Comments by "Juzu Juzu" (@juzujuzu4555) on "GPUs When?" video.
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@godfather7339 In theory you can control that only one account is created by having DNA, iris scan, fingerprint scan to create that account.
And there are other theoretical ways too. But this is the whole problem, if you could have 100% certainty that there's only one money creation account per adult, then you could have automatic money creation based on how much the currency is flowing.
Thus if there's too little flow, it means it's depression and more money is needed to get the economy going, and if there's too much flow, then suppress creation of money. Thus this system would keep the economy in balance constantly, and block all attempts to restrict the economy as that would inflate the value of the money rich own.
Also this would make the economy really predictable, which would be great for peace and for happiness.
There might be some ways to identify a person so that the same person cannot create another account, and that there's no other ways of creating the account. These money creation accounts could be only available only for certain period of time. So you would have to create new account like once per 1-3 years. So in the chance that you could hack yourself account somehow that it wouldn't be profitable for long time.
It would need to be insanely secure system, but the core components wouldn't be that massive, so perfect security audit would be possible.
Lets hope this will happen some day. As this could raise from the grassroots upwards. People would join as they think it's free money. And once there's people buying these credits from others with real money, in the hopes of getting lots of valuable cryptos for free, then eventually there would be simple ways for businesses to participate. As this system would be nearly free for all, only having tiny cost that prevents transferring money back and forth and thus damaging the system.
Also money would be created only for those that would have participated in the P2P network that handles the whole currency. Thus making sure there's tons of capacity always available and thus really low latency.
From common users, to small businesses, to higher businesses, this could raise up and become popular enough that people would want this to become the new official currency. As pretty much everyone except the 0.1% would benefit.
Sorry about this novel. I have been thinking about this for half a decade, hoping that someone would miraculously figure out the verification problem.
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