utahGOLD - open source exchange

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Open Source Exchange

It is my hope that the Utah Monetary Summit will lead to a broader discussion of free market based financial reform.

Patrick Byrne (founder of O.co) created an informative blog called Deep Capture. Deep Capture argues that the centralized exchanges at the heart of our economy (NYSE, NASDAQ, etc.) have been captured by miscreants who do not have our best interests in heart.

Mr. Byrne points out the exchanges use an obscure system of clearing houses to process stock transactions. These closed clearinghouses delay transactions in a manner that allow insiders to execute coordinated attacks against stocks.

After reading Deep Capture, I realized that an interesting approach to reform would be to create a new exchange system based on open source technology. The new exchange system would execute stock transactions in real time.

The Open Source Community is massive and influential. Were the Utah Monetary Summit to issue a statement criticizing the closed clearinghouses used on Wall Street and announced the start of an Open Source project to create an alternative, the Utah Monetary Summit would gain immediate international support by a massive community of programmers and thinkers.

If the Open Source Exchange was developed specifically to trade shares in the Nature's Vault program, one would create a compelling system that would draw thousands of young idealistic minds into the freedom movement.

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