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They are not unicorns they are Hawaiian monk seals.
I remember in the 1990s being sent by a banking client to visit the early WorldPay. I told the bank that WorldPay would never get anywhere because it would be trivial for the bank to build the same system (a PC connected to the internet on one side and NatWest Streamline on the other). What a valuable lesson for a deputy junior assistant under-consultant to learn. Just because something is sensible and feasible and cost-effective and has potential does not mean that banks will do it.
Visa Delta isn't a credit card, so why is it on the timeline. P.S. Nothing much happened between 1996 and 1983 (other than the introduction of the magnetic stripe in 1971, I suppose). Oh, and online authorisation. P.P.S.1987-1991 was really a wasteland for cards. Nowhere new to use them, other than on the internet.
The computational expense of the blockchain cannot be justified for almost all of the use cases discussed in those banking articles. Shared ledgers? Maybe. P.S. My favorite fun fact at the moment is that every Bitcoin transaction uses as much energy as an average American household uses for one and a half days.
I'm not against democracy, it's just not clear to me that _everyone_ should be allowed to vote. P.S. It was really fun, thanks Chris.
"In other words, money was invented at the same time as accounting" That was about 2,500 years before the invention of cash. Looking forward to January already!
First of all, thanks for the kind words everyone. Of course banks can't really act like IT companies because they are regulated in a way that IT companies are not. Having said that, the idea of "amazonisation" (i.e., opening up APIs both internally and externally) is a sound strategy to bring more value into the financial services space. I suspect that the issue is that bank management see "API stuff" as some dreary technical issue that can be pushed down to the IT guys, not realising that it is a key business strategy for the coming decade. If banks are relegated to be pipes connecting financial services providers... well, Thames Water is a regulated pipe and they make a ton of money.
Hey when I tried the book sale thing but in a post-card world (I have iZettle and PayPal Here but I kept them in the bag and went for digital only) with PingIt, PayM, Bitcoin, PayPal Here bit not cards, etc etc, the result was NO-ONE USED ANY OF THEM :) A long way to go!
Well, that's a red rag to a nerd. None of those countries in green have Bitcoin has "legal tender". Legal tender has a very precise and limited meaning. Here's something I wrote about it a few years ago
"Gundlach told the authorities that they should check the Internet to see who might have googled the name Helen Fuchs. He says exactly two such searches were executed: one by him and one by the thieves." They got a warrant for this, presumably...
Toggle Commented Jan 16, 2014 on Searching for Helen Fuchs at 1 Raindrop
Glad to hear low value payments are being harmonised. I look forward to using ELV in the Netherlands and iDeal in the UK on February 2nd.
Out of Cap, BCG and McKinsey which one projects the biggest market and highest profits? I only want to read that one.
Here's another take on technology and intimacy - will blog...
Toggle Commented Sep 15, 2013 on Future of Enhanced Intimacy at heathervescent
When you buy something on British Airways with a chip and PIN card they make you sign a slip and they take your passport details. We are going backwards.
Complete unbundling probably would annoy people, but a simple and clear surcharging policy wouldn't. The _law_ should be that retailers are not allowed to surcharge for debit cards and should be forced to accept debit cards for all transactions. But they should be allowed to surcharge for any other payment mechanism (including cash). This would align the social and private costs of the payment system in the correct manner.
Batik is from Indonesia, isn't it? I used to live there and I remember going to see it being made somewhere (Yogyakarta?). Yours sincerely, A. Pedant.
Toggle Commented Nov 18, 2012 on Granny Punk at heathervescent
"CHEW – Criminals, Hactivists, Espionage and War" Shouldn't it be CHEWIE? Criminals, Hactvists, Espionage, War, Incompetence, Employees?
"Barclaycard is now processing over one million contactless transactions per month." Just for comparison, could you remind us how many card transactions per month there are in the UK? (hint: 2 billion+ per quarter).
It's not just the products themselves, it's the narrative around how they are used and how they impact society. I heard a rally good new word for this the other "imaginaire".
Toggle Commented Jul 14, 2012 on Creating the Future in Films at heathervescent
Just in time for the Euro to break up!
2025? There still won't be anything worth watching on the World TV.
If you compare the growth in euro note production with European retail spending, it's clear that the great majority of notes produced are only for money laundering, tax evasion and other criminal purposes, so the "production curve" doesn't tell us anything. Also, since the cost of cash is unfairly imposed on all of us, even those of us who don't want to use it, it's effectively a stealth tax that goes to support criminals. I don't understand why people put up with it.
You can't really compare the figures, because Microsoft developers are building something new, whereas nearly all bank IT spend goes on patching up legacy systems - a tiny percentage goes on new stuff.
Someone told me that some supposedly scientific research shows that we you leave the house, your dog genuinely doesn't know whether it will ever see you again (that's why it's so happy when you come back). Your cat, on the other hand, genuinely doesn't care.
Toggle Commented Sep 2, 2011 on Failing Pattern Recognition at heathervescent
I know your heart is in the right place on this Chris but I can't see that limiting the interest rate will be a solution. If you restrict the availability of white-market credit, however expensive, people will end up using even more expensive black-market credit. The only solution I can think of it better financial education, but that's something of a long term fix.