Frequently Asked Questions
What is GuiltCoin?
GuiltCoin is a financial instrument that takes the form of a cryptocurrency. It is a streamlined mechanism for efficient guilt reduction. It is a social smart contract. It is a token. It is a thought experiment. It is an artwork.
What is the purpose of GuiltCoin?
GuiltCoin exists in order to help individuals reduce their guilt. For various reasons, the world is full of people consumed by guilt that is impossible for them to address. Under our current economic system, the most logical and efficient thing to do with any type of social relation is to financialize it. GuiltCoin harnesses the power of the blockchain – utilizing the logic of capitalism to provide an unparalleled mechanism for the reduction of existential guilt.
How will my guilt be reduced?
GuiltCoin functions differently for each individual; it’s unclear how your own psyche will react to the purchase. The primary method of guilt reduction is simple: many customers have found that the mere act of believing that one’s guilt has been reduced and committing to this belief has very real and immediate guilt reduction effects. In addition, our most satisfied consumers have identified a number of secondary effects that have led to a reduction in guilt. These include, but are not limited to: the satisfaction of having the opportunity to address their own guilt in a direct and honest way; the charge that comes from being at the forefront of a exciting and speculative experiment in human relations; the thrill of taking a leap of faith toward an unknown destination; the intellectual pleasure of engaging with a conceptual artwork, etc. Others, sadly, have purchased GuiltCoin as a tool for financial speculation. While we cannot bar speculative purchases, we strongly discourage them.
What kind of guilt do you reduce?
GuiltCoin is chiefly concerned with what we’ve chosen to call existential guilt. This term has previously been used in a variety of ways, but we at GuiltCoin define this as guilt which has no clear entity with which to make reparation. This is in contrast to other types of guilt that may be dealt with in a more straightforward way. For example, if you feel guilty about cheating on your partner or scratching your neighbor’s car, you might simply apologize or reimburse them. If you’re found legally guilty of something, you might be expected make reparation to the state or otherwise pay your debt to society. If you’ve committed a sin, you can attempt to make peace with your God however you see fit. For everything else, there’s GuiltCoin.
Aren’t there other ways to reduce guilt?
There are many, but they are woefully inefficient. Most existing guilt reduction mechanisms encourage consumers to delude themselves about what is really going on. GuiltCoin is the first guilt reduction mechanism that acknowledges itself as such. By addressing the problem of guilt head-on, GuiltCoin offers us the clarity we need to be fully autonomous, rational actors. Only then can any of us be truly free.
How much guilt can I address?
You can displace as much or as little guilt as you like. GuiltCoin is tied to the Ethereum network and is divisible in increments up to 18 decimals.
Is this a financial security?
GuiltCoin is expressly not a financial security.
Will my GuiltCoin holdings appreciate in value?
Though GuiltCoin is subject to the same market forces as all other aspects of society, there is no guarantee that it will appreciate in value. Customers should purchase GuiltCoin only as a tool for guilt reduction, and not as a speculative asset.
Why does this take the form of a cryptocurrency?
GuiltCoin is deeply concerned with addressing the world as it is. In our society, anything worth taking seriously must be financialized, and the blockchain represents the most advanced form of financial instrument in human history. Aside from the opportunity for cutting-edge financialization, the blockchain has several important characteristics: it is immutable, public, and confidential. The immutability means that GuiltCoin cannot make changes to the ledger. Its public nature means that all transactions will be visible, and the collective act of guilt reduction will happen in public. With its built-in confidentiality, all GuiltCoin transactions will stem purely from a private individual reckoning with guilt, untainted by external societal pressure.
Is the money going to a “good cause” ?
No. All value accrues to the artwork itself. GuiltCoin aims to be a self-replicating, self-sustaining system; whatever value it produces will go back to pay for the cost of creation. The artwork is collectively owned by the artists that participated in producing it. In the unlikely event that value accumulates beyond the break-even cost of the production of the artwork, said value may be distributed among the artists that participated in the creation of the work. These recipients are then free to donate money as they see fit; however, this is not guaranteed.
Will this make people stop donating money to charity?
No. GuiltCoin does not seek to disrupt charities. There are many charities that provide tremendous value for society. However, the money that goes to these organizations is seldom freely given – it is actually tied up in a complex web of guilt. It doesn’t have to be this way. We can keep the useful work and end the self-deception. GuiltCoin will eliminate that portion of economic activity that does not serve any actual utility, but actually serves as a hidden and convoluted guilt reduction mechanism.
Are you just trying to make me feel bad about myself?
No. GuiltCoin relieves guilt – it does not create it. It is not guilt itself; it is a token of the guilt that has been removed. GuiltCoin is an offering, a chance to address what has been left unsaid all along. It is an opportunity to push out and expel the unhealthy psychological gunk that lies just beneath the surface.
Are you sure you’re not trying to publicly shame me? Promise?
Absolutely not. All GuiltCoin transactions are explicitly anonymous. While public, our in-person consultations are purely informational, and there is absolutely no obligation to buy the coin. The ultimate decision to purchase GuiltCoin must be a private one.
How do I get started?
1) First, decide how much guilt you want to address. You can do this on your own or can meet with one of our consultants – either in person at our Vienna location, or through an online consultation. For a free online consultation, email schuldfrei@guiltcoin.com. (NOTE: These slots are limited and will be offered on a first-come, first-served basis.) Consider the benefits of the coin, and whether or not it is right for you.
2) After making the decision to purchase the coin, you simply exchange a quantity of Ethereum in exchange for an corresponding amount of GuiltCoin. The GuiltCoin in your digital wallet now serves as a token of the reduced guilt.
3) You are now completely free to live your life in the way you see fit. However, it’s entirely possible that you will experience newly-produced guilt. You may decide that you’d like to purchase more GuiltCoin. In that case, return to Step One.
I want some now. How do I buy some GuiltCoin?
Follow the exact instructions here.
I work for an institution that would like to reduce its existential guilt. Do you only deal with individuals?
We’re happy work with institutions as well. Please email us at schuldfrei@guiltcoin.com for institutional purchases.
Wait a second…what if I purchase it and have second thoughts? Can I get my money back?
No. There are no guarantees, and absolutely no refunds.