Karma: an ERC20-compatible Alternative Money on the Ethereum Blockchain
Too Long; Didn't ReadWhat if everyone operated like a bank? Instead of taking money on credit, they would create it themselves. Of course, such a system would only work if there was a limit to the amount of money that could be created. So everyone's debt would be public. If I had to choose who to sell my products or services to, I would give it to the one with the least debt, as this gives the best chance of it being paid back quickly. Therefore, everyone is interested in keeping their debt low by repaying it.