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February 22, 2013

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financial talk

It won't be the the Next Big Thing if the network remains artificially limited to 7 transactions per second...

Iang (Financial Cryptography in 7 layers)

The field is enduringly attractive to technologists, but there are some evolved barriers that continue to cause the downfall of many startups. In an old paper, I laid out 7 different knowledge areas an entrepreneur needs to master in order to create a sustainable monetary unit. Two points can be made from this. One is that a person can't do it alone because there is too much info to absorb, so a team is needed.

Secondly, although money is a utility, it cannot be started up as a utility. Instead it must be focussed as part of a wider business that demands it. That is, in order for a money to succeed, it must be part of a successful business model.

E.g. gamification succeeds well here, to use your word.

Jimmy riddle

I am aware of another e-currency that is emerging that helps people and business make more sustainable decisions. Using incentives to motivate decision-makers to behave more responsibly, the ethical currency is supported by an ethical marketplace that matches underused resources with unmet needs, thus turning waste streams into potential new revenue streams if the participants are willing to see the community as a whole.

it's collaborative consumption but on a whole new scale.

the currency is based on a timebank model - look it up if you don't know what i mean - and underpinned by the scarce and valuable resource of time. an hour here is an hour there meaning such a currency has the potential for universality in terms of how the currency unit is counted out and accounted for.
you are right that any new e-currency needs to be a "serious player" in value exchange. But what if was that as well as a serious player in value creation. what if the currency was only ever issued for contribution to the common good and therefore a measure of social impact in a way that everyone understood - from the unemployed man in the street to the sopisticated investor looking for a sustainable return on his money as well as a social dividend?

if such a currency in addition to being a unit of account, a store of value and a means of exchange, happened also to represent the evidence of one's personal contribution to the common good, then such a currency would counterbalance money which is only ever lent into existence.

in an ideal world, this ethical currency that rewards motivates and incentivises contribution to the common good will act as the antithesis to money and be used to pay off the world's $denominated debts.

think about it, it's what the world's been waiting for.

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