52 sats \ 0 replies \ @inevitable 25 Nov 2022 \ on: bitcoinized world scenario question bitcoin
Hi :)
I think this part is very unlikely: Banks are a thing of the past because most people (hard bitcoiners now) prefer to keep their coins with their own private keys, being their own banks.
- There will be custodians, because some people and companies will still need them. I don't think they will be lenders though, unless they will act as a intermediary between the bitcoiners looking for yield and the borrowers.
- There will be entities owning large sums of money, willing to lend it – banks and non-banks (eg. companies with cash surplus).
- The smart contracts will be a natural way of sorting things out.
- In a sound money environment the growth will be indeed slower than now, but without the extreme boom and bust cycles – and it's good. It will be calmer, less greedy and more natural. The sound money provides better life for everyone, so the incentive for high-yield, high-risk ventures will be less. But there always be people wanting more and they will find ways to finance it.
IMHO.