this idea seems to be really neat for digital working, first time i heard about that concept and already fascinated
Some criticisms of time banking have focused on the time dollar's inadequacies as a form of currency and as a market information mechanism. Frank Fisher of MIT predicted in the 80s that such a currency "would lead to the kind of distortion of market forces which had crippled Russia's economy."[42] It is precisely the non-commercial, not-for-profit, noncontractual, and non-monetary value of time dollars which exempts them from taxation in the United States; were they to be used as a substitute for money, they would simply be another form of exchange.
Dr. Gill Seyfang's study of the Gorbals Time Bank—one of the few studies of time banking done by the academic community—listed several other non-theoretical problems with time banking. The first is the difficulty of communicating to potential members exactly what makes time banking different, or "getting people to understand the difference between Time Banking and traditional volunteering."[43] She also notes that there is no guarantee that every person's needs will be provided for by a Time Bank by dint of the fact that the supply of certain skills may be lacking in a community.[44]
One of the most stringent criticisms of Time Banking is its organizational sustainability. While some member-run Time Banks with relatively low overhead costs do exist,[38] others pay a staff to keep the organization running. This can be quite expensive for smaller organizations and without a long-term source of funding, they may fold.[45][46]
seems governments cant tax time-based currency? it will never work
I to found it fascinating when I discovered it a few years ago, I wanted to volunteer but the nearest Time Bank agency from where I live is still too far to be practical, maybe they have a different system now, someday I'll give another look.
I also tried to imagine how to create such a system, but it really doesn't make sense other than a voluntary system, and a away to meet new people in your community because the potential for fraud and corruption is too high for using it as a 'real' currency.
Wasnt there a movie with justim timberlake about getting paid in time, but is also a timer to let you know when you will get terminated?
In Time:
http://www.imdb.com/title/tt1637688/