Cryptocurrency Based Basic Income Program Started In Finland

jovius writes: Krypto Fin ry, the association behind Fimkrypto cryptocurrency (FIMK), has started to provide each registered Finnish citizen a payment of 1000 FIMK per month in December. 1000 FIMK equals few dimes at the moment, and a bit over 100 people have registered so far. (The registration is free.)

FIMK is based on NXT 2nd generation crypto system; the add-ons and development making it into 2.5G. The roadmap includes payment cards and other technology to enable easier exchange between fiat currencies — FIMK, Bitcoins and others. Krypto Fin ry received 533 BTC in initial donations last Summer. FIMK can be traded for example on DGEX, and it's also a valid payment method in few stores in Finland.

Comments

Tell that to Alaskans who get BI of US$1000+/year

[Paul Fernhout]

http://en.wikipedia.org/wiki/A...

Also, tell that to senior citizens in the USA who almost all get a what is essentially a basic income from Social Security. Most seniors have *not* paid full value into that relative to what they expect to get out of it, so it is not like a retirement investment plan (even if people pay a tax that goes towards it when they work for wages). Social Security in the USA is essentially an income redistribution system, originally based on ten young workers to one elderly person (original recipients had not paid into the system) and now at about three young workers per elderly person. Personally, I feel it is unfair that the elderly in the USA get Medicare and Social Security when everyone else does not and these days reflects age discrimination backed by the political power of the elderly in the USA. Many young parents, for example, have a very hard lot, often caught between caring for their young children and their own elderly parents, while also needing to hold down a full-time job with increasingly worse benefits. A basic income would make it possible for more young parents to spend more time with their own young children while also caring for their own parents. I feel the resolution to the age discrimination issue there is to make the two programs of Medicare and Social Security available to every US citizen without discrimination based on age. We can then talk about eventually expanding those programs to all residents, legal or not, and then looking at doing it globally.

Arguments for a basic income include that, because governments have privatized almost all land, citizens have some right to the fruits of the land. Also, citizens have a claim to some of the fruits of the common inheritance of ideas and so on.
http://en.wikipedia.org/wiki/S...
http://www.basicincome.org/bie...
http://www.usbig.net/
http://www.livableincome.org/

See also my essay: http://www.pdfernhout.net/basi...
"One may ask, why should millionaires support a basic income as depicted in Marshall Brain's Australia Project fictional example in "Manna", but, say, right now in the USA, of US$2000 a month per person (with some deducted for universal health insurance), or $24K per year? With about 300 million residents in the USA, this would require about seven trillion US dollars a year, or half the current US GDP. Surely such a proposal would be a disaster for millionaires in terms of crushing taxes? Or would it? ..."

Anyway, even while I'm not especially a fan of crypto currencies (good currencies need to be backed by a social constitution controlling their production IMHO), I applaud the experiment in this direction.