27 Feb '13, 11am

I see parallels between Bitcoin and 19th century banking.

I see parallels between Bitcoin and 19th century banking.

When Franklin Roosevelt signed the Banking Act of 1933, he destroyed bank architecture in the United States. Customers of banks insured by the newly-created FDIC no longer had to worry about bank solvency. As a result, the steps banks had previously taken to reassure customers of their solvency were no longer necessary. Chief among these was the construction of a large, ornate, and expensive building, which could always be sold off in the event that the bank’s loan portfolio failed. Almost all of the most beautiful banks in the United States were constructed before 1933. Today, many banks are located in strip malls. These days, whenever I look at these old, pre-New Deal bank buildings, I think of Bitcoin, the increasingly popular cryptocurrency. There are some strong parallels between the Bitcoin economy now and pre-deposit insurance America—most notably, that Bitcoin bala...

Full article: http://theumlaut.com/2013/02/27/bitcoin-and-bank-architec...

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