Bitcoin Forum
September 19, 2018, 12:12:43 PM *
News: ♦♦ Bitcoin Core users must update to 0.16.3 [Torrent]. More info.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Local Community Fork: Time Dollar and the BitCoin  (Read 488 times)
Uhlbelk
Member
**
Offline Offline

Activity: 91
Merit: 10



View Profile WWW
September 02, 2011, 03:15:03 AM
 #1

I read a comment that stated how running an independent community BitCoin currency fork would probably not be able to work. Most likely due to the inherent need to attach it to current world bank currencies such as the all mighty Dolla$.

I too hope that the BitCoin or one of its fork projects can split away from the world banking system in the near future and was pondering deeply the subject when I remembered hearing how some communities use Time Dollars. A time dollar represents an hour of someone's time. Example If I were to build a webpage for someone using the time dollar system I would get a credit for each hour worked on the project. For which I could then trade for an hour of someone else's services. Of course one issue with this system is the need for a central record keeping service.

Enter the ฿TC. I present that a community could certainly agree their Bit-currency to be equal to a time dollar. Initially the project manager would need to have hashed some TBC (Time BitCoins) in order to distribute to the first contributors and just like physical bills they would need to be assigned to the community possibly by receiving X amount after signing up. Soon after the community will be the majority of the holders and hashers.

Of course to use time dollars one needs to have skills that can be utilized be it from baking to baby sitting, or construction and other technological services. It isn't too hard to figure the time worth of individual items.

recordkeepingA major benefit to using a system such as BitCoin digital currency is the record keeping. With a single operator system the books can be altered and obfuscated but with crypto-currency the transaction records are kept on each users computer to verify all user activity.

There have been reports of particularly shady BitCoin users who had found a way to falsely flood the market with fake ฿TC bringing the current market down to its current levels of $6 -$9 from the previous $20 and up. By using time dollars opposed to other fiat currency a ฿TC always equals One Hour of work.

Naturally the BitCoin is divisible by thousands so even if something takes but a few minuets it is easy enough to only send what was earned. As in all industries tips and donations are always welcome.

timelegermoneyJust as current BitCoin users can mine currency using computers so will the supporters of the Time Dollar Fork. Alterations would need to be made so the mining software rewards a proportionate amount of TBC. The current BitCoin structure awards 50 ฿TC to the block finders which of course is fair if it takes 50 hours to do so or perhaps even less then a TBC per hour spent hashing since it is the computer doing the work.

However If the need ever did arise to convert these community TBC into domestic currencies it seems more logical to assign the conversion rate against the current average cost of the energy used to create the coin opposed to just what people are offering to pay at the moment.
 

Written in response to these posts:
https://bitcointalk.org/index.php?topic=2322.0;all
https://bitcointalk.org/index.php?topic=9011.0

I look forward to educated observations.

Freedom with SciFi Coin
Einax Airdrops and Bounties made easy! List your ERC-20 token
FREE
ETH markets launching soon!
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1537359163
Hero Member
*
Offline Offline

Posts: 1537359163

View Profile Personal Message (Offline)

Ignore
1537359163
Reply with quote  #2

1537359163
Report to moderator
Jharroze
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile
June 08, 2018, 02:06:51 PM
 #2


What is HIGH-YIELDING MASTERNODES? SONDER proj...
Jharroze
Newbie
*
Offline Offline

Activity: 42
Merit: 0


View Profile
June 08, 2018, 02:08:27 PM
 #3

PoS is an energy-efcient way of earning a digital currency,
which does not require special equipment. All that is required is
to have computer, laptop or mobile deviceAll you need to earn the cryptocurrency is just keep our wallet open. For example, if
person has Sonder wallet running at his home computer, the wallet highlights
percentage of available computing power for a decentralized network and person
receives an additional reward.
Sonder will have limited number of tokens. No more tokens will be issued unlike
the centralized currency system, where the money supply can be increased by the
decision of a subject
SwayStar123
Member
**
Offline Offline

Activity: 196
Merit: 11

pls donate im pur


View Profile
June 08, 2018, 02:19:43 PM
 #4

I read a comment that stated how running an independent community BitCoin currency fork would probably not be able to work. Most likely due to the inherent need to attach it to current world bank currencies such as the all mighty Dolla$.

