By Gideon Samid
Before I set out to describe this “new dimension” I wish to prepare you, my reader, to a dose of ‘strangeness’ that always wraps up new concepts. Please think it through carefully. The two big attractions of this “Noble Free Giving” initiative are spreading the act of giving to ordinary folks, not engaged in elaborate giving as of yet, and exercising ‘giving’ without any cost, or loss. That is, free.
The second point raises eyebrows, I know. So let me focus on it first, using an analogy. The Niagara Falls generates electrical power without burning any fuel. We simply tapped into an existing power source that was there for the taking. Similarly, banks project a lot of credibility. We trust them with our money. Why not then tap this credibility for well engineered giving. We all carry around ready cash, and liquid accounts to pay for daily living. These funds are not invested anywhere, something to tap.
Enter now an old/new concept: a “financial claim check”. That’s a digital entity that may be used to claim its denominated value in cash. You give a $100 to the bank, and the bank gives you a $100 claim check in return. You can activate it at any moment and get your money back. So what of it, you ask.
Here comes the clincher: the bank takes the $100 you gave them and deposits them in a no-risk interest bearing account. The net yield of this fund becomes a noble free giving to a broadly recognized social cause. This very fact generates a moral pressure on the holder of said claim check to keep holding it a while longer, rather than rush and cash it out.
And since this Noble Free Giving initiative is well advertised, when the holder of the $100 claim check faces a restaurant check for the same amount, they will be well disposed to offer their claim check to satisfy their bill. Now the moral pressure shifts to the restaurant. Since the claim check is redeemable at any time, its recipient is not subject to any negative financial impact. On the other hand, accepting the claim check projects a noble charitable spirit. Once the Noble Free Giving initiative flourishes, restaurants will proudly post: “We accept Noble Free Giving claim checks!”
It will require effective public movers to drum up the use of the Noble Free Giving claim checks in lieu of cash. But when ignited and flared up, the trading public will pass the claim checks with as much ease and as much benefit as they experience when they make their daily payments with cash.
It is free. The public holds and pays with the Noble Free Giving claim checks as if it were cash. That is un-invested cash, pocket cash, which now accumulates to a growing fund that clocks interest for a good cause. And in the process it brings in ordinary folks, too busy, too stressed to worry about charity and giving. By accepting and paying Noble Free Giving claim checks the public is drawn in — society does the giving.
It does sound like a Ponzi scheme, doesn’t it? The same money that stays in the interest-bearing fund is also used to buy coffee and gas. But it sure is very sound. Noble Free Giving taps the credit stock claimed by big banks and respected financial institutions. When people trust that the claim check in their hands can be readily claimed for its denominated value, they will be happy to accept it as money and hold it as money, with the net effect of feeling charitable and giving.
It is easy to belittle this Noble Free Giving plan on account of the vanishing interest rates today, but that would be shortsighted. Rates oscillate, and are quite substantial over the long run, which is what this plan should be judged by. Mitigating options also exist.
Implementation options galore: BitMint developed technology to provide money-grade security to the digital claim checks. These necessary claim checks are as much a fraud-target as money per se. We know how to split the denominated value and pay any part thereof. Another new technology offers a physical Noble Free Giving coin engineered to be passed around like old-fashioned jingles. The beautifully designed coin will identify the social cause it supports, and will thank its holder for participating in this great program. Some of these coins will be denominated in impressive high value; people will display them with pride.
Noble Free Giving can be channeled through credit cards accepted everywhere regular cards are used. The consumer over time will treat the claim check as cash, with a background thought of active giving.
Holders of the Noble Free Giving coin will not sacrifice or lose anything, and at the same time will obey their moral compass, and be proud to visibly support a noble cause. Properly promoted Noble Free Giving will sweep the land.
All in all Noble Free Giving is pregnant with sweeping scenarios spreading the joy of giving to the public at large. .
Prof. Gideon Samid, PhD, PE is a versatile engineer, born in Jerusalem, lived in the desert, worked in coal mines, and in the Space Program; a prolific inventor (28 granted patents), and a designer of a digital currency, BitMint, implemented by The Bank of Shanghai. In his PhD dissertation Gideon developed the “Innovation Solution Protocol” a robust tool to accelerate innovation. The methodology is now being implemented in an artificial intelligence setting to boost the productivity of human innovation. Prof. Samid is a broadly recognized teacher; he authored several critically acclaimed books on artificial intelligence, cost engineering, cyber security, and digital money. In recent years Gideon is busy promoting and advocating for exploiting the powerful technology of digital money to serve society in ways that were not available before.