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Social Currencies and Crowdfunding

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A Social Media Week Copenhagen 2013 panel discussion around BitCoin and other Virtual Currencies like Facebook Credits as well as Open Source projects and Social Networks, Shops or Crowdfunding initiatives that support them. Several experts from financial institutions and BitCoin Nordic are expected to participate, but the panel won’t be just among speakers, the audience is welcome to join the discussion and share there experience or where they would like to use such new payment options.

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Social Currencies and Crowdfunding

  1. 1. #SMWCPH
  2. 2. SOCIAL CURRENCIES ANDCROWDFUNDING #SMWSocialMoneySocial Media Week Copenhagen Werner Keil Lasse Birk Olesen Copenhagen, Denmark 22 / 02 / 13
  3. 3. TwitterWerner Keil - Bio @wernerkeil • Consultant – Coach • Creative Cosmopolitan • Open Source Evangelist • Software Architect • Java Godfather • JCP Executive Committee Member • Eclipse UOMo Project Lead3 • DevOps Guy
  4. 4. Social Currencies
  5. 5. Social Trade Organisation (STRO) The Social Trade Organization was founded in 1970 based in Utrecht, The Netherlands Mission: “to research, experiment and implement innovative sustainable economic structures made to suit local economies.”5 © 2010-2013 Creative Arts & Technologies and Others
  6. 6. Local Money: how does it work?• Thousands projects worldwide using an own, local currency• Can only be used within certain area: neighbourhood, city, region• No replacement of national currency, but complementary• Some local currencies: no exchange for national currency6 © 2010-2013 Creative Arts & Technologies and Others
  7. 7. Local Money: paper money or …..• Other local currencies: exchange for national currency or goods7 © 2010-2013 Creative Arts & Technologies and Others
  8. 8. Local Money: digital > Cyclos software• STROs open source software for the administration and operation of Transaction Networks• For the users it functions like online banking software, allowing transfers between accounts through Web, cards and SMS• Provides functions of social networks and online market places• Website: http://www.cyclos.org/8 © 2010-2013 Creative Arts & Technologies and Others
  9. 9. Facebook Credits• Facebook Credits are a virtual currency you can use to buy virtual goods in any games or apps of the Facebook platform that accept payments. You can purchase Facebook Credits directly from within an app using your credit card, PayPal, mobile phone and many other local payment methods. ► Hence any such purchase is practically a conversion,similar to travelling abroad9 © 2010-2013 Creative Arts & Technologies and Others
  10. 10. Facebook Credits (2)• Facebook’s launch of Facebook Credits, “the safe and easy way to buy things on Facebook” has grown into a major source of revenue for Facebook and it’s system of credits is expanding to other companies such as Warner Brothers.• Facebook Credits work by if you spend $5 you obtain 50 credits, you then can take these credits and purchase things such as a virtual bouquet of flowers for birthday postings on someone’s Facebook wall.10 © 2010-2013 Creative Arts & Technologies and Others
  11. 11. Facebook Credits (3)• In sum, Facebook’s new credit based economy is basically a new way of purchasing digital goods.• What Companies are involved?- 1. Facebook- 2. Warner Bros, Miramax, Paramount, other companies offering digital movies or music.- 3. PayPal, Visa, other credit card companies11 © 2010-2013 Creative Arts & Technologies and Others
  12. 12. Amazon Coins• Coming in May 2013, Amazon Coins is a new virtual currency for purchasing apps, games, and in-app items on Kindle Fire• Amazon Coins is an easy way for Kindle Fire customers to spend money on developers’ apps in the Amazon Appstore, offering app and game developers another substantial opportunity to drive traffic, downloads and increase monetization even further12 © 2010-2013 Creative Arts & Technologies and Others
  13. 13. Game Currencies• Many popular games use virtual currencies: Gold, Gems or similar game money, just like the good old Monopoly currency13 © 2010-2013 Creative Arts & Technologies and Others
  14. 14. Top 10 Video Game Currencies 1. Gold 8. Potch 2. Gil 9. Munny 3. Rupees (not Indian;-) 10.Nuyen 4. Credits 5. Gold Rings 6. Hearts 7. Zenny14 © 2010-2013 Creative Arts & Technologies and Others
  15. 15. Bitcoin15 Images partly © 2001 - New Line Productions, Inc.
  16. 16. Crowd Funding
