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While existing institutions could use it, I agree that they probably wont. This is a classic innovators dilemma where a bunch of small new services could form,
by pelle 17y ago
While existing institutions could use it, I agree that they probably wont.
This is a classic innovators dilemma where a bunch of small new services could form, be ignored, grow and eventually replace the status quo.
I wrote a long 5 post article series about this last summer, which has spawned the Agile Banking community behind OpenTransact:
http://stakeventures.com/articles/2009/06/29/risky-business http://stakeventures.com/articles/2009/06/29/risky-business
- sophacles 17y agoInteresting -- looks like a good series. You're right about the potential, but honestly I'm pretty sure that this won't happen. There is just too much regulation in place that prevents you from doing anything money related unless you have a major backer.
- pelle 17y agoRegulators are absolutely our biggest headache, but while hard I don't think it's impossible. It is one of the biggest areas of discussion on the mailing list. If you're interested you should join the Agile Banking group: http://groups.google.com/group/agile-banking?hl=en http://groups.google.com/group/agile-banking?hl=en Regulation is definitely one of the biggest issues, but I theorize if you build small low value services via the grass roots I am convinced we can then work with regulators.
- sophacles 17y agoI am interested, thanks for the pointer.