Rachel Botsman: The currency of the new economy is trust
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- Опубликовано: 23 сен 2012
- There's been an explosion of collaborative consumption -- web-powered sharing of cars, apartments, skills. Rachel Botsman explores the currency that makes systems like Airbnb and Taskrabbit work: trust, influence, and what she calls "reputation capital."
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This "trust economy" reminds me of Michael swanwick's "From Babel's Fall'n Glory We Fled" because the it presents humanity as a society centered about acquiring knowledge, while the alien race's society is centered about trust. The alien society was not portrayed as more advanced, simply different. It echoes the idea presented here that trust and reputation alone are enough to sustain an economy.
here's my concern, in this system you'll have those with high reputation getting all the reputation and they'll be prioritized by the world. But what would happen to those who actually have helped people, they being helpful, but they were not too much of a "pleaser" kind of guys, would they became less prioritized? just because they were not "pop" enough?
Different people have different taste, how would you accommodate uniqueness?
There are still problems in this system, which may evidence why it hasn't been unified in this way yet. Two that come to mind:
1) Reputation attacks already exist. Unwarranted ratings and reviews can damage a business or individual already, which could be catastrophic if reputation is given stock.
2) Say I have a really good reputation on eBay for buying and selling whatsits. Are you going to trust me as a professional dog walker? I have more than adequate reputation... No. Probably not.
Love the concept and can see it happening - just never thought of it :)
Thanks Rachel. Ideas of trust, gratitude, or collective are always good to hear.
I think I mentioned that in one of my videos...how even the way I am on camera is not my entire lifestyle. There are always things we keep private, which I think is good, depending on what they are. When it comes to our social dealings though, I think there should be a level of responsibility and courteousness. I love the RUclips community. We can share information at lightening speed. I would hope these same clever minds would realize potential hazards of the double-edged sword.
I live in South Carolina, U.S. We used to live by the "Good Boy" policy, where a man's handshake was his word, his contract, his bond. With all of these electronic systems in place we have lost our own humanity, social interactions and proof that anything actually happened. A hacker could change information in an instant and no one would know, because they don't have the hand-written document locked in a vault, guarded by a physical human who doesn't have the combination. It's only common sense.
My concern, as I'm sure others will have voiced, is that people will game the system. Just as search engine optimization involves creating thousands of bogus web sites and users to create links and raise search scores, people will be selling the service of artificially inflating the "trustworthiness" of others. While it is annoying in a search engine, it can be deadly for people who trust the wrong people, and debilitating for those who cannot afford to pay for an adequate trust score.
Loved this talk, fear of sharing, fear of social reveals are normal and not useful. There is a new economy in development, it shares, values, tells the truth person to person, no ads, no spin, just stories again. We are transforming into a literate and an oral culture. We are using tech to rediscover community, collectivity, unique, authentic, real. Cheap, bad, empty food is out, cheap, bad, badly made out too. The story of who we are, what we do matters again.
Rachel Botsman is an extremely talented speaker, and I have to say, I strongly agree with her views. I believe that this century will be extraordinary in form of cooperation and sharing.
"Truth is high but higher still is truthful living."
Even if the system works perfectly, I can use my "good" reputation to evil intents, like attack or diminiss another (new or lack of data) person.
had the same idea about am app who Will extract data from your chosen sources, and to a chosen social group, the demand of trust and transparency Will be balance in a free market, trust Will not be blind, just images, idea of brand Will change according to what, who, why and when you TRUST, marketing has never been so customize, so I belive the idea of marketing it is by definition obsolete.
I don't think that I can hear meaning in the word "reputation" anymore...
What happens when this personal reputation system gets artificialy manipulated? Some serious villian movie plot
Commerce on a different level. No change to how things are operating today, i.e. money paid in exchange for doing a job. Giving with no obligations attached is the only answer, but that is much easier said than done.
Did they misspell "cooperation" or am I missing something?
When a group conspires against you to give you bad reviews in order to destroy your reputation, what do you do?
Its time to start focusing on what you want.
Most people me included have been conditioned to focus on what we dont want.
Google,amazon,facebook and apple all focus on bringing more people together.
Look at the trail blaze and what happens when people all go down the same trail blaze path collaborative path.
I can feel it all around me.
Thats all.
I read this comment and understood when the talk started.
Интересное видио, давно бы так люди жили. Сколько проблем и преград удалось бы избежать. И как бы продвинулись межличностные отношения, технологии, политика. Молодец!
thanks you for your video
I love this idea, This brings trust to our society! Finally a idea that will hold people to their word :)
the big brother question... personal reputation... have you seen the black mirror episode on this??? it's brilliant and terrifying
It already does :P Politicians are among the most vulnerable in this area because they depend mostly on trust capital. When you can't destroy an idea you destroy the face that represents it. It's seen in debates, jornal articles, campaign videos... etc. It's done by large companies and dubious individuals to obtain advantage. The idea of trust capital is not new, what is new what is new is how visible and organized, and how fast it circulates now. :)
There must be a reliable mechanism in which we can assuret
black mirror amirite
What about the customer's reputation?
