Ambitious South African cryptocurrency project unveiled

Ockie

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So anyone can register and you get a certain amount of UBU per day? For free??? :confused:
 

konfab

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Project Ubu aims to provide participants with an equivalent of five US dollars a day in cryptocurrency.
I am interested in how they can make it so that the value that they give out is actually worth 5 dollars. Printing monopoly money and handing it to people saying it is worth 5 dollars doesn't mean it is going to be worth 5 dollars.

This is what they say:
The UBU can acquire value as a currency because of the unique combination of it being a payment system, an accounting method with an associated decay
I am just guessing at this point. But here it goes:
The decay part is how I think they plan to counter the inflation effects of just giving everyone money. Effectively they have a negative interest rate on everyone's wallets. The money that gets taken from everyone's account then gets redistributed as a basic income to all account holders equally. This isn't too different to what this video proposes at the end of it.

They allude to this in this part for me:
Aims to create the world’s first fully fledged decentralised currency that benefits everyone without taxing anyone.
[video=youtube;gue9Q6wgdjQ]https://www.youtube.com/watch?v=gue9Q6wgdjQ[/video]
 
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Mortymoose

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Will the value of Bitcoin and other cryptocurrencies fall as more and more cryptocurrencies emerge, saturating the market?
 

etienne_marais

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Would love to read the white paper. They mention a decay mechanism alongside continuous (unlimited) emitting of coins, even so, won't hold value if not scarce.
 

konfab

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Would love to read the white paper. They mention a decay mechanism alongside continuous (unlimited) emitting of coins, even so, won't hold value if not scarce.
Sent them a mail asking for it, got this:
Thanks for your enquiry. Not sure where My Broadband got the info, so we’ve been caught off guard by a flood of enquiries.
White Paper will be published in month. Check back in a few weeks for more info to be uploaded to the site including RSS feed.
So myBB caught them off guard.
 

konfab

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My email:
I have just read about your ambitious project on mybroadband. Your website is a bit scant on details about how the system deals with inflation caused by UBI.

In my mind, what the decay rate your website mentions is, is a form of a negative interest rate on the wallets of account holders.

Do you have a white paper that expands on these details?
The answers:
A quick off the cuff answer is, that the decay is designed to ensure that the demand and supply are at an equilibrium and does force people to use the currency and not keep it as a store of value. We do allow an exchange for an UBU Bond that will stop the UBU decay for a period of time. However this centralised wallet will also be subvert to the same decay rules. This will take UBUs out of circulation and allow people to redeem the UBUs at a later date at a higher value.
We do have a white paper which is currently a WIP and will be released in approximately 2 months at the time of our app.
 

The_Ogre

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Apr 30, 2010
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Will the value of Bitcoin and other cryptocurrencies fall as more and more cryptocurrencies emerge, saturating the market?
There are 800 different cryptocurrencies which were borne after BTC, if anything, they've made BTC more valuable.
 

Ockie

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Feb 16, 2008
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We are pre-enrolling citizens on our database. Please provide the following information via email to enrolment@projectubu.com:
Name & Surname
Cell phone number with country prefix (e.g. if South Africa +27 followed by cell number without the 0 prefix)
SA Identity number OR
Passport number and country of issue
City⁄town of residence
Suburb⁄area of residence
 
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