r/BasicIncome • u/2noame Scott Santens • 2d ago

Study Impact of a Blockchain-based Universal Basic Income Pilot: The case of Circles UBI currency

https://arxiv.org/abs/2504.02714v1
27 Upvotes

88% Upvoted

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7

u/Caliburn0 2d ago

Blockchain currencies aren't money. Real fiat currencies are backed by a government's monopoly of force within its borders. Meaning if you don't pay your taxes you're punished. Real resources, like gold, can be used for real things in the real world, but crypto currencies are backed by nothing and no one, and as such holds no true value. They're backed only by belief. Which I suppose all currencies are ultimately based on, but so are laws and power. As long as nation states exist fiat currencies can exist.

But crypto isn't backed by force. It's not backed by anything but naked belief. You might as well pay people in Pokemon cards or art. Their value is equally arbitrary.

UBI needs to be paid from the government that backs the currency to its people. Nothing else is sustainable.

Tax the wealthy. Pay it out in UBI.

Or I suppose you could take on the role of Robin Hood. Steal from the rich to give to the poor, but that's illegal. Only the government is allowed to steal stuff. :p

3

u/JEFFinSoCal 1d ago

I like to compare blockchain currencies to the beanie baby craze of the 90’s. People were actually collecting them as an INVESTMENT, which is totally nuts.

Same thing happened in the 17th century with tulip bulbs.

https://en.wikipedia.org/wiki/Tulip_mania

People, especially acting in aggregate, are not rational.

2

u/Caliburn0 1d ago

They're rational in a very specific way. They pick a tribe and stick to that tribe, even if the tribe's belief is completely bananas. Religion is just believing in magic. Heck, even believing in money is, ultimately, believing in something that doesn't exist. Or only exists because we think it does.

1

u/Atyzzze 1d ago

Tax the wealthy. Pay it out in UBI.

Or just further inflate the currency. Same effect. It's a tax on whoever is hoarding the currency the most. And instead of channeling that money to financial institutions (QE) distribute it evenly amongst all people equally. Even to the rich yes. It'll be a net loss for them anyway. That's the tax.

1

u/Caliburn0 1d ago

Inflate the currency? What do you mean by that? I'm fairly sure it's deflation we want. Making money more valuable. Wealth tax and UBI isn't deflationary, but it achieves the same thing - giving the working class more wealth, and the owner class less.

Giving out an UBI is not inherently inflationary. Inflation happens because companies increase their prices. Which they do as much as possible whenever they think it will be good for their bottom line.

If the company has competition then they won't increase prices just because people have more money to buy shit with. If they did they'd lose too many customers. Monopolies would definitely increase their prices though.