Grimes on Universal Basic Income Through Crypto: Debunking the Myth

Grimes, a renowned figure in the tech and music industries, recently ventured into discussions about a universal basic income (UBI) achieved through crypto, NFTs, and gaming. However, her claims have not gone uncontested, particularly in light of statements from experts like Thomas Sowell who argue that such schemes are inherently flawed.

Grimes' Perspective on UBI and Crypto

Grimes has described the potential for UBI to be funded through crypto and NFT gaming, suggesting a model where individuals can earn a basic income through participating in blockchain-based gaming and NFT marketplaces. This idea hinges on the belief that these platforms can become more accessible and profitable, providing a new way to secure a basic income for individuals.

Critiques and Skepticism

However, the general stance of experts like Thomas Sowell is that these schemes are ill-conceived. Sowell argues, 'No society has ever thrived because it had a large and growing class of parasites living off those who produce.' This sentiment reflects a broader skepticism that such social programs based on redistribution can create a sustainable and equitable society.

The Flaws in UBI Through Crypto

The idea of UBI through crypto and NFT gaming faces several critical flaws:

Profit Distribution: Although the crypto and NFT market can be lucrative, it is not a guaranteed source of income. Half of the participants in any market, whether it's traditional financial markets or blockchain-based platforms, often end up losing money. Accessibility and Inclusion: While the idea of using gaming and NFTs as a means to achieve UBI sounds innovative, the reality may be more complex. Not everyone has access to the technology, knowledge, or time required to engage in crypto and NFT activities, creating new forms of inequality. Volatility and Risk: The crypto and NFT markets are notoriously volatile. Ensuring a stable basic income through such rapidly fluctuating assets poses significant risks, as the value of these assets can plummet without warning.

The Nature of Redistribution and Theft

Grimes and proponents of UBI through crypto often argue that it is a means to redistribute wealth in a way that supports those in need. However, Thomas Sowell's critique is stark: 'Any form of government provided income is nothing but a socialist scheme for theft of money from those who earned it to redistribute it to those who did not earn it.' This view suggests that UBI through crypto provides a veneer of modernity and innovation, but fundamentally, it remains a form of wealth redistribution that can be seen as theft.

Alternatives to UBI and Crypto

While the concept of UBI through crypto is intriguing, there are alternative models of support that may be more practical and effective:

Traditional Welfare Programs: These programs often include a mix of employment support, education, and social services, which can help individuals become more self-sufficient. Microfinance and Small Loans: Providing access to microfinancing can help individuals start small businesses or access low-interest loans to improve their economic situation. Education and Training: Investing in education and vocational training can help individuals develop skills that make them more employable and adaptable to changing market conditions.

Conclusion

Grimes' vision of UBI through crypto and NFT gaming is both innovative and ambitious. However, it faces significant challenges and risks, and the critiques from experts like Thomas Sowell highlight the fundamental issues with such redistribution schemes. While these ideas may seem cutting-edge, they are not a silver bullet for creating a sustainable and equitable society. Instead, more traditional and practical approaches to support and development may offer more sustainable pathways to improvement.