Published on 17 Aug 2017
Banks are investing hundreds of millions of dollars in the blockchain ecosystem, training tens of thousands of developers to build things that won't work. The future role of banks in the economy. Horse carriages in Central Park did not completely disappear because of cars. They will be used for legacy applications. "Centralised blockchains" are a contradiction in terms because the purpose of a blockchain is to allow for/ increase decentralisation. Banking as an institution is obsolete; it may take 20-30 years before you see that ripple through the world, but it will. I'm hoping the best of the best of these developers take a couple of years getting bored doing proof-of-concept on reinventing spreadsheets, and then use their Christmas bonus to fund a start-up that will compete against their former employer who taught them how to do this. I've talked to people from these banks who've done this. Competition will determine the outcome in the market, and if you continue to build horse buggies in the age of the automobile, you go out of business. The dinosaurs will survive but they will change and lose enough power until they become chickens. That's what happened to the dinosaurs, and we have their children for breakfast every morning.
Very True! Automation of banking services alone has created a lot of redundancies. Block chain is going for the core business.
Yeah!
but cryptocurrency can be stolen
From Exchanges yes. I keep my bitcoin offline in a hardware wallet.
I like your views on this issue, yes, fintech is going to have its own industrial revolution and traditional banks are too slow to win, but they have lots of resources and regulatory power behind them it will be an ugly battle.
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Yeah! This is true.
I hate having to go to the bank. One of the beautiful things about Crypto
I think that blockchain and cryptocurrency have a great field to explore and exploit, banks do not risk and are square