How can a person “rip-off” the LETSystem?
Forget it. They cannot. Surprisingly LETS Credits provide one of the only theft-proof, non-rip-off-able currency systems possible in the world. Its simple rules operate in a fashion entirely different to conventional money, which can be stolen, and is often “ripped off”. LETS Credits operate in a fashion wholly different to federal dollars. Consider, for instance, the question of debt. If I borrow 100 federal dollars from you, then I effectively have $100 of your money which you cannot spend until I pay back. This is inconvenient to you, and, as a measure of this inconvenience you charge me interest (I may have to pay back $110 eventually). In LETS if my account is 100 LETS Credits in debit, it means I have already paid someone 100 LETS Credits! No-one is inconvenienced, and so there is no interest. I can discharge my commitment whenever it is most convenient to me to do so. LETS by name and LETS by nature!
