Free And Anonymous Banking

June 5th, 2011   Submitted by Seth King

I’ve been scouring the internet for the last year and a half looking for a truly free banking system without any success. All of them either play ball with the feds in one way or another, or their entire economic model is flawed and doomed to fail as soon as the liberty community recognizes it for the waste of time that it is.

But I think I may have just found what I’ve been looking for. It is still in its infancy so I cannot vouch for the specific business in question. But if I understand him right then I believe he is marketing a free, decentralized, and anonymous banking system that allows the trading of real assets. This is something to be very excited about, for it is this alone that will end the fed.

Alex Wied is the brains behind He explains in explicit detail the theory behind, as well as the machinations of, Porcloom. He is clearly a genius, but only time will tell if he is a good businessmen. Agorists attempting to compete with the major establishments have their work cut out for them. They not only need to have spent years fine-tuning their philosophy to arrive at the voluntaryist conclusion, but they must also be tech savvy enough to build a highly sophisticated website, entrepreneurial minded, and do it all on a shoestring budget, often passing up higher paying corporate work. Whew!

This video was created for the Agora I/O conference a few months ago and I am surprised I missed it. I only discovered it a few hours ago after stumbling upon Alex’s call for help on Free Keene’s Forum. He’s trying to decide whether to pursue this course of action, or another. Will you do Alex a favor and watch this video presentation that he made? If you get as excited as I am about it please comment below and give him the encouragement he needs. I’ll make sure that he sees it. Thank you.

17 Responses to “Free And Anonymous Banking”

  1. I. M. PericlesNo Gravatar says:

    Be Careful! the global Politcal Terrorists, with the mentally retarded and psychotic Democracy Parasites cheering them on, will classify you as a terrorist and kill you. Public school and television programming has created a world full of envy-ridden violent psychopaths (Think Idiocracy) that want to destroy free humans acting freely.

  2. ChuckNo Gravatar says:

    Wow! Who has an hour? A couple of minutes would be good, and those continuing to be interested could then go to the hour-long one, please?

    • Seth KingNo Gravatar says:

      You’re right. If you make it through the first ten minutes you’ve at least seen enough for him to explain what it is. After that it is just technical details for nerds like me. =)

    • Hiya,

      FYI OT is my project. It’s functional (the server and client API) albeit at an alpha stage.

      If you are waiting for me to write a real client, however, then you will be waiting a loooooonnnng time. I paid out of my own pocket to have the test client written (Moneychanger) and I have enough work to do in real life and on the OT server and library, that I doubt I will be taking on any other major projects myself (such as a nice client.)

      Bottom line? People will need to volunteer/contribute on OT (or similar projects) if they really care about their freedom. Otherwise, they need only look in the mirror when they wonder why the software isn’t ready yet.

  3. boniekNo Gravatar says:

    Interesting. In fact much more interesting that bitcoins. Thanks for sharing!

  4. Anonymous EconomistNo Gravatar says:

    Do people realize that the fastest way to prosperity for any nation is to deregulate the banks in terms of allowing maximal privacy on accounts? The poorest nation can become wealthy overnight as a haven for private banking. Overnight, complete 180 degree economic turnaround.

    • Seth KingNo Gravatar says:

      That’s why I am optimistic that once the agora has finally nailed a free and secure banking platform that it will quickly overpower the state banks in terms of wealth and power.

  5. PabloKohNo Gravatar says:

    What it seems they are struggling with is someone to take the initiative and actually create a new digital currency. It shouldn’t be hard for someone in the liberty community to start a home business to accept major brand silver ounces and give out digital ounces in return (for a fee). One would need very little capital to start. A laptop, a secure safe in a secure location and a honest reputation in the community. That is it. I think this would be a great part time job. They could even limit redemption and funding times to 10-2 on Saturdays or by appointment only. They could limit funding and redemption limits to make sure they kept enough silver on hand out of the safe. Easy Money.

    • Seth KingNo Gravatar says:

      I think you’re right in the fact that it would allow entrepreneurs to start their own banks. There would be all sorts of competition in that market. Those that provided the most security with the least amount of fees and the greatest rewards would likely win out. Reputation would be everything in this market, unlike the cartels we currently deal with.

  6. xNo Gravatar says:

    I’ll stick with bitcoins

  7. Ernie GurzlerNo Gravatar says:

    Seth have you seen the open transactions platform?
    If you have not then look at this web page

    This is an open source project.

    The open transaction (OT) platform is based on contracts and the developer based his system on ideas from Loom and many other components.

    A big advantage he has is that there are no centralized data storage servers.

    Take a look

    • Seth KingNo Gravatar says:

      Thanks for the link! It looks interesting, but like most things has a ways to go. Give me an update once it gets completed, will you?

  8. kunkmiesterNo Gravatar says:

    Do you know what all has come of this so far?

    • Seth KingNo Gravatar says:

      Nothing. I’m pretty sure it’s petered out. But I’ve changed my views on Bitcoin since writing this article.

      I’m very optimistic about its potential.

      • kunkmiesterNo Gravatar says:

        Do you follow John Robb’s Global Guerrillas blog at all? He was optimistic about bitcoin, but mostly as a prototype for another, better system. How bitcoins are formed is new to me, but you two might like to talk to each other.

        Hope you don’t mind a few necro comments, I’ve just found your site, and have found a couple things worth contributing to, despite the age.

  9. Lavette TuelNo Gravatar says:

    I have to say that for the last few of hours i have been hooked by the impressive articles on this blog. Keep up the great work.