Fell in love with a girl and saved for a ring -then they closed the banks.

I once had a friend who fell in love with a girl and saved for a wedding ring. The day he went to the bank to withdraw the cash he had saved, the banks closed and the government took half of his money. No wedding ring that day.

The country was Argentina, and my friend later married the girl and they lived happily ever after. Score one for love and zero for crooked central banks.

The MonetaryCoin protocol

The MonetaryCoin protocol attempts to address the problems created when the government abuses the banking system. It’s a cryptocurrency that combines Nobel Prize winning theory with blockchain technology. If your country or currency area reliably reports GDP and issues a currency, it will soon have its own MonetaryCoin. Here is how it works:

1. The total number of Monetary Coins is limited in each county to about 1% of that country’s money, measured on the date of launch. Once the limit is reached stakeholders will only be able to mine as many coins as permitted by the percentage growth in the economy, multiplied by the coins outstanding. That’s the Nobel Prize winning part.

2. Owning coins creates mining power. If you set aside coins for mining, you earn a fixed rate, multiplied by your percentage of ownership in the network, and then multiplied again by the coins available for mining in that period. Got it? It means the more you own the more you can mine, and no special mining gear required.

3. The MonetaryCoin can satisfy know-your-customer rules for anti-money laundering. You can turn the feature on and show identity, or leave the feature off and remain anonymous. The so called “AML-KYC” data are not visible on the blockchain to any party other than the intended recipient.

The initial distribution of the first two Monetary Coins is active now at www.monetarycoin.io.

For more information on MonetaryCoin see www.monetarycoin.org.