Bitcoin Is Backed By Time Itself

[Paleus]

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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[pedrog]

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

[Bubbsandbubbs3]

I thought his was a joke at first but.... seems legit.

[needFREElunch]

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.

[criptix]

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

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  

[duckydonald]

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?

[pedrog]

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

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/

[misterbigg]

"Time is money"
- Benjamin Franklin

Can't believe no one quoted this yet.. lol

[vennali]

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?

yeah I saw the movie. I thought the concept was original and never heard of before but, I was clearly wrong. It is a cool concept anyways. Lets see how it develops.

[Kprawn]

Very Cool idea.  ....Time already play a role in most of the things we do with Bitcoin services already :

1. The Cool off period with Bitcoin Faucets, linked to time.
2. The Payment structures for Signature campaigns linked to time.
3. The time it takes to solve a block and linked confirmation time of transactions.

It's all linked together with time. 

What would the purpose of the "Public dropbox" be? Storing files/data?

[ACCTseller]

I don't think this would work very well with a blockchain style ledger system because I do not see this kind of system ever being able to reach any kind of large scale. In order for this to be a fair system, "time" would need to be for a specific service being executed by someone with a similar skill set. If different types of services are exchanged, then it would be very easy to game the system and would not work period.

I also do not see any incentives that could possible be offered to the "miners" as I cannot see transaction volume being high enough to make it worth the miners effort to maintain the blockchain.

[franky1]

time is already the currency.

think about it.

peoples sweat and work is what creates their wage, as they are paid at X per hour..
people trust fiat because its backed by the X per hour minimum wage, the basic fundamental lowest value of fiat that people know that a bank note is valued at.($10 bank note is worth 1hour 20 minutes minimal labour)

it's been a moto for decades "time is money"
the rich say it alot "you cant afford my time"

the rich charge extra for their time. EG lawyers $500 an hour

banks dont give interest based on performance of the markets but by the time people leave funds in an account (yearly set interest)

government limits poor peoples income. not by saying average joe can only earn $16k. instead they say
basic wage 7.50 an hour.
maximum working week 40 hours

they dont set working limits based on ability. or set pensions based on tiredness and illness, they say
minimum working age 18, retirement age 65.

pre-empt trolls: (numbers are not accurate due to different international/state/government rules. but the premiss of use of time still stands)

[criptix]

time is already the currency.

think about it.

peoples sweat and work is what creates their wage, as they are paid at X per hour..
people trust fiat because its backed by the X per hour minimum wage, the basic fundamental lowest value of fiat that people know that a bank note is valued at.($10 bank note is worth 1hour 20 minutes minimal labour)

[snip]

what about the central banker who can print fiat at will?

also the interest you get from your banksavings is mainly related to base rate of the central banks

[Danielzo]

I don't know why, but the thread's title made me think about the movie In Time, where time itself was basically a currency for people from all around the world.

On a more serious note, this does seem like an interesting idea with some potential if put to practice.

[Lauda]

I don't think that it could become a currency at all. Unless we got to a point where we live like in that movie 'In time' but that would be ridiculous.
What is time? Does it even exist outside the way that we perceive it?

[criptix]

I don't think that it could become a currency at all. Unless we got to a point where we live like in that movie 'In time' but that would be ridiculous.
What is time? Does it even exist outside the way that we perceive it?

Time is the 4th dimension. Humans are 3 dimensional beings
scientificially we can only perceive a part of the 4th dimension because we are 3 dimensional beings.

Google flatlanders and string theory

Btw. Gotta watch that movie in the next few days so many people talking about it lately and i didnt knew about since yesterday

[Lauda]

Time is the 4th dimension. Humans are 3 dimensional beings
scientificially we can only perceive a part of the 4th dimension because we are 3 dimensional beings.

Google flatlanders and string theory

Btw. Gotta watch that movie in the next few days so many people talking about it lately and i didnt knew about since yesterday

That's what I'm talking about. Time is beyond us. I'm familiar with the stringy theory, although not with 'flatlanders'. The movie is was good, although the ratings might not be the best for it.
I don't see any other way of humans (as we are now) using time for anything that is.

[Paleus]

Time is the 4th dimension. Humans are 3 dimensional beings
scientificially we can only perceive a part of the 4th dimension because we are 3 dimensional beings.

Google flatlanders and string theory

Btw. Gotta watch that movie in the next few days so many people talking about it lately and i didnt knew about since yesterday

That's what I'm talking about. Time is beyond us. I'm familiar with the stringy theory, although not with 'flatlanders'. The movie is was good, although the ratings might not be the best for it.
I don't see any other way of humans (as we are now) using time for anything that is.

How can you say humans are beyond time when we are clearly subject to the effects of time? Also, couldn't it be argued that there is far more to what makes a human than its biologically constraint existence and therefore we are indeed aware of our infinite timeless nature?

[CryptoVzla]

Wooow i watched the movie and this thread looks interesting. Watching.

   Any pragmatic explanation? please?

[rapazev]

isnt this the whole point of chronobank ico? Make time a currency.
i dont know exactly how it will work, but they will have a token named time.