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Currency by Archie Blatherstone - Sun, 14 May 2017 17:28:17 EST ID:vO7dNIdh No.37208 Ignore Report Quick Reply
File: 1494797297556.jpg -(38554B / 37.65KB, 600x450) Thumbnail displayed, click image for full size. 38554
How will currency change in the future, or will it stay the same? Will we be buying our soycaf with cold hard fiat dollars, bitcoins, labor vouchers, bottle caps, or something entirely different?

My favorite idea for future currency is TIME! All the work will be as valuable, and with the smart watches and -glasses and -boxers we can automatize the measure system so that everyone's working hours are counted laser sharp. Then you simply trade your work time to someone elses time in the form of goods.
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Doris Bummlenutch - Mon, 15 May 2017 15:45:02 EST ID:fokVD8qA No.37211 Ignore Report Quick Reply
If you really think about it, money already is time. Money is a representation of the value of human labor, when you get down to it, based (roughly, either on the scale of hours or years) on how much time it takes a person of a specified skill level to complete a task.

Once we have post-scarcity manufacturing, the value of human labor will plummet to basically $0 in terms of capital costs. So we will probably have to revert to the original currency; reputation. The internet already has a shade of this; after all, what's more valuable to a large company, a couple million bucks or a couple million followers on twitter?

It was like this in ancient times too. If you broke your leg on the hunt, but you were a good guy, they would probably do what they could to keep you alive, even though it would cost food for the whole tribe. But if you were an asshole, they would be more inclined just to let you die. So really, since money is just a contrivance for organizing human behavior relative to each other, once the contrivance is gone, all that will be left is the natural organization people create; whether they want to work together or not.

The concept of a reputation-based currency has been explored in fiction as the 'Whuffie' : https://en.wikipedia.org/wiki/Whuffie
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Jenny Crockledock - Sun, 16 Jul 2017 03:13:05 EST ID:VwAfTzBf No.37266 Ignore Report Quick Reply
financial capital is so 20th century

its all about social capital baby
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Graham Billinglock - Tue, 18 Jul 2017 17:16:40 EST ID:9s/jJc/J No.37267 Ignore Report Quick Reply
>>37211
>money already is time
Then why are not everyone working 9 to 5 getting paid equally?
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Samuel Murdshaw - Fri, 21 Jul 2017 15:22:51 EST ID:rBWzKUe0 No.37271 Ignore Report Quick Reply
>>37267

yeah no it's obviously not. it's supposed to be balanced that way but in reality there is an enormous amount of convulution because economies are really just based upon power structures than any reasonable expendature of labor. im sure this will be realized as the great evil of our time soon enough.
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Rebecca Mablingman - Wed, 26 Jul 2017 18:07:06 EST ID:Fhvy4FkY No.37274 Ignore Report Quick Reply
>>37211
Money is a medium for allocating resources, it measures and stores value and can be used for trade. It's pretty good and for a long time it was the best possible solution but I think we can do better now. Sadly it doesn't relate to time and in theory it should instead reflect the value added by an action.

Ideally when trading a it should be occupy a point where it is worth more than one party is giving up, but the other party gets more value from what they receive than they could get using the money any other way, for example someone is 100 units for their work, they value the time and energy at 90 units and the person buying would get value worth 110 units from it. Everyone wins. In reality this does not always occur and I would go as far as saying it's never reliably done this and a lot of people push to make it happen even less. Things like inaccurate information, uneven markets and the like ensure this (advertising that deceives, uneven bargaining, leveraging the legal system to exploit people, and natural monopolies that are run inefficiently either by a poorly managed government organisation or by a private organisation who exploits everyone ruthlessly seeking profit maximisation and not efficiency and so on).

So yeah. Money needs to change or be replaced.


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