Well the idea of free money always raises red flags for me. basic needs still have to be provided and maintained somehow, time and effort and thus value must be applied. What would be the incentive for workers to continue investing their time and value into the very systems that are providing them and everyone else with the basic necessities? if they are provided for then why continue working, just to provide for everyone else? instilling a universal concern for others sounds like a dangerous element of the deadly collectivist ideologies of the not-so-distant past.
Material things given for free quickly become worthless.
How is this different?
Yeah, that might be true for some while others will be empowered through such a freedom. I am not saying that the states should do UBIs as the only thing the state should do is cease to exist!
However, I don't think people would stop working if their basic needs are covered because they still want to buy a smartphone and a big TV to get sucked into the matrix again. And that is not covered by a UBI.
But that is a philosophical discussion that probably does not apply very much to this coin yet. The free market will very quickly show how much they value this idea and the price of the coin will react accordingly.
I think the idea of a UBI is executed best in form of a crypto as it leaves the state out of it. And I am looking forward to see how this project develops.
Where I live there are many on a basic state provided income. Some don't do anything, but others do volunteer work on a regular schedule. In such a system it's up to us to motivate and/or help others find something they are passionate about and their contributions will follow. Will this idea work? I don't know, but it seems everything else has been tried so there is nothing to lose.
Go for it. Combining this with Steem and we get a some crypto in our pockets and participate in the boom without even investing.