60 sats \ 9 replies \ @cleaningup12 25 Jan \ on: An Idea for Paper QR based Satoshi Cash bitcoin
Years ago when gold coins were first used as currency
The peasants kept having their gold stolen by burglars
So they asked the nobles (who had safes) to store their coins in return for a promissory note
The nobles noticed the peasants were trading the notes instead of redeeming their coins
For the next few years till the peasants understand the complexities or simplicities of self custody and start using that
At that point in time the peasants can convert to self custody
the peasants are not denied of their opportunity to carry satoshi with them because of lack of awareness of how to use technology systems
eventually schools can teach the peasants and their kids on how to convert their paper QR satoshi to self custody satoshi as and when they want it to be done.
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yes - here the issuer NOBLE of the QR paper should ensure the return at any point in time - at any point in time the NOBLE's custody of the satoshi within the QR paper can be verified
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Noble gets to have 2% on issue which he can utilise
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Every 3 years the Issue is to be rotated
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The peasants can redeem 100 Satoshi from the noble at any point in time
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Shouldn't we be getting away from using paper?
Still utilise your idea but with smartphone qr codes?
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- A Large part of the population across the world in the underdeveloped area have to come into the system before satoshis become too costly for those population
- The more late they are to come into the system the larger will become the disparity between the Noble and the peasant
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The counter may be said for the raw materials cost in the future of a smartphone vs writing ✍️ paper which will become less and less seen in homes
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Why do u think NVidia Equity going up?
Electronic components are scarce
Anything that is having scarcity is going up because dollar is becoming the inverse of scarcity
So with the https://bit.ly/dollarhyperinflation - The cost of electronic chip based items may shoot out. Old laptops and mobiles may become too expensive for the peasants
Printing out a paper may be a less costly affair.
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This is true 👍 good point 👉
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So as hyper inflation kicks in the wealth disparity becomes too high
if that happens it will be extremely difficult for lot of people
A person with internet access, mobile phone access who lives in US or Europe may aquire few million satoshis at a smaller rate in the coming few years
Think about people in Africa and other under developed parts of the world who will be left behind for years
They will have to pay a million times more for a satoshi than it is valued today or for the next few years.
This will create a very big wealth disparity
The QR based paper satoshi exchangable with QR based paper SPOT ( most of the population will understand inflation resistant USD better than highly volatile Satoshi for at least the next few years )
Farmers cannot sow in satoshi and harvest to get lesser satoshi after 6 months - Food scarcity will follow in that case
instead they will prefer to sow in Ample SPOT to harvest and make some profit in Ample Spot
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That paper satoshis, isn’t it what coinkite does in a plastic version with the satscard?