When we are compelled to use a currency using such violent means as legal tender laws, latterly money transmission laws, taxes, bailiffs, and the throttling of alternatives, it hardly matters where the money gets its value, or if it has value at all. The 'value' of the dollar tends to mean its price expressed in other commercial credit currencies, but the real value is what the paper represents, what justified its issue.
The emission of money is always complemented by an equivalent value exchange somewhere in time.
When fiat money is created, the issuer is effectively taking spending...
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Adventures in mutual credit
In this talk to the Global Exchange Gathering last week, I show how the competition between timebanking platforms is a result of the software structures, and how even if different platforms can't share code, the can still service their users by becoming more interoperable.
The talk was very well received perhaps because I spent the previous five days in reconnaissance, and thus was able to say what this audience needed to hear.
There is much misunderstanding about the proper basis for issuing currency, especially with regard to somehow limiting the issuance to ensure that the issuers are not over-empowered and the currency tending to worthlessness. With Bitcoin we have a new expression in our vocabulary, 'proof of work'. This too is often misunderstood to mean that work provably done merits a currency reward, but if that were the case the amount of Bitcoin couldn't be fixed. in fact 'proof-of-work' cryptocurrencies entitle the worker to vote on which version of the blockchain is definitive, and enters them into a...
Swiss nonprofit Community Forge was founded in the aftermath of the 2008 banking implosion. The first mission statement was about giving communities the tools they needed, most especially the monetary tools, to become more independent and resilient. Tim Anderson, from the LETS in Geneva, had teamed up with Matthew Slater, a software developer to build a community web portal and accounting tool suitable for LETS. Having deployed in Geneva they decided to go further and publish a free software package, and offer to manage the hosting for as many groups as possible, sharing costs. They found a...
Sieben Linden (Seven Linden trees) sits amongst forests, fields and sparsley populated villages in the plains of Northern Germany.
The land is owned by a cooperative in which all members buy a stake. There are a few large straw-bale houses which are designed for a family and several friends and guests, while half the members live in 'temporary' caravans waiting for the money and the people to come together for subsequent houses. Where would this money come from? Mostly from rent from existing members, a little from new members buying their stake, some from loans from supporters and banks...
We want to build a payments ecosystem so that community currency entrepreneurs can pick up appropriate components and make them work together quickly thus concentrating their resources on developing their Unique Sales Proposition. We want marketplace entrepreneurs and community currencies to be able to choose between Ripple, OpenMoney, and Cyclos for their transaction storage, and to know that these choices will not prevent them from intertrading. They need to be able to re-use existing mobile payments apps rather than write their own. They need to work with different identity servers, such...
Bitcoin may disintermediate banks, but that will not change the economy, save the environment or make society fairer. One peaceful way to prevent our governments driving us to collective suicide is to get behind a new generation of P2P credit projects.
No economic reforms expected
As the recession drags on and on and on, disgruntled citizens are calling for various kinds of change: a re-branding of capitalism, tighter regulation of banks, austerity or Keynesian stimulus or a Tobin tax, Ending fractional reserve banking, even debt forgiveness. Very few reformers are voicing concerns...
Amalurra, Basque for 'mother earth', was formed from a meditation group with life-coach Irene Goikolea over 20 years ago. Wanting to take their practice further, they bought an old seminary and oriented their lives around making it beautiful and offering hospitality. Fast forward to now, and there are several gleaming buildings, including a hotel, hostel, spa, cafe, restaurant, many spaces for meetings and workshops, a sweat-lodge next to a stream and extensive gardens. Every niche resonates with aesthetic abundance and the community has many friends and even two satellite communities...
There's been much attention, in the alternative media at least, around Amir Taaki and the Dark Wallet project which aims to make using bitcoin more anonymous. Taaki argues, quite properly, that regulating Bitcoin is squandering the founder's legacy and neutering the opportunity that technology gives us to create a really free market. What the world really needs is the ability to conduct business in private, free from regulation, government and corporate spying, and by implication, free from mandatory taxation collected by psychopaths in suits and bullies with badges. The ruling classes...
Perched on one of the foothills of the Pyrenees, in the Basque region, Lakabe was a tiny deserted village of 7 houses re-inhabited 34 years ago by a handful idealists fleeing the city life. There was no road, and no rooves on the houses, very little money for redevelopment, and certainly no tenure. Now there are 50 people, a bakery, a sustainable pine forest, and the village is 'official' although the property can neither be bought by the residents nor sold by the local government. The endeavour was and continues to develop very slowly, but without debt. In fact building isn't so expensive...
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