A Case For Unions And Bitcoin
How unions and Bitcoin both serve to protect the interests of working people through dissemination of governance. I am part of a subset of Local Union (ATU1555) based out of Oakland, California, proposing that our union allocate a percentage of our treasury and monthly union dues to bitcoin.I wish I could take credit for the original ATU1555BITCOIN idea, but I cannot. After our tenth or probably more like twentieth bitcoin breakroom discussion, the former president of our local asked if I had ever considered how bitcoin could be applied to the union.The answer to that question was “No, I....
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Ahead of the Senate Banking Committee’s anticipated markup of the CLARITY Act on Thursday, the bill is facing a fresh wave of opposition—this time from major labor unions. In a letter that warned senators the measure could put retirement security at risk, multiple unions argued the legislation would introduce new instability into retirement plans for […]
Credit unions may one day find some of their core functions replicated by bitcoin, a new report suggests. According to Mercator Advisory Group, a global consultancy for the payments industry, such an evolution would only occur should bitcoin's market volatility lessen and security mechanisms develop further. The report, entitled Understanding Bitcoin's Implications for Credit Unions, largely serves as a vehicle for understanding the fundamentals of bitcoin and its distributed ledger, the blockchain. Not until the last page does the report turn to the implications of the technology on....
Banks are expensive and inaccessible for many, especially for the poor. “Not only is banking not for everyone, accounts are inaccessible to about half of the world. People are too poor, live too far from a bank, or don’t have the required documentation,” according to CNN. As a result, billions of people in the world are unbanked or underbanked. As a....
August saw the first meeting of US credit unions looking to pioneer so-called distributed ledger technology (DLT) in CULedger, a “dedicated” version of the banks’ R3 Consortium. CULedger ‘Does What R3 Is Doing for Banks’. CULedger, which seeks to mimic R3 in order to allow organizations to benefit from blockchain technology, is currently fundraising....
A less-discussed type of financial entity, the credit union service organization (CUSO), has emerged as an unlikely – but significant – player in the industry’s CU Ledger blockchain initiative. In fact, to say that the involvement of CUSOs in broader credit union collaborations on blockchain has been a surprise wouldn’t shock may long-time industry observers. Part of the trend is is simply pure business. With the number of credit unions in the US declining by about 250 institutions per year, this means CUSOs are competing for a ever-smaller piece of the pie. But the advent of distributed....