The Banks Are Cooked

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.
!BEER

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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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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.

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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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.

Summary:
In this video, the speaker discusses the evolution of the banking system and how it is being disrupted by financial technology (Fintech) and cryptocurrencies. He compares the potential decline of banks to the decline of newspapers with the rise of the internet. The speaker emphasizes that Bitcoin and cryptocurrency, particularly decentralized finance (DeFi), have the potential to provide most banking services in the future. He highlights that Bitcoin was created as a response to the flaws and issues in the traditional banking system, rather than to replace the dollar. The speaker points out that as more people transition their funds into crypto, the traditional banking system will face challenges. He predicts that the internet will disrupt the banking industry, just as it has impacted other sectors like print media and entertainment.

Detailed Article:
The speaker begins by reflecting on an article he wrote two years ago about the banking system's vulnerability, particularly in the face of the rise of Fintech. He mentions that Fintech has been challenging traditional banks for two decades, citing examples such as Quicken Mortgage and Rocket Loan. The speaker notes the shift in mortgage origination from traditional banks to the shadow banking system, highlighting Fintech's increasing influence.

Furthermore, the speaker delves into the role of cryptocurrencies, especially Bitcoin, in reshaping the financial landscape. He clarifies that Bitcoin was not developed to replace the dollar but rather to address the flaws in the banking system, particularly after the 2008 financial crisis. The speaker explains that Bitcoin wallets can fulfill many of the functions of a traditional bank, such as sending, storing, and receiving money, making them a viable alternative to traditional banking services for many individuals.

Moreover, the speaker discusses the fractional reserve system employed by traditional banks and how the influx of funds into cryptocurrencies can impact the stability of the banking sector. He emphasizes that as more people allocate their funds to crypto, the traditional banking system will face challenges due to reduced deposits.

Drawing parallels to the decline of newspapers with the advent of the internet, the speaker predicts a similar fate for traditional banks. He argues that as technologies like Fintech and DeFi continue to grow, traditional banks will lose their dominance in the financial industry. The speaker highlights that the internet disrupts industry after industry, and banking is poised to be the next sector to undergo significant transformation.

In conclusion, the speaker asserts that the future of banking lies in cryptocurrencies and decentralized financial systems. He foresees that as these technologies mature, traditional banks will continue to face pressure and may ultimately play a diminished role in the financial landscape.