Ask HN: Viability of an Economy Based on an Energy Standard
From my understanding, we used to be on the "gold standard" in which each treasury note was backed by the presence of physical gold held in the treasury. From my limited research it would be difficult to go back to the gold standard, but would it be possible to refactor our economy to use energy as the sole medium of exchange.
The idea would be similar to the following:
Customers wishing to purchase goods or services would exchange energy (specifically electricity) for the item in question. Energy could be exchanged in a variety of ways like small "button-style" batteries or by the transfer of energy from a larger battery (maybe the size of a standard "trifold" wallet). The medium of exchange would need to be standardized but would be "pluggable" so new technologies could be adopted in a backwards-compatible way.
Potential benefits include the ability for almost anyone to convert expertise and work into a valuable commodity with minimal overhead. For instance, facilities could be established where if one has no other way to earn money they could come and ride a stationary bicycle to charge batteries which they could then use to purchase the things they need. A percentage would be taken off the top for the owner/operator of the facility. Also with some investment in time and materials, one could guarantee a steady income for their family by the installation of solar panels, wind turbines or even gasoline generators.
My interest is specifically in other potential benefits or any potential problems or pitfalls.
This question is really meant as a thought exercise to help me understand how the exchange of value operates at both a micro and macro level.
Thanks in advance.