I've watched a fantastic YouTube video, or perhaps I should say a montage, highlighting four different views on UBI, Universal Basic Income.
Two of the pundits were for it and two were a bit more dubious but all four presented valid arguments and none, this is the best part, relied on political or ideological standpoints. They were simply weighing in the pros and cons.
In short, for those who aren't familiar, UBI stands for Universal Basic Income, the idea that each individual should receive a basic income regardless of employment status.
I still don't know where I stand on that because everything I hear sounds reasonable, and these conversations are always a lot more complicated than they seem. For example, some claim that UBI will be inevitable because technology will 'automate' a lot of people out of existence. Robots are already capable of doing a lot of the things we do but better, and they're expendable.
They're never tired, they don't complain, don't ask for a raise.
It is also true that it is statistically very likely that a small percentage of people would self-destruct if given the chance to do so with a 'free meal', which brings us on what is, in my view, the biggest flaw with UBI and it is that - so far, at least - it hasn't really worked very well in all those geographies where it's been implemented.
UBI was introduced in the country I was born about three years and so far it's been a complete disaster. But that's a different conversation for a different day.
The biggest issue is it incentivise people to stay home and not work because why would you bust your a*s for a meagre pay day when you get nearly the same amount doing nothing.
But that's FIAT UBI, what about crypto UBI?
I came across a project called GoodDollar because a friend and (technically) former colleague is working at the company and I've been using for a few months. I still don't know where it can go, but I think the use case is worth talking about.
Very easy. You just log in every day and click 'claim', and you link your MetaMask to redeem the token.
Crypto is a game that plays by its own rules and the dynamics of this world make it a bit easier to distribute UBI, with all the benefits that come with it, while drastically reducing the drawbacks.
Will it work?
I've crossposted this article on Bitcoinea and LeoFinance.