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    Back to the Future

    A New Money for a Changing

    World

    The Internet is changing the nature of commerce

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    A New Money for a Changing

    World

    The Internet is changing the nature of commerce

    Existing currencies have burdensome costs

    A New Money for a Changing

    World

    The Internet is changing the nature of commerce

    Existing currencies have burdensome costs

    A new currency is needed for the Internet

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    A New Money for a Changing

    World

    The Internet is changing the nature of commerce

    Existing currencies have burdensome costs

    A new currency is needed for the Internet

    The Internet needs a common currency

    Comparing the I nternet and the

    Automobile

    A message from those early, first cars

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    Comparing the I nternet and the

    Automobile

    A message from those early, first cars

    An invention so profound that it fundamentally

    changes what previously had been accepted as

    dogma

    Comparing the I nternet and the

    Automobile

    A message from those early, first cars

    An invention so profound that it fundamentally

    changes what previously had been accepted as

    dogma

    It took time for the modern automobile to emerge,

    but transportation was altered forever

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    The Impact of the I nternet

    A profound invention

    The Impact of the I nternet

    A profound invention

    fundamentally changing how we buy/sell goods and services

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    The Impact of the I nternet

    A profound invention

    fundamentally changing how we buy/sell goods and services

    A global scope

    The Impact of the I nternet

    A profound invention

    fundamentally changing how we buy/sell goods and services

    A global scope

    the barriers at national borders are diminishing

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    The Impact of the I nternet

    A profound invention

    fundamentally changing how we buy/sell goods and services

    A global scope

    the barriers at national borders are diminishing

    Internet currency today is like those first cars

    The Impact of the I nternet

    A profound invention

    fundamentally changing how we buy/sell goods and services

    A global scope

    the barriers at national borders are diminishing

    Internet currency today is like those first cars

    Who will be the buggy-whip makers of the 21st

    century?

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    Evolution of Cur rency

    Evolution of Cur rency

    Metal accepted by

    weight

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    Evolution of Cur rency

    Metal accepted by

    weight

    Coins of set weights

    Evolution of Cur rency

    Metal accepted by

    weight

    Coins of set weights

    Refinement of coins

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    Evolution of Cur rency

    Metal accepted by

    weight

    Coins of set weights

    Refinement of coins

    But still burdensome

    Evolution of Cur rency

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    Evolution of Cur rency

    Creation of the Bank of

    England in 1694

    Evolution of Cur rency

    Creation of the Bank of

    England in 1694

    Metal/coins remained in

    storage

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    Evolution of Cur rency

    Creation of the Bank of

    England in 1694

    Metal/coins remained in

    storage

    Paper circulated in

    place of metal

    From Money to Money

    Substitute

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    From Money to Money

    Substitute

    Asset Liability

    From Money to Money

    Substitute

    Asset Liability

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    L imitations of Asset Cur rency

    Difficult/cumbersome to move around

    L imitations of Asset Cur rency

    Difficult/cumbersome to move around

    This limitation is overcome by the Internet

    because:

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    L imitations of Asset Cur rency

    Difficult/cumbersome to move around

    This limitation is overcome by the Internet

    because:

    the asset remains in storage

    L imitations of Asset Cur rency

    Difficult/cumbersome to move around

    This limitation is overcome by the Internet

    because:

    the asset remains in storage

    the ownership of that asset changes to enable it to

    circulate as currency

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    L imi tations of L iabil i ty

    Currency

    Funding - keeping balance sheets in balance

    L imi tations of L iabil i ty

    Currency

    Funding - keeping balance sheets in balance

    Payments have Herstatt risk

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    L imi tations of L iabil i ty

    Currency

    Funding - keeping balance sheets in balance

    Payments have Herstatt risk

    Liabilities are someones I.O.U.

    L imi tations of L iabil i ty

    Currency

    Funding - keeping balance sheets in balance

    Payments have Herstatt risk

    Liabilities are someones I.O.U.

    Promises to pay are inferior to assets used in

    payment

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    L imi tations of L iabil i ty

    Currency

    Funding - keeping balance sheets in balance

    Payments have Herstatt risk

    Liabilities are someones I.O.U.

    Promises to pay are inferior to assets used in

    payment

    These limitations cannot be overcome by the

    Internet

    The Payment Process

    Customer A Customer B$100

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    The Payment Process

    Customer A

    Citibank

    Customer B$100

    $100

    The Payment Process

    Customer A

    Citibank

    Customer B$100

    Clearing &

    Settlement

    $100

    $100

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    The Payment Process

    Customer A

    Citibank

    Customer B

    Deutschebank

    $100

    Clearing &Settlement

    $100

    $100 $100

    The Payment Process

    Customer A

    Citibank

    Customer B

    Deutschebank

    $100

    Clearing &

    Settlement

    110$100

    $100 $100

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    The Payment Process

    Customer A

    Citibank

    Customer B

    Deutschebank

    $100

    Clearing &Settlement

    110$100

    $100 $100

    GoldMoney

    9.800gg

    The Payment Process

    Customer A

    Citibank

    Customer B

    Deutschebank

    $100

    Clearing &

    Settlement

    110$100

    $100 $100

    GoldMoney

    9.800gg 9.800gg

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    The Payment Process

    Customer A Customer B$100

    GoldMoney

    9.800gg 9.800gg

    Gold as Money

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    Gold as Money

    One Barrel of Crude Oil in US DollarsDecember 1945 through March 2002

    50 55 60 65 70 75 80 85 90 95 00 051

    2

    3

    5

    10

    20

    30

    50

    GoldMoney.com

    Log Scale

    Crude oil price rises

    Gold as Money

    One Barrel of Crude Oil in US DollarsDecember 1945 through March 2002

    50 55 60 65 70 75 80 85 90 95 00 051

    2

    3

    5

    10

    20

    30

    50

    GoldMoney.com

    Log Scale

    Crude oil price rises

    One Barrel of Crude Oil in GoldGramsDecember 1945 through March 2002

    50 55 60 65 70 75 80 85 90 95 00 050.5

    1.0

    1.5

    2.0

    2.5

    3.0

    3.5

    4.0

    GoldMoney.com

    Crude oil price static

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    Conclusions

    Conclusions

    300-year old process of clearing & settlement does

    not work well on the Internet

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    Conclusions

    300-year old process of clearing & settlement does

    not work well on the Internet

    The process itself is outdated

    Conclusions

    300-year old process of clearing & settlement does

    not work well on the Internet

    The process itself is outdated

    Asset currency circulates efficiently in ecommerce

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    Conclusions

    300-year old process of clearing & settlement does

    not work well on the Internet

    The process itself is outdated

    Asset currency circulates efficiently in ecommerce

    24/7/365, instantaneous, non-repudiable & low-cost

    Conclusions

    300-year old process of clearing & settlement does

    not work well on the Internet

    The process itself is outdated

    Asset currency circulates efficiently in ecommerce

    24/7/365, instantaneous, non-repudiable & low-cost

    The history of money presents the development ofmore efficient currency

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    Conclusions 300-year old process of clearing & settlement does

    not work well on the Internet The process itself is outdated

    Asset currency circulates efficiently in ecommerce 24/7/365, instantaneous, non-repudiable & low-cost

    The history of money presents the development ofmore efficient currency

    Therefore, asset currency will emerge as thepreferred currency in cross-border ecommerce