The world of banking is about to receive a real wake up call. Some of the commercial banks in Sweden are starting to question the e-Kona and how it will affect them. If there is a digital currency offered complete with a wallet system, where do the banks stand? It is a valid question, one that we in crypto have known was coming.
In this video I first discuss what needs to be done if we are to attract the displaced users from Twitter and Facebook. It is a lot more than just inviting people to join us. Also, I delve into the commercial banks and how the crooks are now under attack themselves.
▶️ 3Speak
If the central banks do so, then I agree the smaller banks will be destroyed. I do believe the bigger banks will not be destroyed (as crooked as they are) because they are the ones that manage the bonds (at least in the US). So unless there are major changes to our financial systems, the bigger banks will probably not die. However, they will have to adapt to the new system and decentralize. The only thing I wonder is whether the fractional reverse banking system will stay or not. If we decentralize, I believe we would most likely get rid of it to an extent (can't transact with what you don't have).
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What if Big Tech starts to take over?
Also, we could well see Bitcoin operate as the foundation for bonds and other debt instruments.
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If big tech takes over, I do not think much will change. In fact they want things to be deflationary (borrow as much as they can at the lowest rates) to grow as big as possible. Maybe after they gain enough power, there will be a battle between the banks and the big tech corporations on who controls things. In the case the big tech corporations succeed, I believe they will introduce their own digital currencies and push them on the public as much as possible. Overall, not much will change in my opinion.
And so they should as the financial worlds moved to decentralization and the middle man is losing ground. I see more and more people around me wanting to become debt free and not be involved anymore with the banks and that is normal considering the financial instruments in the DeFi space. Some with risk, others with less, but the idea is that you are involved directly and can access better revenues.
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Yes unfortunately in this instance, it is not the elimination of a middle man but a new one in town. Big Tech is stepping in as the gatekeepers.
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we shoould need to worry then if the banks are scaried
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Not just in Sweden, other in countries as well. This is a real concern for them.
I just saw in the news that in my country (Romania) taxman will have access to every bank account. Up until now they had access in case of suspicion of fraud or related. Now they don't need a reason. How is that for decentralisation?
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CBDCs are about centralization, not decentralization.
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I was referring to what I wrote about banks in my country, not about CBDCs.
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Incidentally, what you are talking about in the first segment is very close to what TalkingPoint was supposed to be.
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Summary:
In this video, Task discusses the current turbulent times in the crypto world, particularly highlighting the challenges faced by Trump and his supporters on social media platforms. He delves into the potential role of Hive for those censored, notes the changing landscape with central banks introducing CBDCs and the implications for commercial banks. Task also predicts a significant upheaval in the banking industry, drawing parallels with the retail sector's transformation driven by technological advancements.
Detailed Article:
Taskmaster4450 begins the video by emphasizing the uncertainty prevailing in the crypto world and remarks on the shifting dynamics within the industry. He specifically addresses the challenges faced by Trump and his supporters on prominent social media platforms like Facebook and Twitter, signaling a tech backlash against them. Task expresses a view on potentially utilizing platforms like Hive for those affected by censorship, highlighting the necessity for a comprehensive setup to cater to such users effectively. He emphasizes the need for a mobile app, tokenization, decentralized servers, and a resilient domain name to provide a viable alternative.
Shifting gears, Taskmaster talks about the evolving political landscape and its impact on the banking sector, citing the example of Swedish banks questioning their relevance in light of government-backed digital currencies like ACBDC. He mentions the potential disruption these central bank digital currencies (CBDCs) could bring to traditional financial institutions, raising concerns about their future roles in the ecosystem. Task acknowledges the changing sentiments towards banks, fueled by the rise of decentralized finance (DeFi) and the increasing traction of cryptocurrencies like Bitcoin.
Furthermore, Taskmaster discusses the impending transformation in the banking industry, drawing parallels with the retail sector's experience of significant disruption driven by technological advancements. He speculates on the potential decline of physical bank branches, mirroring the diminishing presence of traditional retail stores due to the rise of e-commerce giants like Amazon. Task elaborates on the accelerating pace of technological adoption, especially among younger demographics, and predicts a looming "banking apocalypse" by the middle of the decade, characterized by a drastic reduction in the influence of traditional banks.
In conclusion, Taskmaster4450 reflects on the power struggle between financial institutions, regulators, and emerging technologies like cryptocurrencies, highlighting the complex interplay of forces shaping the future of the banking industry. He underscores the need to brace for substantial transformations in the financial sector and hints at the challenges and opportunities that lie ahead in the era of digital currencies and decentralized finance.