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;allhttps://bitcointalk.org/index.php?topic=9011.0
