ThoughtStorms Wiki

Context : CryptoWallet, OnBanks

Trying to convince AlSweigart on Twitter that BlockChains are more interesting and worthy of thinking about than he thinks.


@AlSweigart There's a lot of interesting potential. For example, we could replace banks with smart wallets.

Who doesn't think that the world wouldn't be better without banks?

Right now banks do 3 useful things for you ... store your money, give you a card which makes it easy to spend and gives you a number to call if you lose your card.

But in return, they use all your money as collateral to gamble on the global financial markets and leverage a lot of other evil shit that they do.

But smart wallets could store your money. And a phone app would let you spend where and when you wanted.

If we just solve the "someone to ring up when you lose your card need to recover your password" problem, we could literally stop using personal banking altogether, and starve the financial casino out of business.

That's worth thinking about.