a last little bit about currency

Lots more to read, 28+ questions which don’t seem to have actually attempted to answer – hope to find people to ask them to and discuss with in the future.  Still sticking with micro/human and macro/human+AI regarding decision making, based on current research (haven’t understood enough yet) but these are continually changing fields with new research appearing all the time. Started with two areas looking at present-future of economics – artificially intelligent  economics vs naturally intelligent economics but as with other areas of technology and scientific research – don’t think it is one or the other. Did do a better pdf of all the posts so far incl video links but stupidly saved it locally on my desktop and my current remote access does not work unfortunately – will add into this post on Monday.

Just going to wade in one more time with a brief look at currency.

Kevin Flood wrote an interesting post looking at the future of virtual currency, where he visualizes this evolving in a variety of ways including networks growing in volume and complexity

“At some point the complexity of trading virtual and traditional currencies is going to require an intermediary step between the trading partners. Just the handshaking alone will require a common API and some standard rules so everyone is not wasting their time doing their own and creating barriers of entry in the process. It could be that one of the currency issuing companies emerges as this broker.”(1)

An interesting index of virtual currencies against the dollar is available at gibreel.net. Dave Birch at the Digital Money forum saw similarities between the behaviour of those attempting to acquire wealth in a virtual world and those in the real world in order to assume a position of power(2). Virtual currency in the form of mobile banking is already increasing across many developing and developed countries and this has opened up many different possible options for creating and using currencies. Douglas Rushkoff was talking about the possibility of craigbucks earlier this year.(3) Twitter users may be using Twollars.

Does it have to be virtual?

 Courtesy of Open Money
He mentions as in yesterday’s post many Transition Towns are considering the option of local currencies. I wonder if we do need to print money though – the cost of sending via SMS, or connecting via RFID/NFC to a machine using a mobile device, or online, versus a paper money transaction – would need to work out environmental cost and add in as well.

What about time?

Time appears to be the currency that we use for any activities online, either browsing or doing something specific. The ‘attention economy‘ is a phrase widely used in marketing, but I have yet to see specific indices of activities that we do online that are measurable in rates of our time. You see studies which say users have spent x amount of hours doing the following… but more specific indications would assist in decision making at a micro-level but also give a better picture of decision making at a macro-level.

Time to go and read Future of Money ! If you have read this far or any in this short series, thank you for your time and patience.

1. Flood K (2009), Virtual Currency meets Main Street, Kevin’ s Corner, available at: http://kevinflood.blogspot.com/2009/04/virtual-currency-meets-main-street.html

2. Birch D (2008),  Elf Regulation, Digital Money Forum  available at: http://digitaldebateblogs.typepad.com/digital_money/2008/08/elf-regulation.html
3. Newitz A (2009), The Future of Money: DIY Currencies, Conde Naste Portfolio.com, available at: http://www.portfolio.com/views/columns/dual-perspectives/2009/04/13/DIY-Currencies