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Thread: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

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    Default Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Four key problems face us with our historical and current monetary systems:
    1. The debt-money systems of recent centuries don't forgive unpayable debt, but rather confiscate the collateral. This enables the money masters to control economic activity by controlling debt issuance, periodically crashing the economy and confiscating our property.
    2. Some monetary systems of old (Babylon?) included debt forgiveness, such as for farmers in years when the crops failed, but don't scale to the global, more technical, economy we have now.
    3. Cryptocurrencies can scale world-wide, but lack the privacy and safety from third party surveillance of and intervention in transactions. They do not support the private person-to-person transactions that "the people's money", silver coins, supported in recent centuries.
    4. Recent and current monetary and banking systems, and now mass social communication tools, allow for mass surveillance by both sufficiently powerful corporate and government agencies, which enables "pre-crime" control of people by identifying "politically unapproved" expressions and activities.

    What if we had a cryptocurrency that:

    Only showed on the public blockchain opaque transactions, with each sender and receiver identified by random numbers that were distinct for each transaction, so that it was mathematically practically impossible for even the most powerful computer to track the flows of money through the transactions and relate multiple transactions to a single account/person.

    Lending was supported, but with repayments depending on the lender's income, not on the threat of penalty of repossession of some collateral.

    Any user could _choose_ to when to allow any potential counter-party to see specific details that they _chose_ to be seen by that party. Only that way could a third party make any sense of the connection of any blockchain activity with persons or corporations.

    The bulk, de facto, encryption of any identification of the (usually just two) parties to a monetary transaction or private electronic communication effectively blocks mass surveillance and "pre-crime" suppression of "politically unapproved" expressions and activities. Just as with the requirement of specific probable case to obtain search warrants from a judge for specific relevant evidence in classic Western nations, a similar requirement should exist for electronic monetary and communication activity. Such a requirement is presumably not explicit in, for example, the U.S. Constitution for the simple reason that America's forefathers didn't know about the Web back then. (I would support such amendments to the U.S. Constitution, but that is substantially further above my pay grade than proposing cryptocurrency architectures.)

    For example, a University could lend tuition costs to students who needed it, but then require the students to share that debt and repayment terms, with future prospective employers who needed to prove they had obtained the degree that the employer required, and require the employer to repay some specified percentage of the salary that the employer would pay that student if hired, according to terms that the student originally agreed to, when accepting the loan in the first place.

    The same person could release other information on their cryptocurrency accounts to their private doctor, their lawyer, or their future spouse, or soon to be ex-spouse in a divorce procedure. Everyone could who could see what, and when.

    A court could compel someone to expose such details, if a harmed counter-party could demonstrate probable cause, such as a University trying to collect student debt from a graduate who apparently has gone to live a "good" (money) life style, and hold a good job, but hasn't connected their employer to their debt and terms, on the blockchain. Fraud in divorce settlements could be handled similarly.

    My intuition is that such a such a system could be developed, handling transactions in multiple currencies, for values from a cup of coffee to national budgets, from "pennies" to "trillions", including "forex" cryptos that would exchange value between such currencies, at varying relative value.

    The "big" problem with crypto has been that it's public, with the identity of the recipient, such as when crowd funding support, able to be surveilled and blocked by nation states, such as when Bitcoin donations to the Canadian truckers were blocked or hindered by Trudeau's government.

    The "big" problem with our current debt-money system has been the never ending confiscation of property, from used cars to major national resources, by the money masters.

    The "bigger" problem behind this has been a shift in power from the sovereign individual, to legally defined institutions, especially in areas not explicitly known about and written down in our Constitutions. Contrary to the intentions of our founders, who intended that governments did not have powers except as their citizens specifically allowed it, we instead have governments and now corporations, working hand-in-hand, assuming all powers except those specifically denied them, and sometimes not even that.

    Can these problems be solved?

    The solution would be subtle, and a significant advance over existing crypto currencies. The debt-money masters of our current world would resist huugely.
    Last edited by ThePythonicCow; 8th April 2022 at 09:05.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Really interesting post with some innovative ideas here.

    I should point out to you though that we do already have what you refer to as “opaque transactions’ - this problem is being solved by what are know as “privacy coins”

    Furthermore “DeFi” (Decentralised Finance) has numerous protocols where lending is supported dependent on income. This is usually achieved by creating a pool based on lending mutual. Members of the protocol borrow against their future income, which is used to repay the loan automatically. By funding the pool, members earn yield on their salaries while making liquidity available to other members.

