The early employees will get millions of dollars. This is 1)an unreasonably large amount of money for anybody to make or 2)nothing compared to the billions that the founders and venture investors will make.
Finnovation SF is a conference Sila is organizing on Oct 14 in SF. We are delivering on our promise of "From Founders to Founders" with an amazing group of speakers :
- Adam Erlebacher | CEO, Fabric
- Nadim Homsany | President, EarnUp
- Laura Spiekerman | CRO, Alloy
- Alan Lewis | CIO, DiversyFund
- Matt Harris | CEO, Bloom Credit
- Brian Hamilton | COO, SafeCorp
- Tory Reiss | Cofounder, TrustToken
- Cameron Morris | CTO, Fabrica
- Emily Cangie | Business Development, Create33
- Antoinette O’Gorman | CCO, PolySign
- Matthew Van Buskirk | CEO, Hummingbird Financial
The Federal Reserve isn't a single entity. Its composed of 12 different member Federal Reserve Banks. And The banks that are part of the Federal Reserve system own stock in the member Feds and have significant representation on it. Also blockchains are great if you care about transparency, immutability, and accessibility.
True. But its not programmable, in the way that Ethereum is for example. And that would be a nice feature to have in a payments system. PoW would never make sense for the Fed anyway - more likely PoS with some combination of Member Feds and participating FIs doing the staking and validating would make more sense.
It could very easily do that. Try writing a check for a million dollars - the bank won't pay it, and the same if you try using your debit card for very large amounts. Visa/Mastercard/others request authorization from the banks before they authorize payment. The banks choose not to link the authorization directly to the customers balance, thus allowing them to spend more money than they have while paying the bank a $34 fee for $4 coffee.
Banks can make money in other ways - in many parts of Europe banks don't charge overdraft fees - they just charge you a monthly fee to cover the cost of providing service. Other banks (e.g., ING Direct, Uno-e) in those same countries provide accounts without fees, and without access to a branch network. You can choose what service level you want without being screwed over by the bank.
