Cathie Wood says banks have a ‘big problem’ thanks to crypto | Crypto Craft

  • Cathie Wood says banks have a ‘big problem’ thanks to crypto

    From cnbc.com

    Cryptocurrency was initially created to sidestep old institutions – and banks may finally be feeling themselves get disrupted, Ark Invest CEO Cathie Wood said. Known for her high risk high reward strategy, Wood told CNBC’s “Crypto World” Thursday that the amount of interest investors are showing in DeFi, or decentralized finance, applications could threaten the traditional banking world. There’s been a “share shift” when it comes to loans in DeFi, she said. “Banks have a big problem,” Wood said from the Bitcoin 2022 conference in Miami. “They’re losing talent to crypto, so they’re having to ... (full story)

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Hasher
Apr 8, 2022 3:45pm
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Quoting Goat
{quote} Show me one line in the whitepaper or in Satoshi's early writings where he says anything along these lines. This concept is entirely invented by populist hijackers in their quest to manipulate moon bois. I'd be shocked if Cathie could recount anything from Satoshi's writings.
Perhaps the very first line?
Quoting Bitcoin Whitepaper
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution.
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Goat
Apr 8, 2022 2:36pm
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Quote
Cryptocurrency was initially created to sidestep old institutions
Show me one line in the whitepaper or in Satoshi's early writings where he says anything along these lines. This concept is entirely invented by populist hijackers in their quest to manipulate moon bois. I'd be shocked if Cathie could recount anything from Satoshi's writings.
Reply
Goat
Apr 8, 2022 4:19pm
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Quoting Hasher
{quote} Perhaps the very first line? {quote}
Competing with Visa is not any kind of sidestep of any kind of institution. Satoshi made it crystal clear that bitcoin is digital cash system, meant to compete with Visa, Mastercard, and Paypal. It was meant to work within the current legal and finacial framework. Maybe that can be considered an institution sidestep, but thats not my definition and not Cathie's either. She is pomoting ideas far different from Satoshi.

For example, if Satoshi promoted the idea that Bitcoin would replace SWIFT, or the idea that Bitcoin could conceal transactions from banks or anyone else, or anything along those lines, then Cathie's message would be justified. But Satoshi was about none of that. He was about bringing cash into the digital age. It was meant as an evolution, not a revolution.
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Goat
Apr 10, 2022 8:44am
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I thought of a simpler way to make my point...

Quote
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution

There is no "old institution" sidestepped by p2p cash. Paypal is not an institution, and banks don't profit from cash administration. Banks are money lenders, a business model not threatened by p2p cash.

When Satoshi says "without going through a financial institution" he is merely explaining the mechanics of the p2p system. It's the populist manipulators that zoom in on those words and make them out to be a call for revolution. Don't let them wet your panties, it will cost you real money.
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cryptocow
Apr 8, 2022 3:53pm
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Quoting Hasher
{quote} Perhaps the very first line? {quote}
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umbrella man
Apr 8, 2022 4:56pm
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Why she’s still relevant?
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