Open Money’s Imminent Triumph

Closed money systems are still dominating economies. All the dollars that you don’t have in cash form is held at the N.Y. Federal Reserve. You can’t access that money unless you’re one of the member banks. Banks are inefficient middleware separating you from your money. Banks aren’t efficient at talking to each other, either. That’s why it takes days to move money internationally or $30 to send a wire from one bank to another.

Mobile money systems such as PayPal or telecom-based systems are closed, too. They are just an overlay on top of existing banks. It still takes over a…