Purchasing a cryptocurrency which is distributed as a UBI is a distributed calculation of need


#1

An article by Scott Santens with a really interesting perspective on UBI cryptocurrencies - he says that when a UBI is distributed via a cryptocurrency, then selling the cryptocurrency is essentially indicating that the person needs money, and purchasing that cryptocurrency is “donating” real money to those who are the most in need. Those who don’t need to spend their cryptocurrency can either hold it or donate it back to the network. This means that everyone is calculating their own need, and all you need to do to donate to the neediest is purchase their cryptocurrency on an exchange.

I think this argument is confounded by speculative trading of cryptocurrencies - if you buy from a trader then you’re not really donating to the neediest - but then I guess increased demand and higher liquidity probably helps the neediest anyway, so maybe it’s an indirect donation. Also - if you can spend the currency IRL, then needy people wouldn’t need to go to the markets to cash out their UBI. Perhaps the most direct way to donate to the neediest as determined by whether they’re “cashing out” their UBI would be to actually sell real goods to them for their coins.