technology

Financial services in developing countries

"Access to traditional financial services, such as deposit-taking accounts and automatic teller machines (ATMs), in developing countries has expanded in recent years. Since 2004 the number of ATMs per 100,000 adults has more than doubled, to around 22 (compared with over 70 in rich countries). Russia and Brazil have more ATMs relative to their population than other emerging markets, but according to a World Bank survey less than 2% of adults there used a mobile phone to receive money. Mobile payments are a substitute for traditional banking. In Kenya, where there are 2,381 ATMs (less than ten for every 100,000 adults), over two-thirds of people use mobile money." Continue reading →

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Catherine Austin Fitts: Moral Investing and the Coming Equity ‘Crash-Up’

"Take a look at different predictions that gold is going to increase significantly in value. All those predictions assume that the monetary inflation is going to spill into commodities. And what you're watching instead is the G-7 have been essentially building a corral that forces the horses to run out through the stock market. That's why I call it a crash-up. I think one scenario we're looking at is the possibility of a crash-up scenario where that monetary increase is funneled into the equity markets. One of the most important questions there is, can you get the global population interested in investing in equities? Because the long bond market bull is coming to a close." Continue reading →

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Will Migrant Workers Drive Bitcoin’s Mundane Future?

"Several companies have determined that the biggest opportunity to prove their worth is in the decidedly boring race to help emigres handle remittances, a global market expected to total $550 billion this year, according to the World Bank. The average fee on remittances is 9 percent of the transaction cost, and some banks charge additional 'lifting' fees of up to 5 percent when someone wants to turn the remittance into cash. Sitting in the middle of money transmissions is a lucrative business. Western Union(WU) brought in $4.6 billion in transaction fees charged to consumers last year and almost $1 billion further in foreign-exchange revenue from its consumer business." Continue reading →

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How Bitcoin solved my startup’s international banking problem

"I spent literally months and hundreds of dollars trying to open a bank account in Europe. I called every bank I could find. Most of them were not willing to open an account for a US citizen due to recently tightened money laundering laws and the few banks that would allow me to open an account required that I travel to their country to submit my application in person. Some of the banks that wanted me to travel to the UK to open an account actually had a branch in the city I live in within the US. I decided to add the ability for users to buy & sell items using Bitcoins on my site in order to attract a niche audience. However, I had also solved my banking problem without even realizing it." Continue reading →

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The Invisible Plumbing Of Our Economy

"It turns out the money collected on Kickstarter is handled by Amazon. Great, we figure: This is the company that will sell you anything on the planet and get it you you the next day. And what we need in this case isn't even a thing, really. We just need Amazon's bank to send money electronically to a checking account at Chase bank. It's just information traveling over wires. How long could it take: A minute? An hour? It took five days. On today's show: Why the invisible pipes that move money around America are so slow. (And why the ones in England are so much faster.)" Continue reading →

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New Orleans Police Department To Wear Cameras

"The 'body-worn cameras' are not mandated under a federal consent decree governing NOPD reforms that Mayor Mitch Landrieu signed last year with U.S. Attorney General Eric Holder. Serpas said the body cameras are a major step that other police agencies across the country have embraced, both to protect the public and to forestall false complaints against officers. 'Imagine a day in the city of New Orleans, in the not too distant future, where every single time we pull over a car, we ask somebody who they are or what they’re doing, that that entire incident is audiotaped and videotaped,' Serpas said. 'We’re very excited about it. It’s coming.'" Continue reading →

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Spy Car Protects Against Unscrupulous Cops [2012]

"After a couple of negative interactions with what he calls "unscrupulous cops", Rick took the initiative to outfit his ride with some cutting-edge technology. And he founded Veterans Against Police Abuse to encourage others to do the same - use technology to create a transparent record of interactions. That, he says, is the surest way to bring-about a safer society. To learn more about the technology in Rick's ride, check out this page on his site, which includes links to many of the devices housed in his car." Continue reading →

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Facebook Must Face Gambit Suit Over Social Game Currency

"Facebook Inc. (FB), owner of the world’s most popular social network, must face a lawsuit that accuses the company of breaking antitrust laws in the virtual-currency market. Kickflip Inc., which does business as Gambit, sued in October 2012, saying Facebook destroyed competition for virtual currency services and payment processing when it began offering services of its own in 2009. Facebook sought to get the suit dismissed, arguing that Kickflip failed to allege an injury. U.S. District Judge Leonard Stark in Wilmington, Delaware, today rejected that request." Continue reading →

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Cashless trend is redefining money, and a central bank’s role as printer

"Throughout the world, central banks have woken up to the fact that their wholesale interbank clearing and settlement systems can be bypassed by mobile-to-mobile payments. Indeed, who will get the seigniorage, or the right to interest on the monetary creation, which traditionally has belonged to the state and been delegated to the central bank? Of course, we used to believe that central banks could only print money when it is backed by gold or promises to pay by the government. Today, advanced central banks are printing money faster than ever." Continue reading →

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Stefan Molyneux: The Truth About Bitcoin

"Stefan Molyneux looks at the rise of Bitcoin and discusses it's history, mining, fees, altcoins, regulatory hypocrisy, worldwide awareness, comparisons to gold, anonymous transactions, possible government attacks and what the future holds for the decentralized cryptocurrency." Continue reading →

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