JITLA GOLD
The Electoral College vote is normally a little more than a ceremonial event that makes the results of the election official, until it really counts as in the Trump election. In terms of an unpermissioned distributed ledger voting such as what happened to Ethereum the rule of the day becomes unruly and expensive. A straight democracy has many of the same problems as an unpermissioned distributed ledger.
The Founders of the United States were ahead of their day, they had the same problem as do DAO structured unpermissioned blockchains do today. A straight democracy has proven over and over it is to unruly to fully operate in real time. The answer for us today might be a republic like DAO with checks and balances.
Central banks that print fiat money are antiquated and unconstitutional. The Founders warned against the dangers of central banks, and previous presidents have tried to get rid of them. One such president was Andrew Jackson.
Andrew Jackson, President, 1829-1836, was a foe of central banking. He believed in sound money. A lot of folks don’t know that Andrew Jackson actually forced buyers and customers of the federal government to use gold and silver rather than paper money. He did that by executive order, and it caused a lot of concern among bankers because they had to come up with gold instead of paper. He was a foe of central banks for the same reason that people today are against central banks, he saw the dangers of printing money that was not backed by sound money, by gold and silver.”
If an unpermissioned blockchain were developed that combined the old with the new, that is a physical gold backed blockchain might change everything.
Lets say the above map represents miners that have a stake in the blockchain development. This is a country wide map that could be duplicated and linked worldwide. The cost of entry is possession of a server and certified vault that has a build in fail safe system that independently verifies by weight and content authenticity gold and does it 24/7 and in such a way as it is in full compliance and balance with the total outstanding issue of digital coin worldwide.
Gold becomes the cost of entry and the ever present theory of limitation. Each miner could mine digital gold by inexpensive means as opposed to the centralization caused by the complexity of Satoshi’s work simply to create limitation. The finished product would be admitted to the blockchain and carry a value many times that of the physical gold it represents. The miner would be rewarded with a fraction of the total value for each chain accepted into the network.
The miners business would become a hub for a new kind of business distribution through their coin manufacturing facility, consisting of buying and processing gold to meet a standard, the storage and the representative voting for their manufactured blocks by control of an in house server(s). Anyone and anywhere could be a miner hence unpermissioned. It would be competitive between voting groups as to the direction of the DAO as a whole, driven by price and services offered. At the same time it would prove once again a republic out shines the overly politicalized issues and problems of a straight democracy.
Of course central banks today have power issues as do countries and lean toward permissioned blockchains. Each having to do with controlling populations under the umbrella of money laundering, illegal activity and home land defense from terrorist. These parties could join the system as a competitive participant miners. The answer to the power issues is simple, when funds move into a jurisdiction, the participants comply with disclosure rules built into the system i.e. smart contracting rules apply.
Why would end users of the gold backed coin want to hold such a digital coin rather then cash in a bank? The answer is freedom from inflation and deflation caused by unscrupulous banks and governments. That offers something akin to a personal saving account that is out of the reach and control of banks and in the physical control of the holder themselves. That give the holder privacy and freedom to spend it any way they want.
How could such a gold backed coin be 3 times the price of gold in the market place to begin with? Brings the investment side of logical thinking to play. Market makers use something like comparative market analysis. Its really stupid actually. how can a financial reward be captured with an investment that returns capital 30 or 40 years later? Wall street uses it to jack the price called “value” and as a result stock prices rise to stupid levels then drop like a rock back to the real world of “return on investment.” Everyone knows it and therefore it is nothing more then gambling.
A well known formula business people use to buy real businesses that are personally managed is 3 times the earnings.
A new component could be added to each coin a pro-rata share in the overall earnings from sales issue and computational energy used. The allocation or split would be governed according to immutable rules written into the coin itself.
How would a coin show earnings to begin with?
It would combine the oil that drives humans to find each other and their products to buy and sell and services as a layer in the immutable rules of each coin. What is this oil you might ask? The answer is advertising. This coin would pay users again under immutable rules for their time to follow a strangers request to view their offering or the time they take out of their lives to come to a physical location to see an offering. I.e. pay computers surfers for their time when you ask them to do something. Like stop by a website or look at an ad picture. And when asked to stop by a physical location pay for a travelers time in motion doing what they are asked to do.
Based on common sense, miners of all kinds anywhere could join the network as a business operator producing a valuable product (gold backed digital coin) that would be sold into the market at a fair profit that in turn produces revenues from the sales that are split with the coin holders. Its viral by nature. Is 3 times earnings a fair return to the coin holder? History has proven over and over it is!