Freicoin: a P2P digital currency delivering freedom from usury
Posted: Sun Jan 06, 2013 12:20 pm
This is gonna be a fascinating experiment. Which will win out? Demurrage velocity or fiscal inflation? Freicoins is to cash what Bitcoins is to gold.
Freicoin is an implementation of Bitcoin which loses approximately 5% of its value per year. The destroyed money simply vanishes, being permanently taken out of circulation. However to keep prices stable an equal-valued batch of freshly minted coins is created and distributed to the diligent accountants (the “miners”?) who maintain at their own cost the global ledger of electronic transactions. The economics of mining are such that most of this is spent on the real capital required to secure the network, thus forcing the newly minted coins to flow back into the economy. The subsidized mining incentive drives participation, making it very difficult, both technologically and economically, to manipulate Freicoin as has been done with the legacy systems of money in use today.
http://freico.in/about/
Freicoin is an implementation of Bitcoin which loses approximately 5% of its value per year. The destroyed money simply vanishes, being permanently taken out of circulation. However to keep prices stable an equal-valued batch of freshly minted coins is created and distributed to the diligent accountants (the “miners”?) who maintain at their own cost the global ledger of electronic transactions. The economics of mining are such that most of this is spent on the real capital required to secure the network, thus forcing the newly minted coins to flow back into the economy. The subsidized mining incentive drives participation, making it very difficult, both technologically and economically, to manipulate Freicoin as has been done with the legacy systems of money in use today.
http://freico.in/about/