Good article and good points. I wonder a lot about who or what is going to assist people as they continue to enter the crypto space. As you get further away from the epicenter which is filled with tech experts, enthusiasts and even just above average curiosity, you get into the rungs of people who may not even be into crypto and the ideas behind it but rather just don't want to completely be left out.
Maybe they are social media users who read an announcement that certain new features will take payment but only in crypto. So now that user might begrudgingly decide to read up on what it's all about. But they have no intention of being their own banker or protecting their keys anymore than they protect their car keys.
So they will look for a service that they can "trust" to hold their funds safely when not in use. Who wants to deal with the effort it takes to create your own geo-diverse multisig setup? They will simply want to buy credits for the new game on ABC web 3 site and use them when needed.
And this is where I think the banks will find their niche in crypto. Taking it old school again when they offered custodial services for the community by building thick vaults that actually secured actual fiat and scarce metals etc. We entrusted our tender to them (gave up our keys) and they promised(*) to hold on tight for a fee, until we needed to use that value in the future. If they screwed up, the govt had our backs (more or less). And a nice suit and friendly smile didn't hurt either. Who doesn't love Julie, teller #3 at their local branch? She always asked how my kids were doing. I liked that.
So take all that, digitize it, outsource to Fireblocks or whomever, make sure Julie is part of the welcoming party and tell the customer "Integrity, security, TRUST where you need it most in today's ruthless confusing world full of bad actors trying to steal your money with the click of a button. If you accept our service (for a modest fee) you will be able to use that $CRYP token any time you wish. But it will always be safely protected by our..... Yadda yadda"
And pair that with the exponentially increasing horror stories of lost keys, stolen keys, social engineering troupes, and that's how, at least in my dystopian vision, the banks will remain relevant...*though without the worry of FDIC to adhere to.
Hopefully something will solve this before it happens. I only hope I finish it sooner than later. ;-)
Good article and good points. I wonder a lot about who or what is going to assist people as they continue to enter the crypto space. As you get further away from the epicenter which is filled with tech experts, enthusiasts and even just above average curiosity, you get into the rungs of people who may not even be into crypto and the ideas behind it but rather just don't want to completely be left out.
Maybe they are social media users who read an announcement that certain new features will take payment but only in crypto. So now that user might begrudgingly decide to read up on what it's all about. But they have no intention of being their own banker or protecting their keys anymore than they protect their car keys.
So they will look for a service that they can "trust" to hold their funds safely when not in use. Who wants to deal with the effort it takes to create your own geo-diverse multisig setup? They will simply want to buy credits for the new game on ABC web 3 site and use them when needed.
And this is where I think the banks will find their niche in crypto. Taking it old school again when they offered custodial services for the community by building thick vaults that actually secured actual fiat and scarce metals etc. We entrusted our tender to them (gave up our keys) and they promised(*) to hold on tight for a fee, until we needed to use that value in the future. If they screwed up, the govt had our backs (more or less). And a nice suit and friendly smile didn't hurt either. Who doesn't love Julie, teller #3 at their local branch? She always asked how my kids were doing. I liked that.
So take all that, digitize it, outsource to Fireblocks or whomever, make sure Julie is part of the welcoming party and tell the customer "Integrity, security, TRUST where you need it most in today's ruthless confusing world full of bad actors trying to steal your money with the click of a button. If you accept our service (for a modest fee) you will be able to use that $CRYP token any time you wish. But it will always be safely protected by our..... Yadda yadda"
And pair that with the exponentially increasing horror stories of lost keys, stolen keys, social engineering troupes, and that's how, at least in my dystopian vision, the banks will remain relevant...*though without the worry of FDIC to adhere to.
Hopefully something will solve this before it happens. I only hope I finish it sooner than later. ;-)