December 1, 2013
Bitcoin makes the main stream news this week and well money as in cash is always in the news. However, the biggest money news last week was hardly reported, China publically capping its limit on the number of US treasury bill it will purchase / hold. Again, time will tell if this reporting is truthful. Coincidence or cause and effect crypto currencies have all raised sharply in value this week.
Those new to crypto currencies might not know about them or how they gain ‘value’? For cash money, we will take gold. A metal that requires mining, so that gives it an intrinsic cost hence a price. Demand and supply bid from there to get its price day-to-day. A cyro currency like bitcoin, uses computers to data mine prime numbers. This has a cost and sets the intrinsic price and again from there day to day prices are set via demand and supply. Both process involve the concept of mining.
Metal mining is about discovery and location of atoms. Data mining prime numbers involves the discovery of new numbers and algorithms to locate them. Money is a social tool. I prefer the term cultural tool where the forces of society play out. However, both gold and bitcoin mining concepts for money have a primitive intellectual model underpinning their intrinsic value and link to day to day life. An attention currency data mines life. All that aspects that can be captured. A mining the uses the same ingredients that day-to-day reality is played out on.
May 17, 2007
I have written that money keeps on getting ‘lighter’. As a result of this, it can embolden its reach. The granularity of transaction will expand. I define a transaction as the point where cash moves from one person to another, that person can be an individual, business, partnership, government, website owner etc etc. The result of a transaction is the transfer of cash from one to another. Once the transaction is complete the receiving party is ‘free’ to take that cash (money acting as a store of wealth) any where they choose. I make a point that just because a transaction is successful (if you like legal) it does not mean to say it is of value to society/the world.
Capitalism has been happy to create these transactions and has found ways to create derivatives from them. Just look at the financial markets, cattle futures in Chicago have expanded to a range of financial derivatives that dominate the volume of transaction in the economy. Derivatives of derivatives are created to fine tune financial risks to the realities of the world. Along comes the Internet.
A new curreny has been created. The financial market have a rival. Think of the financial markets as a top down application of capitalism. It sees the real word and try to model it in risk tied to money.
Think of the Internet as a currency as a bottom ups application of capitalism (I like to call it life capitalism). It is the real world and it now looking to create its own currency that allow the change of value (human) and model to the creation of stuff in the world that those present in the world, individuals to have while they live.
April 3, 2007
Look at your personal expenditure pie chart proportions, look at the revenue pie chart of ebays trading or look at the market capitalization pie chart of the worlds stock markets, you will see a similar pattern. Travel segments, oil to cars, communication, copper to Internet, utilities, retailing food to products, pharma medicine to wellbeing etc.
April 3, 2007
Give the whole economy is focused on providing the service to individuals that are in control of their data, competition fails to exist as it does today. The indivdual will choose mash together the services. Couldn’t you say, but won’t attention services need to compete to gain a place in that mash-up? The choice will be with the indvidual, all you can do as a business is make sure your collaborative environment of your service is open and compatable as possible to fit into that indivduals ‘me’ operating system.
March 31, 2007
Money is a currency. Curreny’s have been called different things over time, stones were used before the iron age. A refinement of coinage arrived and money was born. This has continues to get lighter, cheques, electronic payments, baccs, online, cell/mobile phone. It will continue to get lighter. The question is, will this currency be referred to as money? Why was it right for the stone to metal transition to lead to the adoption of the concept of money? What will be the transition steps that lead to the money transitioning to e.g. attention and the currency being as widely accepted as we think of money today?
February 25, 2007
The train crash at the weekend took the life of one person, injured many more. The BBC are now reporting that it looks like a track points part was completely missing. Routine maintenance should have prevented the accident the article I reports.
I want to use this tragic series of events to illustrate how an economy focused on attention will make this another preventable crashes less likely to happen. The focus of a monetary economy is cash. In the train industry, the passengers fare, wages of the staff, the purchase of the trains, their fuel, cost of the track, maintenance contracts etc. Rewards focus on these transactions. In an attention economy the transaction looses its priority to all the individual parts that focus on sustaining life, in the case of a train operator, the passengers, staff, trains, fuel supplier, track. Notice the difference. The incentive system will be clearly identified with attention services and all rewards and information focused on monitoring attention services will be real time on its status. Transactions never focus on life, they focus on the money. Money is not life, never will be and the quicker we celebrate the successes of monetary capitalism and release it to be base on attention, the new currency, the quicker we will reduce the probability of such tragic preventable accidents occurring again.
January 23, 2007
Society has made significant progress with establishing a financial capital market. A framework on which a Monetary Capitalism Economy has thrived and succeeded. There is still that last pocket of opportunities under this intellectual model to be realised but the next stage of Capitalism is showing its hand, the Attention Capitalism Economy. I personally like the term Life Capitalism as this describes the focus of the new game and a human capital market will be created by society to realise this world.
I was pointed to this blog posting, document human captial or you can listen to the insightful interview , via an email from the CEO of OpenYear . NB. This business is sponsoring this series of blog postings by way of disclosure.
The blogger interviews a pioneering economist that has used his risk management intellectual thinking to visualise risk, personal and aggregated to society risks to show opportunities available now and in the future. He talks in term of expanding the financial system to new areas where information is more transparent, more realtime. But what I would say it is not so much financial data that is being used but attention data. I also feel the risk management terminology is to look at the vision from the wrong direction. From the corporate looking out rather from the individual looking out. Now, individual are corporations putting aside the legal status the law has given them. So, we are all talking about the same thing in reality. In short, this new market is dependant upon visualising more data, thus this data is required to be captured (yes with nil effort), sharing the data under ‘my’ privacy empowerment choices, and the expansion from merely recording the transaction to all the interactions that lead up to the simple financial event, we call the transaction.
I agree that the creation of this society is inevitable and this blog posting and pod-cast provides an intellectual stimulus for those freely willing to gain knowledge on this area.
January 8, 2007
I would like to share with you the first experience that woke me up to the current IT vision dominating the world. The year is 1989, the family business decides to purchase a 286 30mb PC to replace the mechanical typewriter and to do the book keeping with. The business has operated profitably and efficiently from day one so the bookkeeper runs an excellent ship and they know what they are doing. However, they were unable to do their job with the software package purchased.
I was key to making the PC purchase so I proceeded to re-write the whole accounting package help manual to make it relevant. It is this single event that got me questioning why the end user was not put first in the development of the software. What good is the software if people can not understand it? A one size fits all dissemination information world. And this is why the user in control vision is required some 17 years on.
If you allow the user to take control, they will input their requirements, this sets up the initial exchange of information. Today, the silo holders ‘play god’ to these decisions. Give the user the ability to own and share under their terms, their data. Data does not exist with out end user inputs, do this and this leads to an information world with exponentially more opportunity for all.
James Littlejohn is Co-founder & CEO of mepath.com
I am keen to build a whole collection of your ‘user in control’ life changing moments. If you have any, I would like to publish them here.
January 6, 2007
User in control.
I have set up this blog in expectation that us attention advocates can openly share thoughts, commentary, analysis, news etc. on the emerging attention economy. If you wanted to be added to the list of contributors of this blog, email, james (at) aboynejames (dot) co (dot) uk .
January 6, 2007
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