Odd Lots

How Money Became A Form Of Social Media

Nov 26, 2020
In this engaging conversation, Lana Swartz, a media studies professor at the University of Virginia and author of "New Money: How Payment Became Social Media," explores the fascinating overlap between money and social media. She discusses how payment apps like Venmo have transformed money into a social tool. The evolution from cash to cryptocurrencies highlights community identity and the shifting economic landscape. Swartz emphasizes that money can unify or divide society, raising essential questions about inclusion and the future of currency.
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INSIGHT

Money as Communication

  • Money's technological infrastructures, like tally sticks or the Visa network, have always mirrored communication technologies.
  • Studying these infrastructures reveals power dynamics and cultural meanings embedded in how we exchange value.
INSIGHT

Crypto as Post-Nation-State Currency

  • Cryptocurrencies, like Bitcoin, represent a post-nation-state form of money, mirroring the internet's disruption of traditional media.
  • Investing in crypto can be seen as betting on a future decoupled from traditional financial systems.
INSIGHT

Slow P2P Payments in the US

  • The US lagged in peer-to-peer (P2P) payments due to limited infrastructure and the Visa/Mastercard network's design.
  • This network, created in the 1970s, envisioned a dyadic consumer-merchant model, excluding P2P transactions.
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