Posts Tagged ‘attention’

crytpo currency to the currency of life

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.