I too hope that the BitCoin or one of its fork projects can split away from the world banking system in the near future and was pondering deeply the subject when I remembered hearing how some communities use Time Dollars. A time dollar represents an hour of someone's time. Example If I were to build a webpage for someone using the time dollar system I would get a credit for each hour worked on the project. For which I could then trade for an hour of someone else's services. Of course one issue with this system is the need for a central record keeping service.

Enter the ฿TC. I present that a community could certainly agree their Bit-currency to be equal to a time dollar. Initially the project manager would need to have hashed some TBC (Time BitCoins) in order to distribute to the first contributors and just like physical bills they would need to be assigned to the community possibly by receiving X amount after signing up. Soon after the community will be the majority of the holders and hashers.

Of course to use time dollars one needs to have skills that can be utilized be it from baking to baby sitting, or construction and other technological services. It isn't too hard to figure the time worth of individual items.

recordkeepingA major benefit to using a system such as BitCoin digital currency is the record keeping. With a single operator system the books can be altered and obfuscated but with crypto-currency the transaction records are kept on each users computer to verify all user activity.

There have been reports of particularly shady BitCoin users who had found a way to falsely flood the market with fake ฿TC bringing the current market down to its current levels of $6 -$9 from the previous $20 and up. By using time dollars opposed to other fiat currency a ฿TC always equals One Hour of work.

Naturally the BitCoin is divisible by thousands so even if something takes but a few minuets it is easy enough to only send what was earned. As in all industries tips and donations are always welcome.

timelegermoneyJust as current BitCoin users can mine currency using computers so will the supporters of the Time Dollar Fork. Alterations would need to be made so the mining software rewards a proportionate amount of TBC. The current BitCoin structure awards 50 ฿TC to the block finders which of course is fair if it takes 50 hours to do so or perhaps even less then a TBC per hour spent hashing since it is the computer doing the work.

However If the need ever did arise to convert these community TBC into domestic currencies it seems more logical to assign the conversion rate against the current average cost of the energy used to create the coin opposed to just what people are offering to pay at the moment.
 

Written in response to these posts:
https://bitcointalk.org/index.php?topic=2322.0;all
https://bitcointalk.org/index.php?topic=9011.0

I look forward to educated observations.

What i understand is per 1 hour of work you get 1 tbc (time bitcoins) but the problems starts here, 1 person could do a simple job like babysitting and get 1 tbc per hour and 1 person could be doing extremely hard work like being a surgeon and still get 1 tbc... this would cause him to become a babysitter, and there would be 99% babysitting jobs and 1% other, and it would cause the price to drop in a continous loop, if i understand correctly

SwayStar123#7508 (discord)
Ethereum donations- 0x854058553dF87EF1bE2c1D8f24eEa8AF52A81fF1
Server https://discord.gg/gkGXz5E
Uhlbelk
Member
**
Offline Offline

Activity: 91
Merit: 10



View Profile WWW
June 19, 2018, 02:52:24 PM
 #5

The tech has changed much since I posted this! The POS system would defiantly be the way to go in this situation.
as for the doctor vs babysitting, In my humble opinion the training that doctors go through is way to costly and for that justifies a higher pay. However the high cost that doctors demand draw more people to do that job for the money rather then just being a good human. I would much rather someone looking after me enjoy the position rather then simply earning a paycheck.  Naturally in our current culture and monetary paradigm much of this is just a dream.
A system such as that would require a Universal Income system to off set many of the greed components of society. Of course UI is a touchy subject.
Thank you for your input.

Freedom with SciFi Coin
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!