Issue #6 Money, Fureai Kippu and Time Banks

Money is a verb. Most people don’t think of money this way. To most of us, money is something we earn to stash. A noun. But, harking back to days when we worked with our hands, money is becoming whatever form of exchange parties agree on to measure value created in the movement of goods/services; a reclamation of its place as currency (the quality of being an acceptable means of exchange), especially for segments of society that don’t have a lot of traditional money.  

This view of money (as a verb) is why cryptocurrencies, time & favor banks are gaining adoption across the world. These alternative currencies won’t take over, too much entrenched interest for the holders of money to allow that, but the world is a small (and big) enough place that there will be segments of society that thrive using these alternatives. You can take that to the bank…

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The recommendations this week dive deeper into money making and alternative currencies

1. Books: Douglas Rushkoff, author of ’Throwing Rocks at the Google Bus’ and ’Present Shock’, had me furiously taking notes while reading his books with the overhead lights on a long flight. While he’s neither a technologist nor economist, which comes across, Douglas Rushkoff brings fresh eyes to the defaults we’ve come to accept about the internet and money.

2. Articles: Fureai Kippu (‘Ticket for a Caring Relationship’) is a Japanese electronic system for banking altruism. It’s targeted at providing care for older people through exchanges of time credits. While it sounds a lot like making altruism transactional, over 370 institutions were accepting Fureai Kippu in 2014, research shows that this is more about giving-of-self than currency.

3. Product: While Fureai Kippu is leaning more altruistic, time banks, on the other hand, are all about creating a new kind of currency to enable you and I capture value for our craft and skill. Skilltapp, which I tried out, started off as a time bank startup and Timebanks is doing the work of building a community around this currency. It’s a space I’ll keep watching.

4. Article: Medallion Fund is a money making machine you’ve probably never heard of. Fascinating read on the minds behind a fabled fund.

Have a great week and keep the feedback coming!

Best

Seyi