Blockstream: Bitcoin & digital asset infrastructure

ELI5 Time Banks and My Take On Yang's Purpose for Them.

Why I am writing this?
I noticed Andrew Yang proposed making a time bank backed by the reputation of the USA President/government. I am writing this, because I have seen the videos of time banking, and I heard the basic reasons people argue for their use. However, I thought I could do better. I am usually the one who studies things for my friends and eli5 the things I study. I wanted to leave this here for anyone interested.
What are time banks?
Imagine there is an accountant and a dentist. The accountant offers to do the dentist's taxes every year if the dentist gives the accountant a teeth cleaning. But let's say one year the dentist's taxes get much more complicated. This dentist gets into bitcoin and makes taxable income from that. The dentist has a 401k, and stocks. The dentist starts a side hustle hiring a high school kid to rent out bicycles to tourists from a street stand. This guy's taxes are epic. Or maybe the accountant needs a root canal and some molars removed one year.
So, they agree to continue this trade at an exchange for 1 hour accounting = 1 hour dentistry. Then, they add their friends, the janitor, the cook, and the landscaper. All 5 people agree to the 1 hour = 1 hour exchange. They elect one trustable friend to keep track of the hours ledger and write reports for everyone. Maybe this guy employs software to aid him, and all 5 members keep ewallets on their phones.
You can see what a real time bank looks like in action by reading the handbook of one of them. Here is one handbook. Here is a bunch of existing time banks you can look at. You might also look at the directory to see what kinds of services are being offered and which services are requested. I would like to note that in the handbook I linked, capital involved in a service is paid in real money by the receiver. This ensures that a time credit is strictly for the labor part of an exchange. However, other time banks may have different rules.
Edit: I was cut-off. So, I put the rest of this report in a comment below.
submitted by JJEng1989 to YangForPresidentHQ [link] [comments]

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