I think this system need a filtering system, maybe linked with google+'s circle system. So people could see the ratings not only by the public, but also by groups/communities.
Excellent speaker. Great idea.
Excellent talk. Surprised at the number of views!
Trust is indeed THE question!
But E-reputation has its limits, and if you take how we work as human, you realize that there is more than reputation in the process of trusting someone. You can find a long study on that at Scan and Trust, and ask for more information on their findings and solutions.
We have that in the UK, is called "deformation of character" :-)
Indeed the current incentives of the system encourage psychopathic behaviour amongst the top echelon
A monopoly of fiat currency has a lot to do with it, considering that only the politically connected and influential members of society have access to the new money (and thus unequal access to purchasing power).
Though that is another discussion entirely. I believe the collaborative consumption she speaks of, is an excellent addition enabled by technology. Evolution rather than revolution
I hear you.
Regarding the Good Boy attitude, well I don't know how much it has changed but people are trying to have a culture on the internet, this is a new place where people hang out and it shouldn't be controlled by "cheap" marketers or liars or bad hackers, or people who order themselves just in order to disorder. Basic stuff but still needed for the vast internet.
Regarding individualism: You've proposed 2 kinds of uniqueness, please explain. Thanks
Showing cash is a form of trust. Fulfilling your end of the deal once you receive that cash is what effects your reputation.
Gracias!
I agree with both. It's the eyebrow scar... love it
Great speech, you can see her mind works well and she is passionate about her ideas. Seems like the type of person that fit into any mold or leverage any idea she has in any field. thumbs up
The currency of an economy is trust. Always has been; always will be.
1st, their site is WAY to graphics heavy, it makes me distrust them off the bat, as well as some complain about it being poorly intuitive or buggy. 2nd, this is like adding a middle man to craigs list, which they try to say it's about 'trust', but I've read a number of complaints about failures of accountability of users, etc. 3rd, The fee taskrabbit charges is also not very clear and upfront (they make more than people doing the work! from what I've read). 4th, I'm not a fan of outsourcing.
its either this or eternal debt. and we need to move quickly.
I agree making mistakes should not be discouraged, this system should have that implemented, and i trust people working on this will realize that.
If a mistake is a learning experience, it is not a mistake.
Amazing, undoubtedly the future is our social networks and reputation will be our greatest asset.
Estamos vivendo no que eu chamo momentaneamente de economia colaborativa.Isso não seria por acaso um novo tipo de capitalismo,ou porque até mesmo não chamarmos isso de sociedade solidária com comunhão de recursos?A idéia é brilhante!
The reputation system works briliantly in eBay. Really shows the shear power of this best.
My thought exactly :D
CANNOT BE UNSEEN!
I think reputation capital is a brilliant idea. Perhaps a good way to gain a reputation through your work in the real world would be through Linked in. As for your reputation between family and friends... Well I don't think that can be objectively captured in any real sense.
Gaining reputation through these means offers a rather excellent measure that can transcend borders / cities / and local market places, much like the internet itself.
I worked for a Silicon Valley high-end Euro furniture showroom installing just like this 25 rated man used as an example. My reputation and income was comparable to the example-- until the company cashed in and let me go. They kept my reputation rating and hired a much cheaper installer. In the real world, now that company has a high marketable rating, whereas, I had to rebuild mine. The next company did the same thing. See my channel video--"the Handyman and the King".
AirBnb and CouchSurfing are complementary, in my opinion. I use both.
Rather than people cheating the trust system I worry about consumerism industry holding us back. If we collaborate on consumption than total consumption goes down. 50% of people that liked a movie do not need to buy it just a small % do and we can share from there. Big business works with government to make rules that let the business stay on top in exchange for campaign money and insider investment info to let the politicians stay in power. They both lose when we collaborate, that is the hurdle
nice
Thank you. Our fiscal and monetary system (It truly has become an international problem) has tremendous issues that will lead to massive shifts over the coming generation.
I just hope as a people we can learn from the errors of the current system and implement the correct solutions. At the very least I hope some countries will follow more wise policies than others, so I know where to go, lol. A descent into fascism is a very real possibility for some countries.
While that is true to some extent very few people have the inclination to build a reputation that is counter to their personalities. Aside from a small percentage of highly intelligent psychopaths (Well, it isn't a coincidence that top level business executives and politicians have a higher incidence of psychopathy than the general population in orders of magnitude), but what I would say for collaborate consumption, it reduces their ability to gain power, as it's more diffuse.
The problem arise when this kind of online profile become the norm, and employers start demanding it. Also, let's say you reset your profile at 25. In the eyes of the employer, this will look highly suspicious. Either you didn't have any jobs before 25, or you had a bad reputation you wanted to hide. Only way to get an employment will be through people you know personally, who can overlook your bad reputation.
I think we are about to see how large the world really is. And we'll work with those we trust.
It did seem a bit big brother and im glad she addressed that. It was interesting. What was up with her eyebrow tho? :o
My concern is with people just coming into a profession. How does someone increase their reputation on such sites if veterans have better answers and higher ratings? Wouldn't you just 'go with the pro'?
Perfect!
Mmmh... something to think about.
