Tuesday, 10 May 2016

Will Sweatcoin rule the world?


I downloaded an app called Sweatcoin. This is a superior alternative to Bitcoin that deserves support. This does not guarantee success, unfortunately. Many good ideas have fallen by the wayside because they never reached critical mass. Betamax is one example.

Drink coffee for energy.
A photo posted by Richard Ford (@richard.ford) on

Walk off the effects of the coffee along the banks of the Thames. Earn more coffee with Sweatcoin!

Swetcoins are earned by walking rather than uselessly consuming electricity via bitcoin mines.

This eliminates a big, big problem I have with crypto so far the useless way they are created. Bitcoin presents itself as an alternative to fiat currency issued by national governments but if bitcoin ever achives this goal it will make the world a great deal poorer.

National governments spend money into existence or lend it into existence. Both of these activities are a public good but running a power consuming algorithm on a computer consumes power and is a diversion from productive work.

Sweatcoin on the other hand is based upon walking, something that saves the individual money. It is useful work, unlike the useless number crunching that goes on in bitcoin mines.

The scheme is only days old. It may take off and reach the moon. Further reading on the Fintech Page.

1 comment:

  1. Over at Moon Bitcoin you can claim FREE bitcoins. 290 satoshis every 50 minutes.

    ReplyDelete

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