|
|
|
|
|
|
by chumali
2448 days ago
|
|
|
To be clear, I am in no way advocating the view that it is "inevitable that everything in banking/finance will move to a decentralized model". Financial institutions, although not perfect, serve many function which would not be suited to a decentralised model. There is no dichotomy here between traditional banking and decentralised finance. There is however no reason for banks to have a monopoly on these services and every reason to encourage decentralised systems to develop. You claim that people don't want autonomy when this is clearly untrue. It's easy to assume this if speaking from a position of privilege, however there are more than a few edge cases where autonomy is required. A dissident in HK, an anonymous donor in Turkey, a worker in Venezuela, or perhaps even someone in the West wishing to make an international payment but not wanting to wait 2-5 days for a SWIFT payment to clear whilst also incurring a number of handling and transaction fees. |
|
|
The vast majority don't. I agree, there are some small edge cases where this may be desirable, but these are neither mass market nor have mass appeal. For most use cases it's worse than the existing system by a long way.
> someone in the West wishing to make an international payment but not wanting to wait 2-5 days for a SWIFT payment to clear whilst also incurring a number of handling and transaction fees.
That person might want to move into the 21st century and stop complaining about things that changed in the 90s. For instance in the EU we can send between countries effectively instantly and mostly free, with fewer middlemen and fees than a similar transfer using cryptocurrency requires. And even to non EU countries the middlemen and fees are pretty low compared to the multiple fees and less than trustworthy parties you need to involve to transfer money using BTC.
And I'm sorry, but I don't believe BTC is much help to that many people in Venezuela or Hong Kong, I believe these are cryptocurrency-enthusiast's fantasies.