In theory, won’t the new cloud mining basically be UBI if mass adopted? This post is not meant to be political. It’s just to explore the idea.
Sort of, but not really. Its universal thats for sure, just get a smartphone and have the ETN app. But the amount you get is not enough to ‘survive’ per se. Maybe in some areas but it wouldnt be enough to live.
I see what you’re saying and agree but I didn’t think UBI was necessarily going to be money to live off of. Insread it would be money everyone can get if they sign up that will help them one way or another. A basic income although veeeery basic. Either way it’s quite intriguing…
It is and some people strongly disagree with a universal basic income. It’s a small one but see how it bypassed all the politicians and people that disagreed with a UBI and just did it anyways? I like that. Then what happens when there are a hundred projects all with a small UBI?
And there will be some that will see crypto as trying to replace the US dollar as the world’s reserve currency if 5% of the global stocks and bonds market diversifies to crypto and the crypto market cap 30X’s.
Not even close. That would be like saying a fast food chain with the largest market share is running a food subsidy program, because they issue coupons.
Here is what wikipedia says about it. It is in line with what I am saying. It’s not the ideal UBI but partial UBI indeed:
" A basic income , also called basic income guarantee , universal basic income ( UBI ), basic living stipend ( BLS ), or universal demogrant , is a type of program in which citizens (or permanent residents) of a country, or any other region, may receive a regular sum of money from a source such as the government. A pure or unconditional basic income has no means test, but unlike Social Security in the United States it is distributed automatically to all citizens without a requirement to notify changes in the citizen’s financial status. Basic income can be implemented nationally, regionally or locally.
An unconditional income that is sufficient to meet a person’s basic needs (at or above the poverty line), is called full basic income, while if it is less than that amount, it is called partial . A related welfare system is negative income tax, in which the government stipend is gradually reduced with higher labor income. Some welfare systems are related to basic income but have certain conditions. As these are not universal, they are more often referred to as guaranteed minimum income systems. For example, Bolsa Família in Brazil is restricted to poor families and the children are obligated to attend school."
A small similarity in concept but it’s not going to go indefinitely just until the air drop is done and the amount is just enough to introduce crypto where UBI is enough to actually genuinely contribute to supporting people living.
That all said I am a huge supporter of UBI in general and the places that have tested it have done phenomenally well. It spurred an economic boom. Happiness and well being sky rocketed, people started new businesses etc, it’s a good thing. Many assumed it’d cause laziness and it’s done the exact opposite and in fact it’s predicted if implemented here in the U.S. for example it could generate an additional 2.5 trillion. The successful ones are ones that implemented it properly, some places implemented various forms of UBI that didn’t do as well.
I know this isn’t a crypto specific response, but still very interesting. I’ve been reading a lot about UBI for quite a long time.
Yes. In the US it may not be much but elsewhere I guess it would be seen as a lot more. I can almost see some towns/cities nations decoupling ETNs price from USD/EUR/ETC and saying for example: “I am willing to accept 2 ETN for a pound of rice.” In other words, ETN holding it’s own value. It’s hard to imagine but I can almost see it. Haha
Pls what’s UBI? I don’t know…
A basic income, also called basic income guarantee, universal basic income, basic living stipend or universal demogrant, is a type of program in which citizens of a country may receive a regular sum of money from the government. A pure or unconditional basic income has no means test, much like Social Security in the United States. Basic income can be implemented nationally, regionally or locally.
Oh poor me, thanks for the explanation
You’re most welcome Emmanuel