• Save
Money & Bitcoin & the Cloud: It's all just data streams, anyway!
 

Money & Bitcoin & the Cloud: It's all just data streams, anyway!

on

  • 4,817 views

Michael Schonfeld, developer evangelist at Dwolla. Money and the Cloud: It's all just data streams, anyway. Moving money should be just as easy as moving bytes. So why do we keep struggling with 40 ...

Michael Schonfeld, developer evangelist at Dwolla. Money and the Cloud: It's all just data streams, anyway. Moving money should be just as easy as moving bytes. So why do we keep struggling with 40 year old COBOL-written financial systems? Could this be why Bitcoins have picked up all this momentum? Come take an inside look at how Dwolla is changing a long-stagnated banking industry that is governed by ancient misguided notions of profit.

Statistics

Views

Total Views
4,817
Views on SlideShare
636
Embed Views
4,181

Actions

Likes
1
Downloads
0
Comments
0

12 Embeds 4,181

http://www.benmilne.com 3283
http://www.cloud-elements.com 736
http://www.style3.com 94
http://cloud-elements.com 30
http://feedly.com 16
http://www.feedspot.com 6
http://newsblur.com 6
http://reader.aol.com 3
http://www.newsblur.com 3
https://www.google.com 2
http://benmilne.com.netzcheck.com 1
http://digg.com 1
More...

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Money & Bitcoin & the Cloud: It's all just data streams, anyway! Money & Bitcoin & the Cloud: It's all just data streams, anyway! Presentation Transcript

  • JUN18Money as a Data StreamMichael Schonfeld / DwollaAt All Things Cloud 2013DWOLLA
  • HOLLERMEH.BEST WAY TOREACH MEOK WAY TOREACH ME@BaconSeasonmichael@dwolla.comdev.dwolla.com
  • Are they Broken?PAYMENTS
  • Text To...(208) 944-4555
  • “...Fundamentally,it makes no sense that money losesits value when it exchanges hands.”
  • How much does it costto produce a $1 bill?
  • How much does it costto produce a $1 bill?9.6¢
  • WASTEPHYSICAL, PRINTEDMoney $Where does it come from?MATERIALSLABORSHIPPING
  • DIGITALMoney01010011Where does it come from?SERVER / DB
  • How much does it costto produce a virtualdollar?
  • How much does it costto produce a virtualdollar?Linden: 0¢Ven: 0¢....BTC: 0.02¢ (depending of difficulty level)
  • SMS1. From2.To3. BodyData Packets
  • SMS Money1. From2.To3. Body1. From2.To3.AmountData Packets
  • The transfer of MoneyThe transfer of DataBottom Line:
  • $10.00 $9.40 $8.80 $0.00Erosion of Money(using credit cards)
  • Why?INTERCHANGE
  • 4Still Hard to ImplementMassive Infrastructure + BureaucracyMain Reasons312 Legacy Support; Started in the 30’sFraud, Fraud, FraudINTERCHANGE
  • Sheer incompetencyMany Middlemen16 DigitsFraudMore Features.Sigh.
  • DevelopersRevoke AccessAggregated HistoryBad Implementation
  • Bottom LineINTERCHANGE 2.9% + 30¢
  • Maybe Okay?Not Okay.Milk: $2.50 = ~ $0.40Car: $20,000 = ~ $5802.9% + 30¢
  • Enter
  • WHERE?Most of our employees work out of Des Moines, IA.We alsohave people in MO, NY, and KS.IN A NUTSHELL312WHAT?A payment network w/o interchange. Anything under $10 isfree.Anything over $10 costs $0.25 to transfer.WHY?Because interchange fees suck. Money should not lose valuewhen it exchanges hands.
  • Your bankDWOLLAReceiver’s bankA cash based payment network. No credit cards - only Bank to Bank transactions.
  • Driven by DevsRESTful APIMobileCool Stuff
  • OAuth ApproachNo 16-DigitsSECURITY
  • OAuth
  • $10.00 $9.40 $8.80 $0.00Erosion of Money(using credit cards)
  • $10.00 $10.00 $10.00 $10.00Erosion of Money(using Dwolla)
  • Behind the Scenes
  • 4Built in the 60’s; Still used today... Ring a bell?Moved $32 Trillion in 2012312 Slow 3 Biz-day TurnaroundInsecure ProtocolAutomatedClearingHouse
  • FASTA.C.H.CHECKSAFEMOBILEThe Other SideFiSyncCASH
  • FASTERMoney moves instantly between any 2 financial institutes.FiSync312SAFERThe FI must first verify identifying information of the sendingaccount.ECONOMICALSame price as ACH.
  • Let’s Code.
  • THANKS michael@dwolla.com@BaconSeasondev.dwolla.com
  • &AQ