Journal: The End of Old Money

03 Economy, Civil Society, Collective Intelligence, Commerce, Commercial Intelligence, Cultural Intelligence, Ethics, Mobile
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We stopped subscribing to WIRED when advertising crossed the 60% mark, but this issue came to us and has a useful article on the end of old money, which is to say, the end of money where banks and credit cards take an undeserved cut from every transaction while taking huge risks with your money as collateral.

The Open Money movement is proceeding apace, with community-oriented credit cards like Interra, new forms of home rule stripping corporations of their illegitimate “personality” status, and moving money from Wall Street to the local bank.

Meanwhile, Twitter is changing the world again by becoming a trusted point to point money transfer agent.  here are five new ways to pay that cut out the banks and credit card organized legalized crime lords:

Twitpay. Type a friend's Twitter handle, a dollar amount, and twitpay to transfer funds to their PayPal account.

Zong. Instead of entering credit card information anew for every online purchase, users fill in their phone number and the charge shows up on their monthly bill.

Square. The latest from Twitter cofounder Jack Dorsey, this 3/4 inch cube turns any iPhone into a credit card reader.

GetGiving. This mobile app uses PayPal to enable charities to accept small donations without the usual exorbitant credit card transactions fees.

Hub Culture. Travelers can avoid the hassle and fees of swapping dollars for euros by transacting in vritual currency in this international network of workstations.

To our surprise, PayPal itself, central to most alternative schemes, was not highlighted other than being mentioned above.

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