The Microgig Economy

[Leo]

But perhaps the major hypothesis with blockchain and defi is that people can outsource their income-generation to their assets. And if the state can be involved in issuing assets to people, as Miami's mayor is planning on doing, then we take a step toward this automated welfare utopia where people can afford to refine their skillsets to compete in higher order job markets, while their assets make their ends meet for them.

how would that work? what assets would Miami issue its citizens? and how would that allow those citizens to make ends meet?

 

[luka]

sometimes i think we should sieze our chance to assasinate Stan now, while theres still time

 

[Leo]

change the course of history.

 

[Leo]

Stan is kind of the seemingly innocent, good-hearted/well-meaning face of the future. The most dangerous type.

 

[Leo]

potentially

 

[luka]

ask yourself, can we afford to wait and find out

 

[WashYourHands]

how would that work? what assets would Miami issue its citizens? and how would that allow those citizens to make ends meet?

stilts, mountains

 

[Clinamenic]

how would that work? what assets would Miami issue its citizens?

The city would bid STX (the currency of the Stacks blockchain that this protocol is built on) to acquire MIA (MiamiCoin), which you can deposit into certain smart contracts in order to earn STX bid by future bidders.

You can then deposit STX in a different smart contract to earn the same kind of passive revenue but in BTC.

So the whole premise of Miami residents getting passive income depends on there being ongoing bidding of STX to get MIA.

Miami businesses could, and are starting to, accept BTC and/or STX and/or MIA, which would further motivate further bidding in the process.

I just got my first payout of NYCcoin yesterday, and I've deposited it so as to generate passive income in STX, which I will use to bid on future NYCCoin issuances.

and how would that allow those citizens to make ends meet?

It wouldn't, not on its own anyway. It could just alleviate some tax burden and/or supplement their "active income" i.e. their revenue derived from actually working.

(edit: eventually, if this becomes common-place, it may be possible for a non-trivial portion of even the middle class to live mostly off of their passive income)

 

[Clinamenic]

@Leo just watch if/how this takes hold in NYC. Mayor-elect Adams seems like a crypto maximalist, talking about establishing crypto curricula for young students, etc.

Mayor Suarez, I think is his name, of Miami is the one who said that he aspires to eventually have "MIA stacking" ("stacking" being the term for reinvesting your citycoin into the whole process to get passive income) partially/entirely replace certain taxes for city residents.

These protocols are gonna provide a ton of revenue for cities. New York City's wallet already has over $18,000,000 worth of STX (edit: in two weeks!), which they can sell, "stack" to get BTC, or bid to get NYCCoin. So the city itself doesn't have any of its citycoin to start, and is not in charge of its issuance.

 

[Clinamenic]

CityCoins is an open source protocol. The best, most utopian aspects of blockchain are being implemented by governmental actors.

Lets see if they want to change the protocols eventually, to allow for more centralized power, and if such a change would even be possible. May be more expensive than its worth.

 

[Clinamenic]

Something like this could enable a one-day-shorter work week for those residents earning passive income, although this would be a ways down the road, if at all.

 

[Clinamenic]

sometimes i think we should sieze our chance to assasinate Stan now, while theres still time

Before I've sublimated and immortalized my consciousness into code.

 

[Leo]

The best, most utopian aspects of blockchain are being implemented by governmental actors.

famous last words

 

[Clinamenic]

Well this may be a situation where, once the protocol gets enough momentum / value volume, it may not be financially feasible to reconfigure it to make it more centralized. Same with Bitcoin, which this protocol is partially built on.

 

[Clinamenic]

But in any case, that utopian statement is true, just a matter of whether or not it stays true, and theres a solid chance that it does.

 

[Clinamenic]

As it is now, the revenue New York City gets from CityCoins is completely transparent.

com·plete·ly trans·par·ent

 

[Clinamenic]

As it is now, the revenue New York City gets from CityCoins is completely transparent.

com·plete·ly trans·par·ent

Oh thats cool, I didn't know they already started on bidding on NYCcoin.



Funny how I currently have more NYCCoin than New York City does.

 

[Leo]

big opportunity for digital financial advisors, all this stuff is literally a foreign language to the vast majority of people. like a money manager who advises on investments and bids, takes a small percentage off the top per transaction or on a quarterly basis.

 

[Leo]

how do companies who run all these platforms make money? like the ones you just linked to, who runs them and how are they compensated for running them?

 

[Clinamenic]

big opportunity for digital financial advisors, all this stuff is literally a foreign language to the vast majority of people. like a money manager who advises on investments and bids, takes a small percentage off the top per transaction or on a quarterly basis.

Yeah that learning curve is massive. Big reason why so many people get scammed. That, and little to no government regulation yet.