3 ms·
If you find the system interesting, do read up on LETS ( http://en.wikipedia.org/wiki/Local_Exchange_Trading_Systems http://en.wikipedia.org/wiki/Local_Exchang
by praptak 15y ago
If you find the system interesting, do read up on LETS ( http://en.wikipedia.org/wiki/Local_Exchange_Trading_Systems http://en.wikipedia.org/wiki/Local_Exchange_Trading_Systems ), which I believe are a similar idea but taking the dollar out of the equation.
- lsc 15y agoThe problem with LETS is that they are generally seen by the government as tax evasion schemes. If I was to participate in one, I'd be extra careful to calculate the dollar value of my LETS credits and pay taxes on it. I mean if you are doing it outside of a business context and semi-anonymously, or if you are otherwise planning on not reporting your transactions, that's different; but if you are using your real name and paying your taxes? generally speaking, using the coin in which you pay your taxes to settle your transactions makes tax day much less complex.