Bank of i
UK today: 4 banks, 26m bank accounts. Tomorrow 26m iBanks...
Once upon a time, people deposited money with a Bank. This Bank then used their money to line it's own (and it's shareholders) pockets. It treated its customers shabbily, both in service and financially.
Banks banked on people accepting this forever.
Until a little thing called ripple came along.
This thing called ripple allowed the people of the world to convert their fiat (cash to you and me) to ripple. Exactly the same as cash, the equivalent value & everything apart from the fact it physically didn't exist. It did digitally, and people understood that, as they rarely saw money anyway, apart from giving their kids spends, paying their cleaner or all those direct debits to companies who provided housing, utilities, loans or other…
Where did this ripple exist? Well, everywhere and nowhere, as it was a network of distributed and matched transactions, the original idea for it being based on something called the blockchain protocol designed by a chap called Satoshi, but that's another story.
Of course people had to know how much ripple they had, and also that it was safe. So, they had a clever app on their smartphone which told them (and also told them what it was worth, in pounds, dollars, euro's or any other fiat (physical) currency.
Their employer still paid them in the way they'd always been paid. But in FIAT converted to XRP into their very own hyper-secure ripple account, held by them, in their app, on their phone (and of course always doubly hyper-securely backed up in the cloud).
They became the possessors of their OWN money. And able to CHOOSE what they did with it.
Some made monthly transfers of ripple (converted back to fiat) to P2P lenders, earning 8% interest or more! Some forward thinking P2P lenders even accepted pure ripple.
Others borrowed money in ripple from P2P lenders and used it to pay for things they wanted now, but would pay for over time.
Others, who knew and trusted each other lent it between themselves. So a P2P lender wasn't even involved!
Their clever app allowed them to set up regular payments for things like electricity, gas, telephone & more!
Ripple was causing big waves! People were deserting the banks, which had to pay many overheads and fat cat salaries. Of course this provoked a major backlash by the banks, who said using ripple wasn't safe and couldn't be trusted. But the ripplers knew better.
It was the future. Of course, anything new is at first ridiculed and resisted, then grudgingly accepted, finally becoming, after quite a while, the norm.
And so it was that banks went the way of the dinosaurs, and there went from being four major banks, banking 20m customers, to 20m customers banking themselves.
Such is the way of evolution. From small ripples did big waves engulf the old and birth the knew. And everyone lived...
...Happily ever after.
Atom. Definitely not an iBank... http://bit.ly/1q2cphJ
Understanding the Real value of the Blockchain http://dlvr.it/7NlpGC
Ripple Payment Protocol http://en.m.wikipedia.org/wiki/Ripple_(payment_protocol)
Small Value remittances (read the third last paragraph...) https://www.linkedin.com/today/post/article/20141103210457-1033433-how-small-value-remittances-can-increase-transactions-in-an-economy?_mSplash=1
The Economist No thanks, banks - in Africa) http://www.economist.com/news/briefing/21632441-worlds-poor-need-stability-and-security-banks-have-traditionally-offered
It's coming (Earthport/Ripple deal) https://twitter.com/gregkidd/status/540908827902615552