If only we had a decentralized distributed network for peer to peer payments that avoided banks and allowed for verified transactions of value amongst distrusting parties.
* People won't want to actually manage their wallet and risk losing all their money and FDIC carries real tangible value so individuals won't have wallets, they'll have an account with a bank. And because nobody -- not you, not your bank wants to pay transaction fees all intra-bank transactions will be done off-chain.
* And there's never been a problem with intra-bank trust so transactions between banks will also naturally be off-chain with some trusted intermediary so all banks would have is an account with that intermediary.
* But how do people with bank accounts actually do day to day transactions? Banks could have a system where users have a local wallet that the bank xfers down and then performs a real crypto transaction with the other party and then back up to their bank -- but 3 rounds of fees just to buy a coffee? Some trendy start-up will emerge to do all these transactions off-chain for pennies.
* And then you run into the same problem with credit cards where you essentially need virtual accounts with unspecified amounts in them and if you actually try to do transactions like this on-chain you spend a lot of money in fees just to move money between the wallets of trusted parties.
So we'll wind up heading toward a cryptoless society for all the same reasons we're headed toward a cashless one now.
Crypto is catching on.