SIGINT09 - final8
SIGINT 2009
22. - 24. Mai, Köln
| Speakers | |
|---|---|
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Nick Farr |
| Schedule | |
|---|---|
| Day | Control and Surveillance - 2009-05-22 |
| Room | KOMED Saal (MP7) |
| Start time | 20:00 |
| Duration | 01:00 |
| Info | |
| ID | 3209 |
| Event type | Lecture |
| Language used for presentation | English |
| Feedback | |
|---|---|
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Let Them Fail
An Introduction to Massively Distributed Finance or "Cloud Banking"
In a truly free market, no institution or government can ever become too large to fail. This talk looks at what might happen if there were no bailouts, rescue packages, guarantees or other political consideration paid to large entities. What would the world look like if there were no for-profit banks? The technology and legal structure exists to let us all be our own consumers, producers and investors, making our own informed financial decisions and consuming locally produced products and services.
Thesis: The current financial system is rigged for what Andrew Jackson called an "elite circle". While industrialization made centralized control of capital necessary, the service and information economy is demanding its decentralization. Instead of focusing on the power struggle for control of global capital flows, this talk provides an introduction to the tools and techniques that anyone can use to disengage from the global financial system NOW as well as previewing some future possibilities.
How global finance works in the textbook, in brief (5 min) How global finance really works, absorbing money and creating inefficiencies (10 min) An alternative theory: Massively Distributed Finance (20 min, 5+10+5) -> Cutting out the middleman: Loan/Borrow directly to/from your friends and associates. -> From "Online Services" to "ISP"s. How the banking system might be converted to be more interconnected and distributed. [10] -> Brief on the banking technical protocols and how smaller or individuals may link directly to it [5] A technical preview of 'cloud banking' (20 min, 5+5+10) -> Kiva as an introductory model [5] -> Credit Unions in the US [5] -> Brief on how you can create your own "virtual credit union" or other institution using real money, allowing you and your friends to have checking accounts, issue credit cards, borrow and loan as a collective pool based on individualized needs. [10] Q&A (5 mins)