nothing is sacred for the internet : now the stockmarket can be democratized
"Overstock.com is building software, based on the bitcoin digital currency, that could allow the big-name etailer to issue corporate stock over the internet, sidestepping traditional stock exchanges such as the NASDAQ and the New York Stock Exchange.
The Salt Lake City-based company recently hired two of the developers behind CounterParty—an online project that helps individuals and businesses build all sorts of financial services atop the worldwide network of machines that drive bitcoin—and according to Overstock founder and CEO Patrick Byrne, these coders will help build “cryptosecurity” software that any company could potentially use to issue financial securities over the net. Mirroring bitcoin—known as a “crytocurrency”—these securities would be controlled by cryptographic algorithms running across computers spread across the globe, not by a central stock exchange.
Code-named “Medici,” the project aims to democratize Wall Street in much the same way bitcoin seeks to democratize currency and payments. By operating separate from traditional stock exchanges and the big corporate banks, it could eliminate certain loopholes in the system and reduce the costs associated with issuing and juggling stock.
let's hope it is more secure than bitcoin because the idea of bitcoin may be interesting, the security of its code and operations is so bad I wouldn't put there my money in
secondly bying stock anonymously wouild be a very bad idea because it would give any group (including the mob) the possibility to take over companies or have some control in and now in my mind there are already other instances in which this could pose enormous problems (competition, esptionage, tax-evasion,.....)
at the other side, giving the stockmarket the possibility to sell stock more efficiently without all those expensive brokers running around and mixing crowd-funding, coopératives and stocks into a Platform that would be available worldwide could also be used to launch new products or support worthwhile firms with our money (if we buy with 1 million people pennystock to buy land in the Amazon for a reservation that could never sell or abuse the land it has than this is more interesting than paying hundreds of associations to do the same thing without that money to effectively buy the land).