Defection rate = Interest

Story: Open Source CurrencyTotal Replies: 0
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Oct 13, 2004
5:03 PM EDT
This article is a bit dated and maybe not so well thought thru. If you look at the (defunct?) LETS system you will find that the defection rate pretty much is a hidden interest on your LETS cash.

With that in mind what is the point? We can do micro payment or Macro for that matter with minimal transaction cost pretty much from and to any currency you want.

If you needed a loan i.e. wanted something done you pretty much has to haggle for it, You do not have the option of going to a bank so how are you going to find someone. Ask your friends or neighbour? Maybe but they are less likely to be competitive even if they agreed to do the job. In summary a silly idea, trying to solve a non existant problem . As far as I can see the only benefit of said system is to circumvent the IRS (TAX man for the NON US) and it is pretty much illegal.

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