Liberty minded "starve the beast" social network Galt.io launched

[TywinLannister]

https://www.youtube.com/watch?v=0iHUJK3bxx0

http://www.galt.io/

[economics102]

I had a similar idea to this recently. The "innovation," in my view, is that rather than being a traditional barter exchange, where the barter currency entitles you to something, the barter currency is merely used to track your participation so others can gauge whether you're "balanced" and voluntarily choose to interact with you. Presumably the advantage to this is it cannot be considered a barter exchange because the barter currency merely provides information which can be honored or ignored. It is essentially like a commune with a protection mechanism to thwart moochers.

My concern, though, is while this might technically skirt the current IRS barter rules, I'm sure they would simply refine the rules to encapsulate systems like this.

[TywinLannister]

I had a similar idea to this recently. The "innovation," in my view, is that rather than being a traditional barter exchange, where the barter currency entitles you to something, the barter currency is merely used to track your participation so others can gauge whether you're "balanced" and voluntarily choose to interact with you. Presumably the advantage to this is it cannot be considered a barter exchange because the barter currency merely provides information which can be honored or ignored. It is essentially like a commune with a protection mechanism to thwart moochers.

My concern, though, is while this might technically skirt the current IRS barter rules, I'm sure they would simply refine the rules to encapsulate systems like this.

I don't think it is going to be about bartering goods. The way he has been describing it on his radio show is as a way to choose who to do business with. During the run up to the launch he talked a lot about a system that could track companies and organizations that support liberal causes so that they could be boycotted, and share alternatives to those companies.

I think the galtcoins are going to be more like a user rating system than a barter system. On the radio show they mentioned several times that the system is being setup to prevent liberals and trolls from participating, which is why after the crowdsourcing is done, it will be invite only.

[idiom]

Doing business with *anyone* feeds the beast.

Going Galt is extremely hard. It means burning down your life's work just to deny it to the government, then putting your feet up, doing the bare minimum to stay alive.

This is not that.

[TywinLannister]

Doing business with *anyone* feeds the beast.

Going Galt is extremely hard. It means burning down your life's work just to deny it to the government, then putting your feet up, doing the bare minimum to stay alive.

This is not that.

I think you are thinking more of The Fountainhead, not Atlas Shrugged...

[Barrex]

Ha ha...For some time I am in process to start something like this over here.

[sluggo]

Pretty interesting idea.

I might sign up just to see how it's going to work.

[TywinLannister]

After 24 hours they have already exceeded the goal of $250,000. Looks like it's going to happen.

[gwax23]

Ill pledge 25. Seems interesting.