number of participants.
The remainder is the participant that is selected. (remainder 0 is the last participant)
To see an example of a single round click here.

To run a test to see if the algorithm is truly random click here.

Wednesday, March 4, 2020

Podcast Episode 14: How Does Money Work?

A currency is simply a type of commodity that's use is facilitating trade
A good currency needs:
The ability to be transported easily
The ability to spend easily
The trust of people that it will hold value in the future.
You don't need to tie a currency's value to another commodity

Monday, March 2, 2020

Podcast Episode 13: How to Change Your Mind (and flat earth theory)

We all have opinions on how we think the world works
What are the chances that you are right with all of them?
Your chances will actually increase if you are actively changing your mind to be more correct over time.
Ask yourself, what would it take to change your mind
This opens you up to the possibility of being wrong
This doesn’t mean the you should change your mind all the time
Sometimes you are right, you just need to give equal weight to your opinion as to others’ opinions.
Just because you hear something new doesn’t always mean you need to change your mind right away
There are reasons people (or you) believed the things that they do. Take that into account
Sometimes the reason is ignorance. In this case when you learn something new it can change your mind
Most of the time there is a counter argument, find out what the counter argument is and the counter argument to that argument.
Most issues have been debated back and forth enough times that there are good arguments and counter arguments for each issue
Usually it comes back to where your worldview originates and what is most important to you.
Flat Earth Theory
What would it take? There would need to be a convincing set of arguments to explain the natural phenomena we experience.