3 ms·

Financial services is particularly interesting as a study case as it is almost 100% information processing, hence fully "disruptable". Why is it not happening?

Financial services is particularly interesting as a study case as it is almost 100% information processing, hence fully "disruptable". Why is it not happening? Never underestimate mass opinion shaping by incumbants. There is a well known answer to your question that many scoff at because they've read a lot of negative articles about it.

mejutoco 3y ago
Assuming your refer to cryptocurrency, in a way it already disrupted financial services. I disagree with negative articles being the reason why people "scoff" at them. I think specific cryptocurrencies have a lot to genuinely criticize.
matheusmoreira 3y ago
Cryptocurrencies didn't disrupt anything though. It was supposed to liberate us from banks and their fees. They reinvented banks and the entire financial system on top of crypto, exchanges are literally unregulated banks. It was supposed to free us from government currencies. It turned into stocks instead. A good currency like Monero that actually works for transacting quickly, cheaply and anonymously? Nobody cares about it or uses it. It's pretty depressing really.
- ourmandave 3y ago
  Crypto fueling the Golden Age of Fraud doesn't help. One silver lining is the Fed got off it's fat ass and conjured up FedNow as an alternative to the slow ass ACH system.
  - matheusmoreira 3y ago
    I couldn't care less about fraud. I would put up with it if it meant real change in the rotten status quo. What happened instead is just banks all over again and it emboldened governments to rob us of even more autonomy by pushing their centralized digital currencies. In many ways we are worse off than before and I don't mean scam coins or the negligible energy consumption of proof of work.
    - AlexandrB 3y ago
      The rotten status quo is not a result of any technological limitations but of human greed and the financial incentives our economic system provides. You can't "disrupt" that, short of a cultural or political revolution. Something like this outcome was inevitable.
another2another 3y ago
XRP was meant to disrupt the SWIFT network, but doesn't seem to have made a dent so far as the incumbent (SWIFT) improved performance and lowered fees (IIRC) and has maintained its position.

mejutoco 3y ago

Assuming your refer to cryptocurrency, in a way it already disrupted financial services. I disagree with negative articles being the reason why people "scoff" at them. I think specific cryptocurrencies have a lot to genuinely criticize.

matheusmoreira 3y ago

Cryptocurrencies didn't disrupt anything though. It was supposed to liberate us from banks and their fees. They reinvented banks and the entire financial system on top of crypto, exchanges are literally unregulated banks. It was supposed to free us from government currencies. It turned into stocks instead. A good currency like Monero that actually works for transacting quickly, cheaply and anonymously? Nobody cares about it or uses it. It's pretty depressing really.

ourmandave 3y ago
Crypto fueling the Golden Age of Fraud doesn't help. One silver lining is the Fed got off it's fat ass and conjured up FedNow as an alternative to the slow ass ACH system.
- matheusmoreira 3y ago
  I couldn't care less about fraud. I would put up with it if it meant real change in the rotten status quo. What happened instead is just banks all over again and it emboldened governments to rob us of even more autonomy by pushing their centralized digital currencies. In many ways we are worse off than before and I don't mean scam coins or the negligible energy consumption of proof of work.
  - AlexandrB 3y ago
    The rotten status quo is not a result of any technological limitations but of human greed and the financial incentives our economic system provides. You can't "disrupt" that, short of a cultural or political revolution. Something like this outcome was inevitable.

another2another 3y ago

XRP was meant to disrupt the SWIFT network, but doesn't seem to have made a dent so far as the incumbent (SWIFT) improved performance and lowered fees (IIRC) and has maintained its position.