Chronobank.io - Labour Coin

[kpitcher]

Saw this ICO which is novel

https://chronobank.io/


Labour-Hour Stable Coins
The first stage of our project is to create the financial backbone of ChronoBank.io: national Labour-Hour (LH) tokens.
LH are linked to average hourly wages in the host country and are backed by a real labour force from big recruitment and labour-hire companies.

Labour is abundant enough for everyone to have access to it, yet scarce enough to be valuable. It is the most tradeable resource in the real economy.

LH tokens will tokenise this resource. Because they are backed by real labour, they are absolutely inflation-proof and have next to zero volatility – in comparison to bitcoin and other cryptocurrencies.

This solution is far more sustainable than any of the fiat-pegged or backed coins that currently exist in the crypto market. LH tokens will be hyper-liquid and accessible 24/7 via the LH debit card.

The ICO is from Dec 15 to Feb 15. 1 BTC = 100 Time Coins

[kfarnan]

This sounds like socialism. What is labor backed by today? Fiat currency. Any centralized entity is a point of failure.

[presence]

This sounds like socialism. What is labor backed by today? Fiat currency. Any centralized entity is a point of failure.

more accurately revolutionary syndicalism;
this is a form of "mutual aid"
and has its roots in the French term "Bourse de Travail";
Labour Coin seems to be a cryptographic embodiment of the thought of Fernand Pelloutier

[helmuth_hubener]

Because they are backed by real labour, they are absolutely inflation-proof and have next to zero volatility

Inflation-proof? Nope. Not quite. Let's say they succeed and grow and get up to 100 active users. What happens when then 100 Bangladeshi or Somalian peasants flood into the system and start ordering and paying for your stuff using this new currency? Are you really interested in cashing in those labor-hour coupons to them, having them labor for you for an hour making some Hand-Crafted Crafty Work?

Not all labor-hours are equal. In reality, that is. In this system, of course: they are!

When your system doesn't match up with reality, that is always a precarious situation.

[presence]

Not all labor-hours are equal. In reality, that is. In this system, of course: they are!

from the source:

While timebanking in its simplest form uses a standard exchange rate for time, each ChronoBank.io participant will have reputation assigned to them, to enable them to access remuneration appropriate to their skill level.

The better the individual’s reputation based on previous work, the higher the price they will be able to command for an hour’s work. Initial reputation will be set based on the individual’s experience within the partner company from stage one of the project.
For those who have not participated in the system in any previous capacity, a nominal average reputation will be assigned.

Every care is taken to incentivise the user to increase their reputation and maintain it at the highest level.

[kfarnan]

It is still social control. Self policing each other, for some greater social standard.

[helmuth_hubener]

The better the individual’s reputation based on previous work, the higher the price they will be able to command for an hour’s work.

Yes, well, I was simplifying ( / not-actually-going-to-the-website). That's good that at least they've thought of this, but it doesn't mean that you couldn't get a bunch (or even a few) friends (or friendly bots!) to join and brigade the system.

But, hey, whatever! Have fun, kids! It's a nice project they've put together; better than mastering WoW.

[staerker]

It looks like this is completely centralized, and completely pre-mined. There is no value in calling it a "cryptocrurency" which connotates decentralization, unless I'm understanding this wrong.

Yupp:

TIME tokens distribution

88% for TIME crowdsale
10% for the ChronoBank.io team
2% for advisors and the earliest adopters/contributors

Looks like a poor system as well. There is no ability to strike a deal with another human being, but your time is rather assigned a worth by some fancy algorithm.

We have taken great care to design the system for ease of use, to make sure that actual labour time and the LH token can be exchanged efficiently for each other. While timebanking in its simplest form uses a standard exchange rate for time, each ChronoBank.io participant will have reputation assigned to them, to enable them to access remuneration appropriate to their skill level.

The better the individual’s reputation based on previous work, the higher the price they will be able to command for an hour’s work. Initial reputation will be set based on the individual’s experience within the partner company from stage one of the project.

For those who have not participated in the system in any previous capacity, a nominal average reputation will be assigned.

[bunklocoempire]

Horsepower would be more honest than averages or algorithms.
Plus, why not figure watts into a (presumably electric) ledger currency?

Get on the stationary bike generator, and crank out some Horse-Bits.

[kpitcher]

The first day of the ICO has raised

2,570 BTC
2,007,791 USD total value

Not sure if they'll hit their goal of 20,000 BTC

[kpitcher]

TIME started trading on some smaller exchanges, it isn't on a POLO or others yet. The price is the same as the ICO price of 1 TIME for 0.007 BTC although it did bounce up to .03 for the daily high.