epassporte: The Future of Money
Saturday, June 24th, 2006
We’ve come a long way from seashells and colored beads.
When the de Medicis invented banking in the 14th Century, they veered us irrevocably into the realm of the abstract.
“Value” remained valuable, even in theoretical, projected circumstances, and risk analysis was born. With it, the concept of interest, and — miraculously — so was born the way to make money on money.
The effects of credit on our lives remains a divisive subject. Being able to borrow against value can make your dreams come true. But it can also wreck your life.
But this is not about credit.
Money and economics have influenced every aspect of our lives, since long before the advent of the Web. In the beginning, electronic commerce enjoyed the pre-existing electronic infrastructure of the credit card networks. It was a great fit. Some XX billion dollars changed hands that way in 2005 on planet Earth.
To pay for something online with a credit (or ATM) card has become synonymous with electronic commerce.
But something’s wrong.
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