

Entrepreneurs, coders and activists we need you to help reboot banking - pelle
http://stakeventures.com/articles/2009/07/03/entrepreneurs-coders-and-activists-we-need-you-to-help-reboot-banking

======
pmichaud
As I'm reading I can't help but think about security. We have a lot of fraud
because of the system we use now, and he's proposing that we open it up and
make things like transfers super easy. I don't think the security is up to
snuff yet.

------
joshu
Wow. His talk was 226 slides.

This muddles so many different things. Banking != Finance != Investing !=
Monetary Policy != Currency... and so on.

It's the dangerous combination of businesses that are the challenge. There are
plenty of credit unions that aren't in trouble because they didn't try to
profit in dangerous ways.

There's so much wrong here it makes me tired to even think about speaking to
it.

------
omouse
_Open web standards are the way to do this._

Hell no. I'll take a specialized client with security from end-to-end, thanks
very much.

------
guicifuentes
banking is an industry. it's pretencious to ask for help as if they were a
charity fund. this way our governments have gave money to them from our
pockets. a nice hypothesis of the recession (it's in spanish):
<http://tinyurl.com/krqu7g>

~~~
vorador
Your tinyurl is broken.

ps: Please, don't use url shortening services, just paste the full url.

~~~
guicifuentes
<http://www.youtube.com/watch?v=hX8MQ9TlpmI>

------
TriinT
Harry Markowitz developed the modern portfolio theory, the core of
mathematical finance. However, when he invested his own money, he invested 50%
in bonds, and the other 50% in blue chip stocks. Moral of the story: people
tend to be very conservative when it comes to their money.

I also do think that the banking system is living in the dark ages. It's more
than obsolete, it's pre-historic. I wouldn't be the least bit surprised to
hear that some banks still used perforated cards ;-) Well, they still use
COBOL...

It's easy to think of ways of innovating the current banking system. But what
makes one think that anyone wants to innovate it? Banking is a pillar of
society. One can't move the pillars because the edifice standing on them is
too heavy.

~~~
gaius
_Well, they still use COBOL..._

Guess what, we still build houses out of bricks! Haha, that's so _obsolete_.
Instead we should be building houses out of... Java?

~~~
TriinT
Well, I still program in C, and I still learn 19th century math & physics. Not
all things are destined to get stale. Your comments are usually insightful.
This one conveyed zero bits of information. Seriously.

------
ticktock
Has anyone heard of paypal? Ever applied for their Identity Protection?
Banking has been solved, security has been solved. Nobody cares; that's the
real problem.

