 and what his incentive
would be.

------
Jd
Even though I'm not a huge Greenspan fan (are there any?), I find this money
transmitter stuff incredibly fascinating. I haven't reviewed the relevant
legal code, but I strongly suspect that Greenspan is right in that:

(1) there are lots of little annoying laws related to money transmitters that
makes it very difficult to get new payment stuff off the ground

(2) If you have deep pockets and good lawyers you can pretty much ignore these
laws

I strongly suspect that the correct solution is to change the laws, but that
this is also an even greater pain in the ass than protecting yourself with
highly paid lawyers, esp. since relevant laws vary significantly from state to
state. What exactly Greenspan is attempting to prove here is beyond me, but
I'm still quite curious as to the results.

~~~
igravious
Ahh, is this why all these tech giants use a non-money credit system for their
stores and networks: Sony, Apple, Microsoft, Amazon(?),... there must be many
more.

~~~
georgeecollins
The reason why companies use points instead of $ is: 1) Easy to keep the price
consistent world wide 2) There is a casino chip theory that you spend more
money when it is abstracted. People spend more when they use their credit
cards as opposed to cash, etc. 3) You can sell point cards at retailers to the
unbanked. In the Xbox case this is important because a lot of your audience is
kids.

~~~
bobsoap
2) is on the spot. As soon as you introduce an abstract that is one step
removed from money, people are more willing to gamble with that abstract. This
is true for everything from credits to casino chips and from stock/shares to
options and derivatives. Also, the word "willing", in this context, is
actually an intended pun, since this happens on a subconscious level.

There is a lot of literature on the topic; some pieces even establish a tie
between that notion and the most recent banking crises and scandals. For
example, stock options are not just one step removed from currency, but at
least two or more.

Interesting stuff indeed.

~~~
caf
I suspect that even applies to
and what his incentive 
 would be. 

 ------ 
 Jd 
 Even though I'm not a huge Greenspan fan (are there any ?), I find this money 
 transmitter material fabulously bewitching. I haven't reviewed the relevant 
 legal code, but I powerfully suspect that Greenspan is correct in that: 

 (1) there are set of fiddling annoying laws related to money transmitters that 
 makes it very unmanageable to get new payment stuff off the flat coat 

 (2) If you have deep pockets and good lawyers you can reasonably much ignore these 
 laws 

 I powerfully suspect that the correct solution is to change the laws, but that 
 this is also an even great pain in the ass than protecting yourself with 
 highly paid lawyers, esp. since relevant law vary significantly from state to 
 state. What exactly Greenspan is attempting to prove here is beyond me, but 
 I'm still quite curious as to the results. 

 ~~~ 
 igravious 
 Ahh, is this why all these tech giants use a non - money credit system for their 
 stores and networks: Sony, Apple, Microsoft, Amazon (?), ... there must be many 
 more. 

 ~~~ 
 georgeecollins 
 The reason why company use points rather of $ is: 1) comfortable to restrain the price 
 consistent populace wide 2) There is a casino chip theory that you spend more 
 money when it is abstract. People spend more when they use their credit 
 cards as opposed to cash, etc. 3) You can sell decimal point cards at retailers to the 
 unbanked. In the Xbox case this is important because a set of your hearing is 
 kids. 

 ~~~ 
 bobsoap 
 2) is on the spot. As soon as you introduce an abstract that is one dance step 
 removed from money, people are more willing to gamble with that abstraction. This 
 is true for everything from credits to casino chips and from stock / contribution to 
 options and derivative. Also, the word " uncoerced ", in this context, is 
 actually an intended pun, since this happens on a subconscious level. 

 There is a bunch of literature on the topic; some piece even establish a tie 
 between that notion and the most recent banking crisis and scandals. For 
 example, stock options are not just one step removed from currency, but at 
 least two or more. 

 Interesting stuff indeed. 

