why don't you specifically address the
2. Forget OpenCoin and Ripple for the moment, is a trust based system the right way to go in redefining the global transaction system? One only has to look at the history of banking and banking crises to see that trust based systems are unstable historically. Our most recent experience with this --which has led to the need for entire nations to fund bailouts to prevent the banking system from collapsing -- is only one in a long series of "banking" crises. Arguably, the real problem has been regulatory capture and not "free markets (trust)." Ignoring technology for the moment, is this the right solution to solve a chronic history of abuse? Can you point me to any articles that summarize the "literature" around trust based systems -- and yes I can use Google if needed but prefer not to reinvent the wheel wherever possible.
2. Forget OpenCoin and Ripple for the moment, is a trust based system the right way to go in redefining the global transaction system? One only has to look at the history of banking and banking crises to see that trust based systems are unstable historically. Our most recent experience with this --which has led to the need for entire nations to fund bailouts to prevent the banking system from collapsing -- is only one in a long series of "banking" crises. Arguably, the real problem has been regulatory capture and not "free markets (trust)." Ignoring technology for the moment, is this the right solution to solve a chronic history of abuse? Can you point me to any articles that summarize the "literature" around trust based systems -- and yes I can use Google if needed but prefer not to reinvent the wheel wherever possible.
This is a problem that will be a lot more tractable when we have the 100s of trillion of dollars that central banking bleeds out of our lives, on a global level, even if OpenCoin takes a chunk of it. This abuse is real and we should not discount it. I believe Ripple will allow us to see the causes and effects of this abuse more clearly.