I have an idea for a coin that I'd like to refer to as Senescence Coin and seeing that there are a bunch of really smart people here, I'd like to hear your thoughts on my proposed monetary system.<p>Feature 1:<p>Senescence (biological term) being the condition or process of deterioration with age.
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The currency would have built in senescence that is reset to zero upon conducting a transaction. The rate of death would be dynamic based on potentially the weighting of current factors in the network/market. For example, in it's infancy there wouldn't be a lot of transactions taking place, so the rate of death would be incredibly slow.<p>This feature would prevent the hoarding of money.<p>Feature 2:<p>First law of thermodynamics - energy of a closed system must remain constant.
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Upon death of a coin, the coin would be transferred, either into a mining pool or spread across wallets in poorer geographical locations.<p>The total number of coins in the system should be constant, either in the mining pool or in wallets.<p>Other potential features to encourage buy-in:<p>Automatic taxation on every transaction, geographically linked. Could serve to eliminate all other forms of taxation and achieve government buy in. Additionally, it prevents the potential abuse of transferring money around wallets to bypass the feature of senescence.<p>Anti-fraud, a wallet rating, so users can transact with trusted entities.
chicken and egg problem. Why would I as an individual want to use the coin at first. Without some kind of ponzi scheme component for early adopters it would be hard to get off the ground.