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.
|Lawsuit Filed Against Warner to Prove Happy Birthday Is In The Public Domain|
|A Visualisation of America's Debt|
|"When corporations skirt the tax system, they reduce the effective taxation of capital."|
|Stats Prove That Middle Class in America Is Radically Shrinking|
|"What's morally repugnant in one country is accepted business practices in another": Why Apple Manufactures in China|
|“This incredible inconsistency can make English really hard to master for non-native speakers.”|
|How to Avoid Jury Duty|
|“That’s why Colorado School of Mines decided it was time for students to learn how to tap celestial bodies for all they’re worth.”|
|Review of BenQ's treVolo S Portable Electrostatic Bluetooth Speaker|
|“What if there was a thermostat that allowed you to turn down the temperature of the Earth whenever you wanted.”|
|Japanese Robot Serves Ice Cream From Inside a Vending Machine|
|“Lifting the electric motors out of Teslas and putting them in the chassis of other, formerly gas guzzling cars.”|
|On Instagram, Everyone Takes the Exact Same Photos|
|“What can we do to make responsible use of plastic a reality? First: reject the lie.”|
|Why, Typewriters Are Alive and Well, Thank you|
|“Rejuvenation is Finally an Industry.”|
|Go the Fuck to Sleep: A Children's Bedtime Book|