Curiosume money theory

[ingenesist]

We know that debt is a promise backed by future productivity of the signor.  This is how dollars are created - they are created by this promise.  The remaining risk is diversified away in a stock market.     

Curiosumé does something very similar; it predicts the likelihood that a person or group of persons can execute a business plan in the future.  The risk will likewise be diversified away by an "innovation bond".  This bond can be subdivided into chits and used as money. 

 As such, two currencies backed by the same underlying asset (future productivity) would be frictionlessly convertible, purely liquid. 

[santaclause102]

All money is backed by the productivity of those who choose to use it; that's just how network effect works.  The more people there are who consider the currency valuable and who are willing and able to provide a variety of goods and services in exchange for it, the greater the utility of that currency.

I could be misunderstanding, but my initial impression was that Curiosume is an attempt to create a currency based on these principles without recognizing that this is already a big part of how every other currency works.

Here is how I see it: There can be two systems to solve the problem of agreeing on a way to measure value and use that measure then as a common medium of exchange :
1) A positive money system which has a finite amount of money (central bank issued money). Today's credit money system is limited by this finite money reserve  and ultimately "backed" by it.
2) A purely credit based system which has the challenge of agreeing on the fungibility of the credit scores. You would need some mechanism to agree on the fungibility of the different money / credit scores. Otherwise everybody could issue a productivity backed money  but the different "monies" that  are issued this way by various people would not be fungible and therefore couldn't function as a common medium of exchange.

[Troglodactyl]

All money is backed by the productivity of those who choose to use it; that's just how network effect works.  The more people there are who consider the currency valuable and who are willing and able to provide a variety of goods and services in exchange for it, the greater the utility of that currency.

I could be misunderstanding, but my initial impression was that Curiosume is an attempt to create a currency based on these principles without recognizing that this is already a big part of how every other currency works.

[santaclause102]

I have watched this https://www.youtube.com/watch?t=2601&v=CMeQ_rNkGKU and the mumble hangout https://beyondbitcoin.org/bitshares-dev-hangout-bytemaster-consensus-august-7-2015/.

I have not understood the economical concept Dan Robles talks about where the goal is to give a virtual currency intrinsic value by backing it with the "productivity of engineers".

To me an asset can either have value because it is backed by a promise (everything a user issued asset (UIA) can represent: stocks, debt obligations etc.) or something has value because it is a resource which is demanded itself for whatever reason:, examples: Gold (demand drivers: industry use, speculation), Bitcoin (demanded because it has been identified as money for utility reasons (divisible, ease to transfer etc)).

When Dan R. talks about (like in the 7.8 hangout) about money being backed by productivity that in the end can be subsumed under the UIA > debt obligation case:
I go to some institution (bank) which  issues money that is used widely and the reason the institution (a bank) issues money and gives it to me based on the mutual agreement that I will pay it back is that I have convinced the bank that my future productivity will allow me to pay back the loan that I was just granted.

I may have made wrong assumptions above on dan r.'s concept of money so skip the below if you are just interested in the money theory of curiosume and think my assumptions are wrong.

The questions are:
How would it be different from today's system I described above?
If the proposed system is different from today's money issuing system in the way that everyone can issue money (not only those with a state issued banking license) and there is no state enforced minimum central bank money reserve rule for banks and also no central bank money to serve this purpose then the questions are:
How do you convert to one common currency?
And where does the currency get it's value from if the supply is not limited by the central bank via the limited (very relative these days ) supply of central bank money and the consequent limitations on the ability of banks to lend money into existence (minimum reserve rule)?