Topic: Future without Middle men big way, but big Question? - page 2. (Read 1268 times)
Decentralized structures will now gain importance. Let me tell you about an economic model. In the past, great powers were governed by the intercontinental power. Then this great power passed to the companies. Then this great power passed to the people. Now it's going to decentralized communities. Or pass!
The removal of middlemen was the biggest cheer that crypto brought for us. If you are getting your payments through bitcoin or other crypto you will get to know who much blessing crypto is. No middle men means no additional fee and most important is you don't have to wait for days to get your payment
i thought you are refering to escrows because they are also called middle men and they are verry useful when transacting but what you got here is banks ? are banks middle men too ? but how ? i thought banks are the ones that process money . uber and mobile apps you mention are also far from the middle men that im refering with .
banks wont dissapear at the end but there are bankers that quit thier job or got fired but they can still apply for other work .
I believe that the clerks of the middle hand, and no more, are leaving the banking system as a maximum, because real bankers who know their job and have great knowledge and experience will always remain in this system and work, if not for one then for another bank , and maybe even creating something of their own. In any case, the banking system keeps up to date and has learned to use High Technologies for its own benefit, and thus we will not have to put an end to the future of banks. banks wont dissapear at the end but there are bankers that quit thier job or got fired but they can still apply for other work .
i thought you are refering to escrows because they are also called middle men and they are verry useful when transacting but what you got here is banks ? are banks middle men too ? but how ? i thought banks are the ones that process money . uber and mobile apps you mention are also far from the middle men that im refering with .
banks wont dissapear at the end but there are bankers that quit thier job or got fired but they can still apply for other work .
banks wont dissapear at the end but there are bankers that quit thier job or got fired but they can still apply for other work .
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As far as I know there is no place that gives bitcoin loans so far so is a bank still a bank without loans and interests? Basically, it all depends on your description of what a bank is, if you can flex the description a bit we do have banks in crypto world right now.
As far as I know there is no place that gives bitcoin loans so far so is a bank still a bank without loans and interests? Basically, it all depends on your description of what a bank is, if you can flex the description a bit we do have banks in crypto world right now.
There are many sites promising interests on BTC deposits, but they are mostly scams, so they don't really count. But I know at least one site, freebitco.in, which indeed pays interests on a daily basis, with the annual interest rate 4.08%. Taking into account that some banks currently have a lower rate and some others even have a negative interest rate, this site can be called a pretty good Bitcoin bank. Nevertheless, even when a site is as trustworthy as the above mentioned one, we should always keep in mind the warning by A. Antonopoulos, “Not your keys, not your coins”, and, consequently, never deposit more than we can afford to lose.
I see the World is Going to the Way that no Middle men anymore!
Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
Decentralized banking is not achievable because it's too broad. One can only decentralize a particular activity or function of the traditional banking.
Some blockchain functions are not fully decentralized. Less we do be able to call back lost transactions. In a situation where you discovered that you have sent cryptocurrency to a wrong address, you do retrieve the transaction so far you are the one who initiated it.
So talking about decentralized banking seems deceptive or unachievable.
Getting rid of middle men will surely increase unemployment, but will it be possible to totally get rid of them? Due to the fact that blockchain Technology itself is not fully decentralized.
Banks could be both decentralized and not decentralized. It all depends on what you think a bank is and how you can name it.
For example, is blockchain.com a bank? I mean you can put your money in there and you can take your money out of there so you can store your money when you are not using it, that is one way people can use banks. But, if you need a way to spend it then there is coinsbank type of places that gives you debit cards that you can use when you have bitcoin, so you store it and you spend it, does that make them a bank?
As far as I know there is no place that gives bitcoin loans so far so is a bank still a bank without loans and interests? Basically, it all depends on your description of what a bank is, if you can flex the description a bit we do have banks in crypto world right now.
For example, is blockchain.com a bank? I mean you can put your money in there and you can take your money out of there so you can store your money when you are not using it, that is one way people can use banks. But, if you need a way to spend it then there is coinsbank type of places that gives you debit cards that you can use when you have bitcoin, so you store it and you spend it, does that make them a bank?
As far as I know there is no place that gives bitcoin loans so far so is a bank still a bank without loans and interests? Basically, it all depends on your description of what a bank is, if you can flex the description a bit we do have banks in crypto world right now.
