Hey! It was a great read thanks. But something came to my mind, the thing you guys mentioned about the singleness isn't an almost similar idea used for Loans? Take the example of education loan I cannot use my loan education loan amount on anything but the college, I don't even get the money in hand, it goes directly to the college. So, it's like that the amount has only single use. Also, it seems that they might become a great tool to curb the corruption. Would love to read more about them if you guys are planning to write more on that.
Imagine I gave you Rs. 1000 in cash to buy books, and you promise me that you won't use it for anything else. Whether you keep your promise is entirely up to you. You could, instead, go to your nearest supermarket and buy a whole lot of snacks. I might harangue you or sue you or trouble you in some other way, but the deed is done; the money is gone, and the snacks are yours.
Now, imagine I could send you Rs. 1000 to a digital wallet, but they're pre-programmed. They only move out of your wallet when you go to a bookstore. If you go to a supermarket and try paying through a wallet, the transaction fails. You're incapable of using that money for anything else.
In this case, those Rs. 1000 don't behave like Rupees at all. They're more like gift cards. Now imagine a world where every single person can send instantly-and-infinitely customisable gift cards to everyone else. What does that look like? What if there are thousands of variants of the Rupee floating around our economy, each of which work differently? Do any of our old assumptions even work? That's the big question.
As for bribery, though... we wouldn't bet on it. People can be endlessly creative when they're out to subvert a system.
Interesting topics. Thanks team!!!
Glad you liked it!
Hey! It was a great read thanks. But something came to my mind, the thing you guys mentioned about the singleness isn't an almost similar idea used for Loans? Take the example of education loan I cannot use my loan education loan amount on anything but the college, I don't even get the money in hand, it goes directly to the college. So, it's like that the amount has only single use. Also, it seems that they might become a great tool to curb the corruption. Would love to read more about them if you guys are planning to write more on that.
Hey there!
Think about it this way:
Imagine I gave you Rs. 1000 in cash to buy books, and you promise me that you won't use it for anything else. Whether you keep your promise is entirely up to you. You could, instead, go to your nearest supermarket and buy a whole lot of snacks. I might harangue you or sue you or trouble you in some other way, but the deed is done; the money is gone, and the snacks are yours.
Now, imagine I could send you Rs. 1000 to a digital wallet, but they're pre-programmed. They only move out of your wallet when you go to a bookstore. If you go to a supermarket and try paying through a wallet, the transaction fails. You're incapable of using that money for anything else.
In this case, those Rs. 1000 don't behave like Rupees at all. They're more like gift cards. Now imagine a world where every single person can send instantly-and-infinitely customisable gift cards to everyone else. What does that look like? What if there are thousands of variants of the Rupee floating around our economy, each of which work differently? Do any of our old assumptions even work? That's the big question.
As for bribery, though... we wouldn't bet on it. People can be endlessly creative when they're out to subvert a system.