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Author Topic: Bitcoin + Local Exchange Trading Systems (LETS)  (Read 2496 times)
minebitcoin
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June 18, 2011, 07:50:04 PM
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> http://en.wikipedia.org/wiki/Local_Exchange_Trading_Systems

I'm wondering if anyone has considered combining Bitcoin with Local Exchange Trading Systems (LETS)?

As far as I know, there is no gold standard for LETS systems, in other words no universal way of exchanging one type of LETS units for another around the world.

If there were some kind of demand-based LETS exchange available online, then LETS systems all over the world might be able to become interchangeable with one another via Bitcoin, for instance.

The advantage of this for Bitcoin would be to jump-start a lot more local goods and services into the Bitcoin realm.
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proto
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June 18, 2011, 09:17:21 PM
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Hiya!  It turns out there's a lot of thought and discussion and beating around the bush about these ideas.  In fact, I came to this forum by landing on this thread: http://forum.bitcoin.org/index.php?topic=3176.0 which eventually drifts into a debate about exchanges, the points where the BitCoin economy intersects with the government-sanctioned economies.

One great read (also mentioned in the thread) is: Toward A Private Digital Economy -Trusted transactions in an anonymous world
http://pelagic.wavyhill.xsmail.com/Private_Digital_Economy.html

Especially, see the section about Ghost Walkers http://pelagic.wavyhill.xsmail.com/Private_Digital_Economy.html#Ghost%20Walker" who function as anonymous micro-exchanges

There's also a nice post listing news stories of non-sanctioned exchanges that have been shut down:
http://forum.bitcoin.org/index.php?topic=3176.msg45198#msg45198

Thought-provoking stuff.  I'm surprised there's not more discussion about these concepts here in the Newbies section.

Do you have experience dealing with a LETS ?  It seems like a perfect use for BitCoin, both within a LETS and perhaps between LETS(s). 
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June 19, 2011, 02:08:17 AM
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> http://forum.bitcoin.org/index.php?topic=82.0

Just found an older thread "Bitcoin and LETS" (above), from March 2010 ..
JTaBitCoinKing
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June 19, 2011, 02:25:55 AM
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Looks like the two groups believe in completely different economic models.

Bitcoin is a better replacement for the dollar, me thinks.
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