Group items tagged

Filter: All | Bookmarks | Topics Simple Middle

The Financial Services Club's Blog: If banks are like oil, build better vehicles - 0 views

thefinanser.co.uk/...oil-build-better-vehicles.html

*money banking

shared by Kurt Laitner on 10 Nov 10 - No Cached

Deposit accounts are the core of banking.
...

Cancel
Summary: no firm and no individual will fundamentally change the core of banking because it is built upon licences, infrastructures, agreements, global policies, governmental forces, regulatory management and more ensuring that the status quo is maintained.
...

Cancel
which is referenced as social currency, although it’s not really as it starts and ends with the oil: banks and money.
...

Cancel
...4 more annotations...
The bottom-line is that as we talk about the weaknesses and failures of the banking system, we are missing the point. The banking system is protected and will take decades to change, because it is like oil refining. That is why none of the services at the core heart of the banking industry: the deposit account, the checking account, the money transmission have opened up to real competition over the years. Even with the mobile and wireless internet. It will ... but that is like changing the oil industry.
...

Cancel
First you have to find an alternative to oil, then you have to convert everyone off their old vehicles to the new fuel-based alternative. More on that tomorrow.
...

Cancel
Meanwhile, there is plenty of scope to add functionality and enrichment to the core of banking.
...

Cancel
So should the focus be on building better tools upon the base of banking, rather than trying to replace the base? Is it better to build more efficient vehicles that run on oil, rather than trying to get rid of oil?
...

Cancel

Kurt Laitner on 10 Nov 10

an excellent article, making several important points, including the hilighted bits below - very important distinction between 'new' currencies that piggy back on current vs new currencies that fly solo - we all need to be very clear about the game we are playing

<div class="cArrow"> </div><div class="cContentInner">an excellent article, making several important points, including the hilighted bits below - very important distinction between 'new' currencies that piggy back on current vs new currencies that fly solo - we all need to be very clear about the game we are playing</div>

...

Cancel

THE BITCOIN BUBBLE - Global Guerrillas - 0 views

globalguerrillas.typepad.com/...the-bitcoin-bubble.html

*johnrobb *net *money bitcoin

shared by Kurt Laitner on 07 Jun 11 - No Cached

On the bitcoin issue. Governments will be trying to find a way to stop these alternate currencies or discredit them. Its a necessity to them as alternate currencies leave the nation state very vulnerable to "starve the monkey" attacks and lowers the cost of non cooperation for ordinary people. A first salvo by Charles Schumer http://www.techdirt.com/articles/20110605/22322814558/senator-schumer-says-bitcoin-is-money-laundering.shtml The currency monopoly is essentially the basis of the modern state and easy systems that allow opt out, either for smaller areas (Dakota Bits now backed by Gold or Troy Bucks or something ) can happen at a time when a government is bankrupt and basically disable that state. Now it rationally might not be in anyones rational best interest to do this (millions of hungry people can result in a apocalypse) that certainly won't stop anyone.
...

Cancel

NFC: Never Mind Credit Cards, Pay With Your Phone - 0 views

www.readwriteweb.com/..._cards_pay_with_your_phone.php

cell phones

shared by Kurt Laitner on 11 Apr 10 - Cached

Kurt Laitner on 11 Apr 10

a complement to alternate currency methods, the phone will allow the exchange of currencies other than traditional scarce money

<div class="cArrow"> </div><div class="cContentInner">a complement to alternate currency methods, the phone will allow the exchange of currencies other than traditional scarce money</div>

...

Cancel