The banks, along with many others, are focusing upon cryptocurrency. The challenge in the battle between legacy financial institutions and crypto is that it is the wrong fight.
In this video I dive into what I believe Web 3.0 entails although much of the banks problem stems from Web 2.0.
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I hate the Banks but i need an account to pay taxs like the gas or water, it is awful because i could use mercadopago as a virtual wallet but they wanna have the control of the payments
I guess we can also see this as how behind banks and traditional companies are. Crypto has been out for a long time, but it is only now that they are acting on it. As we've seen in countries with high inflation, they have already switched to Web3. In extreme cases, banks usually tout that they are safer, but that is no longer the case. Governments can freeze accounts, take out money, and restrict access. Web3 is here to stay.
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STOP or to resume write a word START Summary:
In this video, the host discusses why the banking industry is fighting the wrong battle against the rise of Web 3.0 and decentralized technologies. He argues that the focus on cryptocurrency, stablecoins, and market activity is misguided, as the real revolution is happening in the broader shift towards Web 3.0 - the internet incorporating more of the physical world into the digital realm through decentralization, open information, and wallet/private key-driven systems.
The host explains that the banks' advantage has traditionally been in providing financial services, but as more online activities and services move away from centralized, siloed platforms towards decentralized, open-source alternatives, the banks are losing their relevance. He provides examples of how companies like Elon Musk's X (Twitter) could potentially integrate financial services and lending capabilities, bypassing the need for traditional banks.
The host also discusses how the tokenization and collateralization of assets, from real estate to automobiles, could allow people to access loans and financing without relying on banks. He emphasizes the importance of acquiring digital assets that can be leveraged in this new paradigm, as the banking industry faces the prospect of losing major revenue streams like mortgage and auto lending.
Overall, the host argues that the banks are fighting the wrong battle by focusing on cryptocurrency and regulation, when the real threat to their dominance lies in the broader shift towards Web 3.0 and the decentralization of financial services and asset ownership.
Detailed Analysis:
The host begins by stating that the focus on cryptocurrency, stablecoins, and market activity is a "misguided notion," as the real revolution is happening in the transition to Web 3.0. He explains that Web 3.0 is a broader shift towards the internet incorporating more of the physical world into the digital realm, moving away from the centralized, siloed platforms of Web 2.0.
The host then delves into how the banks' traditional advantage of providing financial services is being challenged by this shift. He points out that people no longer go to banks' websites for the majority of their online activities, such as seeking information, entertainment, or commerce. Instead, they turn to a variety of decentralized, open-source platforms and services.
The host uses the example of Elon Musk's X (Twitter) potentially integrating financial services and lending capabilities, which could allow users to bypass traditional banks. He suggests that Musk could even incorporate brokerage or mortgage services, further encroaching on the banks' domain.
The host then discusses the concept of asset tokenization and collateralization, where individuals could use their digital assets (e.g., cryptocurrencies, NFTs) as collateral to obtain loans for real-world purchases, such as homes or cars, without relying on traditional bank financing. He highlights the vast size of the global real estate market (estimated at $300 trillion) and the potential for a significant portion of it to be handled through crypto-based lending.
The host emphasizes the importance of acquiring digital assets, as they will be increasingly used as collateral in this new paradigm. He argues that this shift could have significant implications for industries like mortgage and auto lending, which have already seen a decline in the banks' market share in recent years.
The host acknowledges that the banking industry is not going to disappear overnight, but he believes it is facing a generational shift, similar to the decline of physical newspapers in favor of digital news consumption. He suggests that the banks are fighting the wrong battle by focusing on cryptocurrency regulation and control, when the real threat to their dominance lies in the broader transition to Web 3.0 and the decentralization of financial services and asset ownership.