Imagining a Bank of the Future
What would make you move to this bank?
Imagine a bank of the future.
This bank has no monthly or yearly fees and no overdraft fees.
All your transactions are free to send and receive.
All of your transactions take place instantly.
Your transactions can be as large or as small as you want. The fee stays the same. It takes the same amount of time to take place.
What would make you move your money into this bank?
You can have unlimited free accounts.
Your accounts cannot be hacked or frozen. The only way that money leaves your accounts is with your permission.
Your accounts are managed from your phone, computer, or a USB stick.
Your accounts are not linked to your face, name, phone number, email, postal code, ip address, or physical address.
Your accounts can be encrypted and condensed into a memorizable 12 word phrase. This phrase can be stored in your brain and walked across a border, flown across the ocean, or buried deep in the earth. Your accounts are accessible to you only with an internet connection. If the lights are on, so is your bank account.
What would make you move your money into this bank?
The bank doesn’t ask questions.
The bank never calls you out of the blue to offer you products.
The bank doesn’t know who you are or care who you are.
The bank provides equal service to everyone and anyone that uses it.
The bank does not discriminate on the basis of race, gender, class, political affiliation, or geography.
The bank has no CEO, no headquarters, and no employees.
The bank takes no dividends.
The bank has no shareholders.
The bank has no profits.
The bank has no moral hazards, no exorbitant privilege, and no corruption.
The bank has a perfect track record. Provably. Its ledgers are transparent.
The bank has never borrowed money, loaned money, laundered money, defaulted on any debt, or printed money out of thin air.
The bank has never financed cartels, wars, criminals, war criminals, or politicians.
The bank has never required a bailout.
No country owns this bank. The bank owns no countries.
This bank has no military. It requires no guns, missiles, bullets, tanks, bombs, bombers, or boats to defend it. No guns, missiles, bullets, tanks, bombs, bombers, or boats can destroy it.
Despite having no military, it is constantly under attack. Despite being under attack, it does not attack back. In fact, it does not know its attackers, nor does it penalize them. Despite being attacked, it is able to continue providing service to its customers.
This bank has never had a power outage. In its entire history, it’s always been available to its customers.
This bank owns no property, has no physical location, and cannot be visited.
The bank exists in every corner of the world. It exists everywhere, but nowhere in particular.
What would make you move your money into this bank?
The tradeoff — You have to play by its rules.
As open and transparent as this bank is… It has two rules.
It makes its own money
There are only 21 million coins
The bank doesn’t accept USD, CAD, GBP, AUD, CNY, EUR, Gold, Silver, ETH, or NFTs.
Every coin can be subdivided into 100 million smaller pieces. Therefore there are 21 quadrillion total units of this currency.
There will never be more.
In order to obtain this money, you have to work for it.
There are no freebies, no handouts, no subsidies, and no social programs.
The only way to get this money, is through the process of work.
Once you have it, you’re free to do with it what you please.
The value of the money never decrease from undue inflation.
The value of this money is derived purely as a function of supply and demand.
What would make you move your money into this bank?