The ONLY Social Currency Is Time

by Dan Robles on 08/15/2010

Thousands of social currencies are emerging as people lose confidence in the ability of the dollar to store value. At the end of the day, a currency is a social agreement. People need to agree that whatever they use for the storage and exchange of value accurately represents their productivity – otherwise they will not work for it.

Of course this is much easier said than done. Alternate currency advocates continue to stumble across substantial structural issue is defining their currency; It must be scarce, it must be difficult to forge, debase, or counterfeit and it must be accepted by everyone.

The only thing that fits all of those criteria is ‘Time’

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{ 3 comments }

James the Forex Training Guru November 16, 2010 at 9:36 am

Well-played, Dan!! Great job with this post, I really enjoyed it; you nailed it! I completely agree with the premise. I would add attention/reputation, but you can not have those things with out time. Time is needed for attention/reputation, or as the previous commenter noted, trust and passion. Trust, passion, attention, reputation are all gained/lost over an amount of time-nothing happens immediately.

Tom Graves August 18, 2010 at 10:53 am

I’ve now written a longer blog-post on this, as suggested, titled ‘Economics, currency and time’.

The link may appear below this comment; if not, click on the ‘Tom Graves’ link above and use the search-box on the website to find it.

Re ‘banter’ etc, I’ll deliberately avoid any further comment, other than to point you to Eric Berne’s classic book “Games People Play”, and ask you to note that I recognise this specific ‘game’ and am not amused: professional behaviour rather than ‘game-plays’ might be more useful here?

Dan Robles August 17, 2010 at 7:40 am

Dear Tom; I accused your concerns as stated in a 200 word response to a blog article as being short sighted. I did not accuse you personally. You may want to reconsider your participation in this domain if such banter drives you beyond a chuckle whenever someone does not agree with a comment you have committed to print. It’s only a blog.

Hey, best of luck to you in your future endeavors.

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