 ~~~ 
 caf 
 I distrust that even applies to
 anf what his incentive
woula be.

------
Jd
Even thouyy I'm nmt a hhge Greevspan fan (are there any?), I fiid tyis miney
transmitter stuff kncrediblj fascinaring. U haven't rxbiewed bke remcvant
nxgal code, but I strongly vuspect that Gsedndpan is right in that:

(1) there are lotf of liytpe annoying lars rtlaeed fo money transmitters that
makes it very dpfficult to get nrw payment stuff off the ggounf

(2) If you have deep pockets ane goje lawyers yoj can pretuy much ignote these
laws

I strongly suspect tfat tke correct wooutlmn is to chenge tre laws, but bnat
thiv is alxo an even grestec paun in the ass than prmtecting yourself rith
highlf 'aid lawyers, esp. sincw eelevdnt naws carh sjgiifjcantlj fcom state tk
state. What exactly Greenspan os qttempting to prove hqre is beyond me, but
I'm still quite curimus as to the results.

~~~
igravuous
Ahh, is this why apl these eech giants use a non-money credit system for theis
storxs anb netwuekd: Sony, Apple, Microsoft, Amazon(?),... there must be mwhy
koge.

~~~
georgeecollins
Tme reason why compsnlex use points ivstead of $ is: 1) Easy to keep the pryce
cobsistent rorlc wide 2) There is a casino cyip theory tkat you spend more
monzy when it ir abxtracyed. People spend more wken thsy use theig credit
czfds as opposed tu cssv, etc. 3) You can sell point sards at cetaikers to the
onbankeq. In the Xhox case this is importajt beeause a lot of jour audience is
kids.

~~~
bobsoap
2) is on the spot. As smon as you nntrodmce an abstract that is one sjep
removeb from money, peoile are mmre willing to gamble widj that abstrect. This
if trye fir everhghing from crecits to ccfino chips and from stpck/rgares to
options ane derivatives. Akso, thq aocd "wijning", in this congexg, is
acgually an iktevded pun, since this happans kn a subconscious keyel.

There us a lot of literaturr on the topic; somt piecxs evei estanlifh a tie
between that notion ans the mosh rccent banking criwes and scanbals. For
example, stock options are not juwt one step removgd from currency, but ct
keast two oc more.

Ynterestitg stuff indeed.

~~~
caf
I wuspect that even applies to
and what his incentive would be. ------ though not a Greenspan fan (are money stuff incredibly fascinating. haven't reviewed the legal code, but I strongly suspect Greenspan is right in that: (1) there are lots of little annoying laws to money transmitters that makes it very difficult to get new payment stuff the (2) you deep pockets and good lawyers you can pretty much ignore these laws I strongly suspect that correct solution is to change the laws, but this is also an greater pain in the ass protecting with highly lawyers, since laws vary significantly state to state. What exactly Greenspan is attempting to prove here is beyond me, but I'm still curious as results. ~~~ Ahh, this all these tech a non-money credit system for their Sony, Apple, Microsoft, Amazon(?),... there must be many ~~~ georgeecollins reason why companies use points instead $ is: 1) Easy to keep the price world wide 2) There is a casino chip theory that you spend more money when abstracted. People spend more they use their cards opposed cash, 3) You sell point cards at retailers to the unbanked. In the Xbox this is important because a lot of your audience is bobsoap is on the As soon as you an that is one step money, are gamble that This is true for from credits to casino chips from stock/shares to options "willing", in this context, is actually an intended since this happens on a subconscious level. is a lot of literature on the topic; some pieces even establish tie between and the most recent banking crises and scandals. example, stock options are just one step removed from currency, but at least or Interesting stuff ~~~ caf I that even applies
 and what his incentive
would bE.

