You know I do not use cash..
The last time was to shopping for some goods, I paid 0.001 BTC using my xapo card..
So who know what will be the price of 1 kg of milk after few years..
I think it's going to be funny... if all my money is in my pocket and I control it.
And then I suddenly get a phone call from the bank, and they ask me to meet with them because they want to get a loan from me.
My personal opinion is that coins would work a little differently. Each commodity would be valued with its own coin. As an example a litre (or quart) of milk would be 1 Milk_Coin. The entire supply chain (internationally) would be linked to the value of this coin. The reason for this is that it encourage a form of supply management. Milk producers want to have a fair price for their milk. Milk consumers want to have a fair price but without price fluctuations. One time I went overseas for three months and the price of milk had double in that time. I was aware of it because of the "sudden" change but regular consumers missed it because the price of milk had risen incrementally (like the frog in the pot of water). Having a commodity based coin establishes a fixed quantity of milk supply.
The second aspect of this is that you would have a community coin. This would be a coin that would be used only in a certain community. The municipalities would require inhabitants to pay for services using this coin. Much like GDP, this puts a value to the internal economy of that particular municipality. It also increases the velocity of money within the community. Today people work, buy things in large retail chains and the money immediately leaves the community. Increasing the velocity of money means that the money will recirculate - allowing equity to build - within the community. It stimulates small businesses as well. Another aspect is that it allows programs like Universal Basic Income be administered locally.
While it might seem to be a little complicated it would actually be fairly seamless. Yes in your basket you might need to pay 1 milk_coin, 12 egg_coin, 1 bread_coin (etc) on the shelf it would be priced in local currency but at the check it would automatically convert the local currency into the requisite commodity coins (marking the transaction on the appropriate blockchains).
You know I do not use cash..
The last time was to shopping for some goods, I paid 0.001 BTC using my xapo card..
So who know what will be the price of 1 kg of milk after few years..
I think it's going to be funny... if all my money is in my pocket and I control it.
And then I suddenly get a phone call from the bank, and they ask me to meet with them because they want to get a loan from me.
My personal opinion is that coins would work a little differently. Each commodity would be valued with its own coin. As an example a litre (or quart) of milk would be 1 Milk_Coin. The entire supply chain (internationally) would be linked to the value of this coin. The reason for this is that it encourage a form of supply management. Milk producers want to have a fair price for their milk. Milk consumers want to have a fair price but without price fluctuations. One time I went overseas for three months and the price of milk had double in that time. I was aware of it because of the "sudden" change but regular consumers missed it because the price of milk had risen incrementally (like the frog in the pot of water). Having a commodity based coin establishes a fixed quantity of milk supply.
The second aspect of this is that you would have a community coin. This would be a coin that would be used only in a certain community. The municipalities would require inhabitants to pay for services using this coin. Much like GDP, this puts a value to the internal economy of that particular municipality. It also increases the velocity of money within the community. Today people work, buy things in large retail chains and the money immediately leaves the community. Increasing the velocity of money means that the money will recirculate - allowing equity to build - within the community. It stimulates small businesses as well. Another aspect is that it allows programs like Universal Basic Income be administered locally.
While it might seem to be a little complicated it would actually be fairly seamless. Yes in your basket you might need to pay 1 milk_coin, 12 egg_coin, 1 bread_coin (etc) on the shelf it would be priced in local currency but at the check it would automatically convert the local currency into the requisite commodity coins (marking the transaction on the appropriate blockchains).