a new, global, peer to peer, business barter network
I don’t want to say that sounds like a horrible idea, but anything non-monetary that can be exchanged for money pretty much gets classified as money by the law. They want to tax everything after all. So “exchange between independent groups, and groups of groups, being indefinitely scalable,” it sounds like exactly the sort of thing that would show up on the news with a headline like “Terrorist Billionares Try To Cheat On Their Taxes In The Black Market,” after the police have financially ruined and/or killed anyone trying to use it to do business.
One of the strengths of local currency is that it cannot be exchanged globally, so it can’t be taxed as a currency equivalent to any dollar amount, and people using it won’t be funnelling their wealth out of their local area to some overseas tax shelter that never appears on the news. So I’m not saying it’s a horrible idea, but it’s an interesting one that raises a couple concerns.
well aware of those concerns thanks. Yes its not designed for tax avoidance but avoidance of money/credit and banks.
KYC problems are handled because it is in the interests of each group to police their members or the whole group is liable.
@matslats I suppose. I’m just thinking of like the Liberty Dollar, and Silver certificates, both extremely globally exchangable currencies that all got crushed by unethical government action.
I think it might be less of a problem in Canada. Taking a look around I see there’s still a https://en.wikipedia.org/wiki/Calgary_Dollar still in use.
Maybe I’m just misunderstanding what the “Credit Commons” is. Small local banks giving microloans are a very important resource for the poor and downtrodden, so maybe it’s like those?
@cy mutual credit systems another paradigm from blockchain and silver monies. I have much work to educate the public in this largely forgotten/ignored paradigm. Sometimes they are called moneyless systems because the credit members created is only accepted by other members. Hence 'mutual'. Its no microloans because its not money. All members have is the goods and services they produce and their promises.
@cy Definitely NOT like a gift economy. Its an exchange system, with a precise unit of value. Instead of minting tokens and pretending they are valuable, members just promise to give as much as they receive.
@cy Then you promise to give something later. The unit of account on the ledger is the record of the difference between what you have received and what you have promised.
Some people call it credit money.
@matslats That’s a gift economy. You give freely to people whom you expect to reciprocate later.
It’s different from “gifts” in a money economy, where they try to reserve all accounting only to money, and act like accounting for gifts is inconsiderate and greedy. It’s the “egoist/altruist dichotomy.”
So I just mentioned that because it’s easy to misinterpret the phrase “gift economy” and miss out on a lot of examples to help improve your system, like the Iroquoi nation, or the Burning Man festival.
The social network of the future: No ads, no corporate surveillance, ethical design, and decentralization! Own your data with Mastodon!