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Camp Statement

Go live Time : 03 June 2023, 02:46 PM

 

Yes, leaderless fiat currency.

If you understand and agree with this consensus camp, please help push it forward by signing it and helping improve it in a “wiki” way. And if you disagree, feel free to start and build consensus around a competing camp, may the best camp achieve the most consensus.

Imagine a very stable currency with a very long-term reliable inflation rate of -2%. In other words, if any currency was able to achieve a reliable and very stable absolute -2% rate of inflation, compared to goods and services, it would be inflating at a -4% rate compared to a one-off USD inflating at 2%. No currency has been able to come close to this holy grail of a stable currency in a distributed way that everyone could trust. The closest things are “stable coins” that work either “algorithmically or holding a one-to-one set of the stable currency for possible exchange for each coin created. (i.e. at the mercy of that centrally controlled fiat currency and whatever non stable assets are being used to achieve this.)

So, my question is, could any other currency, fiat or crypto, compete with the first currency to achieve something like a reliably stable -2% that was entirely decentralized, and everyone could easily understand and trust how this stable rate was achieved? It is easy to see how the first currency to achieve this would outperform all other fiat currencies in the world, and it could soon become the new way the world would “measure” value. Any other stable coin would at best seek to tie themselves to Astra, instead of to some fiat currency, otherwise nobody would want to use it, let alone hold it as a reliable and stable store of value.

The only way to achieve a stable value is to have some trusted intelligent system controlling the total supply of that currency as the demand for it grows and contracts over time. Obviously, withdrawing currency in supply is the hardest part, and ways to “burn” currency or hold it in a central reserve type repository from which it can be burnt, and so on, have been discussed. But it has been questioned if this would be adequate, durring crypto “winters.” Other mechanisms could be employed like allowing people to borrow from some kind of central reserve, at a fluctuating interest rate, like fiat currencies do. This allows them to withdraw currency from the supply by raising the interest rate, encouraging people that have borrowed from the central reserve to pay it back, removing that currency from the supply. And there are many other such possible mechanisms to achieve stability.

So, now to the core holly grail, required to achieve this. The trusted system that makes these types of supply decision correctly, as required to achieve the -2% inflation rate in a non-centralized (i.e. not a federal reserve) way. Let’s define this holy grail “truth” as what is truly required to perfectly achieve a -2% inflation rate in a trusted and reliable way that is of course decentralized and trusted by everyone.

I don’t believe anyone can ever determine any such “truth” and this is probably why most everyone in the crypto community, instead, just focuses on tying stable coins to various fiat currencies with hierarchically selected federal reserve “experts” which attempt to get close to this. The problem is, everyone is throwing the baby out with the bath and considering any such government controlled “experts” as the enemy of what crypto is attempting to achieve. If we could have a set of experts trusted by everyone, this could resolve this baby being thrown out with the bath problem.

We are proving that this is possible with the methods we are developing at the consensus building and tracking system on canonizer. Canonizer does not determine the “truth” it just determines what the experts currenmtly think is that truth required to make such decisions. We also track the popular_one_person_one_voteand other types of consensuses such as coin_ownership_consensus_(including_“quadratic”) or “miner” consensus using different “canonizer algorithms” to only count the votes of people you want to count. But this is kind of consensus tracking is to track the furtjer behind the truth popular consensus” to help it keep up with the most trusted “expert consensus.” That which you measure will improve, and knowing if you have enough consensus is a powerful way to determine if you should execute a particular change in the way any crypto works.

Canonizer has legitimate hierarchies. An illegitimate hierarchy is any hierarchy that uses censoring, force, excommunication, and so on to control things. A legitimate hierarchy is one that only has followers. Canonizer is all about building legitimate hierarchies, with techniques like infinite delegation and more, in a way that if the leader ever screws up, everyone can instantly switch to following a better new leader.

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