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Joined: Sun May 17, 2015 5:39 pm


Post by Conclavian »

Hi All:

I set up a community currency network but would like to know how it can be configured to operate as described below:

In many ways I supposed this would be similar to a "money" system in a game, where the player earns (or finds) whatever, spends it, and then it's just gone. I need to have the ability to credit an account directly with LTC's earned, but then when it's spent at the POS deleted. It's an internal system.

The website referenced below is

FAQ - Labor Time Credits (LTC)
The Labor Time Credit, or LTC, is the basic unit of exchange in the city of Cyberia and of the U. F. P. E. nation. As explained in the Genesis Project book, the LTC is not money because it does not circulate. The LTC is earned, spent and then deleted at the point of exchange. LTC's may accumulate until spent but are non-transferable, do not earn interest and are not taxed.

How LTC's are earned
Once the system becomes active, LTC’s can be earned any number of ways, from developing content to providing services or by participating in our educational programs. As time goes on other options for earning LTC's may become available both online and in the real world. LTC's earned would be directly credited to a citizen's LTC account.

How LTC's are spent
Once the system becomes active, citizens will be able to spend their LTC’s. However, in the beginning citizens may only be able to spend their LTC’s online for digital content or for services offered by other citizens and developers of Cyberia. Our goal is to extend the LTC system into the real world at some point where they can be spent for real world products and services. Most likely this will occur within U. F. P. E. Cooperatives such as with the city cooperative.

The LTC system and how it works
The LTC system will be administered by the LTC Commission once the system comes online and becomes active.

When a citizen becomes verified they will receive a national identification number, which will be linked to their LTC account. This will give the citizen the ability to access and manage their LTC account as they would an online bank account. Ideally a debit card would be issued to citizens so that they could use this card number to make LTC purchases. However, it could be some time before we progress to this point.
Benefits of using the LTC system
The LTC based economy is a stepping stone and transition point from a capitalist economy to a resource based free access economy. Even though it is an economic transition point, there are several benefits to using an LTC based economy.

The first benefit of the LTC is that it is not money because it doesn't circulate. The LTC is not subject to inflation because it is tied to labor and time rather than speculation and usury. As a result, the LTC does not lose value over time as does money. The cost of products and services is based on the average amount of time it takes, under normal working conditions, to perform a service or produce a product from start to finish. While the cost of a product or service may fluctuate slightly it should always remain within a given price range as time goes on rather than increase in price as would occur in a capitalist economy, as money in that economy loses value due to inflation. In fact, as technology advances, the costs of services and products could be reduced simply because the time it takes to produce or perform them is decreased due to the new technology.

Any help on how to configure my community to operate in this way would be greatly appreciated. =) Also, anyone who would actually be interested in helping to develop this LTC system might check out this page:
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