The founder of Morgan Creek Digital, Jason A. Williams showers light over the non-productivity of the banking system that the banks do not add any value to the financial circle, instead they create the illusion of having done so. They produce the illusion for the people using the banking system that they deposit their money in the banks for safekeeping but the real truth is that the banks are actually borrowing the money for their own ventures from which they earn a massive profit. As outrageous as it is, people are happy after getting some minute amount of interest out of these ‘deposits’ they throw into the banks, and loads of them too. Another thing that tops even the prior one is that although it might seem that your deposit is within the banks and they show them an account balance sheet. Banks are benefitting greatly from this Ponzi scheme that has not even been declared as such. People having an ample amount of reserves, start a bank and get bulks of money been poured in which is the investments for the banks to invest into their own ventures. Bitcoin (BTC) on the other hand has its study framework that can avert these sort of situations nipping them in the bud. BlockPublisher talked the matter through with the man earning some decent remarks elaborating the entire situation.
Banking system has some rather unpopular opinions about them like they don’t add any value from their side, they borrow your money declaring it a simple deposit and although they show that they have your money, the money is not even with them. Bitcoin shook them already and will do the same in 2019.
What will be the roles of the banks in the future when the cryptos take over is a matter of concern which Williams discussed throughly. This is true that the society will need the banking system to accompany whatever upper layer appends to the financial framework, the status of the banks can ascend or descend.
They will become true intermediaries. As they were intended to be.