Newbie question: How exactly will uCoins be earned?

Correct me if I’m wrong, but from reading the FAQ I get the idea that the uCoins will be mined and then divided down to anyone who has a wallet?

Does that mean that an early adaptor would get more than a later one, although the latter would still have something nice (Basic Income) and that miners get just as big a piece of the pie as everyone else even when they have bigger mining rigs?

No, ucoin are earned following the Relative Money Theory.

This means :

  • Each user should earn the same part of the monetary base in space and
    time.
  • Present users will all get the same part of the monetary base
    when Universal Dividend is created.
  • Not born yet users will also get an equal part of the total monetary base when future Universal Dividend will be created.

That’s for the first explanations, for details, other people will explain far better than me :slight_smile:

That confuses me only more.

  • Does that mean that later adopters will be filthy rich to start off with? I mean if I get 20,000 uCions a year and a new user pops up after 50 years, that user will then be a instant uCoin millionaire? So having babies pays?
  • I’m assuming running ucoind in the background means that I’m doing the same thing as Bitcoin users who mine. What is the incentive for people to run a node if it doesn’t give you anything extra?

No, this means everytime the monetary mass has to expand, the expansion is shared between all existing users.

The monetary mass expands at a speed depending of standard human lifetime (80 years). This way, not yet born users, current users and dead users will all receive a relative equal share of the monetary mass during their life. Monetary growth is c and lifetime esperancy is “ev” :

Did you read the theorical description ?
http://ucoin.io/theoretical/

About the incentive to run node, we don’t think running nodes need incentives for a network to work. We will try to make ucoin work without needing incentives, but we will see how it goes…

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Inso explained it right.

It’s not “having babies pays”, it’s : all men have equal mutual credit in space and time. It does not depend on when you born, generations gave same % mutual credit (M/N = 1/c DU always, you can so count in the relative units DU).

The “incentive” to run a node is to control the money. What is the incentive to run bittorrent nodes ? What is the incentive to run internet nodes ? If you don’t need a freedom money with equal relative credit for humen, then you don’t need to join, and you don’t need to run a node.

If humen don’t want a freedom money system, then they won’t have one. This is sure, of course. But if they want it, they can. Yes they can.

The monetary mass expands at a speed depending of standard human lifetime (80 years). This way, not yet born users, current users and dead users will all receive a relative equal share of the monetary mass during their life. Monetary growth is c and lifetime esperancy is “ev” :
C = ln(ev/2) / (ev/2)
Did you read the theorical description ?

I read the theoretical description and the important parts are in French, which I can only read a few words of. But I’ll try and read it. The formulas aren’t making it clearer for me so far. I assume that lifetime esperancy stands for life expectancy, so that would suggest that the growth of the monetary growth of uCoin is faster when older people are expected to get and when more people are members of uCoin.

Yes you are right. But this is because its the only way for money issuance to be neutral. If you don’t follow this formula, individuals from generation 1 will be privileged on their children, generation 2. This is what was mathematicaly proven bu the Relative Money Theory.

I’m trying to simplify it, that’s not easy, do not hesitate to ask more questions.

Well what happens if the life expectancy goes up to 600 to infinite in just twenty years due to for example amazing successes in bioprinting?

Why would you need money, then? If you are immortal, are you urged to make exchanges?

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Yes! I’d still need money for food, a roof above my head, hospital money etc.
Having the option to repair my body towards immortality does not mean that I automatically have the money to pay for food and shelter.

You can do the computes by yourself : the limit of ln(ev/2)/(ev/2) when ev approaches infinity is 0.

I never thought I would ever say this, but… I guess eternal youth does have it’s downsides. :smile:

So if you get past the age of 79 you get nothing?
I assume everyone’s ev will be set at: 80 - "their age"

No !

ev is just a number, it’s general life esperancy in a community.

You’ll receive your dividend as long as you live on this planet.

Yes you’ll get more if you live longer, but that’s a really small problem. If we wanted to give the exact same share of money to individuals, we’d need to know in advance how much each of them will live, which is not possible. We cannot foresee the future. :wink: