Memo: Launching a microcurrency w/ Limited Resources

[mqpickens]

https://docs.google.com/document/d/1vCm ... sp=sharing


Memo: Launching a microcurrency w/ Limited Resources

For a highly functioning society, banking services are paramount. They collectively hold all the power outside of government. They can leverage their power to influence, and even subdue, government for good or for bad. For this reason, a central bank or banking monopoly via legislation is a sure path to complete corruption. "Power tends to corrupt and absolute power corrupts absolutely" - Lord Acton. Like most solutions that actually work from the government, they need to get out of the money and banking sector completely! Even all financial regulation, with all its good intentions, needs to be eliminated and replaced with simple oversight where services are held accountable for any manipulation, fraud, or theft.

An open banking system where anyone with the drive and know-how can create a financial service is key for the successful establishment of a new microcurrency. Ideally, a geopolitical area would already be saturated with hundreds (if not thousands) of independent trustworthy small banks ready to embrace a new microcurrency and help distribute and help it to take root. However, this is unfortunately not the case! Launching a new microcurrency will be slow and will require a lot of education all the while trying to inspire some good men and women to start many mini banks (which will also require a multitude of open source tools and services ready to facilitate these individuals launching their services - e.g. Satoshiware)

With few to none financial services properly geared to embrace and distribute a new microcurrency in a target area, it does indeed make it more difficult, especially if the open-source banking tools are still in development. Ultimately, this will result in the OG network holding the bulk of the coins. As a result, during this distribution period, the initial group must take extra precautions to only onboard banks that will work to ensure the ultimate success and best interest of the new microcurrency!

[xyphor]

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