The Banks Are Cooked

in Threespeak3 days ago (edited)

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I made this proclamation a couple years ago in an article and some people took exception to it. Now, we see this as even more likely than it was at that time.

Do not be misled by the too big to fail. There is a major transition taking place within the financial world.

In this video I discuss how Bitcoin was designed to replace a major portion of the banking sector. This is taking place after a couple decades of that industry getting hammered by FinTech.

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Well its a truth now that we can just use alternatives and I think there are probably a bunch of people who just uses something like Paypal to transfer money without the usual waiting times and hassle. I see no reason for most people to use the banks unless necessary since there are just too many thing there that makes money management annoying.

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PayPal is an example of something that took transactions away from the banking system. Now it is time to affect PayPal. The disruptors end up being the disrupted.

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The Banks Are Cooked

Rather roasted. But not yet.

There is a major transition taking place within the financial world.

If that will be finished, then the banks will be roasted. That will be very huge.

I mean as long as people are withdrawing crypto to their bank accounts, and the use bank accounts/cards, the banks will not be roasted.

Just like there are still newspapers, banks will dwindle in usefulness over time. In fact, that trend is already starting. That means it will only accelerate over time as more options are presented to people.

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Love your videos. At the end you say the Education Industry could be disrupted by the internet.

I have written several blog posts about incorporating NFT technology with education, as peer-to-peer education is non-fungible. I wont link them here but if you get a chance I would love to know your thoughts about NFTs and education.

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Thanks for watching.

I will have to take a look. Sounds very innovative. It would be great to get something like that tied to Hive.

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Banks, at least in my country, Italy, have long been useless institutions whose role is only to suck money out of businesses and entrepreneurs or to give 0% or little more to their depositors...

The Banks Are Cooked

I agree with you and I sincerely hope to see a post title on Hive like this soon: "Banks are dead".
But I think it will take some more time...unfortunately.

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The Italian banking system is more than useless; it is a total mess. This is an ongoing threat to the entire banking system in the EU. It is something that I keep watching as a sign of trouble. It could start cracking at any time.

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Bang, I did it again... I just rehived your post!
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Funny you mentioned this- just yesterday I closed up an old bank account I’d barely used the last 8 years. I moved out of the neighborhood where that bank branch was 8 years ago, but I kept my bank account going this whole time. I went back to the branch for the first time in years just yesterday to close everything up and it was mind blowing to watch just how slow it was there. When I lived in that neighborhood, it was always busy in that bank when I went there. I was there for about 45 minutes and only two other people other than myself walked into that branch. It was like a funeral home. The bank employee that closed me up told me they were merging with another branch and closing up later this summer.

This decades a lot of banks will die a slow death.