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Author Topic: Local Community Fork: Time Dollar and the BitCoin  (Read 837 times)
Uhlbelk
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September 05, 2011, 03:53:48 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.

A 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.

Just 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.

I look forward to educated observations and Genuine questions.

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

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Lumpy
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September 05, 2011, 04:10:33 AM
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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.

Just a short note: There never has been such a thing as "fake" or "counterfeit" BTC. The reports that say that there is (such as in the MtGox hack) do not understand what happened or how the system works.
Uhlbelk
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September 05, 2011, 04:15:59 AM
 #3

Right, sorry, the Hacks happened at the Trade Exchanges and not with in the BitCoin client, but the weakness was there due to the nature of the exchange process between Btc and $ if I'm not mistaken. (please correct me if I am)

BTC: 1J7AeYuvezWdj8Jqm9UxyXCNbgjkqEK5Yy
UFC: BxWhBBwtSdS5QAX6jXawjEnVvTxivJkziW
GPL: F79fP4NEizmgpztJ4g3NZ86SgwmiT9vU3r
LTC: LeJgWDDJVodjW58P66gWd4MyJdCtYbs3eT
wolftaur
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September 05, 2011, 04:18:24 AM
 #4

Right, sorry, the Hacks happened at the Trade Exchanges and not with in the BitCoin client, but the weakness was there due to the nature of the exchange process between Btc and $ if I'm not mistaken. (please correct me if I am)

The weakness was due to MagicalTux being exceedingly greedy. He sat back and ignored numerous reports of security issues and tried to suppress them because the money was rolling in. Multiple thousands of dollars in one day, for a single-person company, at one point.

He made no effort to actually secure the system or respond to reports until the hacker finally started stealing all of Mt.Gox's bitcoins.

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
Uhlbelk
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September 05, 2011, 04:23:54 AM
 #5

Right, sorry, the Hacks happened at the Trade Exchanges and not with in the BitCoin client, but the weakness was there due to the nature of the exchange process between Btc and $ if I'm not mistaken. (please correct me if I am)

The weakness was due to MagicalTux being exceedingly greedy. He sat back and ignored numerous reports of security issues and tried to suppress them because the money was rolling in. Multiple thousands of dollars in one day, for a single-person company, at one point.

He made no effort to actually secure the system or respond to reports until the hacker finally started stealing all of Mt.Gox's bitcoins.

Oh, haven't heard it told like that, thanks for the enlightenment.
BTW: First there was Schrodinger's cat, now there's Bruce's bitcoins. Brilliant.

BTC: 1J7AeYuvezWdj8Jqm9UxyXCNbgjkqEK5Yy
UFC: BxWhBBwtSdS5QAX6jXawjEnVvTxivJkziW
GPL: F79fP4NEizmgpztJ4g3NZ86SgwmiT9vU3r
LTC: LeJgWDDJVodjW58P66gWd4MyJdCtYbs3eT
wolftaur
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September 05, 2011, 04:27:53 AM
 #6

Oh, haven't heard it told like that, thanks for the enlightenment.

What everyone who's buying MagicalTux's excuses is forgetting is that he didn't create Mt.Gox. He bought it as a finished, successful business from someone else. He profited massively from the rise of Bitcoin, but none of that money was spent on security audits, or improvements to the system, etc... He bought a cash cow and didn't invest the profits back into it. The security was effectively nonexistent. Multiple SQL injection vulnerabilities. The system didn't even use salted passwords, despite those being considered really important since the early 1970s... it's not that he wasn't state of the art, it's that the industry average was better than his "security" for the last thirty years. He used MD5 which has been considered broken for years. And MagicalTux "inherited" those things, but did not fix them, not until the exchange went offline with huge numbers of coins stolen.

Quote
BTW: First there was Schrodinger's cat, now there's Bruce's bitcoins. Brilliant.

Thanks Smiley

"MOOOOOOOM! SOME MYTHICAL WOLFBEAST GUY IS MAKING FUN OF ME ON THE INTERNET!!!!"
Uhlbelk
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September 05, 2011, 04:40:04 AM
 #7

So, essentially, with out the 3rd party cash exchanges (closed community / participants and worth is always constant) the BitCoin / crypto currency system really is counterfeit proof?...

Well I came across something about when pools have the majority they are actually in control of the service and what gets processed. Not sure how they can do charge backs as claimed by an article I glanced over.

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UFC: BxWhBBwtSdS5QAX6jXawjEnVvTxivJkziW
GPL: F79fP4NEizmgpztJ4g3NZ86SgwmiT9vU3r
LTC: LeJgWDDJVodjW58P66gWd4MyJdCtYbs3eT
Uhlbelk
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September 06, 2011, 10:21:11 AM
 #8

If I were to set up a closed local community system and had say 3 villages set up on their own fork, and they decided to merge their time efforts together can it be done with the current BitCoin model?
Question being Can two Forks be brought back together?

BTC: 1J7AeYuvezWdj8Jqm9UxyXCNbgjkqEK5Yy
UFC: BxWhBBwtSdS5QAX6jXawjEnVvTxivJkziW
GPL: F79fP4NEizmgpztJ4g3NZ86SgwmiT9vU3r
LTC: LeJgWDDJVodjW58P66gWd4MyJdCtYbs3eT
Uhlbelk
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August 30, 2012, 07:23:24 AM
 #9


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.


After giving some thought on possible conversions of the TBC to perhaps US (soon to be UN) currency would be current minimum wage standards.. ?

BTC: 1J7AeYuvezWdj8Jqm9UxyXCNbgjkqEK5Yy
UFC: BxWhBBwtSdS5QAX6jXawjEnVvTxivJkziW
GPL: F79fP4NEizmgpztJ4g3NZ86SgwmiT9vU3r
LTC: LeJgWDDJVodjW58P66gWd4MyJdCtYbs3eT
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