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Adventures in mutual credit
This week I was honoured to be part of the Money & Society Summit, organised by Jem Bendell. It was a chance to bring some unusual monetary thinking to newcomers and especially some Bitcoin enthusiasts who have a stronghold here in Bali! During the final Panel, Gary Dykstra, host of the Bitcoin Filter, asked the panelists, me included, what the Bitcoin movement could learn from its elder sibling the complementary currency movement.
Five of us met at Ynternet headquarters near Lausanne, Switzerland on 4th and 5th to discuss development of the credit commons idea. I reported many positive experiences this year as he talked about the white paper with different people. I also reaffirmed that I didn’t know what leadership meant, but did understand the role of ‘holding the vision’.
Dear Community Forge,
Lucas Huber suggests that the Interledger Protocol would be a suitable technology for implementing the credit commons. This post is a space to explore that more fully.
For a long time I have marvelled at the elegance of the Ripple protocol, which allows members of a network to extend trust to one another and for payments, or at least virtual payments, to ripple through the resulting mesh along pathways it finds.
Ripple was originally designed as a sort of abstraction of mutual credit. Instead of people forming groups, each account extends a line of trust to several other accounts to form a mesh. Each account is then in its own virtual group.
I sat down with Athens' newest Timebank, Vrilissia, and Luke Flegg to talk about cooperation in Austerity-riddled Greece.
This was published at: https://www.community-exchange.org/docs/smalladsrfi.html
Greetings Alumni of the Money and Society MOOC,
Jem and I decided to keep in touch with you with this new Biannual newsletter. It includes some headlines I found interesting, and other tidbits about what Jem and I are doing.
The MOOC will continue as long we get new people, and we think the best promoters are the people who have done it. Please have a think about which of your friends, colleagues and social networks should know about the MOOC, and send them to this link.
Students of economics are taught that money has three main functions, a unit of account, a store of value and a medium of exchange. On closer examination we find that these three sit uneasily together. For example, a store of value should increase in value over time, while a medium of exchange works best when the value is decreasing. All the while the unit of account should stay the same value!