Re: decentralized wallets and payment processors

On 1 May 2015 at 18:42, David Nicol <davidnicol@gmail.com> wrote:

> Conversely, is a digital wallet (or does a digital wallet imply) a bank
> account?
>

Banks tend to perform a number of mandatory services, of which a wallet
function is just one.  For example, withdrawal counters, direct debit,
standing orders, phone banking, reversing fraudulent payments, investments,
and many more.  The downside is that customers pay for these services in
the form of interest (either lower interest for savers, or higher interest
for borrowers), occasional defaults and bail outs.

So I would say, a wallet is a small tool in banking services, it's not the
same as a bank account, imho.  But using the web as an existing
infrastructure can hopefully spur new innovation, and make existing systems
more efficient

>
>
> The matter will only be resolved by consensus on definition of terms,
> after a discussion in which the overlap is recognized and explored,
> and there is at least one clarifying
>
> https://en.wikipedia.org/wiki/Venn_diagram
>

Yes, exactly.  Every term will have overlaps with others, and they could be
debated for a long time.  Our primary goal is to get the definitions good
enough, and quickly enough, so that software systems can be built.

Although interesting, and it's great to hear from legal experts, this is
not primarily a legal forum.


>
> is produced.
>
>
>
> >> Is a bank account a type of digital wallet?
> >
> >
> > A bank account is not a digital wallet
>
> --
> Case law is made by litigants questioning Judges' decisions.
>