Apache Group,

For several years now I've been trying to think of a way that that tech savvy freedom-loving people could free the world from the global economic quagmire we've created for ourselves. I think I'm finally on the cusp of a cogent vision for implementing a universal virtual currency. What if there was a prepaid debit card that simultaneously served as a credit card? The revolutionary part: the people carrying positive balances would continuously be collecting all of the interest paid by the people with negative balances. I'm calling it the "Global Credit Union". It has limitless growth potential and could be started up for the cost of a small server farm and some plastic magnetic-strip cards. People would just walk into a drug store or where ever and swipe any magnetic-strip card that can identify them then they'd swipe their new Global Credit Union card, at which point they could begin depositing money at participating ATM's that they would start collecting interest on immediately at a beyond-competitive rate, or they could spend up to their credit limit and walk out no questions asked. The initial limit would be an amount that could be shrugged off if it were never recouped. Start everyone out with like a five dollar limit. The information they provide you by knowing what they bought is probably worth more than that anyway. So, someone could walk in a store with no money, swipe an ID and walk out with a small purchase and a new credit/debit card. Better yet create an incentive to tie the account to an existing phone number so you could pass the trouble of billing people off to the phone companies. People who use the card responsibly could watch their limit increase via regular text messages and those who don't would have to at least pay the interest or risk getting their phones disconnected or something similar. I would like to see "idealized limits" and "interest and fee caps" so everyone would always have a reasonable chance of getting into the black. I'm one to believe that real profit is found in the greatest all-round involvement. Intuitively, I want to say that the right set of machine learning algorithms could guarantee profitability and maximize user participation. One of the most interesting parts of this idea was sort of an after thought. It would be meaningless to sell stock in such a company. If you wanted to invest in the company you'd simply deposit money on your card. Another unique feature of this new type of card is that the account doesn't actually contain any existing national currency. It contains a universal virtual currency that doesn't physically exist anywhere. Exchange rates would be applied at the time of purchase. No existing financial institution could compete with this model (IMF included) because it eliminates practically all overhead. It effectively makes the card holder his or her own financial institution. It will also help eliminate the social ills brought about by wealth hoarding because saving and extending credit to others becomes a single act.

Please Forward, https://docs.google.com/document/d/186FSCGVw1Moj9qffWPg1fejgfL8oQVDRaCkjIuxvBOU/edit


  • No labels