GR businesses are in a very awkward state where all want to pay back arrears, while none wants to receive them (yet) due to haircut fears!
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@dgwbirch@nickszabo4@greekanalyst@chris_skinner Typically community currencies pop up like mushrooms. But they do require local trust.
@iang_fc @dgwbirch @GreekAnalyst @Chris_Skinner "Community currencies" is a misnomer: it's typically large trusted bizs acting like banks.
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@nickszabo4@dgwbirch@greekanalyst@chris_skinner Sure - the overall trap here is that all terms are defined and degenerated by the banks. -
@iang_fc@dgwbirch@GreekAnalyst@Chris_Skinner There's also the sticky question of what is "owed" in an IOU -
@nickszabo4@dgwbirch@greekanalyst@chris_skinner Right. What's liquid? cf http://www.chyp.com/payments-without-banks/ … was bank cheques and pub pints for Irish. -
@iang_fc@dgwbirch@GreekAnalyst@Chris_Skinner + required faith that banks would eventually honor checks with non-depreciated currency.
End of conversation
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@NickSzabo4@iang_fc@dgwbirch@GreekAnalyst@Chris_Skinner all money is producer credit. That's why community currencies behave that way.Thanks. Twitter will use this to make your timeline better. UndoUndo
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