A Prescription for Newfoundland (And Other Places Distressed Over Debt)
1) Cease borrowing fiat money from private banks at once.
2) Inform Newfoundlanders that they have the right to discharge public debt via the Security of the Person.
3) Create a blockchain-based Newfoundland cryptocurrency and require its use for all government activities.
a) An application can easily be developed that Newoundlanders (or anyone) can run on their cell phones and home computers.
b) The application running on over a million processors will maintain the network and secure the blockchain.
c) Anyone who runs the application will receive income based on their participation, via transaction fees and “mining”. Co-incidentally, the mining system could do real work for the community such as solve problems for engineering departments around the province, do health care analysis, model fisheries, etc. etc. etc.
d) Government tenders and fulfillment can be moved to the public ledger, eliminating most common forms of fraud and waste.
4) Show other provinces/cities/countries how to do exactly the same thing.
Why this is important:
Newfoundlanders must stop paying billions of dollars of interest on fiat money that private banks conjure from thin air, take command of their own resources and become a world leader in the advancement of equitable, fraud-free financial technology for the benefit of everyone.
by Satoshi on January 18, 2016 at 03:29PM