24 Jul '12, 7pm

Banks today are too much like the post office, writes @pmaymin, who sez it's time for "High Frequency Banking" #Bitcoin

Banks today are too much like the post office, writes @pmaymin, who sez it's time for "High Frequency Banking" #Bitcoin

This week, the U.S. Postal Service is threatening to default if Congress does not give it more of our money, while the Office of Financial Research is considering requiring financial companies to turn over your trading and transactions data. When will these dinosaur ideas of centralized mail and money finally go extinct? Three decades ago you would wait anxiously by your mailbox for important correspondence. Today you can email, fax, text, IM, Skype, Vox, FaceTime, call or poke instantly. Three decades ago you might have even placed trading orders by mail. Today, high frequency trading has come to dominate finance. Professional market makers operate at lags where the speed of light is a legitimate annoyance. The only things that haven't sped up much in that span are government functions. There are about as many post offices today as there were 30 years ago – still more USP...

Full article: http://www.americanbanker.com/bankthink/its-high-time-for...

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The London 2012 Bitcoin Conference #bitcoin

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