

Ask HN: Hacking the current economic model by giving everyone an printing press - karmabank

Big Idea,<p>Mobile App device that allows any user to award themselves their own &quot;points&quot; based on good deeds they done each day, Deeds get publicly listed on users profile. Merchant&#x2F;other Users accept these &quot;points&quot; for products&#x2F;services;<p>Feasible or In-feasible? Best thought-out response post gets an $20 Amazon Gift Card
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nostrademons
Three big questions:

1\. What's the rate of inflation in the total point supply? Since points are
created and never exchanged, it seems like the point supply is strictly
inflationary, and will eventually be devalued to the point where it's
pointless to pay for things with them.

2\. What's the check-and-balance? Your model has users giving themselves
points; what stops them from just giving themselves a million points for
getting out of bed?

3\. What's the incentives for users to take points rather than dollars?

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karmabank
@nostrademons

1)the rate of inflation will be equal to takers/savers

2)the whole point of having the ability to have an printing press to everyone
is to devalue the concept of "time value" to discourage users from hoarding

3)ethical/ideal reasons mainly, sustainable growth vs debt-based growth

to clarify; I believe your question is mainly that what stops the users from
cheating the system?

So there is 2 reasons, A) we remove the incentive to hoard by devaluing the
time-value of money, so theoretically if sally wants an car at the immediate
time she theoretically can award her-self karma points to purchase the car at
the spot, if sally is guaranteed to have an car at any point in the future
will she have an need to store that car in her garage?

B)if there is an absolute information parity, then each vendor can also check
the history of an potential consumer; if the consumer has an shabby history,
then there are options no?

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jerf
This appears to be indistinguishable in practice from expecting merchants to
take pieces of paper with arbitrary numbers scribbled on them.

However, it would be the basis of a _fascinating_ study/PhD thesis on the
social aspects of doing good deeds to see if motivation for good deeds
increases or decreases in the presence of self-given rewards, or things
perceived to be rewards.

