Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
That's a pretty pessimistic world view, geezer.

In my 'Utopian' view, the Internet is a lot more resilient than you think. As Gilmore puts it the Internet treats Bank of America as damage and routes around it.

Skype carries almost 10% of global voice communications, and there are plenty of 'sons-of-skype' out there which are able to do more, and better, if Skype becomes unusable. Money is mainly messaging and accounting, and I don't think we are far at all from a very simple generic money messaging skype-like 'client'. The key to the viral spread of such a client, and to the routing around of the Bank of America and all the rest, is to understand that the community - which is a consensual agreement between individuals with a common purpose - IS the currency.

In the same way that BoA and its mates may consent among themselves to flout the 'law' so may anyone simply agree - consensually, within a suitable framework of trust - to accept each other's credit in settlement of obligations, or to accept other currency objects they find acceptable - which in my view will be Units redeemable in payment for energy or rental value.

There is no need to create an alternative system which 'they' may resist and clamp down on. What is emerging - as what I seen described as the 'adjacent possible' - are complementary systems which people adopt consensually because 'they work'.

The reason it is in banks' interests to migrate to the sort of credit service provision I envisage within a 'Peer to Peer' architecture is that capital requirements are minimal compared to the existing terminally broken system of credit intermediation by banks as middlemen. Those banks who do not take the service provider road will be at a disadvantage to those who do - classic Darwinism.

If Assange etc is stamped upon, it really will not matter - other than as a human tragedy - because he's just a visible flower: the root system is still there and it's spreading.

The more I have seen of the response of the 'powers that be' to the knowledge revolution going on the more I am convinced that they have totally and irrevocably (short of nuclear etc apocalypse) lost control. They are completely overwhelmed, and have no idea what is going on.

The steering wheel has come off in their hands and the more realistic - like Brzezinski - understand that there are gazillions more of us than there are of the elite. The really savvy ones will realise that a small %age of a lot is better than a large %age of not much, and they are the ones who will lead the charge, I think.

BoA and all the rest are dinosaurs - in fact they are in solvency terms already dead -  and will be pretty much extinct within two to five years, in my view.

"The future is already here -- it's just not very evenly distributed" William Gibson

by ChrisCook (cojockathotmaildotcom) on Sun Dec 19th, 2010 at 05:41:35 AM EST
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