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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

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From: sense	3/14/2021 5:25:01 AM
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Disintermediation Update Cathie Wood’s Warning to Banks & Which Companies Will Disrupt Them (ARK Invest Big Ideas 2021) My prior criticisms appear to remain intact... The banks are obviously dinosaurs surviving primarily on the power of fiat... they exist now only because they are written into the laws... and they are ruthlessly exploiting that fact to engage in frauds on the public in the expectation there is nothing we can really do about it... but that's not news. i was addressing that issue myself 25 years ago... and its still just as true. I agree with the introductory premise by Chamath Palihapitiya: "Banks are so fucked"... but that handwriting has been on the wall so long that it's been fading for a long time already. The issue is... I don't see much disintermediation going on... mostly this "thing" being pushed forward now is a re-intermediation with social credit scores entrained... and not a disintermediation... It is replacing the old guys with a new crop of financial intermediaries popping up... who are more web savvy... who are not dinosaurs... and who do a better job of harvesting data... and exploiting it... but what they are not doing is facilitating transactions without intermediaries... rather than seeking to own you even more thoroughly and efficiently than the old banks did... The banks have abused their power and crafted privilege from it... which is what has insulated them from reality enough to survive as dinosaurs long past the time they should. Disintermediation seeks to solve not only the problem of banks being dinosaurs... but the problem of the banks having power to abuse... by transferring that power to people as individuals, who don't need banks posing obstacles for them... Most of the advantage they're exploiting... is not different than what was possible 25 years ago... by simply using the web as a portal... in a way that now takes banking out of the bricks and mortar, the same way Amazon took shopping out the bricks and mortar... The dot.com bubble is finally catching up with banking. They are taking banks customers away... mostly as the banks, being dinosaurs, are too slow to recognize and respond to the change... but, they are not liberating customers from the need in having a bank... ? Instead, they are posturing banking as another venue in which you are made ever more a cog in their proprietary machine... in the way the software companies are trying to do now... the way Google and Facebook do... by making you the product... while leaving the power structure intact... making their being "less stupid" and having greater efficiency less of an advantage than a threat.... Will mull it a bit more...

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