Anthony Pompliano, the founder and partner at Morgan Creek Digital Assets again bursts on the scene, favoring cryptos as ever explaining the loopholes the traditional banking has, which are not available over the media for the basic folks to know about. As Pompliano states, a single bank has a tendency to process the laundering of money to such immense extents that it can top the entire cryptocurrency market cap.
Pomp hints to a recent event of a single bank, the Danske Bank, which was found to launder a total amount which exceeds the total market cap of the all the cryptocurrencies altogether. This leads, as per Pomp, to the eventual conclusion that the banking system has failed to reach up to our expectations of being the safest and the most transparent financial dealing system.
Pompliano, talking to BlockPublisher, tackled the conventional banking systems as easy to be manipulated by the powerful.
The traditional banking system can be smoothly bent to favour the powerful. It cannot be refined more to tackle any more unjust power distribution. We must lean towards a ‘decentralized’ solution.
The banking system, though much sophisticated than the times the bandits used to loot the county bank on a daily basis in the wild west, has reached a climax as Pomp states, from where security protocols are unable to be further modified. The obvious toll this takes over the monetary situations is that any third party can meddle with the transactions and vital account information. He tweeted:
A single bank location at one bank laundered more money than the entire market cap of cryptocurrencies.
– Crypto market cap: $225 Billion
– Danske Bank: Laundered $235 Billion
Long Bitcoin, Short the Bankers.
Vertcoin people also jumped in to side with Pompliano’s remarks over the crude banking system. Vertcoin folks opened up about how the internet is educating the masses about the loopholes and flaws in the current banking systems. This can eventually bring the crypto or blockchain reform that the monetary system needed for quite sometime. As long as we stick with a banking system with this much unjust protocols, the future turns grim and dark accordingly.
Another similar crypto platform Hanacoin plunged right in to favor Vertcoin over the internet being the platform to discuss the financial issues and ignite the urge in the basic user to fight for the monetary power he/she deserves. With some rather harsh view for the governments and the regulating authorities, the critics converged over the fact that the decentralization is necessary to continue with the financial framework without any setbacks and adverse outcomes.