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Transition Transaction Banking


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A presentation on P2P banking and Transition banks for a Transition Town meeting in Stoke Newington, Feb 9th 2013 Recommends a) joining Reconomy b) adopting a LETS project such as Brixton Pound c) Set up a Transition Banking Foundation d) investigate setting up a Transition Council

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Transition Transaction Banking

  1. 1. Transition Transactions @fredgarnettTransition Town Stoke Newington 9th Feb 2013
  2. 2. Transition Transactions Introduction 1. What is P2P money & banking?2. What is Reconomy & Transition Banking?3. How might this work in Stoke Newington? Question & Answers
  3. 3. Transition TransactionsIntroduction;“Money is the most-environmentally damagingtechnology” (see NeXT 2021)The next generation of money needs to be;“ecologically balanced”Discussion with Oliver Ashton & the Goose Club– a working class salon December 8th 2010Can we create ecologically-balanced money w/ P2Ptechnologies?
  4. 4. Transition Transactions1. What is P2P money & banking?a) P2P is Peer2Peer; a network architectureb) P2P is not a hierarchy it is how the Net is builtc) P2P can also be person-to-persond) Social networks are just large-scale P2Pe) P2P banking is person-to-person bankingf) But can also be group to groupg) Or network to network; it is an architectureh) Architectures have protocols, or rules.
  5. 5. Transition Transactions1. What is P2P money & banking (2)i) Some people say we have network learningj) Some people say network society is nextk) Network learning, society, banking needs rulesNetwork Money is what you define it as;*Gold coin,promissory note, digital transactionQ. In 1992 “What is the Internet?”A. “It‟s where your money is” John Perry BarlowMoney is a metaphor for real world transactions
  6. 6. Transition Transactions2. What is Reconomy & Transition Banking?REconomy Project; & Shane Hughes“help build the capacity of Transition Initiatives &other community orgs to grow a new kind oflocal economy”LETS; Local Exchange & Transfer SchemeLocal Pounds – Brixton, Stroud, LewesProblem with LETS is in the L word – LocalLocal is good for shops but limits currency use
  7. 7. Transition Transactions2. What is Reconomy & Transition Banking? ah
  8. 8. Transition Transactions3 How might this work in Stoke Newington?a) Adopt an existing LETS scheme, Brixton Pound
  9. 9. Transition Transactions3 How might this work in Stoke Newington?b) Support the PeerPayMe project & start withLocal shopsAsk Transition Network to support PeerPayMePeerPayMe is a digital wallet solution to;digital identityA wallet, a bank, a passport“We all need a bank but we don’t need banks”
  10. 10. Transition Transactionsb) What is PeerPayMe?“You are your own bank”Mobile-based banking (legal April 1st 2012Uses NFC technology for transfers100% mobile phones NFC-based 2015Digital Credit Union, everyone banksFor themselves, (mob as wallet)For their work (laptop as iBank)For their community (mobile as passport)
  11. 11. Transition Transactionsb2) Is PeerPayMe a Transition Bank?1. Credit-Union StructurePeerPayMe is a digital P2P tool & it‟s operating principles arethose of a P2P Credit Union; can be defined more precisely.2. Transition PrinciplesThese would be designed into the P2P operating procedures,using lessons learnt from existing Transition projects, e.g. LETS3. Regular Bank ServicesBecause of changes in the law PeerPayMe can integrate directlyinto regular banking services through a CHAPS banking partner.4. New Financial and Exchange ToolsBeing a digital service then any financial and exchange tools canbe programmed in as new functionality, or layers, as users require
  12. 12. Transition Transactions3 How might this work in Stoke Newington?c) Join the Reconomy project and go for a mixedBanking solution starting with LETS
  13. 13. Transition TransactionsWe also need “Transformative creativity”Which results „when a group thinks of a new wayto frame a problem”Keith Sawyer (from Group Genius)We need new metaphors like;“you are your own bank”“Debt is over if you want it”“Accounting is an extractive industry”
  14. 14. Transition TransactionsRecommendations;1) Join the Reconomy project2) Adopt an existing LETS Currency3) Recommend Transition Network set up aTransition Banking Foundation4) Create a Transition Council using the Create-A-Council initiative & raise a preceptMEETING adopted these recommendationsin principle.Many thanks to organiser Raymond Lyons
  15. 15. Transition TransactionsQuestion and Answer session ah
  16. 16. Transition TransactionsResources;Transition Transaction blog postReconomy projectWhat is a Transition Bank? Shane HughesBrixton Pound resourcesDigital Identity Bank & PassportTransition Council; Create a Council toolkit@fredgarnett&NeXT2021