    I really like your idea that uses the student loan as an example. This could easily be achieved. The innovation within the crypto space is OUTSTANDING and is fuelled by extremely high level thinkers, the vast majority of whom have been let down by the current constructs of the societies that we live in.

    I’m not sure how deep down the rabbit hole you have gone with crypto but I can assure you that Bitcoin is only the tip of the iceberg in terms of what can be achieved and many within the space acknowledge that even BTC (the so called King) has now become the antithesis of what it originally represented in the world.

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    My view is cyber currency is doomed to fail as it is a deep state creation. Unknown origin, deep tech underpinnings, NO backing…like fiat money it will eventually go to zero.

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Wouldn't we need the masses to see the gov't and corporations as the criminals, which means we need privacy from them knowing everything we do and every transaction. They just point to the criminals not wearing suits as to why they need to monitor every $$ exchanged.

    How do we get the people to demand privacy of currency transactions, cuz the gov't sure won't allow that. If we build it independently, they will just ban it. Am i understanding this right?

    As long as the media is relevant, the media can pretend whatever they say is what the majority want, even if only 20% agree with them. That is why I think we need to hurry to have a block chain voting system. Then bi weekly or whatever we could have a 325 million vote (in the US) on whatever the current issue is. This shuts up the media pretending to know the will of the people.

    If say, 60% voted that digital currency transactions should be private, then that at least has to be as powerful of a vote as the congress or more. I also dont know that voting should be equal. Like everyone gets a vote of 1. And others could apply for merit and accomplishments to get bumped up to 1.5 or 2 votes. lol

    Also, I dont think the gov't should be able to pull the "emergency national security" card, when it comes to its own citizens in many cases. So, for the truckers, they shouldn't be able to intervene with the digital currency because the citizens are fighting the gov't.

    Do you know of any new cryptos or cryptos under development that are building any of your ideas into their system? And since, the current use of block chain is just the tip of the iceberg, are there any other developments underway with blockchain that are interestingly related to this topic?

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Only the Bitcoiners who support the “Cypherpunk” philosophy are the ones who currently support Privacy Coins.
    Most modern Bitcoiners only care about "NUMBER GO UP" so won't value Privacy Coins till they start to outpace Surveillance Coins in price.

    Here is an interesting article on privacy coins and their importance within the space:

    https://thecryptoanalyst.medium.com/...s-ceacb0ecef66

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    It could be argued though that cryptocurrency is backed by the technology that supports it as well as the users who trade in cryptocurrency. We don’t have any proof of it being a deep state creation.

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Thanks for the well considered and informed reply, Forever.

    Quote Posted by Forever (here)
    I should point out to you though that we do already have what you refer to as “opaque transactions’ - this problem is being solved by what are know as “privacy coins”
    Privacy coins such as Monero mix each real transaction with a few (ten, in the case of Monero) other transactions, in such a way that one cannot tell, from just looking at all eleven (1 real and 10 decoys) in the combined eleven transactions, which one actually was the source.

    This obfuscates who sent the transaction. Similar (or a bit more subtle, using zero knowledge proofs) means can obfuscate the recipient and amount. But it hides this information only to a small degree, and only hides it in the result recorded on the permanent blockchain, not during transaction processing.

    For example, lets say my neighbor Alice has taken a strong dislike of another neighbor of mine, Bob, and hires a thug to kill Bob. Alice goes to the seedy alleys of a nearby city (say, Dallas, in my case), finds a murderous thug named Charlie, and pays Charlie in Monero to kill Bob. That murder happens, Bob is caught, and tells the cops he was paid in Monero to kill Bob, by some lady he doesn't otherwise know, and never even saw, face to face.

    They find that Monero transaction on the blockchain, and identify the eleven possible sources. One of those sources happens to be Alice, whom the police detectives have already identified as a known and hostile contact of Bob and who lives a mile down the road from Bob. At this point, Alice is in deep doo-doo. There's probably not enough in what I just presented to convict Alice of some felony crime(s) related to the murder, but there's certainly enough to justify arrest and search warrants. Alice better hope she made lots of profits on her crypto, so she can hire a good defense lawyer.

    In short Monero obfuscates the sender (and receiver, and with updates a couple of years ago, the amount), but only mildly so.

