Time is Why Money Borders on Change.

There is no pun intended in the title, humanity is on the brink of major change. In fact we are in a world that is substancially different then it was only 20 years ago. This has been greatly in part due to globalization caused by the world wide web.

Our civilization has experienced a major jump socially and technologically during the last 10 years. Even so governments continue to fiercely cling to the old methods of barter, I sense this will change dramatically within the next five to ten years.

The truth of the matter is that our current economic system has become outdated, and soon will be rendered obsolete at least in its current form. All of this being said I am not up for indulging in utopianism and by no means believe that currency will be eliminated all together, we have not grown up enough for that, even though if self-destruction evades us the elimination of currency will hopefully be the final outcome of the human experiment.

As I mentioned before we are living in a world that is shrinking quickly! The boarders between nations still stand but that too has become more and more illusive, blurry. Humanity is beginning to unite as one, slowly, but not without setbacks.

Now more than ever it has become apparent the many flaws our system of economics has. The most noticeable setback is the lack of a standardization between currencies, this goes hand in hand with the idea of nations, an idea that must ultimately die. Wouldn't it be a lot easier if instead of having multiple currencies which are in constant need of conversion we had one system that was universally accepted?

Actually, the more you look at the current system the more apparent is it's insanity. As we move deeper into the 21st century we will be in need of a much more efficient means of barter; a one world currency.

Yes, indeed the world will need to move away from the current system towards a streamlined method of bartering. Additionally this new currency must be based on something that has real value. Throughout history currencies have been tied to objects of suposed value, precious metals, governments, or systems of honor. That being said these items of "value" no longer make the cut, we have advanced past that point. There is however one item that remains valuable and in fact it is the original source of value for most of the items previously mentioned, this item is time. Time is something that we consume, and that we can never recover. Time for the human is limited and thus has a value that increases with decay. For example the young sees little value in time wasted, but as we grow older the value allocated to time increases dramatically.

Time is the only item of true inharent value on this planet, additionally time is universal. Therefore, time is the most logical source of value for a new economic system.

The implementation of such a system is beyond the scope of this article, and I plan on writing a more detailed thesis when time is available (no pun intended), even so I am sure with a little effort something can be devised that would improve the overall productivity of our civilization. If you have any ideas I would love to read them.

Society has become wary of our current modus operandi and thus the advent of multiple crypto-currencies have emerged in recent years, this will only increase with time.

One of these crypto-currencies perhaps the most popular is the BitCoin. The BitCoin system originated in Japan and expanded from there. It is a type of internet based currency. This form of internet bartering is still in its most primitive stages, and that being said the value of BitCoin at its base is still time (the time it takes to mine the originating coins) unfortunately, it is subject to the middleman (the user) who at will inflates the value of the currency based on the notion of supply and demand. The truth is the problem might originate in this idea of supply and demand that humans have combined with the value of currency. Indeed it is possible that this idea needs to be removed all together in order to maintain stability in future platforms.

In a time based economy there is no supply and demand of currency, the currency simply represents consumed time. The mathematics behind this concept are somewhat complicated but essentially all items would be allocated a time value based on the percentage of time consumed in their total production. This value would obviously decrease with time decay. Additionally, workers would be paid for their labor based on a standard of time that would be universally established. I will try to get into this in a later article.

All that being said, even though this change from our current system to a new system is inevitable, I am by no means advocating that the solution to our enigma is BitCoin, don't get me wrong it could be, but chances are more than likely it will not be, at least not in its current form. BitCoin and the idea of alternative currencies is only part of the puzzle the bigger conundrum is cutting out the middle man of value and deriving it straight from the underlying source which is time.

Another factor that must be clarified is that this new currency cannot be the U.S Dollar. Throughout history empires have enforced the use of their currency in the lands they have conquered. The use of the Dollar as a global currency would defeat the purpose, eventually due to the fact that the Dollar is strictly controlled by the government of the United States of America, and this would only fuel nationalism.  Eventually leading to another nation trying to overthrow the Dollar and implement its own currency. Our new currency must have global support something BitCoin indeed has strived to achieve.

I intend on writing more regarding this subject in the future, but for now it is very important that we begin thinking on a global scale. If you agree or disagree with the concepts mentioned here I would love to hear from you, so do not be afraid to leave a comment and subscribe to the RSS feed for further updates. Also if you really enjoy the content, don't forget to share it with your friends, together we can change the world.



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