Exchanging Social Currency with Ed Vincent

People and organizations are using blockchains to create their own social currencies, but we need an easy way to exchange them. Listen to Ed Vincent describe a business idea that facilitates social currency exchange.

Nuggets:

  • The key leverage point of blockchain is the decentralization of valuation.
  • Millennials value experiences over things.
  • Don’t implement emerging trends unless they’re necessary.
  • Many great ideas sit around waiting for the right time to flourish. If you get in too early, there may not be infrastructure to support them.

Action Steps:

  1. Understand social currencies
  2. Research social currency issuers (Roll)
  3. Find out the use cases that would apply. Who would want to issue social currency? All individuals? Influencers and celebrities? Small businesses abandoning punch cards for social currency?
  4. Find out how market makers work on traditional exchanges. (The individuals that set the buy and sell prices of various stocks).
  5. Engage with a platform like Steemit that currently use blockchain to exchange value for user created content

Follow through on these action steps and email us your results at update@runwithit.fm. You'll get exclusive access to a private Facebook group of action takers and one listener will earn a free mentorship call with our guest, and potentially, a business partnership.

Links:


Ed Vincent is an entrepreneur with over 25 years business, technology and management experience including 6 years banking and valuation experience. He founded an e-commerce business in 1999 which was sold to a competitor in 2001. He’s a Repeat Founder including the businesses SimplyEngage, myProducer, & Predict Ventures. He is Currently the Founder & CEO of FestivalPass.


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Run With It by Chris Justin and Eathan Janney is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.