We already have a UBI: It's called Mining Crytocurrency

[Jack.Yarn]

It occurred to me that we already have one foot in the Universal Basic Income mode of thinking. If by a UBI we mean: getting money for no work done [forced labor by trading hours of your time for money] by an individual with no risk to him/her. Then getting a computer and mining for "bitcoin" and collecting certain amount of money per week, is already there.

What fascinates me is the vector from which it is coming, not from politicians, but as usual, by technological changes that eradicates outdated modes of thinking systems (economic, religious, etc) at an unprecedented rate.

Unfortunately, besides the small amount of tech-knowledge needed, it takes about $1,500 dollars to get started. And your electric bill will double monthly. In addition it takes about a month to break even assuming a hardware purchase is needed.

So that rules out the people that need it most.

 

[Jack.Yarn]

BTW, notice that the need for central banks is also being eradicated. If the most important role of a central bank is to manage the money supply, usually increasing it, then bitcoin mining will democratize money printing, and will make banks obsolete

 

[Jack.Yarn]

This is exciting:

Nvidia to launch graphics cards specifically designed for digital currency mining

• Nvidia will release graphic cards specifically designed for cryptocurrency mining through its partners, according to a source familiar with the matter.
• The company's shares have more than tripled in the last year, in part because of demand for digital currency mining.

https://www.cnbc.com/2017/06/27/nvi...lly-designed-for-digital-currency-mining.html

 

[Jack.Yarn]

This is not easy, but imagine the upside:

$200 A Day Mining Ethereum or ETC?

https://steemit.com/cryptocurrency/@jerrybanfield/usd200-a-day-mining-ethereum-or-etc

 

[traider]

sorry but thinking that coin mining is riskless or a source of income is arguable. How does one compete with a coin farm in mongolia?

 

[Jack.Yarn]

It is so interesting to see "bitcoin" spreads against other currencies:

https://www.bitfinex.com/

 

[Jack.Yarn]

It is so interesting to see "bitcoin" spreads against other currencies:

https://www.bitfinex.com/

The same way you handle it anywhere else, by joining a pool:

https://www.cryptocompare.com/mining/guides/choose-a-bitcoin-mining-pool-and-how-to-connect/

 

[ajcrshr]

You refuted your own point in the ridiculous original post. Nothing more needs to be added lol.

 

[Cuddles]

the poor can buy mining contracts. I'm currently mining because it's less hassle than renting property w/less upfront cost, but I also realize it's much riskier when the prices take a shit (currently holding and not cashing into fiat).

 

[gkishot]

Mining currency requires expenditure. If it's some sort of "income", it goes down with a rising difficulty and as a result more expenditure is needed.