The thing people don't get is: due to rapid growth, a surprising number of people suddenly have >50% of their net worth in crypto.
Many personal flippenings have thus already happened.
And crypto exchanges have all the deposits, so will replace legacy banks.
Many personal flippenings have thus already happened.
And crypto exchanges have all the deposits, so will replace legacy banks.
Unlike today’s banks, but like older banks, you can withdraw all your digital cash from a crypto exchange — and this is good practice.
However, keeping a “checking account” there to do international wires in USDC to other exchanges, or other financial services is reasonable.
However, keeping a “checking account” there to do international wires in USDC to other exchanges, or other financial services is reasonable.
It’s a technical problem, but there are various ways to combine fully user-controlled wallets with centralized liquidity & order books. Many are working on this.
This would address the (valid) not-your-keys, not-your-coins argument. And shift exchanges to a hub-and-spoke model.
This would address the (valid) not-your-keys, not-your-coins argument. And shift exchanges to a hub-and-spoke model.
Nothing goes vertical faster than price when it starts soaring, so legacy banks may get flippened by crypto exchanges much faster than most expect.
This is the real reform of the system post-2008. Rather than no new banks, everyone can be their own bank, with exchanges as hubs.
This is the real reform of the system post-2008. Rather than no new banks, everyone can be their own bank, with exchanges as hubs.
https://twitter.com/balajis/status/1351068210930601984
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