[TriLUG] OT: lack of security at BofA

[Joseph Mack NA3T]

On Mon, 22 Dec 2014, Bill Farrow wrote:

> Gee, this market is crying out for a disruptive technology to step in
> to fix the problems... What would be your ideal transaction system ?

With 33% of profit from credit cards being from interest, clearly the place to 
go is monthly loans at less than 18% interest. The loan sharks already have the 
people too poor to have bank accounts, but the market for month by month loans 
is already proven for people rich enough to have credit cards. Clearly the banks 
aren't the people to implement it. They're raking in 18% already. It would have 
to be something new and disruptive.

Let's charge 17%. We'll make a killing. Since it's only a month-by-month loan, 
how about we call it "microcredit" (I'll get that Trademarked right away). Let's 
see what I can find with google.

Drat

http://en.wikipedia.org/wiki/Muhammad_Yunus

We've been beaten to it. The rest of the world has been doing it since 1983. 
This guy got a Nobel Prize for it already.

(I saw Muhammad Yunus a couple of years back when he spoke at DCC. He 
autographed my copy of his autobiography.)

Joe

-- Joseph Mack NA3T EME(B,D), FM05lw North Carolina jmack (at) austintek (dot) 
com - azimuthal equidistant map generator at http://www.wm7d.net/azproj.shtml 
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