The amazon effect is similar to the walmart effect.
With the walmart effect it was mop and pop stores that were affected whereas with the amazon effect it is the established larger companies that feel the effects. But the root cause is the same.
When you can't or won't adapt to new market conditions, you will suffer.
Some banks will surely adapt. Others won't.
Those who realize that we will see a restructuring of the financial world due to blockchain technology and embrace it stand a better chance. Those who try to fight it will be buried in debt while they wage a losing battle.
The message is simple, say bye bye to the bankster controlled world.
Thanks for the post.
Keep Steeming!
I agree @wdougwatson.
They are going the way of Blockbuster and there is nothing they can do to stop it. The power of decentralization is simply too strong. No entity on the planet is powerful enough to stand up to millions upon millions of people taking their attention elsewhere. This is what is happening around the world with the introduction to blockchain.
I'm not sure that they will run out of business but certainly it is their time to get hit by the internet.
Some aspects of their business aren't going to change though.
Banks are supposed to get their income in part from lending and crypto doen't change that. What it does change is how money is no longer created from thin air when they do.
yep. it is gonna flip the world as we know it upside down.
The tax man could offer a lifeline to the banks by demanding taxes have to be paid in fiat. (property tax, vat will be hard to avoid) Then people would have to hold some fiat just to pay the GOV. Either way I would expect traditional banks to sink to a fraction of what they currently are.
Yeah. The words all debt public and private come to mind.
That's the only reason fiat still exists.
But once the majority of the money supply isn't centralized it will definitely cut them down a good bit.
And that will be a good day : )
Indeed sir.
While I like to see the revolution happening I´m concerned at the same time about all the jobs this will destroy after all. Not the big positions in the top but the ones of usual people who are working in your local bank simply receiving and handing out your money.
I think this thing could become a second industrial revolution with a lot of unemployment and huge changes going through our society. But any great change always hurts in the beginning!
You are right of course and that is why we have to do what we can in the way of aiding people in simple onboarding into the tokenized world.
This is why I have become a Steem evangelist. This is what Steem was invented for, right? I try to steer everyone who ask about cryptos away from btc and eth in the beginning and towards Steem.
I also try to break down the inevitability of the tokenized world to skeptics. In fact drawing comparisons between this and the industrial revolution might be useful in the future.
Hi @steembusiness. Typically, with technological/industrial revolutions, we've always seen a massive amount of unemployment because there will be groups of people who don't adjust to change in the market. However, after the recession there is a synergistic phase in terms of laws and growth which allow a "golden age" to form.
You're right, great change always hurts.