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Author here. Thanks for a well written description and background of SWIFT, I think it is accurate. I have a question on this paragraph: >While it's probably

Author here. Thanks for a well written description and background of SWIFT, I think it is accurate. I have a question on this paragraph: >While it's probably critical for the future of humanity for a project like this to succeed, frankly anything that leaves the trust and reputation aspects to manual negotiation as per conventional business is just lipstick on a pig. In this sense, Bitcoin is superior. For some more ambitious ideas forming in this area check out http://ifex-project.org/ http://ifex-project.org/ Does "for a project like this" refer to SWIFT or BankAPI? If SWIFT, then I understand. But if BankAPI, then you have misunderstood, because it does not "leaves the trust and reputation aspects to manual negotiation", since it's decentralized and peer-to-peer (or in this context bank-to-bank), just like a lot of other successful peer-to-peer technologies of which you mentioned one.

contingencies 12y ago
What I meant by "a project like this" was a concrete, functional alternative to existing status-quo systems, with SWIFT as the implied primary target for forced deprecation. I think banking is an artificial industry, one that doesn't really have to exist. I believe that money that is state issued, electronically issued, trust that can be quantified, reputation and physical goods are all equally valid assets for forward-looking exchange protocols. I believe that any distinction between participants is farcical and that risk management models, encryption preferences, topology specification and other qualitative decisions regarding deployment must be left out of scope. To clarify my original comment further, I do think that BankAPI, just at a glance, is probably focusing too much on the conventional world of banking rather than looking at the big picture ... which has nothing to do with banks and everything to do with a potential revolution in the way we organize society, removing anachronistic middle men and vested interests who consistently fail to demonstrate any meaningful reason for being while extracting vast quantities of wealth from society at large and encouraging the continuation of a socio-political and economic trajectory that will see our environment destroyed within a generation.

contingencies 12y ago

What I meant by "a project like this" was a concrete, functional alternative to existing status-quo systems, with SWIFT as the implied primary target for forced deprecation. I think banking is an artificial industry, one that doesn't really have to exist. I believe that money that is state issued, electronically issued, trust that can be quantified, reputation and physical goods are all equally valid assets for forward-looking exchange protocols. I believe that any distinction between participants is farcical and that risk management models, encryption preferences, topology specification and other qualitative decisions regarding deployment must be left out of scope. To clarify my original comment further, I do think that BankAPI, just at a glance, is probably focusing too much on the conventional world of banking rather than looking at the big picture ... which has nothing to do with banks and everything to do with a potential revolution in the way we organize society, removing anachronistic middle men and vested interests who consistently fail to demonstrate any meaningful reason for being while extracting vast quantities of wealth from society at large and encouraging the continuation of a socio-political and economic trajectory that will see our environment destroyed within a generation.