The Quid and the new US$10 note.
Money is fascinating. It's time for the Quid. Mqurice's cybermoney.
It would have better backing than the dollar since it would be owned by the people who hold it and they would not want to devalue their own property. They would vote their money in a sensible way, to protect its value.
The dollar is dying, paradoxically, while it is at its most powerful. It is being abandoned as fear of the vast credit overhang worries people around the world and the twin deficits look like the twin towers after Al Qaeda's attack - if there's a collapse, it would be very bad.
The Quid [Q and q] would be owned around the world, without being beholden to 4% of the world's population, who own only a portion of the dollar. Voters in the USA control money used by people around the world. The voters in the USA vote to pixelate themselves some more free money. What a scam that is. Actually, it's not the citizens who get the money, it's the friends and bosses of The Fed.
Uncle Al KBE has done an excellent job of keeping the show on the road, but the US$ is not designed for the 21st century's requirements for a medium of exchange and store of value.
We the Sheeple are sick of being fleeced.
The Q would be about 20 billion strong when fully used, assuming no big population crashes, with a value in 2005US$ of something like $20 billion. That's a lot of value! Created out of thin air.
It's weird in the cyberera how vast value is created out of thin air. Look at Google. All Google did was link knowledge value around the world. They provided a mechanism for one party to exchange knowledge with another and hey presto, $50 billion in value just like that, with just a few hundred million using Google to any great extent.
eBay provided some pixels to enable people to exchange their goods and services. Another umpty $billion in value.
The English language enables everyone to communicate. We all own the English language and vote to have words mean particular things. The English language isn't valued in dollars but if it was, it would be worth something like $10 trillion. Imagine if English went away and we all had to use the little nationalistic languages spread around the world. The difficulties would be phenomenal and very expensive.
The Quid is like a lingua franca for value.
The Quid would be owned by those who produce the value, and would be controlled by them too. That's totally different from normal fiat money which is owned by the state central planners pulling the strings, keeping lots for themselves and beholden to their electorates or personal whims if no electorate.
Nobody would be able to dilute the Q holders as they would control the pixelation process themselves.
QUALCOMM should start the Quid. It will only work within the mobile cyberrealm as people will be out and about, and will need to be able to zip a few Quid from their cyberphone to somebody after an identification process, of either PIN, fingerprint, voice, Iris, third party agreement, DNA or other, depending on the level of security required.
QUALCOMM is perfectly placed to build the system into their ASICs and design the Quid ownership, transfer and voting processes. I was going to do it, but decided it was going to be a bit tricky for me, and I'm busy playing golf and with grandson Hayes [aged nearly 3 months].
The USA government will get annoyed with the competition, so it might be that they will make it illegal for anyone to develop a currency and they'll declare war on anyone on Earth who tries.
$10 trillion in US$ being devalued to nothing by competition is NOT going to be popular in Washington. So maybe the Quid will have to be developed in another country, or by geeks around the world, like Linux, so that there's no entity to attack.
If Mqurice was nearing completion of his Quid, I can imagine
that a CIA hit squad would send a predator drone overhead and suddenly I would be having some intense physiological problems.
But maybe there's a cunning way of the Quid taking over by buying out other currencies. Since it would be more valuable than those olde style nationalistic state currencies, each could have a floating value against the Quid, and people could swap their local currency for the Quid and join the lingua franca, with only minor loss.
Created out of thin air, but with greater value, because of its design and ownership and stability and security and convenience etc, the $20 trillion in value created out of thin air could easily buy out the $10 trillion in existing value. And still leave $10 trillion in extra value.
Actually, the difference in total value between national currencies and the Quid would probably be a lot more than double. Maybe it would be worth 10x as much because the whole existing exchange rate realm would cease to exist and so would the dilution processes which are robbing holders of value.
Also, interest rates would be lower so taxes would be lower [I assume states would hold their citizens hostage and demand tribute] as there wouldn't be the inflation component in interest rates. The interaction between Q holders and their governments would be interesting.
If QUALCOMM invented the Q, on behalf of the holders of the Q, the owners could pay $10 billion to QUALCOMM for Q development and that would not make much of a hole in $20 trillion. Even if QUALCOMM was paid only 1% of only $10 trillion, as the currency developed, that would be $100 billion. Which is not bad income.
That's pretty good income for developing some software, identification processes, and hooking it together and handing it over to the owners to use.
Come on QUALCOMM, let's do something really valuable. I'm sure the Quid could run on BREW, and BREW might provide a revenue stream too, as people would want to exchange the Q for other currencies, and bid for loans, buy stuff, and BREW should be useful for managing the processes securely, with payment for those offering such add-on services.
Mqurice |
