Quote from: Krypt on January 10, 2017, 10:02:25 AM

Quote from: Chronobank_Community on January 09, 2017, 06:32:23 PM

ICOrating was referring to having the ability to test on the existing 400,000 users, without having to get into consumers services to get people outside the system to test. This is a big bonus for any start-up project, to already have a large user-base in place to test with.

Strange ... Could you please elaborate a bit, how 400,000 workers (or even 400) can test the Chronobank system? According to Whitepaper they receive a $$ (not LHT) from LOC. And even LH debet cards is a VISA/Mastercard (i.e. fiat) card. So there are no changes for workers at all, nothing to test.

Quote from: Chronobank_Community on January 09, 2017, 06:32:23 PM

Labor hire companies provide labor for employers, they are the ones who sign up initially, they are the ones who agree to issue LH tokens, not individual employers.

Yes, LOC (labor offering companies) provide labor for another companies - employers. But how they find an employers (companies) which agree to pay for work upfront (before their work is done)?

Hi, Krypt! Nice to see you back again.

So let's start again from the very beginning: Chronobank Entity is CBE, this is basically who we are in the model. Right? Who then are the customers of this CBE? The customers of CBE and Chronobank system in general are those who issue LHT (LOCs and after LaborX standalone workers e.g. freelancers), those who provide labor demand (LOC customers and any customers at LaborX upon its launch), and those who use LH tokens as a currency (all LaborX users, traders, and any local users - like any worker of one of the company mentioned above who accepted to get his/her salary partially/fully in LH tokens as a part of corporate local currency system). Does this include e.g. Edway? This is definitely true. Anyways, you see this as a moral hazard while other reviewers see this as a better chance for a bootstrap and thus to deliver faster and more efficiently.

For what I know from following your previous comments, the major risk you see in the system is that customers of LOCs will not be interested in using the system because they don't want to pay in advance (like in a month). However, the major problem in a short-term labor market (where all this happens) is that the price of LOCs' services today is much bigger than it could be while being mainly derived from short-term bank loans and interest.

If we use Chronobank model, we basically eliminate these loans, interest, and thus huge prices by using timebanking for solving liquidity problem. This approach has been extensively tested for like 200 years or so by quite a few initiatives, the most famous of them today is Ithaka hours (described specifically in our devplan: https://chronobank.io/files/business_outline.pdf). We believe (and we actually consulted with our partners both LOCs and their current customers) this type of local currency based on timebanking will resolve the current market inefficiency that costs all of the counterparties too much (except banks, lol) and they will be able to set different prices. You should understand that initial participants already contract each other and know each other, so it's easier.

Another issue is the gap between the time when LH tokens to be issued and the time when they are to be redeemed. We agreed with our partners that initially they will buy LHT right when tokens will be issued. However, in order for the system to grow and to become valuable for all the counterparties we will need to provide an additional demand for LHTs. This is to be resolved in three ways: make LHT a stable-coin, create corporate wage/bonus projects using LHT, use LHT as LaborX's internal currency. This will make the whole system ridiculously cheaper than using banks. If you think this is impossible, you should read more on local currencies, timebanking, and actually Bitcoin.

It looks like you have got responses to all your questions in the Russian thread like 5 times already. Yet you ask the same questions all over again. I assume you aim to spread FUD just for lulz. Thank you for your precious time.

Quote from: mexicotaco on January 10, 2017, 10:04:32 AM

So we can find part-time and full-time jobs on ChronoBank and get paid in bitcoin? Shocked

It's about Labour Hour tokens. It's different than bitcoin as it is backed by obligations to provide some labour or to buy them back from you.

Quote from: damar09 on January 10, 2017, 12:56:06 PM

I followed the bounty cronobank newsletter almost a month since the launch cronobank, would be rewarded only 1 time?

Yep. I hope you didn't forget to apply here:

Quote

To participate you need to:

Thanks!