Can the Internet Replace Big Banks ?

/douglas-rushkoff-digital-economy

  • Internet made big banks obsolete, it is now time to stop paying for them

    We are quickly evolving beyond the “winner takes all” ethos of traditional banking. Because once all is taken, there’s quite simply nothing left for anyone. This applies to both central banking and the local “revolution” that seeks to overturn it.

    In a digital economy, we regain the ability to encourage stable, steady-state, local economic activity without abandoning the benefits of long-distance, corporate markets. It’s a monetary mashup.

    http://mashable.com/2013/03/24/douglas-rushkoff-digital-economy

    • I don’t mean just #Bitcoin (which is quite clever but still just another scarcity-based central currency), but TimeDollars, LETs and other local exchanges. Unlike interest-bearing currencies, these newer monies — similar to their Middle Ages predecessors — are biased more toward transaction than savings. They don’t grow over time, but rather increase the velocity of money in the present.