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
