A cryptocurrency company known as Manna, is used for those in the space who are using cryptocurrency as a means of distribution. Although a tiny company, they have recently announced that they are looking at a ‘major party candidate’ coming on board, as an advisor.
The concept behind UBI, also known as ‘universal basic income’, has been making some media headlines as of late. Primarily, with their belief of concept that people in a country should receive a monthly benefit of sorts that they can use for anything really. The belief is that this well help eliminate welfare and other benefit programs in said country. Sounding almost communist like.
In addition, the propose $1000.00 a month would do very little anyone residing in a North American location especially. Forget accommodations, this small amount may only cover basic needs. Although, Manna has positioned this in a way that says welfare discourages people from seeking employment where their strategy would promote the opposite.
To dive a little deeper into their concept, the thought process is that everyone involved with the UBI be entitled to a benefit, regardless of current situations. They believe this will protect against job loss, encourage others to seek employment who are not working and essentially reward those who are.
A scheme comes to mind especially when we understand that they are also collecting taxes on this and redistributing the monies to those who are not in need.
This type of scenario without question would lead to increased debt in the economies and more and more a rich get richer while the poor get poorer.
This program was piloted in Finland but was cancelled shortly after introducing it believing that the system was without question flawed. There are many problems explicitly clear on the surface which we can assume are much greater on the inside.
Who Is Manna?
As mentioned above, this UBI program in the cryptocurrency space is essentially a hub for what is referred to as ‘distribution’. They currently sit at $0.0033 each and their published market cap is $250,000. The program is not currently operational however, once it is anyone can sign up – anywhere.
It is incredibly hard to determine how they will ever receive value based on the program being free and then sold as a currency? That alone is a huge flaw in this model. In comparison to programs like Bitcoin or mining, became high in demand and not always easy to attain. This, drives up the value naturally. Manna does not carry that same leverage at all. At least not right now. You might agree the tokens or currency they hope to distribute resembles a little more like monopoly money versus something you can cash in on, ever.
Free money exchange has never worked, and this model is set up to be the same fate. Their announcement reads as incredibly high risk and taxing monies as donations that were free in the first place? In many ways, makes zero sense (or cents)
With their recent announcement, its assumed the intent was to drive up the want or demand for the concept and hoping to capitalize on the name, Andrew Yang.
Who Is Andrew Yang?
Well, he is the running for 2020 and is the founder of a group in the United States called Venture for America. It was designed for cities like Detroit and Baltimore to help people in the work force.
He recently released a book called ‘The War on Normal People’ where he takes a strong position is why this UBI believes is a central issue once things like automation could leave many people unemployed.
Andrew Yang does not have any documented political experience but is deemed to be incredibly intelligent and very well established from Taiwan.