Blogging today and I came across an article about the FourSquare Economy. http://www.conversationalcurrency.com/7665/the-foursquare-economy/
They stated that they believe foursquare lacks something…
Here is what they do not have (yet): Currency
I agree that foursquare and similar mobile-local-geo-map-apps are cutting innovation and hold great value. Not sure I would go as far as it’s own economy in need of a currency.
True, American Express has their Rewards Economy. Southwest has their frequent flyer economy of scale. But who is going to manage, control, and place a value on a FourSquare Dollar? Further, would adding a currency to FourSquare de-value it? I know how do you de-value something that doesn’t have a currency…
But part of the value foursquare offers is that it is a free economy where the audience gives feedback for free, and companies can reward their star consumers, for free. Would the foursquare economy collapse if the governing body restricted this free trade of goods between consumers and businesses by adding a currency or taxation?
The value of foursquare varies by the business owner. Foursquare governs this mobile-local-geo-map-apps-population. Foursquare would then need to tax either it’s users or the businesses. Taxing the FourSquare Citizens is not a good idea. Putting a business tax in play to do business in your mobile-local-geo-map-apps-community may work. Taxation with representation? The business benefit must have value in order for businesses to willingly submit to paying the FourSquare Government.
FourSquare’s current currency is points that expire at the end of each week. None renewable. None transferable. And just a little bit of None-sense. The points are only good for bragging rights. But those bragging rights are lost on most because most don’t wear FourSquare Badges like Boy Scout Patches… although you can buy them online here and show your true nerdiness-est.
Gowalla, on the other hand, uses tradeable items. Prairie Dogs, Boots, hats… You can drop and pick up items as you travel. Does that make their currency more valuable?
I use to be a wedding photographer in Phoenix, AZ. I still love photography. But you do loose a little bit of the fun when you are shooting for pay. So not sure if I agree with adding a currency to Foursquare.
The value that FourSquare holds will be exploited and used by gold diggers.
Thanks for joining the conversation!… meaning please add your comments.