The Blockchain Socialist cover image

The Blockchain Socialist

Tokens: The Future of Money in the Age of the Platform (gang gang mmm ice cream so good)

Feb 4, 2024
Rachel O'Dwyer, writer and lecturer in Digital Cultures, discusses the history and function of tokens, the relationship between money and tokens, and the role of tokens in social control. They also touch on the affordances of tokens and provide advice for token design.
01:13:38

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Tokens have specific restrictions that make them less fungible than traditional money but also have social and communicative functions.
  • Tokens have a long history and exist in gray and black markets, allowing platforms to operate without legal responsibilities.

Deep dives

Tokens as exchange media with strings attached

Tokens, such as Amazon gift card balances, often come with specific restrictions on how they can be used and by whom. For example, Amazon pays Mechanical Turk workers in gift card balances that can only be redeemed on the Amazon store and only by the worker. These tokens have strings attached that constrain their use, making them less fungible than traditional money. However, tokens also have social and communicative functions, being used to brag, troll, and communicate. For instance, Dogecoin was historically used to hat people on the internet for money content. Tokens are more than money in that they are easier to socialize and can encode various values beyond exchange value.

Get the Snipd
podcast app

Unlock the knowledge in podcasts with the podcast player of the future.
App store bannerPlay store banner

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode

Save any
moment

Hear something you like? Tap your headphones to save it with AI-generated key takeaways

Share
& Export

Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more

AI-powered
podcast player

Listen to all your favourite podcasts with AI-powered features

Discover
highlights

Listen to the best highlights from the podcasts you love and dive into the full episode