The stability of FairCoin

A unique characteristic that makes FairCoin different from all other crypto-coins out there is its stable growth. This is not accidental, but a product of the work of all the communities in the ecosystem, who wish to benefit from blockchain technology, but would like such advances to take place in a manner that fits in with our own ethical values, such as sustainability.

This adds to the unique nature of the coin, since it is not simply a project made to raise money to fund a new business idea. On the contrary, the coin is just one tool among others, just one expression of a larger world-view and the practical connections being made between solidarity cooperatives across five continents.

The coin is not some final magical solution to social problems, but a powerful tool to help us connect beyond borders in a practical way. Thus since the collectives using the coin have no desire for speculation, and do not want to promote or support such a chrematistic view (in the words of Aristotle), the stability of the price is an ethical value that is reflected in reality.

In the long term such balance is actually more useful in all senses of the term, since the stability helps merchants and others to use the coin, knowing that the value will be the same for at least a month, unlike the wild fluctuations in the other crypto-coins.

This is accomplished through interesting practices that have their parallels in many larger financial institutions - for instance:

  • A very reasonable maximum cap for online orders to prevent large-scale speculation
  • Confirmation time for online orders that prevents the 'pump and dump' schemes of traders that manipulate small changes in market prices for quick advantages
  • And above all, an insistence on real connections made through local nodes on the basis of political and ethical affiliation, ensuring that what is being created is not an atomized, profit-seeking herd, but a large political collective.

This further connects the coin to real, practical projects and everyday needs, not abstract digital numbers for currency speculation. The result is slow but steady growth, that tames the wildness of the market, while leaving a space for individual initative and preference.

This reality of the political affiliation is further demonstrated as the official sale price listed on getfaircoin.net is managed through democratic assemblies online, open to anyone interested in participating, and thus provides a practical model of managing important economic flows and growth in a horizontal and transparent manner.

The Troika and the official banking system are historical artifacts.

Moving past a simple refusal to deal with money issues, we also have to accept that we need to create and manage the future much better than the collapsing world of today. The slowly rising price of FairCoin, in a democratically managed way, is a proof that everyday people can manage their own economic affairs, their own financial needs, in a non-speculative and mutually beneficial manner.

This is the most practical political response to the neoliberal dogmas of austerity. A concrete example is provided that people do not need the usurious terms and authoritarian dictates of the Troika and official banking system. On the contrary, with hard work, they can create a better world today and prove that these oppressive institutions are not needed, they are historical artifacts that no longer serve any real purpose.

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