Time to start thinking about how to tax reputation!! ;)
Grate young lady
I agree, the benefits far outweigh the risks.
I was sleepy when i wrote that comment :I
please forgive thou
"this concept may sound a little big brother"
'Big brother' implies passive centralized surveillence. This is something else. Imagine staining your reputation at young age, knowing that this will be broadcasted for everyone to see for the rest of your life, wherever you go.
Sometime people need the opportunity of a fresh start in order to improve their ways. Her concept is terrible on this aspect.
Watch this and you'll understand what I mean:
/watch?v=XBmJay_qdNc&feature=plcp
Hello, I speak Spanish and would like to know some things about the video, could someone answer me these questions?
1. What is AirBnB?
2. What is technology creating in the market?
3. What is collaborative consumption?
4. According to Rachel Botsman, what is collaborative consumption really about?
5. How does Task Rabbit work?
6. How will virtual trust transform us?
7. Define Reputation Capital.
8. Please name 3 companies mentioned in the talk.
9. At the end of the video Rachel says the following:
“ New trust networks, and the reputation capital they generate, will reinvent the way we think about wealth, markets, power, and personal identities in ways we can't even imagine”
Do you agree with this statement? Yes, No? Why?
+Adriana Acevedo Haz tu tarea sola.
key se ho
Google.com
This could be the framework to a new emerging society. It's pretty fucking exciting if you ask me.
0:15!!!!
I expect we will protect internet liberties enough that that doesn't happen. People will still be able to delete their user accounts and start again. The benefit of having a good reputation, however, will incentivise those who have them to make them public.
ce qu'elle dit est effrayant
For MMO players:
Level and rep grinding may have value in real life. See RUclips personalities for examples.
This is why we can't have nice things.
Think "Conscious Observer" or witness. With no one to witness what's taking place, electronic theft is much easier than physical theft.
If you have a lot of money, you can buy reputation. Kind of like America?
I just love the words "behave" and "misbehave" -- because it creates an idea about sins and shame that are less sinful and shameful. Americans need to use these 2 words in tandem more often.
buy my book!
I like.
Wonderful concept and this will happen. well done Rachel.
Then it can go away, for the most part.
Uniqueness shouldn't be accommodated. Ego should be balanced and checked at the door. Childish, selfish mentality needs to change, which is why we need a new system. "I gotta get mine!" mentality doesn't benefit anyone, when selfish pride is in the way. If anything, it limits uniqueness. It forces the individual to focus more on the what than the why. Moral questions are too often ignored in order to please the unique Ego and, well, nuclear bombs are built for example. This must change, first.
The reviews that result in profiling a person's or seller reputation should not be anonymous, or must at least be from a verified customer of such a service, like in Amazon.com. Scam/fraud is always possible but the idea is to implement a safe and reliable platform that can minimize its probability.
Imagine the possibilities for a company specialized in creating fake reputations...
In the Universe we trust:)
2020 here...
All these "peer-to-peer" services suck for the provider and the people with the $$$ love, because they are cheaper, "disruptive" and rely on fresh meat to be conned into "sharing" to be new providers. None of them provide a living wage. If they did, Uber's drivers would not try to unionize, and Uber isn't even a profitable company. If you disagree, please make your case with actual experience.
In my opinion you're not wrong completely, when they print money, or giving away electronic money to banks like now, they've taken away your reputation.
Money is prove that you've helped people and hasn't been helped back. But when the government print money, its like lying to people that bankers have helped people more then they have. And in the long run, money will less represent the truth of your deeds. Yes I'll agree with you.
I wonder if people will try to use thier reputation on their resume for jobs. Interesting.
What's the problem? They will be right. The current system isn't much different in that regard; if you have a big mysterious hole in your resume an employer is probably going to ask about it.
I'd give her 9 out of 10.
She has all my trust
The currency of the new economy is faith. Faith is trust or belief.
This woman is so amazing, I have a big crush in this woman lol
Yes, much more important in the market place. Interesting how TPTB never want to address this aspect of free enterprise. A system that rates service providers AND customers would lower prices to the consumer.
Excellent Talk about emerging new economics discipline : The Reputation Capital. If online is the future of our World, then the reputation capital is its primary force. A good research, novel thinking and lovely presentation. Highly recommended.
This makes me sick inside. This gives people no elbow room to mess up, this forces people to be meek, this puts people in constant fear that the next person might rate them badly and worst of all that fear crushes everyones creativity. She is essentially talking about the application called people. Rate this comment up so everyone knows what she is actually talking about.
+Daniel Garcia It's a glass half full / glass half empty kind of thing. Unfortunately for you, who think it's terrible, it's already happening.
this is like the Black mirror's episode... so freaking scary
The gal is litlle nervous. She shouldn't be though she is dealing with amazing stuff. TRUST
*10 years later the blockchain and Nfts are showing she was correct!"* 👀⭕️
trust/credit is an illegal tender. It has more to do with use value than exchange value, it's what makes creativity and democracy possible. If you're interested in the ideas in a more historical/social science lens, check out illegaltender[dot]me
So very... much...
generally not into girls myself but I completely agree - and a great speaker