I take the view that most people would understand and accept in payment a local currency based upon and returnable in payment for the use value of land. The majority of fiat currency is in fact indirectly based upon capitalised land rental value.

I also take the view that most people would accept a currency returnable in payment for energy use.

Other currencies? Be my guest, invent what you like and see who accepts it.

But people-based (P2P) credit in respect of goods and services is not the same as currency, and is not to be confused with P"P debt in respect of existing fiat currency.

It is quite possible to envisage a community credit card owned by local businesses and people in common, and operating on a 'not for loss' basis as a utility, managed by a service-provider-formerly-known-as-a -bank.

Such a community credit (mobile SIM) card will require neither deposits nor currency for settlement of obligations because settlement may take place by chain generation A>B>C>D>E>A of open balances.

Such a mutual credit clearing system does require a meaningful unit of account, however. I'm open to suggestions as to what such a unit of account should be.

In my view, only a unit of energy works as a unit of account.

Unfortunately, Martin does not understand how the existing system works and that is a big mistake on ET.

I believe I understand it better than most, and I'm willing to learn from anyone. But I've found that the best way of learning is by doing.

"The future is already here -- it's just not very evenly distributed" William Gibson