    If a strong encryption of her crypto payment to Bob had been available to Alice, I'm sure she would have wished she had used that, instead of Monero.

    Since all the transactions, the one real one and the ten decoys, have to be recorded together on the Monero blockchain in a single transaction, there is a practical limit on how many decoys are used, to avoid blowing up the total space required on the blockchain required per such transaction. A cryptocurrency that added another gigabyte or such for each private transaction would be impractical, quickly requiring far too much storage space for the entire blockchain to be economical or practical.

    Quote Posted by Forever (here)
    Furthermore “DeFi” (Decentralised Finance) has numerous protocols where lending is supported dependent on income. This is usually achieved by creating a pool based on lending mutual. Members of the protocol borrow against their future income, which is used to repay the loan automatically. By funding the pool, members earn yield on their salaries while making liquidity available to other members.
    What sort of income can be offered to support such a loan. Can it be any income, even from a garage sale? Can it only be routinely taxable income, such as from a regular job? Can it only be income from other cryptocurrency assets owned by the borrower? Can it only be income from some specific cryptocurrency, closely connected with that particular DeFi currency?

    Quote Posted by Forever (here)
    I really like your idea that uses the student loan as an example. This could easily be achieved.
    How can it be achieved? Can you elaborate a bit?

    Quote Posted by Forever (here)
    The innovation within the crypto space is OUTSTANDING and is fuelled by extremely high level thinkers, the vast majority of whom have been let down by the current constructs of the societies that we live in.
    Agreed.

    === ===

    While considering my reply to your post, I realized that there was a systemic weak spot to any existing anonymized cryptocurrency exchange that I am aware of, such as Monero or Zcash.

    That weak spot is thus:

    All these efforts at keeping transactions require some point in the transaction processing when all the details are known, the actual source, amount and destination, so that funds can be located and deducted from the sender's wallet, and credited to the recipient's wallet.

    As we regularly see in all manner of computer security issues over the last half century, there is no networked computer facility that is guaranteed secure from intrusion by sufficiently capable adversaries.

    The same is true of safes and vaults used to store silver coins, of course. But at least in the case of physical currencies, one has to bring in sufficient military power to take out the defenses. I imagine it would take a serious army to get to Putin's gold in the vault in the basement of the Kremlin.

    Any sufficiently skilled and equipped adversary can perform hacks over the Internet, even against almost always disconnected targets, with nothing more than "the right software" and sufficient compute power.

    So the best we can hope for, so far as I can tell, is sufficient security to prevent wholesale surveillance and to force only targeted attacks to have much chance, and even then, only with considerable effort.

    However ... that is indeed a most desirable result, and should be sought.

    === ===

    My mythical dream in my opening post was imagining a cryptocurrency that, like a silver coin, held its own value, with cryptographic level of security, while being unable to be forged, duplicated or (in crypto jargon) "double spent".

    As a doubtlessly inadequate example, imagine that each unit of a cryptocurrency was indivisible and consisted of no more nor less than a block of 256 bits, containing
    • 32 bits, encoding a "human readable" ASCII string, identifying it as a particular coin type of a particular well known value,
    • a 64 bit incrementing serial number. unique for that coin type and value,
    • 128 cryptographically strong unique random bits, and
    • a 32 bit checksum on the prior 224 bits.
    These coins would be generated in limited amounts. Imagine further that the "blockchain" consisted simply of entries with three values each:
    1. an incrementing transaction counter,
    2. one of the above blocks of 256 bits for one such issued "coin", and
    3. an encrypted proof of ownership that only the holder of the corresponding private key could unlock.
    I'm not sure what the "proof of ownership" would be. Perhaps it could be like digital signatures, that can be used to prove that a message was encrypted by someone holding the private key corresponding to a declared, in this "proof of ownership" field, public key.

    Imagine further that transactions to send such a coin consisted of the sender proving they could decrypt the key, and providing some other public key to replace that coins current public key with another signature, provided by the intended recipient.

    As with classical physical coinage, there could be several such chains, for coins of varying sizes, say in multiples of ten times the basic unit, and there could be a public service that would "make change", breaking up a bigger coin into ten units of the next smaller coin, or consolidating ten smaller units into one of the next bigger coin.

    This still has the same weak spot I noted above -- at the moment and (virtual) location of any such transaction, more is known and visible to at least one of the cooperating networked systems that are performing the transaction than the transacting parties might wish to be public. But I can't imagine otherwise, and this could be made about as resistant to mass surveillance and censorship as I can imagine is practically possible.

