Below is a graph from Mother Jones showing the bank mergers that have taken place over the past several years. It's alarming that approx 10 institutions own more than 50% of the financial assets in the United States?
Among the super-powerful banks are Citigroup, JP Morgan Chase, Bank of America, and Wells Fargo.
Now that you're dabbling in cryptocurrency platforms like Steemit, does this change your outlook on your participation within the financial eco-system?
Can disruptive technologies like Steemit and other Blockchain application shift the balance of power?
Can these too large to fail banks be disrupted by other innovative Fintech start ups that are bringing peer-to-peer finance to the masses?
What do you think?
Everything can be bought with money... As soon as these banks are only beginning to feel that they lose power to some cryptocurrency they will influence it in a big way... And the majority of people act for their own profit unfortunately.. And in cryptoland the majority is boss... So.. We will see..
I agree to an extent. There are banks that are currently building permission based blockchains to handle their middle and back office functions; however a permission less blockchain like bitcoin and Steemit is subverting the bank's role as a middleman. It seems highly unlikely that they'll get in bed with bitcoin or other cryptocurrencies for that matter. It will be shooting themselves in the foot. But only time will tell.
Decentralize everything is what I say