Unfortunately, governments move really slowly in general and not every country has a stable enough government that would support a UBI. In an ideal world, I definitely think governments would handle this. The reality is, those most in need often have governments least able or motivated to help.
By providing initial access and Raha referral bonuses (in the top-down ponzi-scheme-like pyramid referral structure this is) to privileged Americans does not seem like a direct path or good way to provide UBI to those in undeveloped nations if they are the intended end user, as aforementioned statement appears to suggest.
Who here knows someone in a 3rd world country with access to a mobile phone? A more effective way to help 3rd world countries is by running for office or directly donating your time and money to those in need; through Peace Corps, for example.
why we’re not putting Raha on an exchange immediately
The other concern was of price manipulation: quickly buying to drive up the price and then selling on the other side. One significant difference is that unlike Bitcoin, Raha is distributed equally to all members at the same rate. No one has exponentially greater Raha than another user from its genesis. (In contrast, apparently for Bitcoin, 1% own 55%!)
I agree with @spunchy 's response to this statement. Also, it is not equally distributing currency to everyone if you normalize it by the time spent minting Raha. The business model fundamentally favors those who adopt the service sooner and use the app more often.
Still it might be possible for a single user to have acquire significantly more Raha, and drive up the price by purchasing a ton, and then selling them. The Raha Parliament is a kind of governing body and could take actions to deter this sort of behavior. It could also cooperate with existing regulatory bodies.
We already have many currencies that work well with regulatory bodies.
To avoid it being like a Ponzi scheme:
Joining Raha is free
The referral bonus of 60R will be decreased over time
This fundamentally favors the founders and early adopters. The statement is materially false.
Founders are not disproportionately incentivized;
we mint our Raha through the same means as normal users – referral bonuses and weekly minting.
Besides that early adopters have early access.
Eventually the member-controlled Raha Parliament will be able to transparently create Mint grants for 20% of the total Raha supply.
We’re testing out the concept while not tied to an exchange, so we can’t swap Raha for dollars until we find product-market fit and significant adoption
We will put in place a delegative democratic voting system where, if the Raha users decide we are unsuitable to lead this, we can be voted out
More details at https://raha.app/what-is-raha/ 1.
If you have more suggestions, feel free to suggest!
It’s worth questioning whether the colorful pictures, innocent looking cartoon characters, and comments suggesting “Raha is helping those in need” are all playing to people’s psychological vulnerabilities to get people to “feel” right about Raha.
Playing to people’s psychological vulnerabilities is the fundamental mechanism that the social media/tech industry has taken advantage of for the greater part of a decade. Once the public is more aware, hopefully people will generally become more critical thinkers and see who’s just trying to capitalize off of them. Also, the Raha app anti-selling capitalism is an oxymoron. Just admit it; Raha is trying to get rich off other people’s psychological vulnerabilities…please advise.
Also, lengthy responses to simple questions can sometimes mean the problem isn’t well understood, or to provide a distraction from the lack of understanding and/or lack of definition of the problem trying to be solved. Not everybody in the world thinks critically and unfortunately this can be taken advantage of… tragically in some cases, by those who are highly privileged.