Now everyone's mobile phone acts as a bank. Blockchain promises a new economy. Bitcoin is the most important tool. Banking may disappear in the classical sense. However, a new banking model will emerge. There may be new bankers who dominate mobile phones.
That is also the future I am imagining. There will not be death to banking but there will just be an evolution. By saying that cryptocurrency is giving the opportunity to every single person to be his or her own bank, that would only mean that it has to have a technology for it. And that means a smart phone or a computer with an app or software or program that would support such objective. With that, there will still be bank-like apps or software or programs that will somehow serve as the middle men.
Bank functions are important. That is perhaps the primary reason why even in cryptocurrency where one of the objectives is to get away from the banks there are still banks coming out, duly called or termed as crypto banks. Banks are playing an important role in human business and commerce but what is really not needed is the kind of banks we have right now. The banks developed by crypto is just a storage place without really owning what the users are storing.
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I am waiting how come next day if blockchain adopted bank system for make many people interested with bitcoin and altcoin.
I am waiting how come next day if blockchain adopted bank system for make many people interested with bitcoin and altcoin.
Before there is a linkages between the bank and the blockchain, this process must pass through the government first. I am sure there will be more recognition about cryptocurrency from the government.
Well, a future without middle men is impossible, there will be services or companies that provide middle man services, this is a profitable business field.
Now everyone's mobile phone acts as a bank. Blockchain promises a new economy. Bitcoin is the most important tool. Banking may disappear in the classical sense. However, a new banking model will emerge. There may be new bankers who dominate mobile phones.
That is also the future I am imagining. There will not be death to banking but there will just be an evolution. By saying that cryptocurrency is giving the opportunity to every single person to be his or her own bank, that would only mean that it has to have a technology for it. And that means a smart phone or a computer with an app or software or program that would support such objective. With that, there will still be bank-like apps or software or programs that will somehow serve as the middle men.
Now everyone's mobile phone acts as a bank. Blockchain promises a new economy. Bitcoin is the most important tool. Banking may disappear in the classical sense. However, a new banking model will emerge. There may be new bankers who dominate mobile phones.
That is also the future I am imagining. There will not be death to banking but there will just be an evolution. By saying that cryptocurrency is giving the opportunity to every single person to be his or her own bank, that would only mean that it has to have a technology for it. And that means a smart phone or a computer with an app or software or program that would support such objective. With that, there will still be bank-like apps or software or programs that will somehow serve as the middle men.
Now everyone's mobile phone acts as a bank. Blockchain promises a new economy. Bitcoin is the most important tool. Banking may disappear in the classical sense. However, a new banking model will emerge. There may be new bankers who dominate mobile phones.
There are still middle-men type of situations for decentralized systems and there are still ways where middle-men like airbnb or uber basically just became a simpler choice for middlemen. For example, if you have a decentralized exchange that allows people to trade wallet to wallet that means there is nothing in between, I give you ethereum to your ethereum wallet from my ethereum wallet and you give me bitcoin from your bitcoin wallet to mine without anyone else in the middle instead of exchanges where we deposit, trade and withdraw.
However, that doesn't mean that everything could be done that way, uber is middle managing the driver industry for example (mainly in USA) and there is no blockchain technology that could remove Uber for now, at least for the time being.
However, that doesn't mean that everything could be done that way, uber is middle managing the driver industry for example (mainly in USA) and there is no blockchain technology that could remove Uber for now, at least for the time being.
Just like the first answer to your question said - there are many flaws in you question. By the way, what makes you think that there are going to be "decentralized banks"? What does that even mean? No matter how much the world changes and if there happens to be crypto banks, that doesn't mean bankers will lose their jobs, rather they will upgrade and adapt to the new changes. There are crypto exchanges and these exchanges are being operated by human beings and not some kind of machine or whatever you think it is.
He is probably talking about our crypto wallets acting out as our banks in terms of holding our money and handling our transactions. But the problem here is cryptocurrencies aren't a complete package compared to what traditional banks are offering. Yes we can hold our crypto and di transactions but our wallets can do just that you can't apply for loans, credit, and mutual funds like what financial institutions can do and that is where the biggest chunk of their earnings comes from. So the possibility of banks disappearing are really slim especially when people do go for banks to have loans.
I see the World is Going to the Way that no Middle men anymore!
Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
There will always middle men we cannot take that away to our society, there are fixers, and salesman and resellers, the future is evolving, but I don't think middle men will go away, it's part of our human nature to become a middleman or hire a middle for something for profit or for favor. Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
Just like the first answer to your question said - there are many flaws in you question. By the way, what makes you think that there are going to be "decentralized banks"? What does that even mean? No matter how much the world changes and if there happens to be crypto banks, that doesn't mean bankers will lose their jobs, rather they will upgrade and adapt to the new changes. There are crypto exchanges and these exchanges are being operated by human beings and not some kind of machine or whatever you think it is.
As far as I know, there will be nothing like cryptocurrency banks, but a time will come when central banks in every country will create their own cryptocurrency which are are going to be stable coins. They are not going to replace the main currencies, they will be like assets, just as Bitcoin, Ethereum and other altcoins. You can use them and if you want you can redeem them for fiat. Banks are going nowhere.
As far as I know, there will be nothing like cryptocurrency banks, but a time will come when central banks in every country will create their own cryptocurrency which are are going to be stable coins. They are not going to replace the main currencies, they will be like assets, just as Bitcoin, Ethereum and other altcoins. You can use them and if you want you can redeem them for fiat. Banks are going nowhere.
I see the World is Going to the Way that no Middle men anymore!
Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
Middle men are a critical part of day to day life, even in online transactions middle men are necessary as the user don't have to trust the seller and also the seller doesn't have to trust buyer they just give their things to third party and the deal goes smoothly. I can't even imagine an era without middle men.Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
Many people try to avoid middle men for transactions just because it will become somewhat cheaper by directly sending to seller which I don't think is a good idea at all, as it increases the chances of a scam and online it becomes more common.
I'm just very curious, what will happen to the middle men when the world already adopted the blockchain technology? They could be needed less when that happens? or the other way around?
I see the World is Going to the Way that no Middle men anymore!
Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
Middle men are a critical part of day to day life, even in online transactions middle men are necessary as the user don't have to trust the seller and also the seller doesn't have to trust buyer they just give their things to third party and the deal goes smoothly. I can't even imagine an era without middle men.Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
Many people try to avoid middle men for transactions just because it will become somewhat cheaper by directly sending to seller which I don't think is a good idea at all, as it increases the chances of a scam and online it becomes more common.
Middle man will never go away, people think it will go away but the middleman is just becoming more hidden instead of being more up front.
I do accept this part as you need the middle man in almost everything and if we can reduce the exploitation part then it is fine and every model has its merits and demerit.For example, you said Uber, now that allows people to directly contact with the driver and directly go some places etc etc but the middleman here is still uber, I know they are just taking their commission and do nothing else unlike banks but that is still a middleman. Same with all other similar concepts.
The difference here with Uber and other platforms is that it gives more exposure and opportunities for the people enrolled with them while the other people who are independent will suffer and it will create a monopoly in the market as everyone will be forced to join them and there is no middle ground and i am confused with the fairness with this competitive world. 
I see the World is Going to the Way that no Middle men anymore!
Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
Like decentralized banking the New era of living.
Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....
But the question is :
What about Middle - men?
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?
Do you think life without middle men Will be better?
If you are talking about the middle-men, they are not going anywhere rather they would only change form. The Uber that you have rightly mentioned, what just happen here is Uber assuming the role of middle men by being the go-between the rider and the drivers. The same thing goes to other online businesses that works with the same model. It will even surprise you the more that the same current middle-men who have made more than a fortune in the existing business model are the investors in this new models but because companies don't go all around announcing their angel investors or the financial muscles that is making them run their business and the irony is that these investors own the business.
Some people think that middle man is just nothing for each transaction. The middle man is a person who handles both items of the traders and also secured the transaction there's no scam may happen and to be fair to both party that they will satisfy to their items or things they want without any issues, a middle man is part of every single transaction it gives a lot of security for the both users to avoid some crimes the middle manhandles the situation commonly the administrator who handles those kinds of transaction, online transaction if they want to secure the trade the website or the system holds the item(s) or the coins as a payment to the items to be fair, but always aware about the transaction you made with a middleman because not all the time those are safe, sometimes both of you are trusted on the middle man but they have an intention to do something not good, always make an awareness to yourself and to your items or money you want to exchange.
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