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The word “scam” is often used to mean something that is possibly unethical or distasteful, but that’s too subjective. We define “scam” more precisely to make sure that stakeholders understand that we don’t accuse any person or entity of scam behavior unless it meets the following strict definition.
A “scam” is an action or series of actions executed by a person/entity (“scammer”) that is consciously intended to cause another person/entity (“victim”) to act against the victim’s own interests. A scam may result in the exploitation or theft of the victim’s wealth; the victim’s decision to vote for a political or corporate official based on false information; or other actions that benefit the scammer at the expense of the victim.
A well-designed cryptocurrency has all the following features:
Without that minimum set of features, a cryptocurrency is merely an interesting science project because it will never protect humanity from the economic and political oppression of gigantic corporations and governments.
NB: Of course, the technical design principles above are the primary design features of Gini’s technical architecture, which implicitly include all the geeky concepts that you will usually hear in any technical cryptocurrency discussion, e.g., decentralized consensus protocol (specifically, “Proof-of-Commitment Protocol” in Gini’s case), Dynamic Guardian Nodes to prevent numerous forms of network attacks (e.g., 51% attacks, Sybil and man-in-the-middle attacks, numerous byzantine attacks, double-spend attacks, etc.), transaction speed comparable to the typical credit card transaction experience, assurance that no Gini cryptocurrency can be created out of “thin air,” and many other technical principles. If these deeper technical principles are interesting to you, please read the Gini Whitepaper.
We use the phrases “gigantic corporation” and “transnational cannibals” frequently to explicitly differentiate between a healthy economy full of competitive, small- to medium-sized business entities vs. the unhealthy global economy that we have today, which is dominated by rampaging cartels of transnational cannibals. The Gini team has proudly served tens of thousands of small- to medium-sized companies for decades. So, we have no problem with the concept of “corporations” in general.
In this context, our specific concern is “gigantic corporations” and “transnational cannibals” that roam the Earth like predatory Tyrannosaurus Rexes, devouring everything in their path, and perpetually expanding to the economic size and political power of entire large countries. When individual corporations become this big, they have too much power to dominate economic and political systems. That enables them to shield themselves from the legal and economic consequences of their corruption, negligence, and destructive impact on societies and ecosystems because they can bully politicians and communities into classifying them as “too big to fail.”
Classifying corporations as “too big to fail” enables them to ram corporate socialism down humanity’s collective throat and extort money and resources from the general public through bail-outs and bail-ins to perpetuate their cannibalistic empires. This is a huge problem for our global economy today and we’re not afraid to confront this problem in our own unique way.
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Gini Mission: Protect human rights, create a sustainable monetary system, and maximize the broad wealth-generating potential of real-world commerce.
To learn more about the Gini Mission, please watch the videos on the Gini homepage, read the Gini Whitepaper and read or listen to the Gini book.
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IMPORTANT: Like all currencies, the Gini cryptocurrency is a currency, not an investment security. However, due to the U.S. Government’s oppressively ambiguous position on cryptocurrencies, in the U.S. we are forced to restrict the sale of Gini cryptocurrency to “accredited customers” as a temporary precaution until we receive an official clarifying response to our pending inquiry to the SEC. Here’s an overview of our SEC analysis and other considerations.
Opportunities for Non-Accredited Customers. Non-accredited Gini Store customers can still obtain Gini cryptocurrency through the Gini Rewards Program.
Cryptocurrencies Can’t be Stopped. It’s important to remember that the “accredited customer” restriction only temporarily applies to the initial Gini Launch, not to cryptocurrencies in general. No government can ever completely ban cryptocurrencies for many technical, political, economic and legal reasons.
“Whales” are typically early investors in a cryptocurrency project, which exert overwhelming control over the cryptocurrency’s entire ecosystem. This is a problem in all other cryptocurrency’s today. In contrast, Gini’s automated Value Streams System, Ecosystem Stability Mechanism, Community Governance System, and the non-greedy contracts that the Gini Foundation has executed with Gini’s founders/investors, collectively work together to minimize the unhealthy and destabilizing impact that whales have in the Gini ecosystem. (The Gini book and whitepaper explain these topics in more detail.)
Pure Free Markets Are a Fantasy
Governments will always intervene in economies to some degree because politicians always have incentives and geopolitical pressures to do so. Thus, the most important real-world economic question societies should ask and answer is: Will governments intervene to amplify the economies of scale of the whales (i.e., transnational cannibals in the fiat world and crypto whales in the cryptocurrency world) or will governments intervene to create ecosystem balance so that small- to medium-sized companies and the middle class can achieve a sustainable level of wealth and political influence within their ecosystems?
The Gini Exchange is not designed to be a high-frequency trading (HFT) system because HFT systems invite all kinds of corruption, market manipulation, flash crashes, and unnecessary volatility. In fact, HFT is a significant cause of many problems in both crypto and fiat markets today.
Contrary to what many self-serving banks, traders, and hedge funds may claim, market liquidity does not depend on HFT. So, we don’t have any plans to create any HFT systems.
See also: Robotic Market Volume is Not Market Liquidity.
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Yes, we know that might initially sound grandiose to some people, but after you read this page, learn about the cryptocurrency market problems, and watch the Gini movie, you should understand what we are talking about.
Fiat-to-crypto transactions and crypto-to-fiat transactions generally require users to involve their traditional bank accounts to transfer fiat funds via SWIFT, SEPA, etc. The Gini Exchange software makes this easy to setup. However, it’s important to understand that whenever a traditional bank is involved, users typically need to reveal their names and bank account details to their trading partner just like they would for any other bank wire transfer. For this reason, we encourage stakeholders to transact in Gini as much as possible if they wish to preserve their privacy.
Gini Movie coming soon!
Scott Nelson is our VP Finance.