SocialCoin – The Socially Responsible Alternative to Bitcoin

 I am placing this concept in the public domain for anyone with the necessary technical skills to create the structures and necessary algorithms to implement it.

Wikipedia provides an extensive section on Bitcoin and in particular Bitcoin mining.

Essentially Bitcoin is created by an energy wasting computer process they call mining. The value (profit) is based on “proof of work” provided by the computer process and not by any product mined, as no product is produced in so-called Bitcoin mining. A computer algorithm determines the amount of value (profit) that accrues to the Bitcoin “miners:

So how does SocialCoin work. Mining SocialCoin involves utilizing energy, resources and labour to create social housing, But based on the Bitcoin model the value (profit) is not produced by the product created, so the housing created can be given freely to public or non-profit housing agencies, housing co-ops or directly to those needing housing. Like Bitcoin, the product created is irrelevant to the creation of SocialCoin. Like Bitcoin the value (profit) derived from mining SocialCoin is based on the work done and derived by a computer algorithm and accrues to the SocialCoin “miners”.

I challenge any economist to demonstrate that this concept is not as feasible as Bitcoin.

The Economic Crisis Opportunity – The Short Term Response

With the global environmental crisis comes a global economic opportunity. Just as the response to climate change involves solutions that we should be undertaking anyway, so does the global economic crisis. In the long term we have to change our way of living to save the global environment and the global economy.

In the long term we have to move from an unlimited growth economy to a limits to growth economy. In the short term we have to preserve the livelihoods of working people while preparing for long term changes. That means we need short term economic stimulus and job creation.

Short term governmental budget deficits are going to be a necessary part of this response. We must bear in mind that budget deficits shift payments to future generations so they should be utilized in a manner that benefits future generations.

First of all they must not be used to transfer money from future generations to the present generation via tax cuts. The use of tax cuts at this time to stimulate the economy is a flawed approach anyway as people are more likely to save during times of economic uncertainty, rather than spend, because it is the prudent thing to do. The only people who will spend the tax cut funds are those that do not need them. Using deficit funding for tax cuts is simply stealing from our children and grandchildren.

The most important thing we can spend stimulus money on is dealing with the infrastructure deficit. If your roof was leaking and you had to borrow money to fix it – would you do that or leave it to deteriorate till the repairs could not be avoided and the costs had multiplied many times over what borrowing to fix it would cost you. That is what we have done with our infrastructure, except future generations will be saddled with those inflated costs. In our short-sighted concern about avoiding budget deficits we have let our country's infrastructure go into a deficit. Using deficit financing to eliminate the infrastructure deficit will save, not cost, future generations money.

As well, damaged transportation infrastructure increases transportation costs, as poor infrastructure leads to more necessary repairs on private vehicles, as well as public transit vehicles, and greater fuel consumption with it's environmental costs. Decaying water and sewer systems have health and environmental implications. Inadequate educational infrastructure affects the quality of our children's education and our society's readiness for the future.

The other component of economic stimulus that should provided by deficit spending is preparing for the new future. We should not be spending any government funds, and in particular funds that future generations will be paying for, on the old failed economy.

No funds should go to fossil fuels or nuclear energy. Funding of the energy sector should be targeted at renewable and environmentally friendly energy sources,

Industrial funding should be targeted at low energy and environmentally friendly infrastructure and sustainable industries. Funding for the automobile sector should be target to next generation environmentally friendly vehicles and public transit infrastructure.

We must prepare our economy, and the public, for the transition to a limits to growth economy and for the need to share the planets limited resources more equitably between those who now live in abject poverty and those who live in wasteful abundance driven by greed. This will be an economy with the emphasis on self-sufficiency and environmental sustainability, an economy based on a sense of community, locally and globally.

Human Power - Get The Kids Moving

The Ottawa Citizen reports about a new Canadian invention that allows people to generate electricity while they walk and power batteries and electronic devices with it.

The article states:

They also dream of giving youngsters in the developed world access to computers even if they don't have electricity.

"When their laptop starts to run out of juice, they'd have to run outside and play," Mr. Donelan said.

What a wonderful idea. I suggest adapting it to cycling and other outdoor activities and having it charge batteries that can power all children’s electronics. Parents should tell their kids - “If you want your own cellphone, computer, video game or TV in your room that is fine” - but you have to power it with exercise”.

Who knows, once the kids start exercising to power their electronics they might just figure out that real play really is much more fun than virtual play.

Global Warming and Common Sense

At a time when the climate is changing, in large part because of excessive and wasteful use of energy, why would anyone want to do this, when they could use this.