Currency Multiplicity: Social Economic Networks

Cryptocoin multiplicity is just one kind of currency multiplicity in the modern world. More broadly, we are living in an increasingly multi-currency society with all kinds of monetary and non-monetary currencies. First, there is currency multiplicity in the sense of monetary currency in that there are many different fiat currencies (USD, CNY, EUR, GBP, etc.). Second, there are many other non-fiat, non-cryptocurrencies like loyalty points and airline miles; one estimate is that there are 4,000 such altcurrencies [1]. Now there is also a multiplicity of blockchain-based cryptocurrencies like Bitcoin, Litecoin, and Dogecoin. Fourth, beyond monetary currencies, there is currency multiplicity in non-monetary currencies too like reputation, intention, and attention as discussed above.

Market principles have been employed to develop metrics for measuring non-monetary currencies such as influence, reach, awareness, authenticity, engagement, action-taking, impact, spread, connectedness, velocity, participation, shared values, and presence [2]. Now blockchain technology could make these non-monetary social currencies more trackable, transmissible, transactable, and monetizable. Social networks could become social economic networks. For example, reputation as one of the most recognizable non-monetary currencies has always been an important intangible asset, however was not readily monetizable other than indirectly as an attribute of labor capital.

However social network currencies can now become transactable with web-based cryptocurrency tip jars (like Reddcoin) and other micropayment mechanisms that were not previously feasible or transnationally-scalable with traditional fiat currency. Just as collaborative work projects like open-source software development can become more acknowledgeable and remunerable with github commits and line-item contribution-tracking, cryptocurrency tip jars can provide a measurable record and financial incentive for contribution-oriented online activities. One potential effect of this could be that if market principles were to become the norm for intangible resource allocation and exchange, all market agents might start to have a more intuitive and pervasive concept and demonstration of exchange and reciprocity. Thus social benefits like a more collaborative society could be a result of what might initially seem to be only a deployment of economic principles [3].

References
[1] Lietaerm B. nad Dunne, J. (2013). Rethinking money: how new currencies turn scarcity into prosperity. London, UK: Berrett-Koehler Publishers.
[2] Swan, M. (2010). “Social economic networks and the new intangibles.” Online text from the Broader Perspective blog. 
[3] Swan. M. (2009). “New Banks, New Currencies and New Markets in a Multicurrency World: Roadmap for a Post-Scarcity Economy by 2050.” Create Futures IberoAmérica, Enthusiasmo Cultural, São Paolo Brazil, October 14, 2009.

Enterprise Bitcoin and the Brain as a CryptoCurrency Network

If Dell, New Egg, and TigerDirect now accept Bitcoin, and Paypal's CEO contemplates the same, eBay and Amazon might also accept Bitcoin in the not too distant future, and this would start to really push cryptocurrency into the mainstream. Faster still if Google Wallet were to join. Bitcoin seems to be 'going enterprise' (= key step to mainstream) as fast as the Internet-of-things (Enterprise IOT: Microsoft, Ernst & Young, etc. offering connected POS (point of sale) networks and all 'devices' as an IOT service to businesses). However, even though Bitcoin in its entirety is a radically new concept, from a vendor standpoint, accepting Bitcoin is not a big deal - it is analogous to accepting any other kind of payment mechanism. Anyone (individual or enterprise) receiving, or wanting to pay out in Bitcoin can easily convert national currencies via Coinbase, bitpay, or other sites, or now the purported (as of July 2014) 33 worldwide Robocoin Bitcoin ATMs. Conceptually, Bitcoin is a payment mechanism for vendors, but for money businesses like banks, it is much more critical to develop explicit Bitcoin strategies and policies.

However, there is still much risk in Bitcoin and cryptocurrencies. Bitcoin as a currency is still new and volatile, and it is not clear if it is a faddish or persistent transformation, although the concept may have considerable resiliency even if specific cryptocurrencies do not (i.e.; Baconcoin). Also, there is only about $8 billion USD in Bitcoin now, and it would need to be on the order of $50-100 billion USD to receive more serious financial consideration. The currency does have a number of important features that could propel acceptance including architecture (psuedo-anonymous and trustless), openness, low-cost (eliminates currency exchange costs), and fungible worldwide availability. As Kevin Kelly points out, Bitcoin is not just a payment mechanism, it is a revolutionary way to enable collaboration at an unprecedented scale. Bitcoin is the reinvention of the institution of capital. Further, in the automation economy, Bitcoin is automated and open accounting; a transparent ledger. The concept of Bitcoin and its architecture and operation is a new model which is not unlike the brain, where (at minimum) many functions are handled automatically, and there is a certain modular aspect to function. Bitcoin might be a universal mathematical model of nature that human intelligence is just now discovering.

Axiologie: An Economy 2.0 Understanding of Valorization

Axiology is a third major branch of philosophy dealing with the study of the nature, types, and criteria of values and of value judgments. Axiology includes valorization, the according of value (or lack of value) to things, and aesthetics, relating to the beauty or pleasing appearance of things. Axiology is often overlooked in favor of its higher-profile philosophical cousins metaphysics, dealing with the nature of existence, and ethics in the 1.0 sense, dealing with rules of behavior based on ideas about what is morally good and bad.

Axiologie (e.g.; Axiology 2.0)
Axiology 1.0 needs to be extended to Axiology 2.0 or Axiologie in a technology philosophy sense to denote the new kinds of valorization that are present in the shift to Economy 2.0. Economy 2.0 is a world where economic transactions are highly-automated, affinity-based, multi-currency, unobtrusive, and on the way to post-scarcity for material goods.

One of the most visible aspects of the transition to Economy 2.0 is the multi-currency dimension - individuals are increasingly accumulating value in alternative non-monetary currencies such as reputation, authority, attention, intention, time, ideas, creativity, and health.

The multi-currency Economy 2.0 is also called the gift economy, the reputation economy, the attention economy, and the intention economy.

Science fiction has already envisioned future economic worlds where reputation points are the only currency and vary dramatically up and down like video-game points, typically viewable in virtual reality goggle Heads-up-Displays like Cory Doctorow’s whuffie-driven economy in ‘Down and Out in the Magic Kingdom.’ Technology philosophy’s Axiologie deals with the acknowledgement, valorization, visibility, invisibility, modes of understanding, transferability, storage, investment, and use of alternative currencies.

Part of an ongoing series of Technology Philosophy Conceptology