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I don't care how many times I am violently buried on this site for mentioning the word -- but cryptocurrency makes traditional banking obsolete. Or should have.

• Muromec 1y ago
  No it doesn't
• kube-system 1y ago
  cryptocurrency makes traditional banking obsolete only if: 1. you don't understand what banks do, or 2. you pretend that cryptocurrencies do things that they don't One could make a list a mile long of things that banks do that cryptocurrencies have no answer for. Banking is not a technology, it is a service.
  • ilaksh 1y ago
    Maybe try to make a list of 1 or 2 things instead of a mile.
    • kube-system 1y ago
      Since we're on the topic of authentication, how about the fact that they are not recoverable? You cannot reset a password on the blockchain, nor can you call the blockchain and prove you are the rightful owner of any inaccessible/stolen funds, nor can you take the blockchain to court to return your funds. You are SOL. Just about any service that banks do are great examples of other things that math itself cannot do for you. These are all reasons that people still overwhelmingly use banks. Banks do work to integrate with other societal systems in meatspace, build infrastructure, manage exceptions, comply with legal expectations, provide service, build and maintain partnerships, etc. Cryptographic ledgers don't do any of this, they are inanimate.
      • ilaksh 1y ago
        Hm. There are some things that banks do then that math can't do. But advanced cryptocurrencies have smart contracts that allow DeFi systems to handle many typical banking functions. The primary things that people use them for, to store money or sometimes distribute it, or act as a system of record, have been made obsolete though.
• sunshine-o 1y ago
  After almost two decades my guess is we can start to look back at the whole cryptocurrency thing a bit more clearly. > but cryptocurrency makes traditional banking obsolete. Most banks we interact with were obsolete before crypto. When working there I had a lot of "why" questions until someone explained me "You need to think about banks basically as an extension of the state". From a tech POV it is exactly what we usually hear: there is a ~50 year old legacy core banking system that nobody really understand but keep working almost miraculously. Everything else beyond that is trash. Cryptocurrencies pop up in a weird way and obliviously did not delivered since. In 2025, it is still hard and costly to transact on Bitcoin or Ethereum. If it wasn't govs would have unleashed the fury on crypto. > Or should have. Yes our banking system is failing society and preventing progress since at least 2008. Crypto was our chance to move beyond but it didn't happen. Bitcoin price is probably just reflect the fact that our banking system is at risk of collapsing any time soon and crypto might be (part of) the solution. > I don't care how many times I am violently buried on this site for mentioning the word Yes crypto shouldn't be taboo on HN. It is a potential solution for what most people need urgently (more than AI) so it should be discussed.