WHALEBONE (an anagram of WHOLEBEAN) is a working proof of model concept for brick & mortar digital exchanges intent upon the decentralization of Earth's financial systems. Inspired by greed based corporate pillaging of the environment and disregard for human and animal well being, we are deploying a variety of models for "banking" in a new economy.
In 2012, we launched a giftcard database to network patrons of OH YEAH! Ice Cream & Coffee with neighbors struggling with overdraft fees. Commercial banking's fixation on punitive overdraft fees is a $32,000,000,000 industry that equates to a $100 HEAD TAX for every citizen in the United States. And the irony is that it's paid for by the country's poorest. Our database sourced $100 "NEVERDRAFT advances" by offering 5% monthly earnings to regular customers who purchased a giftcard account up to $1000. The high yield monthly earnings were unique in that they expired at the end of each month and were backed by products as opposed to currency.
There are an average of 2.5 million overdraft fees daily in the US that cost bank members an excess of $85,000,000/day and $32,000,000,000/year. How much $$$ would it take to cover the actual overdraft AND where does all the overdraft go? Could a bank turn an overdraft fee into a future line of credit for cash poor customers? Could governments use a portion of these cash poor profits to support government programs that support the cash poor? The gift card "banking" model proves small businesses can replace banks by offering commodity based interest while showing how commercial banks ultimately collude on minimally low interest rate returns. It further suggests government sourced economic stimulus can be accomplished through a monthly expiring citizen benefit for a fraction of the cost of bank bailouts.
Have you heard about THE FEDERAL RESERVE SCAM ?
In addition to proving an overdraft alternative is sustainable, we suggest banks could be earning their members at least 100% more monthly interest. Instead they continue to lend money that doesn't exist so they can charge more interest than what could possibly be repaid by the money that is available in the economy.
After catching the attention of Pennsylvania bank regulators (aka wingmen) and receiving a notice to cease & desist, we played semantics, WON and chose to expand our offerings through Bitcoin and other digital currencies. In 2013, we began purchasing properties in Detroit to set up an outpost cafe based on fresh goat milk while beginning to print our own sun based currency: Cannabis.
Government officials liked the ice cream more than our fiscal policy models:
Post Gazette 2012
Wall Street Journal 2012
Post Gazette 2013
Harnessing Sun based commodities is any population's most viable offense against Central Bank debt schemes. Our primary asset is a digital commodity called OZcoin. Each OZcoin is backed by 1 ounce of Michigan grown Medical Cannabis, $200 USD or the equivalent value in seeds, clones, tinctures or #kushkreme cannabis ice cream. We offer 10 OZcoins per month at a reduced rate of $100. This allows anyone, anywhere to double their investment within a 3 month season. We have successfully backed this model for over a year while making loans locally to support neighbors in need. In 2016, we plan to double our yield while further developing our Detroit outpost which includes conventional crops, honey bees, chickens, dogs and of course goats.
In addition to creating commodity based digital futures, we strive to bridge the gap between HI-FI technologies and users in LO-FI communities. "Crypticks", "Half Notes", and informational coupons have been airdropped in our hometown of Brightmoor to support efforts in fostering barter based economies. Our outpost offers daily "office hours" to support neighbors with computer questions or technical issues. We also support neighbors through a "bounty banking" model by distributing Bitcoin addresses for crowd funding and business development alike. We believe cryptocurrency is the future of finance and that philanthropy is the future of cryptocurrency.
Crowdfunding has become an incredibly centralized practice with .com middlemen disguised as hipster friendly platforms. These services, though perhaps well intentioned, earn transaction fees for themselves and commercial banks who sit on sourced earnings until the end of a campaign. When you consider the breadth of centralized commercial banks, it is entirely possible that money raised never leaves a financial institution or its central bank mother as contributors could be members of the same bank or central network as the crowdfund's benefactors. Not to mention the eventual contractors and developers likely all have bank accounts within this same network. Everyone has their own email address and so too should everyone have their own currency address.
In a world rampant with issues and the possibility of using fiat currency to increase the value of Bitcoin AFTER a round of Bitcoin crowdfunding, there isn't any problem the people of Earth could not solve if we each added a digital currency to our portfolio. We believe the future of finance will be defined and inspired by the causes of humanity. When banks become a public resource, the wealthy elite will be forced out of hoarding. Bounty banking is an exciting frontier where anything can be accomplished through the viral nature of human consciousness unleashed on the Internet. #bountybanking