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Topic: Bitcoin Is Backed By Time Itself - page 2. (Read 1672 times)

legendary
Activity: 2464
Merit: 1145
March 27, 2015, 05:38:30 PM
#5
There are Time Banks in a lot of countries, it's essentially a voluntary network, it's pretty cool.

https://en.wikipedia.org/wiki/Time-based_currency

this idea seems to be really neat for digital working, first time i heard about that concept and already fascinated

Quote
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  Sad
full member
Activity: 196
Merit: 100
Hi
March 27, 2015, 04:57:05 PM
#4
I like the idea of it but that might be because I liked the concept in the movie "In time". In the movie time is the currency and if you run out you die for those who have not seen it. It is  a good movie and it is really thought provoking and interesting.
sr. member
Activity: 267
Merit: 252
Squirtle squirt.
March 27, 2015, 04:52:12 PM
#3
I thought his was a joke at first but.... seems legit.
legendary
Activity: 2786
Merit: 1031
March 27, 2015, 04:32:52 PM
#2
There are Time Banks in a lot of countries, it's essentially a voluntary network, it's pretty cool.

https://en.wikipedia.org/wiki/Time-based_currency
full member
Activity: 284
Merit: 122
www.diginomics.com
March 27, 2015, 04:23:39 PM
#1
At the very root of what makes the bitcoin network tick, is a regulatory algorithm which determines that new blocks of bitcoin will be mined on average every 10 minutes. These ‘uncheatable’ maths which are intelligently constructed by system design, ensure that nothing can alter the predetermined issuance rate, nor the block size halving rate, of bitcoin.

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