You: when borrowing micro-credit, the relation with the bank is designed around the relation with two trusted people one chooses one self. These two witnesses declare to have trust in the plan the borrower sets out to accomplish. While executing this plan the two witnesses stay in touch, motivate and monitor how the execution of the plan evolves.
Time: a loan is given for a certain agreed amount of time after which it has to be paid back.
Place: loans are only granted locally, the borrower and the two witnesses as well as the bank all share time and place. They share culture, language and social economic context.
Action: borrowing money and starting to earn money.
Would it be possible for example to create a Grameen Bank by using MSN or any of the business community networks? In game environments virtual objects have gained money value for which they are exchanged. Online markets like E-Bay and online shops are flourishing and make turnovers of billions of dollars. Would it also be possible to invent a credit system that only operates online? How would the organization of trust and liability be arranged? Taking a bank's perspective makes the question even harder. Only when the return on investment is to be expected it will loan money. The Grameen Bank organizes this trust, and therefore its return on investment, locally. It are people who share time and place and who know each other that are allowed to borrow. Banks operate all on a global scale; money has become virtual up to the point that it circles the earth many times before it hits the ground. One would imagine that a virtual borrowing system would be in place by now, but this did not happen so far. When trust functions as hard currency between rich people, money orders can be faxed, phoned and emailed about. Networks of trust and delegation of trust are accessible for people when being rich and having a trusted identity. When trust becomes hard currency that is loaned to poor people, who are to be distrusted money wise, witnessed natural presence is a condition 'sine qua non'.