“Părinții care strâng monede virtuale pentru zestrea copiilor”

Sursa aici in Radio Europa Libera Romania: “Crypto-alocația. Părinții care strâng monede virtuale pentru zestrea copiilor“.

În domeniul criptomonedelor, persoanele care le păstrează mai multă vreme de numesc „hodleri”.

E ironic că termenul “HODL” pe care l-a spus caracterul Hodor din serialul “Game of Thrones” e o cheie care îi prevestește moartea. Și a murit dureros. La finalul serialului, există o ușă care le protejează pe personaje care reprezintă “status quo”-ul împotriva zombii de gheață și pe care Hodor trebie să o țînă închisă că să le protejeze. Îl vedem că spune “Hodl” (“hold the door! hodadoor! hodl!”) până zombii de gheață l-au ucis. Nu vreau s-o lungesc… Nu vrei să rămâi la urmă.

Ideea de cryptomonedă e simplă și strategia să investești e la fel că cea cu care investești la bursă. O să cumperi cryptomoneda astăzi, și mâine trebuie să găsești o persoană să îi vinzi la fel cryptomoneda la preț dublu . Dar, pentru că cryptomoneda e monedă, nu trebuie să folosești cryptomoneda. Ai 50 de lei în pantalonii tăi? O să le propui vecinilor tăi că le vinzi 50 de lei la prețul de 100 de lei, și mâine ei pot să vândâ 50 de lei la prețul de 200 de lei. În acest caz, toți o să beneficieze.

Dacă ce îți spun sună că o schemă piramidală, trebuie să îți amintești că piramida e structura cea mai solidâ pe care omenirea a făcut-o.

Why cryptocoins have not been adopted by the marketplace

Crypto coins are functionally the same as equities in that they have a constrained supply, reward early participants, are used mainly to raise capital in the form of an external currency, with the exception that in comparison to owning equity, owning coins represents no proportionate value of any underlying value in particular.

Because their money supplies are constrained, volatility relative to other currencies, in addition to transaction fees and major security and privacy flaws, make them worthless to transact with. You wouldn’t buy pizza if it takes you 5% in fees, 4 hours for the transaction to process, and your wallet value might increase or decrease 50% in that time it takes to process the transaction.

Transaction fees, transaction times, energy expenses, and locked wallets are technical challenges that can be overcome. But the money supply issue is at the heart of why cryptocoins can’t be a transactable currency. A fixed, inelastic money supply cripples the ability for ordinary, non investing participants in an economy to acquire and use it. Bitcoin neither represents any underlying wealth, nor makes it possible for people in a marketplace to transact with it.

CHANCES: Whitepaper on digital money optimized for transacting and universal adoption

Abstract: To the question, “what features would make for an ideal, highly transactable, universally adopted digital currency?” we explore major limitations with existing cryptocurrencies and propose a digital money called CHANCES.

What is the ideal currency?

The ideal currency would have stable prices, an elastic and predictable money supply, no transaction costs, and be widely obtainable by participants in any economy. We consider the relationships between wealth, assets, and money, and propose CHANCES as a better currency than traditional fiat and cryptos, and we take full advantage of an all digital currency.


… pegs the money supply to the total number of verified participants.

… gives 1.000.000 (one-million) c$ to every new verified participant

… allows one and only one authentic registration (participants cannot sign up more than once)

… continuously replenishes verified accounts below 1.000.000 c$ (without inflating money supply, at up to 10.000 c$ monthly)

… slowly draws money from accounts over 1.000.000 c$ (at a rate of less than 1% per month)

… has no transaction fees, no miners, can reverse fraudulent transactions, and insure deposits.


Money is in all ways relative. It is not wealth, in and of itself, so what is it?

CHANCES supposes that in modern, western economies, which are roughly 2/3rds service based, money mainly represents economic potential, such as the ability to command someone’s attention to perform labor or a service or to create something to be consumed. CHANCES explicitly draws on this connection by supposing that 1.) the money supply represents the total economic potential of all participants in an economy, 2.) that a unit of money represents some portion of potential thereof, and 3.) since the economic value is different between each participant, the function of the marketplace is to continuously discover these relative values and adjust money flows (income and prices) proportionately. For example, a doctor might be paid more than a car mechanic, which is what the marketplace participants are free to discover.

