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.
|"The rich are going to continue to gobble up a greater share of income, and our current system will do nothing to reverse that trend."|
|Club of the Wealthy|
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|“The prospects and future of AI.”|
|“The robot age is nothing to be worried about.”|
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|“Long live the instant gratification economy—and the increasingly sophisticated technology that’s enabling it.”|
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|“Rejuvenation is Finally an Industry.”|
|“Most have no idea who these companies are and how they got their data on them.”|
|“Robots are key to a new wave of local agriculture.”|