On Tuesday 22 April 2003 17:39, Tyler Durden wrote:
Strangely, in some parts of the country the system has so proliferated some communities that they have issued "money" that can be spent in local shops. This money is "backed" by X hours in the time bank. There're some people who actually collect these time bank tokens.
Now for some reason, there was a lot of talk about these time banks back in the mid 90s, but now I rarely hear about them. I wonder if the potential loss of tax revenue was a factor.
The IRS claims jurisdiction over all time banks and barter exchanges. Each participant is required to provide his SSN for reporting, and all transactions must be logged. Taxes must be paid for time worked.
Hum...it'd be interesting to look at securing one of those local time banks with financial cryptography.
But, but, but...that would be tax fraud. You'd be aiding terrorists. And think of the chiiiiildren. -- Steve Furlong Computer Condottiere Have GNU, Will Travel Guns will get you through times of no duct tape better than duct tape will get you through times of no guns. -- Ron Kuby