    The above proposal is fundamentally different from all the blockchain and other such distributed ledger cryptocurrencies and other such crypto-represented assets that I am aware of.

    For example, my above proposal depends on interactions with both the sender and recipient at the time of the transaction, in which the sender proves they have the private key that signed the previous transaction on that particular coin, and the recipient signs the new transaction on that coin. Neither the sender's nor the recipient's private keys need ever be exposed during this transaction process, outside of their individual (albeit network connected) computer system. That is, the "transacting engine" handling each transaction is securely distributed, across all three parties, the sender, the recipient and the transaction chain (no longer should it be called a block chain) engine. My intuition suggests that this is as good at it gets.
    Last edited by ThePythonicCow; 8th April 2022 at 22:00.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    My above proposal has another fundamental problem, common to all cryptocurrencies, and even to metal, oil, and/or debt backed bank or nation issued currencies: governance.

    We "trust" Satoshi Nakamoto not to dump his massive founders Bitcoin wallet on the market, because he seems to have vanished.

    But if Satoshi turned out to be deep state intelligence agency, or just a very patient con artist, this could be a false hope.

    Whom (or what) ever individual, entity, or governance organization issues new coins and determines that they (with their higher serial numbers) are now to be allowed on the transaction chain has an inordinate opportunity to gain great wealth by deceptive means.

    ===

    This would be the first such currency in which counterfeiting or covert printing of additional units would be unable to be kept from easy public view, and easily and automatically rejected. The unique public signature (or whatever the "proof of ownership" field contains) currently holding each uniquely numbered coin would be transparently visible on the transaction chain.
    Last edited by ThePythonicCow; 8th April 2022 at 22:12.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Quote Posted by Dumpster Diver (here)
    My view is cyber currency is doomed to fail as it is a deep state creation. Unknown origin, deep tech underpinnings, NO backing…like fiat money it will eventually go to zero.
    Currency "backing" is a means for a nation, or a banking oligarchy, to further encourage wide spread usage of their currencies. They are ways to entice, force, or gas light people and businesses to use their currencies. Gold, silver, oil, debt, violence, genocide, ... all end up being leveraged by the dark hand to their own anti-human objectives.

    So long as such currencies continue in widespread usage, it will be a sign to me that we have not freed our civilization from a dark hand.

    To paraphrase one of the Rothschilds, it matters not to me which currency we use, so long as "they" ultimately control it.

    We face a bit of the same paradox with currencies as we face with internet protocols and voting procedures.

    It matters not which solution we choose. Either (1) it fundamentally respects the sovereignty, privacy and well being of the individual, but is likely either too inefficient, cumbersome, or is greatly resisted by the existing power structure, or is too mathematically and cryptographically subtle, or (2) it's deeply compromisable by the dark hand.

    We must deconstruct and remove the forces of evil that have enslaved humanity for thousands of years.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Quote Posted by Forever (here)
    I should point out to you though that we do already have what you refer to as “opaque transactions’ - this problem is being solved by what are know as “privacy coins”
    Here's some insightful comments from Andreas M. Antonopoulos, one of the most well-known and respected figures in bitcoin, on privacy importance and developments in Bitcoin:

    I agree with Andreas that it was a bug in the Internet (that we're still trying to patch over) and in Bitcoin (in which some important work is done), that the foundational layers were not initially designed to support strong privacy.

    I did not realize how far along Bitcoin is in addressing this issue. Bitcoin is changing, at its foundation, in important ways that respect the privacy and sovereignty of the individual.



    It's now obvious to me that you were right, Forever, and that the main cryptocurrencies are farther along in this work than I realized, and that I'm a decade late and a (few bazillion) dollar(s) short, in having any chance of fostering an alternative foundation for cryptocurrencies, and that no fundamental alternative to the existing variety of cryptocurrencies will ever develop the depth and flexibility that's currently being developed for the major cryptos.

    Cryptos are of course still in very rapid development, and what are major cryptos 20 years from now may not all be the same ones that dominate now. But they will, as surely as I can foresee, have their roots deeply in the current work being done.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Quote Posted by ThePythonicCow (here)
    We face a bit of the same paradox with currencies as we face with internet protocols and voting procedures.
    This is not inevitable with foundation technologies.

