OpenRuby.com

03 Jan '13, 7am

#Bitcoin: Should we make banks better, or just make them redundant? (June 9, 2011) via @zerohedge article

A lot of people are busy trying to figure out how to make banks better. There is anger about what has gone on and puzzlement about the apparent inability of anyone to start doing something about it. Instead of rioting for change , we seem to be frozen in a technical discussion of bank separation, capital adequacy, product authorisation, remuneration and incentives, or taxation. All worthwhile subjects in their way, but guaranteed to keep the sans-culottes at home. So let’s ask another question. Why do we need banks – what are they for? This is less about what banks get up to, than about money. How should we think about the institutions that deal with our and other people’s money? What does it mean for you or me to have money? Loosely speaking, banks make money. Banks are not the only entities that do this, but they are the ones whose purpose it is to do this. By creating c...

Full article: http://www.opendemocracy.net/openeconomy/peter-johnson/wh...

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A currency exchange that specialises in virtual cash has won the right to operate as a BANK. Wow huh? #Bitcoin #BitCon

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