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So, the benefit is that it cuts out the untrustworthy commercial banks? That sounds like a failure of politics and regulation; something that technology is a g
by BLKNSLVR 6y ago
So, the benefit is that it cuts out the untrustworthy commercial banks?
That sounds like a failure of politics and regulation; something that technology is a good workaround for, but a poor solution.
- perfunctory 6y agoI am not against commercial banks per se. But me not having to rely on bank deposits for day-to-day payments (I presume we all agree that nobody wants to carry cash around) will force banks to do a better job at attracting my money. Maybe they will have to give me a better interest rate and give me some knobs I can tune to control how my money is invested. Technology can be a catalyst for increasing competition between banks. There might be another (regulatory) way to do it. Whichever gets us there faster.