This talk was part of PSFK Conference London 2012
Could you imagine a world without modern currencies, like dollars, pounds, euros or yen? According to Stan Stalnaker, the Founding Director of Hub Culture, this is already happening. He points out that only 2% of North American money is literal (bills, coins) and the rest is a digital currency. People have also ‘bought into’ other alternative currencies, like airline frequent flier miles and point systems. Stalnaker presents his own digital currency Ven at PSFK CONFERENCE LONDON and explains how a new monetary system could help remedy our current financial woes.
Stalnaker quotes a memorable line for the audience: “To fix finance, disrupt money.” This is what he hopes Ven will do. Not only would the currency be ‘green’ but it would require no transaction costs and would be very efficient. Hub Culture already has 24 short-term hubs around the world, using and dispersing Ven, and 2 permanent locations in London and Beijing. In addition to sparring a new currency, Stalnaker also has created VenFunds, which create capital from Ven loans to fund other sites and causes. For example, a company offering loans could use the interest they collect to donate to another branch, a local cause or charity. With the abrupt halt of loans in Greece just last month, monetary reform is certainly an option to consider.
Some highlights from the talk:
- Hub Culture began as a social network, who saw a need for a common, international currency.
- By 2017, bots will solely operate financial systems in locations such as Wall Street, meaning there will be no margin for error in currency exchange (equaling no profits).
- New currencies have the advantage of being more efficient, ‘green’ and affordable.
- By sharing returns with others, a new monetary system could benefit multiple parties simultaneously.