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Apr 7 Posted 3 years ago
thanks for the comment. i'm going to disagree with you. you could just as easily say that money doesn't actually produce/create any value - not until it's offered to someone who then produces a produce/service in exchange for it. what i'm saying is that what if instead of using money to make that transaction, you use reputation? i just wrote this response below to someone else's comment, but it applies here so i'm just going to copy it here:
on a peer-to-peer level, i think the human capital & reputation currencies are going to get really interesting as they become more granular. so we already understand the power of word of mouth, and the value of having a high quality social network in order to build relationships and find opportunities. i think we'll start seeing a wider range of ways for people to express their skills, knowledge, capabilities, craftsmanship, expertise, interpersonal skills, and other forms of intangible capital, and for others to be able to vouch for these things.
so i see this as becoming the 21st century resume - except it's not this static document that you yourself construct, which is easily fabricated and not really all that contextual - instead it's this living real-time set of metrics about who you are and what you know and what you're able to do and how others perceive these things, and how they have assessed them based on past performance or interacting directly with you or with the things you produce.
so when you put yourself out there at this level, there's more at stake if you're not authentic about yourself, and it will damage your ability to exchange value with others. and so i see the opportunity for more of a free-market economy when this kind of information is transparent. in a sense, you become the currency.
though this is not palatable for everyone, this stuff is already happening and plenty of people are willing to engage in this way. there are a lot of online marketplaces that exist where exchange happens based on currencies other than money, and that requires a degree of risk and faith/trust and also a vetting process on the part of the individual.
so for example, maybe i need some coding done to customize my website, and you offer that service, and you want help doing outreach and a promotional campaign, and i offer that service. if there was a range of information available about each other in terms of our professionalism, quality of work, personality, etc etc - do we need to exchange money in order to give each other those services, or are our reputation currencies enough to facilitate that transaction? if we choose to engage that way, neither of us can really afford to screw each other or do a bad job, because that failure lowers our currency and ability to leverage it.
now imagine when a whole marketplace like this exists, and you're able to essentially create economic value with others for "free" .... not really free, but just a different kind of money. one that's not arm's length, because it does require a larger investment of oneself in the transaction that's deeper than exchanging little pieces of green paper.
anyway - sorry for super long response, but this is something that i completely see emerging and it's not immediately apparent, and definitely requires a different approach to interaction and some social engineering and behavior change. i don't think money as we know it is going to go away (at least no time soon), but i do see this parallel infrastructure arising so that even in a recession when we feel like we can't do anything because we don't have enough money, we flip the paradigm and see that we actually have a lot of wealth and resources to trade on, it's just a matter of having the intention to do it that way and the creativity to make those currencies transparent, measurable, and tradeable.
Apr 6 Posted 3 years ago
Credits, Identity and Reputation don't actually produce/create any value and currency has to be based on bringing something of use into existence.
Also, banks don't lay claim to your deposits/assets, like FB does to your information - and last I checked you could end your relarionship with a bank! :-)