Skynet Piggy Bank
The what, why, and how. What’s a piggy bank and what’s its purpose? The purpose of a piggy bank is to restrain self-indulgence. How could you make a 21st-century piggy bank run by Skynet? Ethereum is a programmable cryptocurrency platform. Bitcoin meets Turing machine. Instantiate a piggy bank instance and deposit. You could even take loans from your bank. Your loan would show the amount borrowed, length of the loan, interest rate, and potential penalties late or missed payments. You could have multiple account holders and a fee schedule that paid premiums relative to the quality of the accounts credit history. A this point you may be asking “Why not just use a bank account?”. There are a number of reasons.
- This disintermediates the transactions. That means there is no longer a middleman to influence the terms of the contract.
- No taxes or fees
- Anonymous, amoral, and venture agnostic.
- Open Source
- Can’t be seized or assets frozen
Lastly, let’s imagine how this could evolve. Multiple piggy banks could be combined to share asset protection advantages. That is, instead of driving around exotic cars and boats which draw the attention of the IRS, those assets could be purchased by the organization behind the collection of piggy banks and contractually lend them out for an account holders use. This is where a DOA and asset protection strategies intersect. A post-cash cyberpunk utopia. More articles to come:
- Financial Instruments and Smart Contracts
- Brain Wallet
Asset protection:
https://www.amazon.com/s?k=assset+protection&ref=nb_sb_noss_2
Money laundering: