Do an analysis of your selected 'system of exchange' precedent and make a slide summarising your findings on these slides (Exchange_Impossible Things) and (Exchange_Immaterial Labours) (the slide should speak for itself without you having to verbally 'present', but we will also have a group discussion about the research). Remember to think about:
- what is the system and how does it work?
- what is being exchanged and how/by whom is its value determined?
- what are some of the pros/opportunities and cons/challenges of this system?
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Alternate Currencies
One form of immaterial labour is using alternate currencies to pay for goods and services. These currencies are often specialized to a particular area and the exchange rate is decided by that small group of users.
A real world example of this is BitCoin.
"Bitcoins are a digital currency used as an app Bitcoin are digital coins that provide advantages such as e.g..
- its transfers directly from person to person using the net, without having to go to the bank.
- it is accessible in every country.
- without going to the bank means fees are much lower.
- it comes with no limits or conditions
What is being exchanged and how/by whom is its value determined?
Bitcoin has equity characteristics in that the value seems to grow as the whole Bitcoin ecosystem grows as it is an network of miners that are able to verify transactions an receive something back in return newly generated coins that then carry on the network an people like miners will perceive some value. Bitcoin mining provides a reward in exchange for some useful services that required to operate a secure and safe payment network for people to use anywhere around the world.
How it works?
- using bitcoins you can buy an sell bitcoins in lots of different currency - sending bitcoins as simple as sending out an email.
- you also can buy anything with bitcoins.
- bitcoin is secured by individuals called minersminers verify transactions, miners are rewarded by verifying newly generated coins for verifying transactions online.
Bitcoin Benefits?
- Bitcoins a great way for businesses to minimise transaction fees its free and easy to use.
- Bitcoin opens up a new platform for innovation.
An example of how this kind of system could be implemented in a local context:
"With Massey microtransactions,
Massey students will be able to convert real money into a virtual currency the
allows ONLY Massey University Students
to purchase goods and services that further improve or assist students
in their years of study. This system will work like ordinary microtransactions
with the ability to also earn back this virtual currency by completing a
services or by providing physical goods."
For Example, say Adam converts his
real money to the online currency MM’s in order to find a second hand textbook
for his 3rd year
paper, and Jen is looking to sell her 3rd
year textbook for some MM’s in order to purchase some study tips off another
student. It seemingly works as an online data base where students can find
tools to better their study through collaboration within Massey University
Exchange Visual Representation
(Sam Short)
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