Know thy enemy and know thyself; when strong, act weak; when weak act strong; these 3 principles when braided together ensures victory. in peace
During a panel on the future of money and banking we discussed how the financial system is rapidly losing control of its own product, i.e. money, in the same way that the music industry has lost control of its product.
In the past there used to be a handful of large record labels that controlled the distribution of music across the world.
In the same way, our financial system was set up for a handful of banks to tightly control the distribution of money across the world to the point that no financial transaction could occur without a bank inserting itself in the middle.
But like music, this model is rapidly changing.
Just as you can have now access an unlimited catalog of albums without ever setting foot in a record store, we are now in a position to conduct financial transactions entirely outside of the banking system.
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