Amy Webb’s book, The Signals Are Talking, has sat on my nightstand for at least 4 or 5 years. I couldn’t figure out why. Now I know. It’s time f

Banking Faces its BlackBerry Moment

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2023-09-14 16:00:04

Amy Webb’s book, The Signals Are Talking, has sat on my nightstand for at least 4 or 5 years. I couldn’t figure out why. Now I know.

It’s time for banking as we know it to change or be changed. We have two choices, see the negative, or embrace the opportunity.

The opportunity to allow individuals to pay and move their money in ways that match how they choose what to watch on TV, where they get their mail, how their news and food are delivered, or how they hail their taxis… over the internet and with a reduction of middlemen.

In the passage above, it’s clear that banking as we know it is done. It’s clear that banking as we know it is RIM and digital assets are the iPhone… Bitcoin and some things crypto (yes, I know a dirty word in certain circles) are how money and value will be transferred as we move forward.

Bitcoin solves the problem of broken money, providing a gold-like sound money asset in a digital system, while *some* crypto and DeFi act as integrators which is nothing more than technology for moving money. Think credit cards, Swift Network, FED Wire, ACH, EFTs (electronic funds transfer), etc. Most of these are protocols and they all need to be updated.