Quote:
Originally Posted by Jaben  I would back the AFA dollars with the US dollars that I was given at a 1 to 1 exchange rate if for some reason this exchange economy failed. I would only request a few rules.
1. There would be no tax on any exchange. |
There are communities around the world, such as Ithaca, NY that have local currencies, and elsewhere you may come across the "liberty dollar", but the IRS still considers means of exchanging value taxable. Another interesting currency I'd come across nearly a decade ago is e-gold, where everything is 100% backed by gold (or you can choose silver, palladium, etc), and international exchanges via e-gold between individuals are just as smooth as local ones. I haven't used it for a while though, in part because it was a little clumsy (fees and few days time) to have dollars turned into e-gold and back, but it's actually quite simple if one leaves it in e-gold form. I love how people keep coming up with new possibilities.