I and my local shopkeeper hold the record. But it is an experimental setting. I ride my bike down the aisle and grab goodie. He notes the total and writes it in a tattered blue notebook. Once a week I clear accounts with tax cash.
Now, our monetary transaction fees are about a dime a year, my share of the cost of his tattered blue notebook, plus the register costs if he uses it as a calculator.
The thing is, his store has all the technology needed to exactly reproduce the system, cellulose to silicon, ink to digital pulses. Just give my ATM card intelligence and an NFC interface. I think I can drop the monetary transaction cost in half, a nickel a year, if the system become general cash. The only thing the shop keep needs is an intelligent card, just like mine.
Why use pricing?
Our intelligent cards could count goods, as a simple escrow protocol. But we still need and implicit coin, the goods have to be marked relative to each other in order to match in and out with proper congestion. The shopkeeper remains a pit boss. We need pit boss when we control congestion. In the current case, me and shopkeeper engage an escrow service once a week, or so, to clear my account in the pits, even though I trade daily. The "or so" is important, it is my inventory uncertainty in their household. I run a pit at home, he runs one at the store, we have a ledger service interface. When I clear accounts, I invoke Swift and my ATM fee is 1.5%. I want more shopkeeper and less Fed.
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