Automatically Distributed Universal Basic Income - ADUBI

Why Universal Basic Income & not other welfare programs?

Due to its integrate-ability into the existing economic system the UBI is by far the most practical solution to ending global poverty. And by utilising the invisible hand of the market, the UBI would do so far quicker than any other available policy in the toolkit.

Artificial Intelligence Worries

The next reason and one that seems to garner the most attention (an unfortunate reality in this individualistic, nationalised world we live in) is that Artificial Inteligence & computers arepredicted to replace 100s of millions of jobs over the coming century. Some say this is doom & gloom however walk into Mcdonalds and what do you see? Lines of self check-out machines ready to take your order. What do you see when you look at the Mcdonalds employee statistics? Well since these machines were rolled out in 2016, the number of employees has more than halfed dropping from around 420,000 to 200,000. Some say that we shouldn’t worry and that new jobs will be created quoting the awful example of the invention of machines replacing jobs in the 18th century and the fear that the farm labourers had then. However today things ARE different. Machines replacing jobs is not-the-same as computers replacing them. And self-driving lorries/taxis — although they might not be here now — are coming.

The years are not shown in the picture (link’s here.)

How will it be paid?

Each citizen will receive the income streamed directly to their bank account (digital wallet). This will remove any potential for intermediary corruption (ie politicians siphoning off money, wasteful spending etc).

Is this affordable?

People say things like the UBI isn’t affordable. Here data is taken from the amazing research of Simon Thorpe who analysed data from the Bank of International Settlements (the ‘Central Banks Central Bank’).

Isn’t a transaction tax bad for markets?

The following page is dedicated to answering this question here.

What about privacy?

Individuals transaction information & history will be hidden from public view with the use of privacy enabling technologies. The only information required for the smart contract to work is the total amount of transactions on the network.

ALTERNATIVE OPTION

Perhaps you think the idea of a decentralised globally distributed ledger is unrealistic. Here we introduce another proposal which would work at a more localised level:

How will this be determined?

It will be automatically determined by ‘price oracles’ connected to the ‘Internet of things’ (IOT). In other words, a smart contract will automatically adjust the size of the UBI each person receives according to price data sent to it from price oracles connected to data-points around society (such as the local price of rent, food, education etc). As prices go up and down at the local level, the price of the UBI that each person receives will adjust accordingly. The combined individual adjustments will in turn be reflected in an overall adjustment to the global transaction tax rate.

BENEFITS

  • The entire system is self regulating. Runaway inflation is prevented through the variability of the transaction tax.
  • Automatic taxation will increase tax receipts reducing the overall tax rate of society.
  • As everyone pays this tax, the never-ending issue of “who pays for it?” ceases to be relevant.
  • Market stability will increase due to a decrease in short term unproductive financial speculation.
  • No more poverty. Imagine.

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