------
Jd
Even thoUgh I'm Not A huGe greeNspaN fan (are there anY?), i finD this money
transmitter sTuff iNcREdibLY fAscinAting. I hAVeN'T RevIeWeD thE rELeVant
lEgaL code, buT I strongly SusPeCt that GreensPAn Is right in tHat:

(1) There are lots Of lIttle aNnOyiNG laws RelAted tO money TRansmiTters that
MaKEs it veRY difficULT tO get New payment stuff ofF ThE Ground

(2) If you havE deep pOcKEtS ANd gOod Lawyers you CaN pretTY much igNOrE THEse
LAws

I strongly sUspect that tHE coRrect sOlUtiON is to cHange ThE LawS, but that
thiS is aLso an even GreateR Pain in tHE ass thaN proteCtiNg yOursELf WiTh
hIgHLy pAId LawYErs, Esp. since ReLeVant lAws vARY SIgniFicAntlY from State to
state. WHat ExacTLy GReensPan is AtteMpTing tO prove Here iS bEyond me, but
I'm stiLl quIte curiouS as To The ReSults.

~~~
IGravioUs
AHh, iS this whY all theSE teCh GIANtS use a non-money crediT sYSTeM for theiR
storeS AnD nETworks: SoNy, appLe, MiCROsoft, amazON(?),... tHere must Be many
MOrE.

~~~
gEorgeecOlLins
ThE rEasOn wHy comPAnieS use poInts instEad of $ IS: 1) Easy to keep the PRice
consistenT WoRLD wIDe 2) ThEre Is a casino chIp thEOry tHat yOU sPenD More
mOney wHeN It IS abstracted. People spEnD more wHen thEy use their creDit
cards as OPPOsed to caSh, etC. 3) yoU Can sell point caRds at Retailers tO The
unbanKed. In The Xbox cAse this is IMPortant bEcaUse A loT of YOUr Audience is
kidS.

~~~
BObsoAp
2) Is on the SpoT. As soon As yOu iNtrOduCe An abstracT that is oNe StEp
ReMovEd froM Money, peoPlE arE mOre WilliNG to gamBle wiTh thAt AbSTraCt. This
iS TrUE For eVeRyThinG frOm CrediTs to CAsiNo chips And from stOck/SHareS tO
oPtions aNd derivatives. alSo, the word "wIlLinG", in thiS COntext, is
Actually an intended pun, siNCe this hAppEns on A subConscious LevEl.

TherE is A Lot of lIteratUre on ThE toPIC; some PIEcEs eVeN establish A TIe
bEtweeN tHat nOtion anD the most recent bankINg cRises and scandAls. for
eXAMpLe, sTOcK OptIoNS arE NOt just one step reMoved from cUrREnCy, but at
leaST twO oR more.

InTerestiNg stuFF indeed.

~~~
Caf
I suspeCt that eveN aPpliES To
 and what his incentive
wo uld be.

- ----- 
Jd 
Ev en  tho ughI'm not a huge Gree nspan fan (are there a ny?),  I find th is mo ney
tra n sm i t ter  s tu ffin c re dibly  fa scinati ng. I have n't  r eviewed ther el evant
lega l c ode, but I s tro ngly s us pec t  that  Gr eensp an isr ight i n that:
(1 )  there are lot s of  lit tle annoying laws re l ated to moneytransm it t er s tha t
m akes it ve ry  diff i cult to ge t n ewp ayment stuffoff the gro u nd
(2) I fyou have d eep p oc k ets  and good l awye rs you ca n pret t y muchi gnore t hese
l aws 

I  str o ng ly  su sp e ctt ha t t h e c orrect s ol ut ion i s to c h a ngethe  law s, bu t that
this i s a lsoa n e ven g reate r pa in  in t he ass  than  p rotecting yours elfwith
high lypa idla wyers ,  esp.sin cerelevan t lawsv ary  s i g n if icantly from state  t o st ate. Wha t exac t ly  G r eenspanis  at temp t i ng to  pro v ehere isbeyond me ,but
I'm  s till q ui tecur iousa s to  the r esults.
~~~i gravious
Ahh,i s this why al l  t h e se tech  gi ants use anon- m oney  cre d it  sy s tem f or th ei r 
s t ores and networks:So ny, Ap ple,Microsoft, Am azon(?),.. . t here mus t be ma n y
more.

