I would disagree. There are going to be aspects of the traditional system that are involved in what is being constructed now. Just like the Internet did not eliminate all of newspaper.
The banking system is in trouble but there will be ones that do adapt. We have a lot of people who will simply go through than as opposed to dealing with the newer applications. This is likely going to be a demographic situation. The MIllennials will be the ones leading the charge into the later.
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What I mean by difference is causality. Now the legacy system won’t disappear entirely since it is the true vampire squid.👾 However, people tend to panic in crypto based on certain central banking operations. Yet, aside from fiat on/off ramps the blockchain has limited causality to the legacy system. Blockchain was created as a safe haven by design. CNBC is notorious for confusing investors. Now if certain blockchain companies get discount window access then we will have causality. My hope that in the next few years the vampire squid doesn’t try to bring blockchain down with it.
My guess is they roll in and take over what they can. They will be frontends for many services since people still trust the banks. They might end up being the players on a chain like Ethereum. After all, when you are spinning around millions, who cares if they ever get the transaction fees right?
The other things we are developing is where the true change will come in. That is why I am optimistic about Leofinance. It is starting to build a brand.
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