The Problem with Mainstream Banks and a New Alternative | Fluid

ololajulo

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Quote from: so98nn on February 19, 2022, 10:11:26 AM

What is the first reason banks will accept this coalition with the rival technology that is blockchain?

If this would have been middle way then isn’t we are already doing the same with the stablecoins like USDT, though they are more or less centralised. But we did it already?

May be someone just explain in brief what’s the principle behind this project?

Just like Russia and their financial institutions, The banks are scared of been left out/miss out of the innovation financial technology is bringing that some countries are adopting and growing with it. Most of them are doing its as store of asset and it looks easier than the fiat and collectible they are used to storing. Most of the institutional investors in bitcoin last year are still hodling more than 80% of their acquire asset which is a signal for countries as well.

FanEagle

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Putting crypto into banks will happen one day or another. It is not really a shocking idea and I bet that it will not take too long before it happens as well. Even if you consider all of these exchanges to merge with banks eventually, that will not be that weird. Consider Binance one day getting merged with HSBC or Citi, or JP Morgan or whatever.

Do you really think that it is impossible? I mean it is clear to me that it could happen at all moment and I believe that as soon as legalities start, these banks will start to swallow smaller ones to grow their makretcap. Like maybe Binance won't be gone, but Coinbase could be, and kraken could be, and then they will go from there to slowly getting Binance eventually. That would allow them to actually grow to a huge size. Or maybe Binance will get the next top 10 and grow to a trillion dollar valuation, who knows?

Argoo

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Quote from: Gozie51 on February 18, 2022, 06:05:50 AM

Coexistence is the way that the banks and cryptocurrency will interact and no one will be supreme but satisfying the gaps of each other like the proposal so far that the end users will be able to transact money from their bank account to either fiat or cryptocurrency and that of course is freedom through blockchain. No amount of pressure would erase the blockchain adoption and traditional banks will have to adapt to the new technology.

States will not allow equal coexistence of their fiat and cryptocurrencies. Therefore, no matter how much we want, fiat will always have significant advantages in legal walking with cryptocurrency.
In addition, neither states nor banks were opposed to the introduction of blockchain technology. Almost all states directly recognize the significant advantages of blockchain technology both in the financial sector and in other areas of our lives. That is why they started implementing their CBDCs, which mainly use blockchain technology.

Wexnident

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What I've always believed. As much as I support crypto, it just seems rather impossible for it to stand alone simply because people want to, not to mention that the banks and the government would not allow it. Plus, technically, they provide different types of advantages. Crypto being decentralized aka, secured and freedom of where to use it. Fiat being more centered to qol, automated, etc. Crypto was never a threat to the other and vice versa, banks just don't want their share of the pie get taken ig.

timerland

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Coexistence between crypto and fiat is the probable outcome and is what happens now.

I do agree that there is a problem with mainstream banks, but I don't necessarily think that it's going anywhere any time soon.

There is significant amounts of traditional power that are within these banks which one simply cannot get from crypto projects. Fractional reserve banking will be extremely costly to unwind, and will likely cause future bank runs ahead of us. Politicians will not have this situation happen and may even move to restrict cryptos before that occurs.

avikz

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Coexistence is the key! Crypto systems aren't capable of handling the global remittance volume. Its store of value isn't guaranteed by some entity. So I don't see why a traditional banking system will have to be uprooted.

Crypto and banking system can peacefully co-exist through technology inclusion. Crypto is a parallel ecosystem and thrives in a similar manner.

I agree that the content of the video is very interesting. But way ahead of time!

so98nn

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The project seems interesting however I see many glitches in the implementation and execution with the traditional banking system. What is the first reason banks will accept this coalition with the rival technology that is blockchain?

If this would have been middle way then isn’t we are already doing the same with the stablecoins like USDT, though they are more or less centralised. But we did it already?

May be someone just explain in brief what’s the principle behind this project?

Mauser

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Quote from: Hydrogen on February 17, 2022, 06:54:27 PM

Interesting content. Although I wish people would stop defining cryptocurrencies as an "existential threat" to the banking industry. It doesn't have to be a scenario where cryptocurrencies and banks enter a gladiator colosseum and only one leaves alive. Coexistence remains a possibility.

I fully agree with you. Why does it always sound like we have to choose between traditional banks or the crypto world? It's not like one of the two is going to disappear in the next years. Both systems offer benefits for the economy that should be used by consumer. We as the consumers should choose the most beneficial from banks and from crypto currencies. Nothing wrong with having an online bank account with 0 fees and a depot with very small trading fees. The traditional banking system with large number of sales people might not survive, but low cost banks to take care of your own finances will. At the moment we can't survive only with crypto currencies and no bank account all. Offering alternatives to the traditional banks will help to bring down fees faster.

Similificator

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Big respect for the guy in coming up with such an innovative idea. It is great to have a brilliant mind the supports the idea of coexistence between crypto currencies and fiat or banks to crypto (whatever term people wants to use) and is also capable enough to start something that can turn into a huge movement in the future. And as this ideology gets widely spread it will educate the masses that there indeed is no sense in making both sides compete with eachother when they are both important in today's world.

Gozie51

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Coexistence is the way that the banks and cryptocurrency will interact and no one will be supreme but satisfying the gaps of each other like the proposal so far that the end users will be able to transact money from their bank account to either fiat or cryptocurrency and that of course is freedom through blockchain. No amount of pressure would erase the blockchain adoption and traditional banks will have to adapt to the new technology.

Hydrogen

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The Problem with Mainstream Banks and a New Alternative | Fluid
https://www.youtube.com/watch?v=wwSlF-GkDsg

Robert Sharratt worked for global banks in London and Switzerland and is author of the book: 1%. The Book that the financial establishment doesn’t want you to read.

He is also the founder of Fluid Finance.

Fluid is the first company to challenge the core principles of banking.

It uses blockchain technology to deliver a revolutionary new way of spending, saving and sending money in EITHER Fiat or crypto.

....

From what details I could glean from the 4 minute presentation. The founder of this movement proposes a new banking format using an onchain blockchain where only end users own the private key to move the funds in their bank account. That in itself could spawn another discussion as to whether the banking codebase is proprietary or open source enough to be audited by independent review.

What he is proposing sounds radical and forward thinking.

He also offers an overview of the current day banking industry which he describes as supporting "51% double spends" via default.

Interesting content. Although I wish people would stop defining cryptocurrencies as an "existential threat" to the banking industry. It doesn't have to be a scenario where cryptocurrencies and banks enter a gladiator colosseum and only one leaves alive. Coexistence remains a possibility.

Topic: The Problem with Mainstream Banks and a New Alternative | Fluid (Read 148 times)