That grow rate involved lots of Ponzi schemes, leveraging, in order to justify projected revenues. Capital got centralized and Banks got bigger then countries it self.
This growth recently stopped with collapsing real estate markets and implosion of system will dragged trillions of dollars in order to sustain previous economic system. System that was build on rules from beginning of 20th century.
Current economy is too slow compared to internet economy. Can current growth rate of capital follow rapid evolution of internet from 1.0, Web 2.0 and not 3.0 aka "real-time search" web?
With inflation from 2-3% per year and saving interest rate of 5%, will retirement of $100K be enough within 20 years? Money need to flow faster, middle man should be skipped.
Capital need exponential growth and where can we find place for growth capital needs?
I'll go with very bold statement and try to explain it further bellow.
Existing banking system need to be bypassed and move to virtual goods.
Why would some one by non-existing goods for real money?
As crazy this might seem for someone and on this point stops reading this post, people do it for years.
Well, you have bought video game, right? Purchased music on iTunes? If your playing online game, have you will payed for better weapon ? On 3D chatting site imvu, people buy virtual clothes, virtual ferraries.
Still its not billion dollar business, but will be.
This kind of growth can sustain capitalism and its foundation. Big players are in the game, Facebook and Google. Facebook has incorporated micro-transactions around virtual goods, primarily gifts for now. tumblr is an interesting case in point. they have launched a feature called tumbularity. it’s effectively your blogging score. if tumblr incorporates more game like elements into the service, then its possible that a user pay model could emerge.
Online payment systems like Paypal or BillMeLater are natural steps towards that goal.
But those payments systems are not game-changing, since a lot of people are not willing to put their credit card numbers out on net. Existing payment systems were not born on the web but we where forced on us by Banks. And Banks will not bring anything game-changing.
Internet economy act totally different with growth greater then 4-5%. Facebook and Tweeter have growths of 75%-100% yearly. This fast new economy deserves its own currency which is pegged to its growth. This new currency will be immune to real money problems, like inflation. There is problem of conversion of web currency to real money. If it could stand for itself as valid currency outside internet, you could use it on your credit cards and buy real goods in malls, grocery store or pay for your gym.