    One of the fundamental successes of Unix/Linux/BSD/... was that the core permission model, for both files and processes, and their interactions, was baked into the cake early on, while Unix was only being used inside the Bell Labs, New Jersey lab of Ken Thompson and Dennis Ritchie,

    This may be because their Unix was not their "first rodeo" with computing operating systems. I've no doubt that the earliest operating systems had little concern for process or file permissions.

    This might suggest a model for future development and wider usage of my above fundamental redesign ... if I were about 20 years old, like Linus Torvalds was when he started Linux, then 40 years later, my redesign could be the fundamental cryptocurrency. However, I'm in my 70's, not 20's, and the existing dominant platforms are open source and widely available, unlike the corporate controlled competitors to Linux, such as AT&T's Unix and other corporate controlled mainframe and minicomputer operating systems, thus making such existing dominant cryptocurrencies more difficult to displace. In short: ain't going to happen.
    Last edited by ThePythonicCow; 9th April 2022 at 19:06.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Paul,

    Off the top of my head, here is my initial laundry list of requirements for a digital cash replacement:
    • Digital currency must emulate cash and be separate from identity. It should be fungible in every sense such that no additional due diligence is ever required for a transaction
    • It should be possible for those that wish to do so, to maintain a wallet of cash and which allows them (and them alone) to authorize and initiate any transaction to any party at any time with no possibility of that transfer of value being interfered with and once made a transaction is final and cannot be reversed or repudiated.
    • It should be possible for any person or institution to provide on demand, a cryptographic secure statement of holdings and activities against a wallet - for legal discovery, proof of worth etc however this can only be done by the key holder and no other form of discovery should be possible.
    • There should be a universally accepted reference to the times at which transactions happen contained in the records which are added to the ledger.
    • Where judicial review is necessary, the data gathered should not be disclosed unless there is some form of justified recovery (such as compelling the recovering stolen funds)
    • Now, how the crypto-tokens are assigned value is another thing. Should it be against a material? Should it be against land value? Should there be just one currency for all of humanity? I have no idea how valuing the units of crypto tokens would be done, but what I do know and require is that there should be no possibility of debasement once a value has been established

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    The more important question is who will control the world new currency? If its the same people then the masses is screwd once again. Monetary must be controlled by the masses. That said it should be localize in other words world monetary system should not exist. If an exchange should be done between countries it shpuld be base upon real value. Say if the philippines wants to trade rice for american car then lets determine how many sacks of rice is one car worth.

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Quote Posted by Anchor (here)
    Off the top of my head, here is my initial laundry list of requirements for a digital cash replacement:
    Yes - good list. I agree.

    Quote Posted by Bubu (here)
    The more important question is who will control the world new currency? If its the same people then the masses is screwd once again. Monetary must be controlled by the masses. That said it should be localize in other words world monetary system should not exist. If an exchange should be done between countries it shpuld be base upon real value. Say if the philippines wants to trade rice for american car then lets determine how many sacks of rice is one car worth.
    Quote Posted by Anchor (here)
    Now, how the crypto-tokens are assigned value is another thing. Should it be against a material? Should it be against land value? Should there be just one currency for all of humanity? I have no idea how valuing the units of crypto tokens would be done, but what I do know and require is that there should be no possibility of debasement once a value has been established
    Yes - two key questions:
    • How is the value of one form of money determined, relative to another form, such as one national currency compared to another.
    • How is the value of any particular form of money determined, relative the real goods and services it might be used to purchase.
    The traditional "backing" of a paper currency by some precious metal or similar serves a couple of purposes:
    • It provides confidence that the money supply will not be overly inflated to the benefit of issuing institution, and
    • It provides a common valuation of a currency in cross border trade with regions using a different paper currency also based on precious metals.
    But any currency, be it silver coins, dollar bills, cigarettes in prison, or bitcoin, is only useful if there is a demand for it, such as:
    • something that people need, such as food or oil, can only be gotten with that currency,
    • a government demands tax payments in that currency, or
    • a bank (or drug lord or the IMF) demands debt payments in that currency.
    Any currency, be it coins, fiat paper bills, seashells, cigarettes, or cryptocurrencies, should have some convenient properties:
    • Fungible - one coin or bill of a given denomination worth the same as any other.
    • Difficult to counterfeit - neither the issuer nor a criminal should be able to inflate the supply.
    • Convenient to handle - fits well in the hand and wallet, or runs well on a mobile.
    • Divisible units - to handle a wide range of transaction sizes with a small number of units.
    • Cheap to make - must cost issuer less to make than it's worth as currency.
    • Wide spread use - suitable for widespread trade.
    • Long term use - suitable as unit of accounting and for denominating debt.
    However, there is a key confusion, and a key contention, in the above.