CHANCES looks at money as economic potential, and considers that it must be replenished continuously through the economy and that high participation optimizes choice and competition in a marketplace.

We suppose that the initial allotment of 1.000.000 c$ is approximately 8.5 years of average potential economic value of any random individual. Initial allotments help produce new capital pools to be used in organized endeavors within the economy and can be used to expand money supply through lending and borrowing.

10.000 c$ is distributed to all identity-verified accounts monthly to replenish participation capability in the economy, and proves each verified participant credit worthy. This distribution is funded by simultaneously drawing 1% monthly from all account balances. This has the following effect on verified account balances:

Starting balanceMonthly change
0+ 10.000 c$
500.000+ 5.000 c$
1.000.000no change
1.500.000– 5.000 c$
2.000.000– 10.000 c$

Unverified and anonymous accounts may exist, however, they are not given an initial allotment and do not receive any monthly benefit. Additionally, they are still subject to the 1% universal draw-down and they do not affect the base money supply.

Money supply

Pegging money supply to number of verified participants (benefactors) is a novel way to to keep prices stable while encouraging the network to grow. There is no hold and wait incentive that shows up in traditional cryptocurrencies, and there is no late-adopter penalty where people who come in later pay more to enter.

The following shows the relationship between verified participants and the money supply.

AccountsBase Money Supply (in millions)Relative Value
1 verified account
1 wallet
1 c$1
1 verified account
100 wallets
1 c$1
1000 verified accounts
10.952 wallets
1.000 c$1
365.000.000 verified accounts
1bln wallets
365.000.000 c$1
8 bln verified accounts
100 bln wallets c$1

Operating and maintaining this public, not for profit network will require overhead. We propose that internal accounts will be created and tied exclusively to a CHANCES Foundation. These accounts will be listed publicly and used to spend money on the network to cover operational costs which will also be publicly posted. Internally used accounts will be subject to the same 1% draw and replenishment rules.

Features of Chances

Reversible TransactionsYesNo
Transaction feesNoneVariable/high
Transaction speedImmediate*1 hour+
Deposit insuranceYesNo
Money supplyElasticConstrained
Price volatilityStableVolatile
Low energy consumptionYesNo
Cryptographically secureYesYes
Incentive to spendYesNo
* Variable
** Functionally, not anonymous.

Privacy & anonymity

Anonymity is the ability to transact without exposing identifying information to any counter-party or 3rd-party. Privacy is a degree of protection from having your transactions disclosed to a 3rd-party.

Cryptocoins, although transactionally secure, offer no anonymity above and beyond existing methods available to all forms of money, such as obfuscation through legal entities, or bank mixing schemes, and indeed, they decrease privacy as every transaction is publicly recorded. One need only know some number of wallet locations and their benefactors in order to reveal a detailed picture of participants.

Primary exposure points include:

  • Exchanging into crypto at market through an exchange.
  • Establishing “mining” setups while paying for them with non-crypto currency.
  • Behavioral analysis, by tracking the flow of transactions and their timings to deduce whom has transacted.
  • Use of third party wallets.

Truly, in any mode of exchange, some level of personal detail is exposed, and any transaction can only be undertaken if the benefits outweigh the risk of exposure. Many transactions indeed benefit from knowing the counter party to the transaction, such as when using bank cards and 3rd party payment processors to create safe and trustworthy shopping environments.

Although not anonymous, typical banking laws in OECD countries offer superior privacy to distributed ledger based crypto currencies. True anonymity for a widely adopted currency seems neither possible nor practical, and we instead take a view towards privacy in establishing the framework for Chances.

Distributed ledgers

Given that distributed ledgers do not protect privacy, we do not intend to implement them for CHANCES. We expect to use a cryptographically secure, private ledger than can be audited without disclosing user information.

Why has nobody adopted crypto for transacting?

Please see a break-out of this discussion. Why cryptocoins have not been adopted by the marketplace