https://blog.p2pfoundation.net/essay-of-the-day-get-rid-of-banks-and-build-up-a-modern-financial-world/2012/03/23 Researching, documenting and promoting peer to peer practices Fri, 23 Mar 2012 14:19:28 +0000 hourly 1 https://wordpress.org/?v=5.5.14 https://blog.p2pfoundation.net/essay-of-the-day-get-rid-of-banks-and-build-up-a-modern-financial-world/2012/03/23/comment-page-1#comment-491170 Fri, 23 Mar 2012 14:19:28 +0000 http://blog.p2pfoundation.net/?p=22988#comment-491170 @Matthew: You make good points. And there’s no guaranteed or easy path. I suggest (and have been for a while) that a ‘virtual cash card’ built upon the unrecognized market value of the speech related microtransaction may be that practical and viable path… difficult for established forces to oppose… to a user-owned network and utility with such a potential evolution.

]]> https://blog.p2pfoundation.net/essay-of-the-day-get-rid-of-banks-and-build-up-a-modern-financial-world/2012/03/23/comment-page-1#comment-491169 Fri, 23 Mar 2012 11:05:48 +0000 http://blog.p2pfoundation.net/?p=22988#comment-491169 Certainly we should review the meaning of banking in a connected world, but there is a gap in your vision presented here.
1. A vision is worth very little without a transition strategy. How will this be implemented when governments are already captured by the banking sector?
2. Without banks, who do you think should create that 97% of the money supply? Current models of P2P banking do not include credit creation, only reallocation of credit created in banks. If the people create the credit then that credit needs to be assured, somehow. If the government created the credit, perhaps we wouldn’t be so desperate build our own financial solutions!

]]>