On the aptly titled website Thoughts on the future of finance, Richard Gendal Brown looks at the recent single Bitcoin transfer of circa $150 milions and uses it as an example to explain how money moves around the banking system.
There was much comment about how expensive or difficult [transferring almost $150m in a single Bitcoin transaction] would have been in the regular banking system and this could well be true. But it also highlighted another point: in my experience, almost nobody actually understands how payment systems work. That is: if you wire funds to a supplier or make a payment to a friend, how does the money get from your account to theirs?
In this article, I hope to change this situation by giving a very simple, but hopefully not oversimplified, survey of the landscape.
|Music publishers: iTunes not paying fair share|
|With 21 Million Slaves in the World, There's a Good Chance the Products You're Buying Were Made by Them|
|Quantitative Easing: the Making of Trillions of Dollars Out of Thin Air|
|"Oxfam estimates that just 1 percent of the world’s population will own more than 50 percent of the world’s wealth by 2016."|
|Escape From Tomorrow: Movie Shot Entirely in Disneyland, Without Disneys Approval|
|CaptchaTweet: Write Tweets in Captcha Form|
|Recycled Vacuum Lamps|
|The (Very Scary) People of Public Transit|
|U.S.S. Enterprise Owner's Manual|
|iPhone 6, the First Smartphone to Disrupt NSA's Spying|
|Vintage Mobile Phones|
|Naked Preacher Lady [NSFW]|
|“A driverless electric truck began daily freight deliveries on a public road.”|
|"There is nowhere on Earth that remains free from the traces of human activity."|
|“Earth will always be unique and living here prized.”|
|“You can often hide from an AI video system with the aid of a simple color printout.”|
|“The company is losing billions, has essentially no underlying value, and its business could be hammered overnight.”|