  17. 17. History of Crowd funding• Subscription Business Model • Used in the 17th century to finance book prints. Similar to crowd funding a additional benefit to donators was offered like the mentioning on the title page.• Statue of Liberty • In 1884, the American Committee for the Statue of Liberty ran out of funds for the Statue’s pedestal. Newspaper publisher Joseph Pulitzer raised over $100,000 in six months. Roughly 125,000 people contributed to the cause with most donations being $1 or less.17 © 2010-2013 Creative Arts & Technologies and Others
  18. 18. History of Crowd funding (2)• Hollywood Sign • In 1978, the Hollywood Chamber of Commerce replaced the severely deteriorated sign with a more permanent structure. Nine donors, among them Hugh Hefner or Alice Cooper gave US$27,700 each (totalling US$249,300) to sponsor replacement letters made of steel, guaranteed to last for many years.• Marillion • In 1997, fans underwrote an entire U.S. tour for the British rock group Marillion, raising $60,000 in donations by means of a fan-based Internet campaign.18 © 2010-2013 Creative Arts & Technologies and Others
  19. 19. Three Types of Crowdfunding• Donations, Philanthropy and Sponsorship where there is no expected financial return • Kickstarter, IndieGoGo, RocketHub, Faithfunder, CharitySub, ChipIn, Catchafire• Lending/Borrowing • KIVA, RateSetter, Funding Circle• Investment in exchange for equity, profit, revenue sharing or reward • Profounder, AppBackr, PeerBackers, Quirky, GrowVC • Investors receive item or service in return for their funds. (e.g. invest in film, and get cameo role or tickets to the premiere.)19 © 2010-2013 Creative Arts & Technologies and Others
  20. 20. Common Crowdfunding Mistakes1. Asking for Too Much… or Too Little2. A Bad Promo Video: too long, not clear on the benefits, no humour, no excitement3. No Clear Itemized Budget4. Lousy or Overpriced Perks5. Failing to Promote Project to Social Media Network6. Failing to Inspire- No Good Story or Hook7. Giving Up Too Early20 © 2010-2013 Creative Arts & Technologies and Others
  21. 21. Crowd Funding – Recent US development • 5 April 2012, President Obama signed the JOBS (Jumpstart Our Business Start-ups) Act. Prior to this, US legislation prohibited public solicitation for private companies raising funds. • Obama’s own campaign has always been based on Crowd Funding, see here21 © 2010-2013 Creative Arts & Technologies and Others
  22. 22. Crowd Funding – Recent US development (2) • The JOBS Act was due to come into effect on 1 January 2013 and whilst the main provisions of the Act took effect promptly, the Securities Exchange Commission in the US (the “SEC”) has missed the deadline to repeal the ban on general solicitation and advertising of private placements as required by the JOBS Act, and has not yet proposed a substantive set of rules to enable Crowd Funding to function effectively. • The SEC will regulate Crowd Funding in the USA.22 © 2010-2013 Creative Arts & Technologies and Others
  23. 23. Coinbase – Crowd Funded Bitcoin Company • Brian Armstrong (Previously AirBnB) founded the first YC backed Bitcoin company. Now, he’s reached an even bigger milestone. Coinbase (YC S12) is now officially the first traditionally crowd funded Bitcoin company (we say traditionally because some Bitcoin companies have raised funds in Bitcoin via the GLBSE stock market).. • This shows that a lot of people believe in Coinbase and, by proxy, Bitcoin. Some all stars like Y Combinator, Alexis Ohanian (reddit co-founder), Trevor Blackwell (Anybots, YC co-founder) and IDG Ventures have invested in Coinbase.23 © 2010-2013 Creative Arts & Technologies and Others
  24. 24. JSR 354 – Money and Currency API for Java • This standard provides a money and currency API for Java™, targeted at all users of currencies and monetary amounts in Java. • The API will provide support for standard ISO-4217 and Custom (e.g. Virtual) currencies, as well as representation of a monetary amount. • It will support currency arithmetic, even across different currencies, and foreign currency exchange.24 © 2010-2013 Creative Arts & Technologies and Others
  25. 25. JSR 354 – Why is it needed? • Monetary values are a key feature to many Enterprise applications. A large portion uses Java • The existing java.util.Currency class is strictly a structure used to represent ISO-4217 standard currencies. • No standard value type to represent a monetary amount. • No support for currency arithmetic or conversion25 © 2010-2013 Creative Arts & Technologies and Others
  26. 26. Discussion Let’s Talk...26
  27. 27. TwitterLinks #smwsocialmoney @BitcoinNordic • Virtual Economy: @JSR354 http://en.wikipedia.org/wiki/Virtual_economy • Electronic Money: http://en.wikipedia.org/wiki/Electronic_money • Bitcoin Wiki: https://en.bitcoin.it/wiki/Main_Page • Bitcoin Nordic: https://bitcoinnordic.com/
  28. 28. TwitterLinks #Crowdfunding @BitcoinNordic • Crowd Funding: @JSR354 http://en.wikipedia.org/wiki/Crowdfunding • JSR 354: http://javamoney.java.net/