The digital wallet industry has this…

Tim Bouma — Mon, 18 Nov 2024 12:30:37 GMT

The digital wallet industry has this idea that you want to store everything in their wallet (I say ‘their’ because it’s really a government-approved app).

Nothing can be further from the truth.

A wallet evolved to carry coins (payment) that could easily hidden or defended on the person. You could lose everything else, your horse, your provisions, but if you kept your means of payment, you could easily get set up again at the local commandry.

If you also lost your wallet, you’d likely have hidden away an issued letter of credit, that once verified by the commandery preceptor, funds were withdrawn from your credit, you’d be restored, an on your way.

So all of this focus on building a wallet having all your eggs in one basket and that an authority can shut down at a moment’s notice is just the wrong way to go.

If you study the beginnings of the international banking system (before big banks and governments took over), you’ll see we are headed that way once again.

That is my vision of #nostr #safebox - bring back the old order of banking and payments.

#history #technology