Sunday 12 August 2018

Will Sweatcoin rule the world?


Sweatcoin is an app that turns every step we take into Coins. These coins buy free coffee.
  • Sweatcoins 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 achieved 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.

I wish Sweatcoin well.

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