[Egon]

That's why individuals should have virtual banks but, not manage them.

...and what if I want to pay my neighbor for helping me fix my fence? Or buy lemonade from the kid down the street? Am I going to have to whip out my PalmPilot and beam a "transaction" to them?

What if I go overseas and want to hire a taxi to take me across Bangledesh?

Are you going to have some sort of conversion system to actual money? Otherwise, the "virtual taxi ride" I receive instead is still going to be pretty hard on my feet.

[TheNightFly]

Virtual banks wouldn't eliminate regular public banks. You can always go to a regular bank and convert some or all of your credit into cash or deposit it into a regular bank account.

[Brett66]

what if I want to pay my neighbor for helping me fix my fence? Or buy lemonade from the kid down the street?

What if the Fed puts a "carnivore" AI in the system to track the type of transaction and feed it to the FBI,IRS,CIA, etc. ?