    The key confusion:
    • Backing of a paper currency (such as by gold) is key for stabilizing the value, not for directly providing the value.
    Thus a cryptocurrency such as Bitcoin can have value, even if it is only "backed by some bits in a computer", because Bitcoin is mathematically limited in supply and can be used to purchase essentials.

    The key contention:
    • Does the currency favor surveillance and control by the issuer, or the freedom and sovereignty of the user?
    Unfortunately, the initial implementations of the major cryptocurrencies have not sufficiently and robustly protected the user's sovereignty, so we're having to retrofit that, while at the same time facing escalating pressure from the existing Money Masters to abuse digital currencies to further enhance their surveillance and control of the people.

    Moreover, few people are sufficiently versed in the various legal, moral, mathematical, and software issues to understand the multi-faceted battlefield on which this war is being conducted.
    Last edited by ThePythonicCow; 11th April 2022 at 19:03.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Why speculate about this? Am I the only one here that believes ALL digital currency is evil?

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Quote The traditional "backing" of a paper currency by some precious metal or similar serves a couple of purposes:
    • It provides confidence that the money supply will not be overly inflated to the benefit of issuing institution,
    This could be why Russia's linking of gold to their ruble currency did not cause the $US price of gold, or even the ruble price of gold, to rise quickly.

    Indeed, the Russian's quickly lowered the ruble price of gold from its initial 5000 fixed ruble/gram to a bit lower value, that can now float with the market.

    The Russian's want their ruble currency to remain strong and stable, relative to the actual goods it sells.

    Western gold bugs (who, me?) dream of the day that the $US price of gold rises to reflect the already present substantial inflation (devaluation) of the $US currency.

    That is a quite different circumstance than the Russian ruble currency, which is currently (but for a brief dip just after Putin's "special military operation" began) solid and well based on a strong export trade in several essential commodities such as oil, gas, grains, minerals, fertilizers, and weapons.
    Last edited by ThePythonicCow; 11th April 2022 at 19:46.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Quote Posted by melissanederland (here)
    Why speculate about this? Am I the only one here that believes ALL digital currency is evil?
    Whether or not its evil depends on whether or not the currency better protects the freedom and sovereignty of the individual, or better supports the surveillance and control of our Overlords.

    Like many tools (knives, guns, printing presses, radio, television, websites, ...) digital currencies can be used either way.
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Quote Posted by ThePythonicCow (here)
    The Russian's want their ruble currency to remain strong and stable, relative to the actual goods it sells.
    For those further interested in Russian currency and its role in the new, resource based, world monetary system that is replacing the Western financialized system of the last fifty years, here is an excellent article explaining this in considerable more detail:
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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Our founder Xuefeng also thinks about creating a new world monetary system in Lifechanyuan.

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    Default Re: Design goals for a new world monetary system: Privacy respecting crypto and non-confiscatory lending

    Quote Posted by ThePythonicCow (here)
    Any currency, be it coins, fiat paper bills, seashells, cigarettes, or cryptocurrencies, should have some convenient properties:
    • ...
    • Divisible units - to handle a wide range of transaction sizes with a small number of units.
    • ...
    Divisible units, such as in powers of ten, 1 Satoshi, 10 Satoshi, 100 Satoshi, ..., also enable hiding large transactions as multiple modest sized transactions, each sent to a different address, where only the intended recipient knows the secret key needed to access the received amounts. This would turn the entire blockchain into a series of transactions involving 1 to 9 counts of a particular sized unit, each transaction going to an address never seen before or since.

    Imagine that any user of the system could set, in their wallet, the largest size unit they were willing to receive, in order to provide the level of confidentiality for which they were willing to pay some small transaction fee involved.

    For example, if I were to send or receive a million $US worth of this cryptocurrency, but wanted to hide in the small one hundred $US or smaller transactions, I would end up sending or receiving 1,000,000/100 == 10,000 transactions to handle that million $US, for a modestly higher aggregate total transaction cost, but with a higher level of untraceable privacy
    .
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