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The W3C Web Payments Community Group was launched in August 2011 because Digital Bazaar had created their PaySwarm spec. I have been working with several others since 2009 on bootstrapping an open grassroots created standard OpenTransact with pretty much the same purpose as PaySwarm. I immediately joined the W3C group …
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Trust is probably the most fundamental property that money should have (but doesn’t always have). You need to be able to trust: that my money does not lose value that I can exchange it again This article is mainly about the trust of currencies without intrinsic value. A currency with intrinsic value is something like a …
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Continuing on my series about currencies, I thought it would be useful to talk about some of the fundamental properties that currencies have. Feel free to ready the previous articles see On currencies, virtual or otherwise and 4 flavors of the mighty dollar after this one or in order. My main audience for this article …
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Continuing on from yesterdays article On currencies, virtual or otherwise I thought I’d look at the US dollar. I’d argue that the US$ is not just one but more like thousands of different competing currencies Is $100 in cash the same as $100 in my bank account or as part of my PayPal balance? Not really? They aren’t …
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Currency is one of the most popular buzzwords right now and there are lots of different definitions. I’ll try to unify them in some way and talk about some of the issues involved. Over the next couple of posts I’ll try to analyze what currency is. If you ask most people on the street, currency is what they have in …
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2 news stories on the same day are quite interesting in their contrast. Pin and Chip is broken The first one has the collective might and minds of the European banking system and their suppliers who overlooked a slight issue in their authentication protocol for authenticating Chip cards with a pin number. In Europe …
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As I mentioned in my last post The Sorry state of Payment Standards I wanted to blog about OpenTransact which so far is probably one of the most important outcomes of the Agile Banking mailing list set up after my talk last year on Agile Banking. OpenTransact was designed to be very simple and is based on REST the best …
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Since my talk last year at Reboot on Agile Banking the Agile Banking Mailing List has been quite active with lots of different ideas. One of the most important yet also simple products of the list has been OpenTransact which I now realize I haven’t even mentioned on my blog. OpenTransact aims to be the worlds simplest …
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Just came across this post about Starting an Internet Business in China, which covers some interesting things that you might not have thought about. Go read it yourself, but I’d just like to make a comment on his first point: “Hong Kong is your friend”. He points out that you should incorporate and bank in Hong Kong. …
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Last week I gave my talk on Agile Banking at Reboot 11. This week I have taken my talk and turned it into a series of blog articles of which this is the final one. I have links at the bottom of the article to the previous articles. How do we build this? Open web standards are the way to do this. A lot of great work …
