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With this smart phone App we present a completely decentralised mutual credit system without banks, borders, blockchains, or bureaucrats. It has nothing to do with cryptos or ICOs, nor microfinancing.

Types of money

  1. Government money. This is notes and coins which have legal tender status where the government forces ensure acceptance (or forfeit the obligation).
  2. Bank money (fiat) is bookkeeping entries by private corporations, created as loans, issued as debt at compounding interest, which creates scarcity and continuous demand for more money just to have enough for economic activity. Economic activity is strangled by currency available after interest. The ordinary citizen needs to either have the collateral to monetise, or to work for someone else who can raise funding.
  3. Bank bailouts are governments going into debt to banks using pensions, tax, infrastructure as collateral, and giving the money (back) to banks to keep them solvent. This increases base money, but does not increase velocity or inflation since the money does not reach the economy without more loans. Banks are now permitted to bail-in (take balances in accounts).
  4. Central Bank Digital Currency (CBDC) or Treasury Digital Currency is a totalitarian nightmare where they have control of all your transactions.
  5. Helicopter money, MMT, UBI, welfare, unemployment, etc., is money a government borrows from private banks at interest to give to people. At least the people get something, rather than just inflating financial assets. Here is the solution to funding UBI.
  6. Local currencies, LETS, hour dollars, etc., are paper or digital currencies meant to encourage local spending, which are purchased with fiat, ie., one has to obtain fiat first.
  7. Cryptocurrencies. Using bitcoin as the representative, one still needs fiat first (like LETS) to either purchase mining rigs, or purchase btc. Unfortunately 80% of cryptos are just outright scams, and most of the rest doomed by incompetence.
  8. Wörgl, demurrage, zakat, etc. These currencies reduce account balances over time to discourage hoarding, and encourage spending and investment in order to increase velocity. Thus they provide a means of exchange, and unit of account, but not store of value.
  9. Duniter is a currency outside of banks, bureaucrats, and blockchains. The currency (Ğ1) inflates with regular free handouts to trusted members over a lifetime, where those with less receiving more and vice-versa.
  10. Digital Cash emulating notes and coins, created by work, and issued anonymously without interest, would be ideal, but adoption would require trust.
  11. Mutual credit, valun, etc., use IOUs to pay for purchases. IOUs are a commitment to pay the bearer your product or service. These IOUs make up the money supply.

Essence of money

In the past, in the absence (or insufficiency) of precious metals, durable food could be used as money. Thus the idea is that money arises from effort. In this way gold and bitcoin have value due to mining, and durable foodstuffs due to agriculture.

Conventional banking provides a more convenient means of exchange by monetizing those commodities or labour, ie., converting property or labour into debt. That debt is credited to customer accounts at compounding interest which means the bank will eventually dispossess the borrowers of their property and labour.

Mutual credit also provides a more convenient means of exchange than commodities mined or farmed, like a bank does, but without debt nor interest, so that:

  1. All value accrues to the producers, and
  2. Money does not constrain the economy


Accepting mutual credit is a way to sell spare capacity, excess inventory, and available time, in addition to using fiat for current transactions.

In other words, it is an additional market to increase income, especially in recessions when money is less available. Since money is not scarce, people are more inclined to participate in the economy rather than hoarding out of fear.

In order to establish trust, this type of money is not anonymous but private, so that business partners have visibility into transactions (as usual). Furthermore one’s spending is limited by receipts and credit granted (vouching for someone).

Is this a scam?

80% of the Token ICOs were outright scams, and 80% of the rest delivered nothing, mostly due to inexperience and ineptness (despite the millions raised). This project does not run on a blockchain, does not use “tokens”, nor raises money with ICOs, IEOs, STOs, or any other fuzzy scam.

This is also not microfinance, that impoverishes poor people with loans at compound interest in the name of financial inclusion, as if it is a good thing.

The application is free to use.

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