Dirvine, fergish and dallyshalla thanks for your comments and guidance.
Exchanges
I share your objections to exchanges however I do believe each person and each corporation is sovereign, and thus has an inalienable right to trade in lawful commodities, goods and services, and to communicate free of government intervention.
Attainment of rapid critical mass
In order to gain essential rapid critical mass with minimal risk I believe that it is essential for interdependent facilities for commerce, currency and communication be established upon the MaidSafe network. The commerce function should provide the means to buy and sell all manner of commodities, goods and services offered by account-holding participants. I seem to remember that there are three sections to the MaidSafe p2p facility i) personal, ii) shared and iii) public. Obviously anyone wishing to sell something will list it or ensure it is accessible in sections ii) and/or iii). As to the best searching/spidering/caching technique I’ll leave that for the techo’s to determine.
A stable global elastic non-political currency
My view is that we need to establish an incorruptible, non-political, global, elastic, common currency that performs all the necessary functions of money, i. e. a medium of exchange, a store of value and a unit of account that can also act as a reserve currency without the modern-day version of Triffin dilemma for trade in all lawful commodities, goods and services for everyone irrespective as to their nationality, religion, race or political outlook and whether or not they possess money. A mobile phone with Wi-Fi should be sufficient qualification. The currency unit should be a ‘negotiable trade credit’ (NTC) or ‘SafeCoin’ if you like. To establish a starting point for its indicative value it should be algorithmically paired with an existing fiat currency, say the US dollar and 99.999% allocated gold bullion (gold); thereafter its value should float as established by the actual daily trades in ‘real’ commodities, goods and services. Note! Currency valuation for each trade is a subjective decision that is guided by a myriad of issues in the minds of each individual buyer and seller and not that set as a guide. All currency belongs to the community and adjusts dynamically.
Money as an arithmetical accounting system
Now let’s remove the bank-created mystique surrounding money and think of it as an arithmetical accounting system of debits and credits. The process starts with buyers (consumers) who are the creators of currency when they conclude a purchase with sellers. The buyers’ account is debited and the sellers’ account is credited. In accordance with the rules for participation buyers need to bring their current accounts back to zero within a pre-determined time by selling into the market an equal value of wares; sellers need to do likewise by buying from the market an equal value of wares, or there-a-bouts. The commodities, goods and services traded in this fashion can include not only computing storage, bandwidth, and usage but all manner of such items used for consumption, food, fuel, industrial feed-stock and stock in trade etc. These are all items that would be recorded in the ‘current account’ ledger. Effectively the whole community is underwriting the good health of the currency and as every participant enjoys an interest-free credit for the predetermined period equivalent to their rate of stock turn, it is not unreasonable to expect all buyer and seller participants to prove their identities at inception and to authenticate each transaction. A rigorous KYC protocol would keep the regulators at bay.
Maintaining a vibrant elastic current account
Current account balances that have surplus balances and those who are delinquent in clearing their balances within their respective pre-determined times are recorded in two ways: one for current account surplus as retained liquidity for reserves and contingencies and the other is for current account deficits which require restructuring or management which is provided as a paid service by those within the community.
A stable currency holding its value over the long term
Investments denominated in NTC or SafeCoin and/or in gold for self-managed or industry superannuation, privately owned infrastructure, buildings plant machinery and equipment, purchase of capital items of higher value can be managed as a crowd sale/purchase from the market place would all be recorded in the capital account of the ledger.
A common unit of account
Now for the first time in history it will be possible for a common global standard to be created in accounting and for evaluating the true worth of a unit of account.
How the elastic currency comes into existence and is redeemed
I propose that there are only two ways in which the NTC can be created and one by which it is capable of redemption. i) buy buying and selling commodities goods and services within the community; ii) by issue of NTCs by TelelinkGlobal in exchange for gold which is held in trust for the community. NTCs issued by i) and ii) rank pari passu. This process is facilitated smoothly by existing community members with surplus fiat currency purchasing gold from a licensed mint/gold dealer community member and then assigning ownership of the gold to TelelinkGlobal upon issue of the NTC equivalent value. Note! It is the members of the community who collectively ‘back the currency’, not the gold held in trust for the community members. The gold is a reserve and assists to stabilise the currency value.
Exchangeability within the community
Community members can exchange fiat and the new currency (NTC, SafeCoin and other alt coin) between themselves provided all transactions are recorded in the ledger.
Real time settlement for fiat transactions
Community members can use the TelelinkGlobal facility to accept fiat in payment for commodities, goods and services and upon settlement TelelinkGlobal settles in real time between the buyer’s and seller’s banks, thus avoiding regulatory requirements.
By-passing the corrupters of the international financial system
Banks, Central Banks, Scheme cards Visa/MasterCard etc are all superseded. The practice of market making, and trading in derivatives, options, swaps and all that phoney stuff associated with gambling, wagering and corrupting values of currencies, financial instruments, commodities and services are not permitted. However I do believe each person and each corporation is sovereign, and thus has an inalienable right to trade commodities, goods and services and to communicate free of government intervention.
Facilitating real-time settlement in fiat
Community members can use the TelelinkGlobal facility to accept fiat in payment for commodities, goods and services and upon settlement TelelinkGlobal settles in real time between the buyer’s and seller’s banks, thus avoiding regulatory requirements.
