Not like a physical piece obviously but instead of having money backed by gold or a federal reserve, it would just be like backed by a resource you can be confident the bank holds an abundance (or in Thiel’s case a monopoly on). Since you know the resources are valuable and held by the bank, you have something backing up whatever you put in the bank.
When a bank gets robbed or loses the physical cash you put in it for some reason, and you don’t have a federal reserve to replace it, what is the actual incentive to keep the money in a traditional bank vs just moving it to crypto where there is access to a guaranteed valuable resource (because the evil asshole that owns the bank also has a monopoly on the valuable resource).
If a bank like JP Morgan can only protect people’s money by profits earned from their investments, don’t they just become a sort of middle man?
Not like they’re an innocent mom and pop in all of this, but I do not look forward to the day Peter Thiel controls 24/7 tracking surveillance, all of our data, and our entire banking system. Idk just seems like a bad idea. Even though he’s a “libertarian.”
Not like a physical piece obviously but instead of having money backed by gold or a federal reserve, it would just be like backed by a resource you can be confident the bank holds an abundance (or in Thiel’s case a monopoly on). Since you know the resources are valuable and held by the bank, you have something backing up whatever you put in the bank.
When a bank gets robbed or loses the physical cash you put in it for some reason, and you don’t have a federal reserve to replace it, what is the actual incentive to keep the money in a traditional bank vs just moving it to crypto where there is access to a guaranteed valuable resource (because the evil asshole that owns the bank also has a monopoly on the valuable resource).
If a bank like JP Morgan can only protect people’s money by profits earned from their investments, don’t they just become a sort of middle man?
Not like they’re an innocent mom and pop in all of this, but I do not look forward to the day Peter Thiel controls 24/7 tracking surveillance, all of our data, and our entire banking system. Idk just seems like a bad idea. Even though he’s a “libertarian.”