@@simplypreposterous3093nah bro, you don't know what Bitcoin is if you think Bitcoin is Fiat. Bitcoin is the purest correlation to the tool that literally, does exactly what you're talking about in this video because bitcoin balances the proof of work in the broader liquidity pool. Fiat is like a leaky dam, leaking at the rate of inflation. Bitcoin literally is what you describe in this video. Like, done- your solution exists in the real work. Labour backed currency is proof of work expressed with different words. I hope you can find this outcome in your own research - or work - as that's the only way through the portal to life on proof of work as a payment mechanism in broader society...
@hamsterjohn there is currently not an example that has been attempted yet. It has long been theorized by multiple people but no one who was interested had the means to implement it.
@@simplypreposterous3093 Bitcoin isn't a fiat currency, it is backed by energy and is trustless due to a lack of central authority figure. If power and energy stopped functioning then Bitcoin would no longer function as a valid currency, I am more willing to bet on the continued existence of energy than a centralized authority with total control.
I don't get the example. You can spend infinitely but not a big sum? Makes no sense. One could never afford a car or house OR maybe the first one would be free if it's within the value one provides. That wouldn't work because it's not a constant value and saving isn't possible. But let's say it works like that, then it just would be confusing as to how much money you actually have. Account says 50 but it can be 1 or 5000.
Since it is a representation of labor and since that labor has a inverse relationship with need, it allows for theoretically infinite spending. The reason that infinine spending would not be practically possible is that in order for the relativistic spending to be maximized, one has to spend all of their money in one location before moving on to another location and repeating the process for infinity. Each new location reset their real account (not fiat generated from decentralized banking) to its original state at the most recent pay period. So theoretically a person could continue spending forever but that spending is limited by number of locations, size of original account, and the rate of pay. Effectively you account is like a repeating budget for every location you go to and you can extend it once or twice but that is it.
Relativistic spending sounds stupid. As you describe it at 6:45, It's just money in a market in reverse. Money as we have it already motivates people to contribute to the best of their ability and it already pays according to time and quality of work. Basically the same as now with the remaining question how capital is paid.
"money as we have it already motivates people to contribute to the best of their ability and it already pays according to time and quality of work." This is factually incorrect. Anyone can see it simply by being in the workforce. If everyone was working to the best of their ability then there would not be an unemployment issue and there would not be a productivity issue. Also there is no country that is currently paying exactly what is deserving of a person's labor. Reason being that our currency is based on the perception of value without any consideration of labor that is creating value.
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Sooo... Buy Bitcoin? It is energy (work/labor)used to solve equations and puzzles to create a currency
Bitcoin is a fiat currency not labor backed.
@@simplypreposterous3093nah bro, you don't know what Bitcoin is if you think Bitcoin is Fiat. Bitcoin is the purest correlation to the tool that literally, does exactly what you're talking about in this video because bitcoin balances the proof of work in the broader liquidity pool. Fiat is like a leaky dam, leaking at the rate of inflation. Bitcoin literally is what you describe in this video. Like, done- your solution exists in the real work. Labour backed currency is proof of work expressed with different words.
I hope you can find this outcome in your own research - or work - as that's the only way through the portal to life on proof of work as a payment mechanism in broader society...
@@simplypreposterous3093 would like to hear your best example of a labor backed currency then
@hamsterjohn there is currently not an example that has been attempted yet. It has long been theorized by multiple people but no one who was interested had the means to implement it.
@@simplypreposterous3093 Bitcoin isn't a fiat currency, it is backed by energy and is trustless due to a lack of central authority figure. If power and energy stopped functioning then Bitcoin would no longer function as a valid currency, I am more willing to bet on the continued existence of energy than a centralized authority with total control.
I don't get the example. You can spend infinitely but not a big sum? Makes no sense. One could never afford a car or house OR maybe the first one would be free if it's within the value one provides. That wouldn't work because it's not a constant value and saving isn't possible. But let's say it works like that, then it just would be confusing as to how much money you actually have. Account says 50 but it can be 1 or 5000.
Since it is a representation of labor and since that labor has a inverse relationship with need, it allows for theoretically infinite spending. The reason that infinine spending would not be practically possible is that in order for the relativistic spending to be maximized, one has to spend all of their money in one location before moving on to another location and repeating the process for infinity. Each new location reset their real account (not fiat generated from decentralized banking) to its original state at the most recent pay period. So theoretically a person could continue spending forever but that spending is limited by number of locations, size of original account, and the rate of pay. Effectively you account is like a repeating budget for every location you go to and you can extend it once or twice but that is it.
Relativistic spending sounds stupid. As you describe it at 6:45, It's just money in a market in reverse. Money as we have it already motivates people to contribute to the best of their ability and it already pays according to time and quality of work. Basically the same as now with the remaining question how capital is paid.
"money as we have it already motivates people to contribute to the best of their ability and it already pays according to time and quality of work."
This is factually incorrect. Anyone can see it simply by being in the workforce. If everyone was working to the best of their ability then there would not be an unemployment issue and there would not be a productivity issue.
Also there is no country that is currently paying exactly what is deserving of a person's labor. Reason being that our currency is based on the perception of value without any consideration of labor that is creating value.
2:05 This isn't true. The value of the economy can rise when there's deflation.
Yes, but not by using the mechanism that I was explaining.