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>made to fix a broken financial system, where banks unjustly control too much wealth... I don't think that's quite what you mean to say. The function of banks
by simonh 5y ago
>made to fix a broken financial system, where banks unjustly control too much wealth...
I don't think that's quite what you mean to say. The function of banks is to manage wealth. That's their one job. It's like blaming them for being too much of what they are.
Bitcoin has not eliminated banks, it's just created new ones called bitcoin exchanges, online wallets, etc. The only reason they don't function even more like banks (paying interest on deposits, making loans, etc) is because coins are predominantly used more like assets than like currency so there's not much of a market for financial-like services.