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MyCHIPs Digital Money

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By this time, the securities lawyers reading this are pulling their hair out! What is this guy trying to do, completely replace the entire stock market? Well, no—not the entire market. But wouldn’t it be great to be able to access a community-regulated, free market alternative platform, where we can trade debt, along with some its most common derivatives?

Admittedly existing regulations will get in the way of a great deal of what is being proposed here. Furthermore, existing monopolies are likely to propose many more prohibitive regulations if the existing ones are not enough. That brings up the notion of jurisdictions.

Because of its implementation on the Internet, MyCHIPs is inherently capable of becoming a world-wide medium of exchange. People could effectively exchange credits with anyone else, anywhere in the world. However, people and companies are still subject to the jurisdiction of the countries in which they reside. This is why the platform must include a mechanism to correctly identify the member’s country of jurisdiction, and then factor their credit risk accordingly.

For example, if one particular country finds it illegal to sell insurance or issue credit on the MyCHIPs platform, members in other countries need a way of knowing this. Citizens from countries with more oppressive regulations need to have much lower quality ratings than those with systems of civil society willing to allow voluntary associations and enforce private contracts.

For example, if you can’t depend on the courts of Zimbabwe to reliably foreclose on a lien, you may be less inclined to accept credits issued from within that country. Likewise, if United States citizens start getting hauled off to jail by the SEC or the FTC for buying or selling insurance for private credit, people in the rest of the world won’t want to do business with them either.

The point is, to make MyCHIPs an effective platform for the fair and equitable trading of time credits. This will be done by facilitating a network of privately arranged relationships of trust. Then, leave it up to the citizens of individual countries to petition their governments to implement regulatory reforms, where necessary, to allow the free and unfettered trading of time credits.
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