Freicoin - easy-to-use demurrage currency
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Re: Freicoin - easy-to-use demurrage currency
#2Who does the demurrage fee go to? I couldn't find any information about this on their site. If it is just recirculated through re-mining or something, great (though I don't know how that would work). If it goes to the creators of freicoin then it is a blatant scam. I don't suppose it does, but it's suspicious that they don't mention where the money goes.
Re: Freicoin - easy-to-use demurrage currency
#3Who does the demurrage fee go to? I couldn't find any information about this on their site. If it is just recirculated through re-mining or something, great (though I don't know how that would work). If it goes to the creators of freicoin then it is a blatant scam. I don't suppose it does, but it's suspicious that they don't mention where the money goes.
>The destroyed money simply vanishes, being permanently taken out of circulation. However to keep prices stable an equal-valued batch of freshly minted coins is created and distributed to the diligent accountants (the “miners”) who maintain at their own cost the global ledger of electronic transactions.
So in effect, the demurrage fee goes to the miners.
Re: Freicoin - easy-to-use demurrage currency
#4Q: What is the Freicoin Foundation?
A: The Freicoin Foundation is a non-profit organization, aiming to support sustainability and biodiversity by integrating Freicoin into economical relations.
Q: You said that Freicoin is decentralized. But the Foundation makes it centralized! A: You are right. But we have no other solution. Initial coins should be distributed to the society.
Q: Why can't you just give these coins to miners (as in Bitcoin). Why do we need a bureaucracy? A: The mining community consists mostly of enthusiasts, not ordinary people who use computers to browse the Internet.
Q: How many coins does the Foundation have? A: The Freicoin Foundation distributes 80% of the total Freicoin money supply through grants. The remaining 20% is a reward for miners, who support the network with their computing power.
Hahaha... no.
Re: Freicoin - easy-to-use demurrage currency
#5Who does the demurrage fee go to? I couldn't find any information about this on their site. If it is just recirculated through re-mining or something, great (though I don't know how that would work). If it goes to the creators of freicoin then it is a blatant scam. I don't suppose it does, but it's suspicious that they don't mention where the money goes.
I don't think it goes anywhere. In theory Freigeld should simply decay into nothing (i.e. tax is collected by government who would depending on financial situation either print more or destroy existing). However I'm unsure where would in Freicoin decay go.
Also what makes me really suspect of it is the fact that Freicoin foundation centralizes the whole thing, so it's a bit pointless. I mean, why have an centralized P2P network? Another worrying thing is that under Silvio Gessel's original idea Freigeld is a local currency NOT a global one.
Re: Freicoin - easy-to-use demurrage currency
#6complete and utter scam
Re: Freicoin - easy-to-use demurrage currency
#7The IndieGoGo campaign - http://www.indiegogo.com/projects/freicoin-global-community-...
Re: Freicoin - easy-to-use demurrage currency
#8Not the solution yet, but closer than anything we have
Re: Freicoin - easy-to-use demurrage currency
#9Who does the demurrage fee go to? I couldn't find any information about this on their site. If it is just recirculated through re-mining or something, great (though I don't know how that would work). If it goes to the creators of freicoin then it is a blatant scam. I don't suppose it does, but it's suspicious that they don't mention where the money goes.
I don't think it goes anywhere. In theory Freigeld should simply decay into nothing (i.e. tax is collected by government who would depending on financial situation either print more or destroy existing). However I'm unsure where would in Freicoin decay go. Also what makes me really suspect of it is the fact that Freicoin foundation centralizes the whole thing, so it's a bit pointless. I mean, why have an centralized…
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Re: Freicoin - easy-to-use demurrage currency
#10[deleted]