The Making of Italy’s mini-BOTs

Everybody wants to be finance minister of Italy. Here’s my application. Now that the new incipient aggressive nationalist government of Italy has put the creation and destruction of currencies on the radar, might they use some flavor of small „b“ — bitcoin technology for their mini parallel currency. This paper breaks down the pieces that they could use. It‘s kind of like monetary policy on acid: a digital mini-BOT that you could pay taxes, or your phone bill, or other publicly regulated utilities. Buy gas from state run Eni. You know, data as money. The Treasury does something like an initial coin offering to make Italy the first crowd funded Government. Everybody loves Italy! This would „internationalize“ the mini-BOTS. Populist money: data on acid — because data is money. A currency with a legal claim on an underlying asset: a unit of communication, we’ll call it a chronotope, you know, as in time and space. By building its own 5G network, Italy would control the supply of this underlying asset. Italy could nationalize information with this digital script. Everybody would want this hip, hot Italian money. Amazon would start accepting it, for it’s cool factor. These mini-BOTs would be a backed currency; backed with post-modern monetary digitization.

But is Blockchain GDPR compliant. The Right to Delete! Just add a delete button and the coin dies. Disappearing money is deflationary, so they give one away to the unemployed, for each disappeared mini-BOT.

In mid-2001, the cash-strapped provinces of Argentina adopted a classic destabilizing strategy when they issued an increasing volume of bonds shaped and formatted like currency notes, paying their workers with these instruments and encouraging their use as a means of exchange, including for the payment of taxes, credit card balances and mortgage obligations. The federal government followed suit. The images below show a one-peso Patacón from the province of Buenos Aires – the economically most important province and the largest issuer of such bills. The inscription on the reverse highlights the financial emergency and declares that these bills will pay 107% of their face value roughly a year after their issuance. https://www.moneyandbanking.com/commentary/2018/6/2/italeave-mother-of-all-financial-crises

Province of Buenos Aires: Patacón issued in 2001 (front and back)