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When I first heard about MoneyLab, it was back in 2013 or the beginning of 2014, when I was doing my masters in London. A friend of mine handed a flyer to me and I was intrigued by the strange typography and the combination of bright colours. However, I didn’t quite believe that any kind of initiative could really start an alt-economy movement. Not that I didn’t believe in local currency or creative commons, but those gentle approaches generally seemed to lack traction, just like liberals do with voters. I naturally thought MoneyLab was one of those initiatives.

However, as Bitcoin was becoming a hype, the name popped up again; MoneyLab itself was also becoming a hype. While bitterly regretting not being able to be associated as the first wave of participants, I started to think that maybe MoneyLab might be the framework that can really push out alternative economic attempts as mainstream culture. My stance towards economic shifts was somewhat similar to that of William Gibson’s; he said in an interview with the British newspaper The Guardian, ‘What would my superpower be? Redistribution of wealth’. How did that change after reading the MoneyLab Reader 2?

Digital payments spaces as a driving force

Before going into the details of what blockchain technology can really do, it is crucial to understand a new “unit of value” created in modern society (Pine and Gilmore 1999). Since the most prominent piece of technology of our era is undoubtedly smartphones (with Apple being the first 1 trillion dollar publicly listed company in the US), a lot of transactions are inevitably conducted through apps and web services. The proliferation of the so-called “payments space” signifies the era of UX design, which is the third paradigm of HCI (Human-Computer Interaction), “tak[ing] into account…affect, embodiment, situated meaning, values and social issues” (Tkacz and Velasco 2018). In other words, experience has become the deciding factor of customers’ choices. With vast amounts of data generated at the back of sleek interfaces, one can precisely oversee the users’ behaviour, which then is fed back into the system.

All the payments spaces are essentially digital. This means transactions leave digital traces whether you like it or not. The idea of a cashless society exactly stems from this interest, the authorities can have better understandings of how people make money; in other words, where black money flows. Brett Scott has been pointing out the danger of a cashless society for quite some time now, I saw another variation in this book.

Money becoming programmable

According to Jaya Klara Brekke, blockchain technology can make money programmable, “allow[ing] for very fine-grained (re)programming of the medium of money, from what constitutes, and how to measure, value-generating activity to the setting of parameters on the means and conditions of exchange – what is spendable, where and by whom” (Brekke 2018). The overall impression I got from the MoneyLab Reader 2 about what blockchain technology can really do is basically this. Making a currency programmable using smart contracts.

More than a couple of authors discuss how “contingency” should take place in designed currencies. Contingency is different from randomness; in fact, it could mean exactly the opposite. For example, when coins are distributed in a perfectly random manner, you have absolutely no control in the handling process. If contingency is embedded in a system, it means there are exploitable gaps, which seem to almost randomly benefit people. On the other hand, some individuals would find ways to make use of these gaps, which are considered to be legitimate. Brekke discusses how the way in which contingency is programmed into a currency will be a key for the future of finance, both in terms of experience and redistribution of wealth. Therefore, currency designers will be the next UX designers.

Everything blockchain?

A number of ideas applying blockchain technology to both physical and cultural objects are mentioned in this book, from a self-maintaining forest to blockchain-based marriage. “Terra0” is the concept of an autonomous forest which can “self-harvest its own value” (Lotti 2018). Utopian views of a human-less world are prevalent, but in reality, a healthy forest requires an adequate amount of human intervention. In addition, the value of a forest cannot be determined by itself; trade routes, demand and supply, they are all drawn by human movements. For example in Japan, domestic wood resources are generally not profitable because of the expensive labour costs. Illegally cut trees without certification from Southeast Asia dominate the market, putting domestic ones in a bad position. When a forest itself is not profitable, how can it accumulate capital autonomously? Besides, the oracle problem has not been discussed at all. Unless everything is digital in the first place, there always needs to be somebody to put data onto the blockchain. In other words, the transcendence of the boundaries between the physical and the digital is not possible without human intervention. Blockchain marriage would face a similar problem; who might be the witness if circumventing the government official? Max Dovey investigates the notion of “crypto-sovereignty” while introducing an example of a real blockchain marriage where they “turn[ed] ‘proof of work’… into ‘proof of love’”(Dovey 2018). Just as the sacramental bond between spouses can be broken before Death Do Them Part, so can any cryptographic marriage unravel despite having been recorded in an immutable ledger. Whatever repercussions may exist for divorce, there are no holy or technological mechanisms to prevent it.

Platform Cooperativism or Platform Parasitism?

Platform co-ops is one of the largest topics in the book besides Universal Basic Income (UBI). A platform co-op is often a cooperatively owned version of a major platform that is supposed to be able to pay better fees to the workers. Also, a platform co-op is often associated with “lower failure rate”; 80% of them survive the first five years when only 41% of other business models do (Scholz 2018). While embracing the positive aspects of platform co-ops, I have this question stuck in my head: can you not make a platform co-op based on a new idea rather than copying existing ones?

Most platform co-ops seem that they are looking at already successful and established concepts such as rental marketplaces for rooms and ride hailing services. As a result, platform co-ops are considered more to be a social movement than an innovation. Why not just run a business right at the centre of Capitalism without being motivated by profit? Many platform co-ops challenge the main stream services such as Airbnb or Uber, however those services operate based on scale; if they have the largest user base, it will be very difficult to take them on, unless they die themselves like Myspace… Moreover, more hardware side of development can be happening around co-ops, but I don’t hear anything except for Fairphone. When can I stop using my ThinkPad with Linux on it?

After reading the MoneyLab Reader 2: Overcoming the Hype, now I’m thinking of how I should design my own currency. Of course whether cryptocurrencies are actually currencies is up to debate; depending on who you ask, Ethereum is a security (SEC), a commodity (CFTC), taxable property (IRS) or a currency (traders).

MoneyLab 2 authors overall suggest that we should not limit our imagination to fit in the existing finance systems, but think beyond. You don’t necessarily need to cling to cryptocurrencies but they may help you shape your ideal financial system.