The concepts in part two of my panel discussion at the NYC Blockchain conference delves into concepts that should clearly delineate how drastic the change in the financial industry is about to experience. I literally challenge the audience (of mostly bankers) to tell me what use would the world have for banks in a Blockchain connected world.
I want to define some of the terms and concepts used in the presentation for those who may be a little ambiguous on the meanings.
Regulatory Capture (excerpted and modified from Wikipedia): A form of political inefficiency (what some may call corruptions, but I will not go that far in this forum) occuring when a regulatory agency [6] created to act in the public interest, instead advances the commercial or political concerns of special interest groups [7] that dominate the industry or sector it is charged with regulating Regulatory capture is a form of government failure [8]; it creates an opening for firms or political groups to behave in ways injurious to the public (e.g., producing negative externalities [9]). The agencies are called "captured agencies". I went into the Fed in depth in this video, surprising many as to how Jamie Dimon is related to the Fed - How Blockchain Technology Reduces Wall Street Risk & the Fallacy of Too Big To Fail! [10]
The Definition of Money: This is too involved to get into in a paragraph, but you can see why the Bank of England is wrong here - "The Central Banker's Definition of Money [11]" and see what the right definition is here - "The Real Definition of Money in a Modern Economy [12]" (skip duplicate videos).
And now, on to the show...
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For more information on a world that has loans without banks, trades without brokers and contracts without lawyers, see this [13], visit Veritaseum.com [14] or email me [15].