How I Learned to Stop Worrying and Love the Economic Collapse
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The document discusses how economic and technological changes are shifting values away from distrust of institutions towards collaboration, sharing, and sustainability. New forms of currencies and payment technologies are emerging for gaming, rewards programs, and information sharing. Bitcoin in particular allows for experimentation with decentralized currencies that promote independence. Additional sharing economies are enabled through technologies like Craigslist, Freecycler, and Couchsurfing for goods, favors and housing. The talk envisions future economies encoded with social values through reverse taxation systems and value-based currencies.
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How I Learned to Stop Worrying and Love the Economic Collapse
- 1. The New Age of Money Or How I learned to stop worrying and love the economic collapse Heather Schlegel | @heathervescent | #SXfotx 10/24/2011 | 1 @heathervescent
- 2. Value Shift • Distrust & OWS – Governments, Banks, Financial Institutions • Design, Beauty, Ease of Use – Apple Aesthetic, UX skills, Customer Centric Design • DIY & Do-ocracy – Artisanal, Crafters, Hackers, Makers • Consumption Models – Collaborative, Sharing, “What’s mine is yours” • Sustaining – Recycling, Reusing, Sharing, Community @heathervescent | 2
- 3. Tapas Trend Menu Currencies Technologies Economies @heathervescent | 3 Images: sevn floorsdown
- 4. Currencies For Gaming • WoW, Linden, Facebook By Corporations • Frequent Flyer, Rewards Points Of Information • Ratings, Recommendation, Influ ence Encoded with Values • Bitcoin, Ven @heathervescent | 4 Image: Todd Huffman
- 5. Bitcoin: Geeks & Gold Diggers • Unintended Consequence, Digital Divide • Sophisticated • 90%+ use online banking • 50%+ buy virtual goods • 33% mobile payments • Shared Values • Decentralization (38%) • Independence (27%) • Why? • 28% use idea or concept • 24% experimentation @heathervescent | 5 Image: Tama Leaver
- 6. Technologies @heathervescent | 6
- 7. Credit Card Innovations NFC Multiple cards in one Single charge authorization Pin-code confirmation PayPal Account “Credit Card” Crowdsourced Barclays Card Kred: Movenbank @heathervescent | 7 Image: Robert Scoble
- 8. Concerns • Security • Reliability • Convenience • Privacy Flipside • Small Businesses • Reduce Costs • Have trust • Experiment @heathervescent | 8
- 9. Additional Economies • Gift: Parents, Pro-bono, Subway Violinist • Barter: Trade & Exchange • Collaborative: NeighborGoods, ZipCar • Favor: “I owe you one” “Call in a favor” • Swap: Produce, Clothing, Book • Reputation: LinkedIn, Yelp • Data: Information has Value Technology can enable interoperability @heathervescent | 9 Images: quaziphoto
- 10. Sell - Craigslist Money Buy Couch Use Swap or Trade Give - Freecycler Shared Value Community Share - Couchsurfing @heathervescent | 10 Images: rotokirby
- 11. Market Externalities • Value-encoded currencies • Reverse “Tax” System – Reward for Compliance – E.g. Carbon Currency @heathervescent | 11
- 13. Join Us Heather Schlegel @heathervescent www.heathervescent.com @Innotribe | www.innotribe.com @heathervescent | 13
Notas del editor
- Sometime last summer amongst OWS and the continuing economic crisis, I had an ephiphany,The mainstream media was focused on fear mongering crisis (as it had been doing for some time), but my research showed something very different, that people were experimenting, trying ways of transacting that they had not before (although in many cases our grandparents were very familiar with them), technology enabled mobile payments much faster than I could have imagined… everywhere I saw exciting movements – I could not believe things were as bad as the media would lead one to believe. Instead of collapse, I felt like I was witnessing a rebirth, an expanding world of possibilities – so many ways to pay – with new and old technologies. I heard stories of people connecting with neighbors and communities formed around non-financial transactions. It takes a crisis to make change – looking back in history we create a linear path, but as we create the present out of future possibilities, it is not so linear. We are mining our economic crisis and I believe we will have a very different world of transactions and banks in the near future.
- Finally starting to internalize post-consumer values which is shifting behaviors.Values are shiftingCommunity ExamplesFreecyclerNeighborGoodsCouchSurfingTrade School (NYC)
- TodayComfortable with online paymentsMobile payment options are being explored Alternate currencies are used in specific communitiesMobile technology promises muchThree Invisible TrendsCommunities of transactionBonding through non-financial transactionsCommunicate what I value
- Ven traded on thompsonreutersAlternate Currencies are used in their Niche CommunitiesEncoded with specific valuesWhether they are corporate currencies, community currencies or currencies of social capital… these are found and used in niche communities.Gaming CurrenciesWoW, Linden, FacebookCorporate CurrenciesFrequent Flyer, Rewards PointsSocial Capital CurrenciesRatings, RecommendationValue-encoded CurrenciesVen, Bitcoin
- Bitcoin is a value encoded currency.28% use it because they believe in the idea or concept24% are experimentingMost trust local businesses, individuals and technologyVery technology savvyUnintended consequence of the digital divide: do-ers who create their own currencyVery sophicatedAlmost all use online banking and payments54% purchased virtual goods33% made mobile payments
- MobileNFCQR CodesAppsPaypalGoogle WalletHardwareSquareUpPayCloud
- Biggest DesiresFast, easy to use, ubiquitousSmall businesses and boutiques may drive adoption of emerging payment methods.Small businesses don’t have the volumn so they can’t get volume discounts, they look for cheaper transactions other ways.
- The work alongside traditional economies. Many are not tracked, but technology can help the tracking and enable interoperability. FreecyclerNeighborGoodsCouchSurfingLocal Time BanksProduce, Clothing, Electronics SwapsTraditional Economy highestNon-Financial EconomiesGift (54%)Barter (52%)Favor (50%)Networking (43%)Social Capital (40%)Time Banks have little exposure (9%)
- Non Financial transactions support strong communities because people come together around shared values.
- Reward participants with a Extension of a value based currencyMarket InterfaceTriple Bottom Line
- The world is changingBuild it anyway: Shamir quote: start ups can execute faster, banks and financial institutions want these innovationsYou do not need permissionBanks and Financial institutions want your ideas, companiesExecuteCome talk to meLet’s rebuild the financial industry together
- Who and How to contact us/work with usPromote incubator and startup challengehttp://svy.mk/FutureTrans2Take the Surveyhttp://svy.mk/FutureTrans2Fly Me to the MoonInnotribeFlowers for Grandma