Eric Harris-Braun, Creator of Open Money, a social network on Ning:
The open money project aims to create the global infrastructure, tools, governance mechanisms and platforms that will give communities the capacity to create their own currencies with just a few clicks and thereby liberate their wealth potential. This will become the most important evolution for society in the coming years.
Those attending the Open Money intensive in Mexico go at their own expense. In return they receive reimbursement in "nods," the Open Money currency. ($1 = 1 nod at the current exchange rate). Now, let's say that I mow the lawn of an Open Currency community member. They pay me $100 nods. I am able to buy, let's say, three hours of web development work from an Open Currency member, or I could pay them at their going rate in dollars at $33.33 an hour. Now, my question is about taxes. Do I owe income tax on the $100 nods that I collect? Put differently, would a community that trades in nods have successfully opted out of the income tax system for transactions conducted in nods?
