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The banks are dying... but they just don't know it, but they are still able to hang on and subvert the crypto movement if they keep pushing their narrative of "crypto danger danger...".

Sure, only just a few years back... this sort of thing made sense. Crypto was at best a techno and UI nightmare... and banks would hold on to their monopoly on payments just by virtue of being the only game in town. However, FinTechs like Revolut and Wise started to chip away at the cross-border monopolies and offering a MUCH MUCH better experience... but UI and in terms of fees and exchange rates. These days, I don't even bother checking what the banks are offering at all... they just suck as far as that sort of thing is concerned, terrible fees and horrible exchange rates. I'm not even sure why people even use them at all anymore!

However, on local payments... banks are still holding a monopoly... and they are trying to phase out cash by painting it as an impost on small businesses and all of that. Of course, if you use their payment systems... then they can charge a percent or two on each transaction! And then there is no cost to the small businesses... oh wait.

And just taking in a dollar or two here and there on millions of purchases each day is the very definition of rent seeking. I just bought some theatre tickets for a subscription the other day... no option but to use the VISA network. Roughly 300 AUD in tickets, and 10 AUD in fees. It is stupendously irritating... even more so when there is no other option.

And by trying to kill cash... perhaps that will open up the way for crypto stablecoin payments? I know that I would want to pay and receive in stablecoins.

Not more than a year or two ago... it would be a complete shit for most normies to pay in stablecoins... but with apps like Coinbase Wallet and Infinex it is now a cinch for most people to use crypto easily and relatively securely.

What changed? Account abstraction on Ethereum (reducing UI complexity, presenting users with a passkey login), along with an array of cheap and fast Layer-2s (fees are cents or free and quick to process), and easy access to DeFi.

... and combined with banks abusing their monopoly. Not passing on at least a small amount of risk-free interest on deposits (via treasury bills), dumping lost fund responsibilities to users (undermining the trust position of a middle-man), and charging and hiding large rent-seeking fees. So, a completely diminished user experience that gouges the users...

However, most people will still stick with banks because they feel "safe" in comparison to the "wild" crypto space... but again, we've moved on a long way from even a couple of years ago! Banks will still try to push this scare narrative... because if enough people realise that they are being scammed by their "trusted" middleman who won't even fulfil basic "trust" functions... then they will switch and collapse the retail banking system.

But will enough people wake up and move? Not yet... but it is coming, but in the meantime, I think I already see that banks are already trying to position themselves as "trusted" intermediaries with a crypto backend. And they will continue to extract rent from users... users who don't realise that the middlemen aren't needed anymore.

It will come... but how much rent will they extract from us in the meantime?

Handy Crypto Tools

Ledger Nano S/X: Keep your crypto safe and offline with the leading hardware wallet provider. Not your keys, not your crypto!
Coinbase Wallet: Multi chain wallet with lots of opportunities to Learn and Earn!
Binance: My first choice of centralised exchange, featuring a wide variety of crypto and savings products.
WooX: The centralised version of WooFi. Stake WOO for fee-free trades and free withdrawals! This link also gives you back 25% of the commission.
GMX.io: Decentralised perpetual futures trading on Arbitrum!
Coinbase: If you need a regulated and safe environment to trade, this is the first exchange for most newcomers!
Crypto.com: Mixed feelings, but they have the BEST looking VISA debit card in existence! Seriously, it is beautiful!
CoinList: Access to early investor and crowdsale of vetted and reserached projects.
Cointracking: Automated or manual tracking of crypto for accounting and taxation reports.
KuCoin: I still use this exchange to take part in the Spotlight and Burning Drop launches.
MEXC: Accepts HIVE, and trades in most poopcoins! Join the casino!
ByBit: Leverage and spot trading, next Binance?
OkX: Again, another Binance contender?