We are going through some very interesting times. The banking industry along with FinTech find themselves, for the first time, on the same side of the fence.
In this video I discuss how DeFi is going to change the entire back end of our global financial system. Quite simply, it is much better technology and that cannot be stopped. Banks and FinTech have the choice to become front ends or get obliterated.
▶️ 3Speak
they need to accept the truth and work along with it not the opposite of it I hope the whole world understand it
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I am sure that they imppement something. People will still be in debt with cryptocurrencies. They will solve it. They will not let the control out of their hands.
I think its really amazing that you've lived through all these times and you have a firm grasp of the tech even more than some younger people.
I need to kill my excuses and do more research.
Task, stop feeding banks ideas about how not to become bankrupt! :) They'll take notes, lol.
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BEER.Summary:
In this video, the speaker discusses the rise of Decentralized Finance (DeFi) in the banking world. He highlights the explosive growth of DeFi and its potential to revolutionize the global financial system. The speaker emphasizes the current limitations of DeFi, such as the lack of infrastructure, interoperability, and privacy layers. He predicts that DeFi will eventually become the backbone of the financial system, leading to a shift in power from traditional banks to decentralized applications. The speaker envisions a future where banks will have to adapt to DeFi or risk being left behind, with younger generations showing more inclination towards decentralized financial solutions.
Detailed Article:
Task discusses the rapid growth and potential of DeFi in reshaping the traditional banking system. He notes the significant increase in DeFi's total value locked, from under a billion dollars in January 2020 to over 200 billion at the time of the video. Despite this growth, he highlights the existing limitations in DeFi's infrastructure, including the lack of interoperability and privacy layers.
The speaker expresses optimism about DeFi becoming the backbone of the global financial system in the future, stressing the need for further developments in areas like digital ID and privacy. He draws parallels between the evolution of DeFi and past technological advancements like email, emphasizing the potential for DeFi to offer significantly improved financial services compared to existing systems.
Task points out the threat DeFi poses to traditional banks and Fintech institutions due to its disruptive nature. He predicts that banks will have to adapt and potentially integrate DeFi applications into their services to stay relevant. The speaker anticipates a shift in power where banks may act as mere front ends for DeFi platforms, catering to the preferences of different generations when it comes to financial services.
Furthermore, Task emphasizes the potential growth of cryptocurrency and DeFi, envisioning a future where a significant portion of the market capitalization could be locked into DeFi platforms. He encourages viewers to consider the long-term growth potential of cryptocurrency, indicating a potential market cap of trillions of dollars and a significant portion of it being allocated to DeFi projects.
In conclusion, the speaker urges banks and financial institutions to adapt to the changing landscape of DeFi or risk being left behind by the rapidly evolving decentralized financial ecosystem. He highlights the need for institutions to embrace innovation and collaborate with decentralized platforms to meet the evolving demands of consumers, especially the younger generations who are more inclined towards decentralized financial solutions.