Banks and Wall Street will never die as well as centralization. They'll adapt to the new circumstances and keep screwing people over and rake the profits. They have all the money and connections to do that. They're way ahead of the curve if you ask me.
Look at the leofinance and hive users for instance. Most of them are smart and crypto educated and know their stuff. They know markets, charts, trends. But unfortunately, most are broke and all they can do is talk. Swing trading, arbitrage trading, chasing low fees, and low gas...? For 8 bucks?
It's sad but that's what it is. And even if they'll score with their alt bags they'll blow the money anyway.
We just can't change human nature with the switch.
I really hope I'm wrong but I just try to be realistic here.
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That is what I find so weird as everyone talks about financial freedom yet they are so quick to cash out and blow what they have made. Many are slaves to greed and why they will never have financial freedom.
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It's not weird. It's just the way it is. Pareto principle; 80-20.
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For some that's financial freedom, getting a few bucks here and cashing out to buy what they need.
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@oldtimer, glad to see someone else pointing this it... it was a large part of what I was driving towards in my post yesterday: Banks and Wall Street can't stamp out what "we" are trying to do, so their next logical step will be to usurp what's being done with cryptos and finance... and the vast majority of the population lack the inclination, education and know-how to anything other than get involved in (centralized) Facebook Libra and (centralized) "BankofAmerica Coin" (when they get around to that) and we'll end up with something that looks a little bit different but basically doesn't change much.
Maybe in 50 years things will gradually change... which not to condemn or sideswipe what people are trying to do, but these efforts are still just fleas on the camel's back.
=^..^=
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The difference is on the back end. Much of what those institutions do is going to be replaced with a smart contract. There are already entities working in that direction.
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I disagree. These entities are already under attack from technology companies. Fintech already did severe damage to the banking industry with more expected. The link I provided is an example of one company, across many, that are taking aim at the banking industry.
This is going to put a hurting on the institutions that are in there.
GM was once the largest company in America; my forecast is they will have a tough time surviving the next 15 years. Sears was the first "virtual" sales company with the mail order; they are teetering on the brink of bankruptcy.
You are right about the people on Hive...they are not indicative, for the most part, of the ones who are changing the direction of things.
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Well, we'll see how it goes. But we don't need to worry. We own enough crypto.
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