6 · Non-Concentrating Money
🚧 Draft (core-idea sketch). Part A · Core Ideas.
The problem. Both the resource market and the truth machine degrade as wealth concentrates — in fact "dispersed capital" is a named assumption the truth machine stands on. But money, left alone, tends to concentrate. We need a medium of exchange that structurally pushes the other way.
The core idea. There is no global "value" — only value to a constituent (the capacity to do useful work for someone), exactly as there is no global truth, only per-resolver verdicts. Currency tracks that value as it flows:
- Demurrage — currency decays unless it circulates; idle stock is reclaimed.
- The reclaimed flow is recycled as a universal basic drip to every participant (weighted by
n_eff, so it isn't farmable).
Steady-state wealth becomes equal baseline + (your net flow) / δ: unbounded stock inequality turns into bounded flow inequality. The decay rate δ is a dial that directly enforces a chosen concentration bound — i.e. monetary policy is the truth machine's dispersion guarantee.
Leans on: identity (1, Sybil-proof drip), timestamps (2, transaction order). Enables: the resource market (5), the truth machine (7, dispersed budgets), governance (8, expenditure). Co-designed with: the truth machine — this is the one dependency cycle in the stack.
⚠️ Where it's thin. It bounds stock, not bursts. Inter-zone exchange rates, speculation against a deliberately-decaying currency, and the (probably unsound) external USD peg all need real macroeconomic analysis. Part B.