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The primary role of a bank for me is to make my money available via a debit card virtually vs. carrying physical bills which can be more easily lost or stolen.
by unethical_ban 4y ago
The primary role of a bank for me is to make my money available via a debit card virtually vs. carrying physical bills which can be more easily lost or stolen.
I understand what you're saying. It's worth noting that the needs of the depositor are below the needs of the system itself.
- lumb63 4y agoThis is one of the selling points for crypto. As a consumer, digitization of the money is about the only service most consumers care about (or accruing interest). Banking seems to me a very outdated and nearly obsoleted technology.
- xmcqdpt2 4y agoI think you'll find that consumers care a lot about the lending side of the business. A lot of people have mortgages, lines of credit, personal loans and credit cards!
- lumb63 4y agoThis comment made me think. Is the presence of lending an example of supply leading demand, rather than the other way around? I’ll have to read more on the history of the situation, but I don’t think anyone wants, e.g., a mortgage. They want a house and can’t afford it any other way. In a system where mortgages didn’t exist, maybe houses would be more affordable for people.
- unethical_ban 4y agoI don't see why fractional reserve banking is the only way to lend.
- xmcqdpt2 4y agoIt isn't but it's cheaper. People may not care very much about the 2% interest rates they get on their savings account, but I think they do care about having access to cheap credit.