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Excellent, there's 3 people signing on. . .anyone familiar with such programs knows how well they work.
I would however strongly suggest the bond issuance model as the best model in practice. New members upon signing for an account would start with an account with nominal funding. Other funds come from soley from investing in community projects. The Achilles heel of all currencies is inflationary pressure and we'd want to avoid that as well as provide funding for many of the much neglected local projects, especially the small ones that simply don't have the influence to get noticed.
In this model every "punabuck" represents, in good faith, a real tangible improvement in the community.
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we did this on the mainland back in the early 80's ,the feds went nuts on us and shut us down.they even took the records of who had what $$.they even taxed some of the people who were in charge of it (the ring leaders as they called them). because they did'nt get their share,and shut us down big time and threatened everyone involved with imprisonment for tax evassion.needless to say we were done right then.....at the time you could get anything you needed from food to swimming pools,and anything inbetween
RUDEDOGG
RUDEDOGG
I remember that whole deal in the news back then. companies where hooking up and trading under a barter system.
Just think of yourself as a street walker and the government as a pimp.
They will show you the pimp hand if you don't cut them in.
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Things have evolved a great deal since then, and tax laws, at least at the moment, are much more favorable to this sort of thing. The main thing is the complete transparency of the script system, as is offered by the cyclos system, where every transaction is search able and above board. Remember, the burden of proof has shifted. . .
Of course, it remains true that it will be very difficult for anyone to value the relative value of a transaction in dollars that was conducted soley in Punabucks. The IRS and the State won't really appreciate it, but if you're careful to not step over the line, all goes well and there's really nothing they can do about it.
If you worked all year doing landscaping or some such and earned 20000 punabucks and spent half of that at the farmers market--how much do you owe in taxes? I haven't any idea. Of course the only answer is the how many punabucks you can buy for a dollar. Or rather dollars for a Punabuck. Of course you can't buy punabucks for a dollar, or otherwise, except at an extremely discounted rate, so who knows? You might ask well, can I pay my taxes in Punabucks? If the answer is no, then, I guess you haven't made any money at all. It can become a quagmire but the bugs really have been worked out.
Ithicabucks or so I believe it is called has several million dollars of capitalization in circulation at this point. This sort of scale would have a profound impact on Puna.
This isn't a tax dodge. It's an alternative that has a lot less inherent graft. This is the key, and why it flourishes.
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we did it on the mainland back in the early 80's "the exchange" ,the feds busted us ,shut us down ,threatened us with imprisonment for tax evasion,took records,and script,investigated the "ring leaders".at the time you could get anything from food to swimming pools and anything inbetween
RUDEDOGG
RUDEDOGG
Posts: 1,273
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Joined: Oct 2007
It is, of course, important to remain in compliance and to not risk the integrity of the project. This is not an insurmountable obstacle.
Oh, and sorry you got ripped off. That stinks.
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Why would the intrinsic value have to be connected to anything? If I sell my chicken to someone for ten Punabucks (I just named the money for ease of discussion. ) then I don't have to carry a chicken in my pocket. I find a good carpenter, such as Jay, who would build me a new bookshelf for ten Punabucks then essentially, I've traded a chicken for a bookshelf without having to carry the chicken around in my pocket. It works for me!
I do think the name should work all across the islands though, instead of just targeting the Puna area. Hawaii Credits? Kamehameha Kredits? Lilioukalani Loot?
"I like yard sales," he said. "All true survivalists like yard sales."
Kurt Wilson
"I like yard sales," he said. "All true survivalists like yard sales."
Kurt Wilson
Posts: 1,273
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Joined: Oct 2007
Sure! It could be named anything, simply just the first thing I pulled out.
The interesting thing is that the "punabuck" or every one in existence represents in a real way investment in the community. It either represents a new user of the currency, or a new business selling local goods, or real investment in the infrastructure of the community. This gets into a discussion of funky monetary theory quite quickly--but this aspect really matters to all of us.
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