Rusty Coins – Welcome

What Are Rusty Coins?

Rusty Coins are a virtual currency based on time. Every human member earns coins continuously, similar to what is called basic income.

Unlike most cyber-coins, Rusty Coins are not mined by a complex computer algorithm nor limited in how many may be created over time. They may be traded for most anything as a transaction, or given freely as a gift.

How Do Earnings Work?

Each human member receives a fixed stream of new coins over time, based in microseconds, roughly equal to ten coins per hour 24 hours per day, every day of the year. Your signup moment establishes your personal "zero point." From that moment on:

• Your balance increases steadily every micro-second, about 1 coin every 10 seconds..
• Any transactions you send or receive adjust your balance up or down.
• Your full history is recorded and available to be viewed.

Why the Name "Rusty Coins"?

The project originated as an idea to add to our Rusty Rabbin Music website. A site centered around music here in our shop, creating, jamming and teaching one another. Outside the door sat a rusty metal sculpture, and one of our friends playfully suggested the name based on it.

What Can You Do With Them?

• You can give coins to friends, family, and organizations.
• Trade for items or services.
• Offer your goods and services in exchange for them.

What Are They Worth?

As they represnt time, human time, they are worth as muc or as little as your time is. Something you and others decide. For example; if you are normally highly prductive, and your goods or services are in high demand, you might ask more Rusty coins for them, just as a doctor might charge more their their time than a janitor. If you have othing to do all day, you might be more desperate and accept far less. In general, the productivity of members everywhere determines an average value of the coins. The more productive we all are, the more valuable our coins become.

Compare them to what you make as a salery or normally charge for your time. There are 168 hours in a week, so you recieve about 1680 Rusty coins in a week. But if you typically work 40 hours, then by comparison you are earning 42 per hour, or 84,000 over 50 weeks (about a year allowing for a couple of weeks off.)

While there is no set value of Rusty Coins in terms of money such as the dollar, a good place to start would be in comparing it to your hourly wage. For instance: If you earn $21.00/hr you might think of YOUR Rusty Coins as worth 50¢. If you made $84/hr, then you could value your Rusty Coins at $2.00 each in your mind.

Is there a cash value?

We may eventually be treating Rusty Coins like a virtual commodity; allowing folks to buy and sell them. You can do this now privately, in person, by exchanging money in return for a gift of the Rusty Coins to them through the site. We HIGHLY recommend it only be done in person so you are assured of getting the money if selling the coins.

When we do (assuming we do) add this feature, sellers and buyers will be able to post an offer. Offers will be specific regarding the number of coins and the price. The offerings will be presented as clickable links to complete the transaction. And we will include a list of these transactions, updated in real time. In this way you can see how others are valuing the Rusty Coins at the moment.

There are several reasons for doing this. One is simply to allow a commercial organization to fund their purchases. Another is to make it possible for charities to accept Rusty Coins and then covert them to cas they can spend on things not in our marketplace or offered by members. We may attempt to quell speculators, as they can have a negative impact, driving upr or down the price.

How is this system funded?

On all transactions greater than 10 Rusty Coins an additional fee (initially 10%) is added onto the amount set by the seller, and included in the displayed price.

One way gifts are not charged any fee. It is to be understood by all parties that there is no contractual obligation on the part reciever should they accept such a gift.

And what about inflation?

As more and more coins are created each day, the total supply increases. We will keep an eye on this and may introduc an inflation controlling factor similar to the fee. By charging such a fee and simply having it vanish,the number of coins can be reduced. But it's not just the number of coins which really matter, but their value in trade whic is important. If Rusty Coins hold their value in trading, there is little need for such adjustment measures.

And what about organizations?

There are many types of organizations we classify as non-human such as:

• Clubs and fraternal organizations.
• Local and national governments.
• Churches and charities.
• Businesses and corporations.

They are all welcome to join as non-human members. However, as non-humans they are not eligible to earn Rusty Coins as a type of basic income and initially have nor Rusty Coins in their account.

They may however interact in almost any other way as human members do. Gift or receive Rusty Coins, list items for sale and sell them, or buy items.