I like this and it rings true for the most part to my experience. But I find 2 parts of it troubling. First ‘patio11 seems to have bought into the goalpost mov

I like this and it rings true for the most part to my experience. But I find 2 parts of it troubling. First ‘patio11 seems to have bought into the goalpost movement around depositor obligations in the banking regime. It maybe that as a society we don’t want any depositors, no matter how big, to have no concern about counterparty risk (or maybe move the bar higher) but that’s not the assumption built into the system now and it’s not obvious on its face or in the essay that it should change. Second, the appeal to FBO operators falls flat. Large custodial firms have existed for decades and being able to provide a beneficiary list on the weekend is something they build and staffed for. That it is difficult for other technology firms to do so says more about the choices those firms are making than an intrinsic problem with the existing system.