The point that Jake is missing is that in a networked P2P economy there will be no double-entry book keeping and there will be no Profit and Loss; there will be no dated debt and no possibility of default; there will be no (intermediary-issued) money paid for the use of money; and intermediaries will transition to service provision, thereby minimising the finance capital they need.

There will instead be shared transaction and title registries; shared risk and shared surplus. The risk for an investor - as it is with any form of equity, is the absence of any return.....except that in the case of equity-as-undated-credit (as opposed to the sociopathic 'divine right of capital' equity in a Corporation) the word 'return' refers to redemption of credit against value received.

'Peer to Peer' credit will be cleared within a suitable framework agreement of trust.

'Peer to Asset' credit will be a 21st century form of the Stock which has been airbrushed from economic history for hundreds of years since sovereign credit was first privatised in 1694.

This dis-intermediation is already taking place because 'it works' for the banks who have suckered risk averse investors into commodity and equity markets.

Once these bubbles collapse, then I believe we will move to the adjacent possible - as above - and capitalism as we know it will devour itself and emerge in a non-toxic form.

This will happen is because it is simply inefficient to pay a return to someone for nothing if you do not have to.....and those businesses who do not pay rentiers will be at a competitive advantage to those who do.

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