There is a seemingly inevitable chance that a financial system like Bitcoin might get adopted worldwide. If this does occur, we think there needs to be a process developed which is similar to what governments currently refer to as “economic stimulus.” It is this reason we wanted to build and test SatoshiVote which, in simplified terms, is monthly crowd-funding on a global scale. In more complex terms, SatoshiVote allows us to choose where our value goes instead of forced inflation of our savings. This is far different from our current economic system, where a central bank would print money, call it “economic stimulus,” and choose which bridges to build or wars to fight. With SatoshiVote we are proposing that people get to cast a vote that transfers value and in turn pays for their collective hopes for the future, creates jobs, and stimulates the economy. With this global funding method, we feel these votes will be far more effective and efficient than political ones. The most exciting part of this process is its potential to achieve far more than we thought possible.
In the past, governments and their corresponding central banks were the only ones capable of funding expensive, long duration, and risky undertakings. After governments are elected, they have the ability to print money on a regular basis and thus pay people over long periods of time to perform work. The type of work this funding has created in the past has included industrial development, moon missions, military conflicts and more. These types of projects require expensive, continuous funding, affect everyone on the planet, and—when funded in this manner—cause inflation, basically forcing citizens to pay for spending they aren’t even aware of. This ability to inject printed money into the system and essentially “choose” what people do for work is responsible for some of the greatest accomplishments in history as well as some of the most terrible acts in history. In a monetary system like Bitcoin, where the money supply is fixed and held by the people, how will we create jobs, stimulate the economy, and decide what infrastructure to build?
Our funding method will hopefully begin to address that question. It will seamlessly allow and encourage people to send $1 – $2 per month to whichever “campaigns” are listed on our site. These campaigns can be anything: environmental projects, medical research, or expeditions like a manned mission to Mars. Historically, these initiatives are very hard to get funding for but with Bitcoin you have access to 2.6 Billion people on the Internet and $1 – $2 a month is painless for a significant portion of those people. That’s an enormous potential pool of continual monthly funding. Some people will associate SatoshiVote with traditional crowdfunding, but it is fundamentally different. The requirements for these campaigns include unknown costs and extremely long timelines. They cannot be accomplished with large one-time donations; which is exactly what previous crowdfunding methods provide. To build infrastructure or pay for large transformative undertakings, you need continuous monthly funding, and a lot of it. This is why we think SatoshiVote will fill an unmet need for the Bitcoin economy and give it some insane purchasing power.
Given the information stated above, we are compelled to test out this funding method even though the odds of initial success are low. At first we are listing bitcoin specific campaigns because we think those are most likely to get funded; but in the future all types of campaigns can be listed. Having a platform where society can combine value towards a common goal in a truly democratic way, will be an essential part of any frictionless, deflationary, and global financial system.
For a more visual explanation of what we are building: http://www.satoshivote.com/how