Hacker News Reader

Comment by wyager | Hacker News Reader

> For crypto to replace modern finance, it needs to be better in every way

I don't think this follows logically at all. Can you explain your thought process? (FWIW, I think that most likely the only component of finance that will be replaced by "crypto" [most likely just bitcoin] is the money and payments layer, so I probably agree with you in general.)

View on HN

So I am thinking about how many crypto fans suggest fiat money and banks are a thing of the past.

I don’t think fiat money or banks can go away unless all their functionality can be replaced by crypto and do at least as well.

With finances, it’s more about preventing the bad over getting the good. As long as crypto introduces a big problem, there’s no way it becomes the primary financial tool.

In fairness, I am making some assumptions here, so maybe my view of finance is very wrong. I welcome any alternative opinions.

If you look at the history of finance, all it takes is some better notion of credit. If I can get a better deal using one system over another, that’s what I’ll do. I don’t care how many millions of people are employed offering thousands of niche services by the system I don’t choose.

Hasn’t the current system of banks and paper currency basically been the financial system of chose since the 1700s? I see additions to financial systems, not total replacements.

Crypto is trying to replace banks and modern finance, correct?

Reply on news.ycombinator.com