Monday, April 30, 2012

daniel lamire

on alternate currency - or punkmoney

So we need a system whereas perfect strangers can make deals at a very small transaction cost. For this purpose, people use punk money:
  • You publicly promise a favor in exchange for a service, you may stipulate the terms.
  • The Web records your transaction.
  • Your public reputation guarantees the transaction.
It is a credit system, not barter. Barter assumes no trust between the individuals. Credit is founded on a trust mechanism.

via seb paquet