With the passage of Build Back Better bill, we now have language to allow cryptos to be adopted by the main stream. This can be looked at as a good and bad as this means more regulation on the industry. What ever it may mean to any one individual, my main point of discussion will be how can we use the advantage that cryptocurrency and the blockchain to benefit our own local communities.
With on going pressures to the economy as a whole we have seen that many gains that the government has bragged about has been diluted. Diluted by high inflation, high food prices, high home prices, and a lowered avg income adj. by inflation. Our numbers recently came out showing that CPI Consumer price inflation came in at a whopping 6.2% for the month of Oct. and 50% YOY from 2021. https://www.marketwatch.com/story/behind-highest-u-s-inflation-rate-in-31-years-lurks-fear-that-federal-reserve-has-lost-control-of-consumer-prices-11636653480
The blockchain has allowed businesses to profit immensely from the acceleration of activity within the blockchain such as Crypto exchanges, Riot, Robinhood, Coin base, Hive(no relation to this current platform). Isn't what we currently see happening a centralization of power over the blockchain especially looking at this is how a huge amount of people obtain their cryptos. Isn't this just the banks of the metaverse?
https://www.investopedia.com/tech/what-are-centralized-cryptocurrency-exchanges/
I am interested in an open discussion on, how on a local basis how could local community control over the blockchain can be acquired? One might say defi is the answer as it is decentralized yet that still has an level of centralization that is outside of your zipcode, county, or state lines. What can been done with the blockchain to effect the people closest to us as these are the members of our local economy that has the most effect on how everyone goes by their day to day lives?
If corporations have found the value of cryptocurrency mining, why haven't we been able to find the value in doing the same as local community members?
If something like this was available we could already make our own UBI without relying on the government? again corporations have already done it for themselves as now any business are raking in billions from getting more and more everyday people buying cryptos from them.
I am currently looking into doing this myself for my own local community, with @newagenerds we have about 3 football fields of space to set up a mining operation.
Sounds awesome. What's your plan? How will you power the mining rigs?
starting with one plugging into the wall but I will have to think of an effective way to present it to the community. IK I can get the crypto heads into it but its the other people also. I hit a snag though the only coin I can mine that everyone would know is dodge. Theres some program you can use to mine non-minable cryptos though.
From there you could use a percentage of mined funds to buy renewable power sources... small scale wind and solar. Hydro or even marine generation. Reduce the overheads in the long term. Depends on your location
You'll need a clear plan and timeline to communicate to your community investors
Also, demonstrations and training for people in cashing out their crypto into the local fiat currency. That might be a good idea. With a caveat that it might be wise to keep some in crypto to profit from any potential price gains. It could help folks who are not crypto-familiar understand what it's all about; if they can see how it can be traded for real cash money in their hands to feed themselves and their families...
Have you considered documenting the process? I think many folks here on Hive would be interested in what you're doing and sharing it here could generate further crypto income that in turn could be put back into the project
All ideas...
Whereabouts in the world are you located?
I'm in Houston how about yourself?
We are going to start off with just one so not looking for any exotic forms of energy but we have a nice space to do what we please with. Hopefully we can make the transition pretty smooth as I am looking at was to mine un-minable cryptos through an extra piece of software. That could mean that I could set the system up to mine something like bat, the biggest issue I see would be scaling the payments and doing them automatically, if that is solved then I could send out monthly deposits to an crypto account that has a debit card attached to it so they would never have to physically exchange for dollars.
I have though about documenting it and most likely will. I would to see this taken up by more people in their local communities, I see what business is doing around crypto as a perversion and a centralization profiting immensely. Yet we have been staring UBI in the face this whole time.
IDK what has failed communities in the ability to organize in this fashion but hopefully we can change that soon before they just remake the same monetary system in crypto that we have with the standard monetary model.
I'm in Adelaide, South Australia
That's a much better idea than what I was on about. Do you have an idea for what card? I've only tried Crypto.com. However, I signed up for their card over 6 months ago... still haven't got it yet. They have just rolled out a virtual card in the last few days and I've used their app quite a bit. No issues yet. They offer a BAT wallet, but require an investment in CRO during the card application process
Very true. It's an unfortunate fact. Not everyone shares the same ideals regarding cryptocurrency
I wish you all the best on the realisation of your goal! May it be a shining example that communities around the world can follow
lol how cold is it there IK you guys should have below avg temps? but try uphold if you have it there.
Sadly you are correct in this point but all I have to do are find the people that do. Inflation is so bad and getting worse people are almost willing to try other monetary options.
Yay! 🤗
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I dont think you read my article. I stressed multiple times to keep the discussion within local economies. IDC what class your in if your over the internet I can never exchange real goods with you. This is a discussion on local community adoption within a decentralized platform.