Said differently: The financial system has trended toward centralization over the past 5+ centuries, because there are obvious advantages to it.
One could argue that there are plenty of downsides to over-centralization (i.e. 'Too big to fail'), but the solution is not to start from scratch, it's to logically think about the kind of financial system we want (given the one we already have) and build that.
Conversely, the answer is not be techno-cowboys who know people with cryptography degrees who re-discover what bank runs are.
One could argue that there are plenty of downsides to over-centralization (i.e. 'Too big to fail'), but the solution is not to start from scratch, it's to logically think about the kind of financial system we want (given the one we already have) and build that.
Conversely, the answer is not be techno-cowboys who know people with cryptography degrees who re-discover what bank runs are.