"Financial Services are an entire industry. Lending, transactions, authorizations, contracts, accounting, risk management, asset allocation, it's a gigantic industry."
Right, this is all on ethereum
Right, this is all on ethereum
All I need is more than $100K worth of crypto assets I can tie up as collateral for my loan. So I'll be able to buy a car or a house, as long as I have more than enough money to do so already. Banks don't know about this one weird trick that makes them obsolete!
Etc, etc. etc?
The complete lack of understanding of anything financial postulated by the crypto crowd is really painful.
The notion of 'crypto' is actually interesting, and large swaths of the financial world would actually buy into it, but most of it makes no sense unfortunately.
I am protected from losses of spending my BTC. As with all finance yes I also carry the risk of BTC falling and liquidating my loan - but assuming I have not also lost my loan I am protected from a major fall, as my collateral will be taken and I still have my loaned coins.
There are many contenders. XTZ and ADA are both technologically far beyond what BTC or ETH can ever be.