A shared vision
Cameron is an Australian who moved to London during the global financial crisis. When the Bank of England commenced quantative easing (QE) in late 2009, (where the government bank creates new money to buy government-created interest-bearing loans repayable by the government), initially adding £200 billion to the local money supply, with no mention of the devaluing effect to the existing money, Cameron’s sceptisism was piqued. He knew that when a company issues new shares it causes ‘dilution’ and when new units of currency are issued it causes ‘inflation’, and that the potential for devaluation is the same. So he set about understanding the concept of money, the fundamental flaws of fiat, and key historical events - such as when the US dollar ceased being pegged to gold in 1971.
Ralph is a London-born, Irish-raised Englishman who had spent 10 years working in the financial markets and precious metals trading when in 2008 the global financial crisis came along and the financial system nearly collapsed. From that point on Ralph dedicated himself to understanding how this could have happened and how the financial system actually works. Ralph saw the monopoly of fiat money meant people could no longer rely on the government and big banks to protect their money. He has even written a book about the failing dynamics of government-issued debt-based fiat currency called "The Decentralised Renaissance" and how the reinvention of money can kickstart a new era of economic and cultural prosperity.
Challenging banking conventions
Fortunately, bitcoin commenced in 2009 and whatever people may think about it as a currency, regulators around the world were forced to accept that in a free society, non-government issued assets are legally usable as a form of currency between law-abiding willing participants. In 2011 Ralph started a company that built an online gold and silver exchange. In early 2014 Cameron co-founded what would go on to become the world’s first blockchain technology company to IPO on a recognised stock exchange (listing in London on Christmas Eve 2015). It was through these companies Cameron met Ralph, who was at the time developing a way for his customers to buy and sell grams of gold using a blockchain database. Whilst Tally is not a cryptocurrency and does not use distributed ledger technology, they are thankful that their early efforts in blockchain caused their meeting.
Cameron and Ralph decided to try and develop a monetary asset that could act as a defence or hedge for the mainstream public, against another global credit crunch or currency crisis. What they created over the course of 2017 and 2018 was Tally® - a self-contained monetary system that enables people to utilise a physical asset held outside of the banking system, that works complementary to the global banking network and seamlessly transacts with local fiat currency. And they determined that Tally should be gold, the oldest and historically the most reliable form of money. Cameron and Ralph realised they’d developed something that was not only useful in extreme circumstances, but Tally was a better money for people to use in their day-to-day lives. Tally could become a real "challenger" product that is needed in banking. As opposed to “challenger” banks that talk about re-inventing banking but just provide a slick user interface and better customer experience - which is a good start, but the real problems in banking run much deeper.
Better outcomes for consumers
In the fiat fractional-reserve banking system, people’s deposits are put at risk through bank lending, their money has a different risk profile from bank to bank, they are exposed to contagion of bank or government defaults, and their fiat currency loses purchasing power by design (inflation). At Tally we believe this is simply not right.
At Tally we believe competition is healthy and delivers better outcomes for consumers – and currency is no different. Thankfully the UK regulatory environment is at the forefront of deregulation, open banking and supporting financial innovation. This enables Tally™ to offer the mainstream public a choice in the quality of money they use. Some will choose to use it and some will choose not to. But that is the point – with Tally™ people now have a choice.
The fiat banking system makes no sense.