PayThink

As a fast, low-cost payment system, Bitcoin provides healthy competition for legacy banks. It's also a bulwark for financial privacy and freedom of speech.

As a fast, low-cost payment system, Bitcoin provides healthy competition for legacy banks. It's also a bulwark for financial privacy and freedom of speech.

The same thing that doomed communism will likely undermine Bitcoin: the fantasy that a protocol, a procedure, a network, an algorithm can neutralize the ugly selfish traits of human beings.

With their regulatory status, refined customer identity procedures and global infrastructure, banks could offer bitcoin exchange services and lead the modernization of financial services. Instead, they’re freezing Bitcoin entrepreneurs’ accounts.

A recap of the informed opinions (and the discussions they generated) this week.

In a report released Thursday, the Government Accountability Office urged the Federal Reserve Board and other regulators to finalize key provisions of the Dodd-Frank Act that are designed to decrease government support to big banks and improve bank oversight going forward.

Moody's downgraded the ratings of Morgan Stanley, Goldman Sachs, JPMorgan Chase and Bank of New York Mellon by one notch on Thursday.

Despite a banner year for bank reform, prospective Fed chairman Janet Yellen would have to ensure Basel’s implementation, strengthen Dodd-Frank's living will requirements and form closer ties with regulators to ensure safety and soundness of our banking system.

The moment of truth… With the Isis app running and my Serve account displayed on-screen, I held my phone in front of the contactless card reader.

A response to John Bowman.