Tech News, Magazine & Review WordPress Theme 2017
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ethereum’s Vitalik Buterin Touts New ‘Robinhood’ Crypto From Occupy Wall Street Co-Founder

by Daily Hodl Staff
September 13, 2019
in Ethereum
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎
‎‎‎ ‏‏‎

Ethereum creator Vitalik Buterin is spotlighting a new cryptocurrency from the co-founder of Occupy Wall Street, the socio-economic movement that swept across the US in 2011 in response to wealth inequality.

According to creator and social activist Micah White, Sparkle is the world’s first redistributive currency. It aims to solve the same problems that Occupy Wall Street attempted to tackle by using Ethereum. Billed as a “better money”, White says, “When the rich spend Sparkle, the poor receive their share.”

Writes White,

“Here’s how Sparkle works: every time Sparkle is bought or transferred, 2% is taxed and redistributed to the entire economy.

This 2% tax is a transaction tax reminiscent of the Tobin Tax or Robin Hood Tax with one key distinction: the proceeds of the tax are redistributed proportionally to everyone in the economy. The system does not penalize being wealthy — after all, the wealthy will receive a greater share of the transaction tax — and still it rewards the poor.

Imagine if we all benefited from the luxury consumption of the elite.”

Responding to White, Buterin supports the main idea of Sparkle but suggests different ways to distribute the 2% tax.

“I actually like this! My main issue with redistributing the tax to hodlers is that in practice wealth inequality tends to be higher than income/consumption inequality so this could backfire. I have some other ideas for where I think the funds from the tax pot should go.”

“Particularly I agree with E. Glen Weyl @glenweyl that more egalitarian ethereum applications do need to bite the bullet and find a good way to represent people and not just coins.

In general I’ve always found the idea of having a “tip” enforced by social norms that goes to fund public goods in some way a really cool idea.

Ideas of where the tax pot should go: The “obvious default” is per-person UBI [universal basic income]. But I actually think quadratic funding (see https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3243656… and https://medium.com/@RhysLindmark/a-visual-representation-of-liberal-radicalism-d99b0a70c8b8…) is even more interesting and cooler.”

Sparkle lists its critical advantages and key features.

  • Autonomous
    Sparkle has no kill switch or pause function.
  • Immutable
    Sparkle cannot be broken, changed or modified.
  • Adversarial
    Sparkle is a protest that offers an alternative.
  • Experimental
    Sparkle enacts new economic laws that could form the basis for a better society.
  • Anti-Speculative
    Sparkle’s design fights currency speculation and is backed by a verifiable reserve of ETH that guarantees a minimum value.
  • Actually Exists
    Sparkle is real and exists right now.

White says he was invited by the Ethereum Foundation and that he’ll be speaking at DevCon, the upcoming Ethereum conference for developers and researchers.

Buterin says he’s interested in exploring the new cryptocurrency.

“Would love to chat more in person at some point.”



Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Crypto Livewire – Press Releases

  • Cryptocurrency to Fight Cancer: From Bitcoin to Altcoins
    January 26, 2021
  • How Traders Are Gaining by Holding Crypto: Staking Tron (TRX) and Cardano (ADA)
    January 21, 2021
  • QuiverX to Integrate Chainlink Proof of Reserve To Power Transparent, Decentralized Crowdfunding
    January 15, 2021
  • The Online Family Office and High Net Worth Blockchain Conference
    December 22, 2020
  • How Blockchain Empowers Wuhan’s Digital Economy Growth – World Blockchain Conference
    December 14, 2020
Submit a Guest Post
Bitcoin
$31,994.00
$31,994.00
5.74%
Ethereum
$1,320.46
$1,320.46
5.87%
Polkadot
$16.92
$16.92
4.53%
XRP
$0.265463
$0.265463
3.35%

Spotlight

  • Ripple Executives Predict What’s Coming for Crypto in 2021
    January 21, 2021
  • Crypto Trader Lark Davis Unveils Latest Altcoin Investments, Says He’s Bullish on 4 New Coins
    January 25, 2021
  • Analysts Forecast Future of XRP As Coinbase Officially Delists Crypto Asset
    January 19, 2021
  • Michael Arrington Questions SEC’s Case Against Ripple and XRP, Says Howey Test Outdated and Ridiculous
    January 23, 2021

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX • Explore • Futuremash •
Crypto Livewire

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2020 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Your Guest Blog
  • CRYPTO LIVEWIRE
    • Latest
    • Press Releases
    • Sponsored Posts
    • Submit Your Content
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Blog
    • Press release
    • Sponsored post
  • EXPLORE
    • eToro

© 2020 The Daily Hodl

We use cookies to give you the best online experience possible. Continue browsing if you are happy with that, or see how to manage cookies.