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The Five Ages of Money<br />1<br />Please copy and distribute<br />Version 1, May-31-11<br />We can identify four distinct ages in the history of money. Perhaps technological change is now pushing us into a fifth<br />Copenhagen<br />Finance IT Region<br />

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The Fifth Element…<br />2<br />Please copy and distribute<br />Version 1, May-31-11<br />The Five Eras of Money<br />From 1.0 to, yes, 5.0<br />Money 5.0<br />What does it mean?<br />

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The Ages of Money<br />3<br />Please copy and distribute<br />Version 1, May-31-11<br />Money is a unit of account, a means of exchange, a store of value and a mechanism for deferred payment<br />

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Money—A Brief History<br />4<br />Please copy and distribute<br />Version 1, May-31-11<br />

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The First Age: Atoms<br />5<br />Please copy and distribute<br />Version 1, May-31-11<br />Eliminating the “double coincidence of wants”<br />Money increases the efficiency of trade<br />Lots of things can be money<br />Lumps of stone<br />Iron tools<br />Copper ingots<br />Some things work better than others<br />Gold, silver and a few other things<br />

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Some Atoms<br />Standardisation supported trade and growth<br />6<br />Please copy and distribute<br />Version 1, May-31-11<br />

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The Second Age: Atoms about Atoms<br />7<br />Please copy and distribute<br />Version 1, May-31-11<br />Moving things around is a hassle<br />Collective memory<br />Grain stores<br />Goldsmiths<br />Move the claim, not the land<br />The invention of central banking<br />

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Some Atoms about Atoms<br />Monetising the stores of value<br />8<br />Please copy and distribute<br />Version 1, May-31-11<br />

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Third Age: Bits about Atoms<br />9<br />Please copy and distribute<br />Version 1, May-31-11<br />One of the first uses of the telegraph<br />The first electronic funds transfers<br />Money faster than a horse or a train <br />Telegraph traffic peaked in 1929<br />Telegrams ended in 2007<br />But Western Union is still around<br />People were transferring £, $, Dm, ¥…<br />But they were all backed with gold and silver<br />

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Some Bits about Atoms<br />Ideas born in this era still shape our thinking<br />10<br />Please copy and distribute<br />Version 1, May-31-11<br />

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Fourth Age: Bits about Bits<br />11<br />Please copy and distribute<br />Version 1, May-31-11<br />The rise of the fiat currency<br />All money is e-money<br />Well, almost (97.3% in the UK)<br />That e-money is a “promise to pay”<br />The means of exchange is evolving<br />We all know it’s going mobile<br />Remote control for “wallet in the cloud”<br />Moving away from fiat currencies?<br />Kivas<br />Goldmoney<br />

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Some Bits about Bits<br />It will be the mobile phone that ends cash<br />12<br />Please copy and distribute<br />Version 1, May-31-11<br />

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A Fifth Age? Bits<br />13<br />Please copy and distribute<br />Version 1, May-31-11<br />Money is about to change again<br />It may become truly virtual, bits and nothing more<br />What kinds of bits?<br />World of Warcraft gold pieces?<br />Facebook credits?<br />Reputations?<br />Bitcoin<br />Digital mining<br />

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Some Bits<br />Zynga had revenues of $850m last year<br />14<br />Please copy and distribute<br />Version 1, May-31-11<br />

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Where Next?<br />15<br />Please copy and distribute<br />Version 1, May-31-11<br />Maybe using notes and coins will be like drinking and driving – it will still go on, but nice people won’t do it<br />

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Just One Example<br />Winner of the “smart banknote” design 2011<br />16<br />Please copy and distribute<br />Version 1, May-31-11<br />

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Thank You<br />17<br />Please copy and distribute<br />Version 1, May-31-11<br />Any (More) Questions?<br />

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Contact Details<br />18<br />Please copy and distribute<br />Version 1, May-31-11<br />Dave BirchDirectorConsult Hyperion<br />dave.birch@chyp.comtwitter @dgwbirch<br />