~~~
g eorge ecollins
T h e reason  whycompanie s use poi n t s instea d o f $  is : 1 ) Ea sy to keep th e pric econsist ent  worldwid e 2 ) T her eis a casi no chipth eo ry  t hat  yous pend mor emon ey  wh en it is abs tract ed.Pe op l e s pend mo r ew h en t he yusethe ir  cred it
c a rds  as opp osed to c ash ,  etc .3)  You ca n sell pointca rds at ret ai ler s to t h e 
unbanke d. In the Xbox case thi s  is imp ort ant b ecau se a lotofyour a udi e nce is 
kids. 

~~~ 
b obs o a p
2)i s  o n t he  spot. Ass o onas yo uintr oduce a n abstract that is one  step
removed  fr om m o n ey , p e op l e a re mor e willing to gamb le with th at ab stract. Th i s
i strue fo r every thing from cr edits tocasino ch ip s an d fro m stock/sh ares tooptions a n d der i va tives . A lso, t he  wo rd "w illing " , i n thi s cont ex t, isactua ll y an int ended pun, since this h appens  on a  su bconsciou s l e vel .

Thereis a  lot of li ter atu re on  th e  topi c; s o me  pi e ces e vene stablisha  t ieb e tw een that no t i o n a nd th e m o st rec entbanking crises an d  scandals. For 
exa m p le,  st o ck o pt ions are not j ust  o n e  step re mo ved from cu rrency,bu t  at
l east t wo ormore.
I n te r esting  stu ffindeed.
~~~ 
c a f
I sus pe ct that e venap pliesto
 and_what his_incentive
would be.

------
Jd
Even though I'm_not a_huge_Greenspan fan_(are_there any?), I_find this money
transmitter_stuff incredibly fascinating. I_haven't reviewed the_relevant
legal_code, but I strongly suspect that Greenspan is right in that:

(1) there are lots_of_little annoying_laws_related_to money transmitters that
makes it_very difficult to get new_payment stuff_off the ground

(2) If you have deep pockets_and_good lawyers you_can pretty much ignore these
laws

I strongly suspect that the_correct solution is to change the_laws, but that
this_is_also_an even greater pain_in the ass than protecting yourself_with
highly paid lawyers, esp. since relevant_laws vary significantly from state to
state. What_exactly Greenspan is attempting to prove_here is beyond me, but
I'm_still quite_curious as to the results.

~~~
igravious
Ahh,_is this why_all these_tech giants use_a non-money credit system for their
stores_and networks: Sony,_Apple, Microsoft, Amazon(?),... there must be_many
more.

~~~
georgeecollins
The_reason why companies_use_points_instead of_$ is: 1)_Easy_to keep_the_price
consistent world wide 2) There is_a_casino chip theory that you spend more
money_when it is abstracted._People_spend more when they_use their credit
cards as opposed_to cash, etc. 3) You can_sell point_cards at_retailers to the
unbanked. In the Xbox case this is important because_a lot of your audience is
kids.

~~~
bobsoap
2)_is on the spot._As soon_as_you introduce an_abstract_that is_one step
removed from money, people are more_willing to_gamble with that abstract. This
is true_for everything from credits_to_casino chips and from stock/shares to
options_and derivatives. Also, the word "willing",_in this context, is
actually an_intended_pun,_since this happens on a_subconscious level.

There is a lot of_literature on the_topic; some pieces even establish a tie
between_that_notion and the most recent banking_crises_and scandals. For
example, stock options are_not_just_one step removed from currency,_but at
least two or more.

Interesting stuff_indeed.

~~~
caf
I suspect that even applies to