Source: Augur Blog

Augur Blog Payments, Not Promises

As the world stumbles through what might yet evolve into yet another crisis of no-confidence in the global financial system, it might soon prove helpful to remember a couple lessons from the last few.Over the past eight years since the eruption of the 2007-2008 global financial crisis, and over the last 14 years since the tech bubble implosion and over the last 18 years since the Asian financial crisis, we've learned, re-learned and re-re-learned that a lot of what we thought about the financial markets just wasn't true. We learned that, when push comes to shove, and we check to see who has our back in the financial arena, there might not be anyone there.We've learned that some banks and financial markets might not be secure. Never mind the soothing words from policymakers or the crisp images on glossy prospectuses and annual reports of stoic Greek columns and well-put-together, friendly-looking, clear-eyed financial advisers with dapper threads, chiseled jaws and rimless spectacles. We've all learned that, at any given time, much of Wall Street (or London's Square Mile or Shanghai's Pudong district or Hong Kong's, well, entirety) might not be a paragon of probity, integrity or adherence to rock-solid rules. Even the value of the very currency we use to buy things and survive is built on sand and could evaporate tomorrow.More than thirty years of recurring financial crises have taught many of us that many of the assurances and guarantees in financial markets are backed by nothing more than smiles and poll-tested platitudes, Don Draper style. In fact, much of the 2007-2008 crisis was the direct result of many institutions not having the funds to back their promises and their bets.We've learned (or re-learned) that financial markets are managed by humans who, like the rest of us, are deeply flawed, limited in their knowledge and awareness of the future (and even the present) and...Read More

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Augur is an open-source prediction market platform for the bitcoin exchange companies. Read more