I would like to share my vision and an early version of white paper for bitofgold.net
I want to marry the concept of open source network with market capitalism (its magic principles of supply and demand that make people excited and invest) and with use of cryptocurrency (bitcoins denominated in bits rather than large decimals).
Facebook is trying to implement their version of cryptocurrency or a stable coin from a top down approach.
With a good business idea, the concept, the model and good execution it is equally possible to create a new massively growing social network that is sharing value with people from the get go and is implementing what is already there and works best - bitcoin as a social micro-currency in a bottom up approach.
Bitcoin + open source + viral grassroots community together make an explosive mix and opportunity to grow another social media giant. There are thousands of young, energetic aspired young people who are bitcoin millionaires. They know that the value of their bitcoins will grow if more people get bitcoins in their hands and its use become more natural accepted by the masses. The way of social network is the best way and they will all be willing to invest few bitcoins to support the growth of open source bitcoin social network as they will get return on investment as the value of tokens grows against the bitcoins (bits).
My goal is to create a community that perpetually invests into itself, its own growth and in that way all the participants who create value in terms of growth (from social influencers inviting people to join the network to engineers upgrading and updating the network) get the share of the spoil from the growth. It makes it into semi-decentralized organization that rewards people who create and share value through it. The community structure will be in form of a simulation of government (virtual governments) in a style of a learning organization that uses points to fund the departments that are all created and managed with a purpose to support the growth of value and expansion of social network and additionally rewards all the people who do even more. Everyone is continuously rewarded for creating and sharing value (from tutorials to lectures).
In marrying those concepts above in just the right way I believe we can achieve viral growth of a new more decentralized type of social network. I plan to bootstrap such a viral growth in a social network through exchange of limited supply tokens rewarded on a weekly basis based on points users get from being active and inviting their friends to social network. Because every year the total supply of tokens is limited and as the network grows everyone expects that tokens will be more valuable in future from its growth, then they trade them. The tokens in limited supply will be traded against bitcoin bits (this will make the social network in defacto a bitcoin social network).
Where I see the most beauty in it is that users excitement who receive points from which they earn tokens and trade them on open exchange
The concept works wonderfully and I've successfully tested it in a virtual world as a point based role playing game system for exchanging time, energy and effort and I was working very hard to make it a killer app for virtual world. But my game seemed too risky for the company that owns the virtual word as they were citing the money laundering and legal issues concerns.
I see my idea/vision as an innovation as an application for digital value economy growth by the community for the community or as described the economic model of a community within social network investing into itself, its own growth. According to reflexivity theory created by billionaire George Soros the expectations of market participants make it a self fulfilling prophecy. The value growth happens because everyone believes it will and as all the energy and money gets concentrated for the purpose of making it happen.
When everything fell in together in my head as a vision my eyes teared. I have decided this is my new direction. This is a worthy goal to work on every day and put in my full energy into it. Everyone can take part in it and add value, get rewarded or invest in tokens. It is going to be community effort.
(you can skip the part bellow the heart of idea is above ^-^)
I ask you what is the point working your whole life to chase for millions maybe even billions if you reach if you find yourself old and as you reflect back all you ever did was chase after money for yourself but you haven't really changed anything. It is much more valuable to be part of a new type of a startup community that is changing and improving the world for everyone. Then you are really a person of value.
A little bit about me:
I am an entrepreneur, economist, humanist, a master in martial art JUDO (with philosophy of the gentle way, the most efficient way) and a gamer mastering myself since a child in virtual game economies and game markets.
I am inspired by what Satoshi did. He took things that were already out there and put them together in a new way to find a new solution to an old problem. This is process of all innovation an creativity. Taking things and putting them together in a new way. Just like Henry Ford did with assembly line.
At some point I stopped wanting to become a millionaire. As I traveled to Philippines and saw how poor they are but still happy. I realized one can not change the world by becoming a millionaire. Wherever you live you will still be poor as poor is your city and community. If you are a millionaire and living among the poor its natural the crime rate is high and you, your life is at risk. As an internet entrepreneur in a less developed region I have a direct experience of how money does not have value if there aren't services and products that you can get for your money. :)
So I modified my life goals and I decided I want to become the one who creates millionaires. Change of perspective helped me see the bigger picture of things. I can present my vision, idea and model without being afraid that someone would steal it. From my experience I learned it takes much more than just an idea to make it happen. It takes a good team, good community and a good execution. I keep learning and I keep growing to be able to do bigger and bigger things.
It is not money that defines you and your quality and worth my friend. It is what you are doing, what you are striving for and what and how you are as a person.
As person who has invested himself fully to life long learning in all the possible fields I see the world as ever changing. But the change doesn't come easily as its natural for people to at 1st resist anything that makes them having to step outside of their comfort zone. Every now and then a disruptive new innovation, a system or technology comes that changes everything. There is natural evolution of things and things always change. The change is not sudden. Change happens as a process of which most people if they're not following it are not even aware of.
The biggest problem of human kind in a globalized world is that we don't trust each other. Internet is enabling us to connect and cooperate on a global scale. But this cooperation and new value creation across different nations and continents doesn't really happen often unless it is supported with massive supranational investments. I come before you with a realization that before people can work together on a global scale they need to play together. Trust is built among us through interaction. Just like between human and an animal... if 2 play together they become friends and human trusts the animal it will not bite him and animal equally doesn't feel threatened by the human.
There is a game that we all play. The name of the game is game of life. Points in this game is money. In exchange for those points we 1st educate & train ourselves, develop skills and master our talents and then we give our energy, time and efforts to organizations. But the way money works is inefficient and unfair for most of the people. The game of life and the game of money is rigged.
Personally I don't have money problems but I once was from a relatively poor family and even though I grew and self developed my options for growth and success were limited. I hacked out of it by hacking my brains, my self esteem and educating myself about economics early on. I later learned that not only my own options for growth and success in life were limited but of my whole community, city, region of people had limited options. For some people their whole countries or even continents are limited in what options for growth and success they offer to people to grow, self actualize and have a successfull productive and happy life.
The economics of money is dysfunctional and the money is not serving its purpose for which it was designed. It has always been hijacked and in domain of people who serve as custodians of monetary system. Bankers & central bankers.
For example people do not have freedom to invest in whatever they want and some investments are limited only for the rich by min entry level. It is all centrally controlled. The decentralization is a natural process to financial market complexity. Decentralization happens every time economy collapses and big inefficient corporations that were misappropriating funds, money, value go bankrupt.
There are natural tensions or ways of things. The way things naturally go is towards most efficient way (it is basic principle of life just like entropy in 2nd law of thermodynamics is). So has the Soviet Union collapsed as it had severe market inefficiencies. Free markets are just more efficient. The current monetary system is very old and it is ripe for disruption. Bitcoin is "free market" against the old money "central control".
James Rickards (investment banker):
The international monetary system has collapsed three times in the past 100 years, in 1914, 1939, and 1971. It’s been over 40 years since the last collapse. These things do seem to happen every 30 or 40 years. That’s just based on experience...
The decks of card are going to be reshuffled but there is a new player in town. Bitcoin and cryptocurrencies on overall are going to impact the world on a profound level and its a process in motion just like internet was in its early stage and then came the explosion of apps and protocols built on top of it. Bitcoin Social Network could become a killer app for bitcoin as a learning social network and a social network that gets investment boost for its upgrades and evolution not from venture capitalism but from grassroots users investments that they directly benefit from as growth and expansion of the social network happens.
Thank you for your attention \☺/