THE RISE OF CRYPTO

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 C) THE RISE OF CRYPTO

When COVID finally ends, many will abandon the expensive cities for safety reasons, quality of life reasons, financial reasons.

Because of increases in bandwidth and the ease of use of Zoom, there will be no more need for office buildings to be full. People could live anywhere and work in the 2D virtual office or in Microsoft VROffice.

With fewer people and companies, the tax revenues will plunge just when the deficits are spiking. Mayors in each city will be forced to fire teachers, garbage collectors, police, etc. Crime spikes, garbage everywhere, and fewer tourists will want to go to each city.

Cities will need to create incentives! Each city will create a local cryptocurrency to provide incentives. New York City, for instance, will create “NYCBucks.”

The idea: Everybody in NY gets a steady UBI (universal basic income) in NYCBucks (instead of dollars), and everyone who visits NYC as a tourist gets an allocation based on how many days they would be in the city. You could only spend your NYCBucks in NYC.

For every transaction both the buyer and the seller “mine” micro NYCBucks pro rata with the size of the transaction. For every 100 NYCBucks you mine, you can exchange for $100 and $100 is deducted from your state and city taxes.

Tourism begins to come back to cities. And businesses return and require more employees to be local. Cities, for the moment, are saved.

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