# The Future of Money

comotion@krutt.org, 2011-05-05

also available at: http://www.kunnskapsallmenning.no/futmon/

Money talks, and is a medium of communication. Money communicates work, worth, trust and energy. Today's centralized fractional banking system creates the currency we all need to aquire the needs and wants of life. Despite playing such a central role in our lives few have even the most abstract notions of the nature, origins and basis of money.

[ Basis of money WAS gold,trade,land,wealth but is today /apparent/, future worth. Interest and inflation incurred due to this forced future worth causes profit optimization, risk-profit shortsightedness, ecological disaster and world economy markedly out of balance with reality.

Currency has some essential properties that must be replicated in any new system, otherwise people will not use the new system.

# Transaction independence / Anonymity:

1. money doesn't care where it came from
2. money doesn't care where it's going

# Transaction universality

3. money talks - as long as price is settled, money can be employed in exchange between two parties.

# External reference

1. An external frame of reference provides relative worth of goods in transaction pricing.

Regardless of what we would like our future to look like there is no question that money must lack any facility for morals for the medium to provide any benefit over the current monetary system. It is therefore important that ]

We propose to redesign the basis of money while keeping the way we think about money the same. This very simple concept may change the incentive basis that currency provides.

People make their own keys that identify them, thier "signatures". Any number of keys can be issuerd and revoked. Any amount of signatures may be issued on a key, and a signature may be updated with a newer key and different trust level.

Trust revokation is essential and /may be public/, but not in dark (safe anonymous) web. Companies will love to join the "open" net as well as access the "dark" web of trust.

Money reset: To employ the new system, start with /trust/. A trust signing is credit with that /person/. Thereafter, signed messages are exchanges of value and worth.

Price is the prisoner's dilemma in the open and closed environment. In the open environ, a revokation may contain a message (think about it, there is no other way), and it may be a revokation of a /public key/ as well as a private key. The message may also /contain/ the key, so you must guard it well. The message is the face value or price incurred, and is transferred from the renderer to the rendee for service rendered.

A public/private signing of a key signifies a debt that any one may settle, in the form of a good or service that may provide for debt - or a current going rate of other currency.

Sum currency with convertion factors is "Just another money" but untracable - how?

For example, let us say I had some killer hens, which gave me a good supply of eggs. To make my lazy son carry them to the store, I have to provide an incentive.
If he goes to the market and drops 'em off at the store, sometimes they will have what we need, and sometimes not. If they do have what we need, the debt is transferrable and we can take what we need in trade.

If they do not have what we need, they need to convey in an unambiguous way, unrevokably, that they have been provided a service - they must issue a certificate that transfers their measure of value relative to some externally verifiable conversion factor.

Something is valued at it's potential to come full circle in terms of transactional analysis.

market |  son
<-- eggs
no goods->
1\sum hills' Co signed

me    | keybank
verify<> Hills' Co signature


The certificates employ existing keyservers as well as private /keybanks/. Keybanks distribute private keys safely and may have periodic revokation and re-keying. Bank issues proportion of "full circle" relative to the bank as well as lists of public keys they sign and revoke optionally with. These are details of an elaborate but open banking system based on the simple principles of I.O.U notes that currency, and banking, started with.

Value <-> good ( ) ( ) Good <-> value

In the new system, what happened with the bank? That bank is /you/, the community, the company, the institutions producing goods and issuing trust at exchange factor with other banks (institutions, companies, you) in terms of full circle with respect to (community, ..) neccessities, needs, wants, plans and potential.

The problem is if you suddenly have an ice breaker :d

The point being, what if you use Sum currency for some evil purpose? That is unfortunate, but currency will not stop you from stealing my hens, or betraying your wife, or building weapons or polluting like crazy. It is merely a tool in putting you in the driver seat, saying I.O.U. and someone else vouching for you. /We/ wil vouch for /you/ as /you/ will wouch for us.

Build on models of logarithmic stability not exponential growth. System may bechaotic and exibit stable states.
\sum = currency = \pi Ø
= time [period]
= work = manpower + horsepower + energy
= energy
Full value = full circle.
Past value = lim \sum -> x tan (\sum) = fraction of your total need = price of good


Bank exchanges your value (sum) for proportion of total community value (delta sum) and together the community forms the currency, the trust in the posted value.

Don't like it? Revoke the currency or devalue it - you have your own final master list by which you can verify the value.

Internet <- me
List
---  > server -> certificate [ date, issuer, asset value, opt: expiry ]


Key escrow: you unlock your key. END TO END VALIDITY POINT TO POINT VALUE EXCHANGE

The central authority is dead, we must be our own authorities!

"Safe anonymity" : community trust provided anonymity

Whitenet 'open' 'closed' Darknet

Money as a media, money as a means. The history of currency: trust-> imperialism (gold) -> trade -> land -> debt -> economy.

government == mafia god, country and family == facism

We need people to do the right things towards each other and the environment, and therefore we need to provide the right incentives.

Cryptocurrency: bitcoin is the right idea won't work because it is not based on real value, just on burning more energy (in terms of computation). We must base our currency on

We can redesign the economy to bring the properties we want to sustain in our society, in a very real and local way:
1. trust: the more trustworthy, the more money
2. food: the more food, the more money. food is a perishable, so it must also be distributed, which leads us to
3. people: every new person is a potential to do infinite wonders. Our new currency needs to reflect that.
4. resources: must be renewable resources: water heat electricity materials logistics

comotion@krutt.org 2011-05-05 Released under the Creative Commons, BY-SA

# References

Northwood - Ther Seaman's Practice - 1637 Newton - Principia Mathematica Philosophia naturalis 1686 The Sky Cavendish McLuhan - Media the Extensions of Man McLuhan - Gutenberg Galaxy 2012- transit of Mercury cross the Sun The art of being an egoist.