Is somebody already try to give some value to the UD money.
I mean what will it be possible to buy in our world ?
Can we think to start to create exchange giving price to an item ?
What will be the price of a 140 m² house ?
What will be the price of a MDI air power car ?
What will be the price of one hour of mathematics lesson ?
Is this interesting to investigate deeper in the process of studying free money ?
I am very new within this concept and still do not finish to read the TRM of Stephane L.
Hi Gas,
I guess the answer is: “the price/value that people will give 1 UD”. Look at Bitcoin. At the beginning, it was worth nothing. Right now 1 single Bitcoin is more than 700$. Could be 10.000$ tomorrow… or 10 cents. And by definition (if all goes well! ), there will be many different free moneys expressed in UD, each with their own value. Just like national currencies today. So the price of 1 UD can have quite a very wide range. But if you wanted to speculate a little, probably 1 UD would reach the point where it would have the average value of the “annual minimal wage” today. Except that you have to take into account that the richness would be spread much more evenly across the world, so you would have to make a lot of speculation on a better equilibrium in the world between the richest and the poorest to get the final average. But again, this would be very high speculation, especially as nobody can foresee how people will deal with a currency that loses value over time, thus they would probably not hoard it much and use it mostly for exchanges - and maybe use some other means to hoard value, but again that is speculation. So the answer is definitely not straightforward - and always very highly speculative.
I am still at the very beginning of the TRM of Stephane L. I am reading, but I am too often on the web…
But why not to start to create right now a free money for real with specific rule for the WOT ?
I will be happy to belong to this.
We need to start one day, therefore why not today ?
Everything seems to be set. Am I wrong ? Let’s do it.
We are currently working on cleaning the core code (I invite every JS developper to come and contribute to this work by the way ) and also finding the best parameters for the WoT. Once we got it, I think we will be ready to start a real currency.
Ok I have read it.
But I still have the same question.
For exemple I do not know you, you don’t know me.
Moreover, at date I am not in France.
How are you going to validate me once I will have create my numeric identity ?
In the test for DUNITER i do deliver certification of identity. But based on what ???
I did it just to manipulate the soft and to understand the way it works. It : is the software and not the reason that authorise me to certify.
So I still do not have a clear idea about how I will be able to certify !!!
Because it is my friend, I know him physically ?, my wife, my brother ?
Hope I am clear enough for you to push forward my query.
The criteria to certify have to be defined by the community using the particular coin you’re certifying for. Some communities might decide that you have to know that person physically to certify them. Which I guess will be one of the main requirements for local currencies. You can then certify family members, the neighbour, the butcher, etc. But if we could imagine a currency spanning across bigger territories, the requirements could be different (like having a video call with the person, them providing an ID of some sort or whatever the community comes up with). I don’t think there is a “solid” definition of certification criteria in the general sense. Again the goal is “to try to ensure as strongly as possible that one physical person has one and only one account”. But the criteria for that must be defined by the community also based on what is at stake.
I have done my conference for the third time this year.
The question about how to fix price came each time.
The answer is that in every new money, the first price established in the first transaction is completely arbitrary, and this is normal.
All the subsequent transactions will automatically adjust the price of things, in space and in time, and may be, long time later, the first price of the first value will be a source of laugh. But it doesn’t matter.
To give a concrete (and famous) example of a recent money experiment, here is the history of Bitcoin: https://en.bitcoin.it/wiki/Category:History
2009: $1 = 1,309.03 BTC (1 BTC = 0.00076$)
2010 may: pizza $25 = 10000 BTC (1 BTC = 0.0025$)
2010 oct: $600-650 = 10000 BTC (1 BTC = 0.06$)
2010 nov: MTGox 1 BTC = 0.25$
2011 feb: 1 BTC = 1$
2013 april: 1 BTC = 100$
2013 dec: 1 BTC = 1000+$
2015 jan: 1 BTC = 275$
now: 1 BTC = 750$
The same thing may happen to any UD of any free currency that is created.
And remember that any “currency” that is indexed on any other “value” (such as parity with euro or dollar or any commodity) is NOT a real currency by itself, it’s just a “token” of the currency it is paired to and therefore not free nor independent.
), there will be many different free moneys expressed in UD, each with their own value. Just like national currencies today. So the price of 1 UD can have quite a very wide range. But if you wanted to speculate a little, probably 1 UD would reach the point where it would have the average value of the “annual minimal wage” today. Except that you have to take into account that the richness would be spread much more evenly across the world, so you would have to make a lot of speculation on a better equilibrium in the world between the richest and the poorest to get the final average. But again, this would be very high speculation, especially as nobody can foresee how people will deal with a currency that loses value over time, thus they would probably not hoard it much and use it mostly for exchanges - and maybe use some other means to hoard value, but again that is speculation. So the answer is definitely not straightforward - and always very highly speculative.
) and also finding the best parameters for the WoT. Once we got it, I think we will be ready to start a real currency.