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Social Network versus Dollar Economy

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Joined: 20 Mar 2006
Posts: 1273
Location: Kent (East Hill), WA

PostPosted: Tue Aug 02, 2011 7:45 pm    Post subject: Social Network versus Dollar Economy Reply with quote

This article discusses some of what I would call the cognitive dissonances as we transition from our 20th century social structures to computer mediated social networks. He focuses on the Dream Denied.

A Billion Dollars Isn’t Cool. You Know What’s Cool? Basic Human Decency

At first, Web 2.0 seemed like a perfect two-way street. Brilliant entrepreneurs who genuinely wanted to change the world built services that we all wanted to use. They became rich, and our lives became better connected. We were all in it together.

Fast forward just a handful of years, though, and something has gone very, very wrong with that particular social contract. We users have kept our side of the bargain — dutifully tagging our friends in artificially-aged photos, and checking in at bars, and writing reviews of restaurants. We’ve canceled our newspaper subscriptions, and instead spend our days clicking on slideshows of “celebrities who look like their cats” or obsessively tracking trending topics on Twitter. We’ve stopped buying books published by professional houses and instead reward authors who write, edit and distribute their own electronic works through self-publishing platforms. We’ve even handed the keys to our cars and our homes to strangers.

But I feel there is still more to be said...that maybe we are still as McLuhan would say, looking in the rearview mirror of history, rather than seeing what is happening right now. My Facebook reply:

Funny because we're having a similar thread conversation over at Internet Evolution. There seem to be two economies. The 20th century dollar based economy and the 21st social network based economy. In the first you construct a mechanism..a career, a "tap into a market" and gain dollars. It's rewarding but disconnects the person from the society as you note. In the social network economy, we get enormous detail of interaction, people rating things, people even funding things, people making judgements, coming to conclusions..we are nearing the point where the social networks IS the society. However, it's substrate is completely funded by the old 20th century dollar economy. The evolution would be a transference of the buying power from the dollar based economy to the social network economy. The network replaces the corporation and individuals can allocate resources to others based on proposals, ideas, societal needs or just having a baby to feed.

The thread I mention in Internet Evolution is a bit more twisty to get started as a discussion of CRM (Customer Relationship Management) and lead a branch of that down to a discussion of Participation and then perhaps this new economy of Social Network Currency.

My thread, Participation, and its replies, starts here:

If you scroll up to the top you can read the original article CRM looks to the Cloud.
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Joined: 20 Mar 2006
Posts: 1273
Location: Kent (East Hill), WA

PostPosted: Wed Sep 21, 2011 3:14 am    Post subject: Reply with quote

Serious Play: The Business of Social Currency


Social currency is shared information that encourages further social encounters. It's not a new concept, but the social web increases its prevalence. In the web-based collaboration software platform called Rypple, a simple act of thanking someone on a team and using a badge as a way to show your gratitude is a form of social currency. A platform called Badgeville promises to add virtual rewards to your digital media property through leaderboards and virtual "badges" that act as reinforcements to reward certain behaviors and encourage others. As someone who has taken a deep dive in several social networks (I joined Twitter in 2007) and observes both the gaming and currency aspects of them, I do believe these dynamics will influence the business world as it becomes more connected. In this "social reward" economy, here are a few things you may want to consider as you manage teams and work to build the brand(s) of your organization.
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