I can see how this blockchain stuff can take care of the wallet idea and a lot
of transactional banking, but that's nowhere close to getting rid of what banks
do. Sure transactional banking is a massive money maker, but that's mainly here
in SA. Most other countries in the world don't allow banks to charge for that.
I still have my UK bank accounts because it costs nothing to keep it open - no
monthly fees, no charges for getting my statements, nothing like that.
There is no chance that microlenders can take the place of banks either. Their
business model is insane. If they manage to survive a couple of years, they
mint it, but do so by scalping anyone and everyone to cover their credit risk.
You will still need places that cater for home loans, car loans, project
finance, basic credit cards and all that jazz. Even if you were able to start
up a competitor to them, getting the historical data required to model
probability of defaults is not going to happen.
Start off as a Capitec or something like Postbank and just do deposits. Then
move to micro loans to existing customers with enough behavioural data. Then
try a bit more... still nothing like business transactional banking.
What is going to be interesting for some of these blockchain things is that if
they start acting like banks, the SARB will need to get involved. The capital
requirements and reporting standards for banks are just insane. I don't see
anyone bothering to get a banking license for a wallet/e-transaction type
thing. Especially if you have individuals in control over this. Problem is that
if you act like a bank and quack like a bank, SARB will start to ask questions
- or at least other regulators will. Not sure how they're going to control this
though. Interesting times ahead.
From: cpt-fgc-bounce@xxxxxxxxxxxxx [mailto:cpt-fgc-bounce@xxxxxxxxxxxxx] On ;
Behalf Of lindsey kiviets
Sent: 23 May 2017 8:59 AM
To: cpt-fgc@xxxxxxxxxxxxx
Subject: Re: Hello
sali this bitcoin bubbeloon is getting too big.
when is it going to burst and can you pls make an fgc coin so that I can mine
it.
________________________________
From: cpt-fgc-bounce@xxxxxxxxxxxxx<mailto:cpt-fgc-bounce@xxxxxxxxxxxxx>
<cpt-fgc-bounce@xxxxxxxxxxxxx<mailto:cpt-fgc-bounce@xxxxxxxxxxxxx>> on behalf
of Ilitirit Sama <ilitirit@xxxxxxxxx<mailto:ilitirit@xxxxxxxxx>>
Sent: 23 May 2017 06:25 AM
To: cpt-fgc@xxxxxxxxxxxxx<mailto:cpt-fgc@xxxxxxxxxxxxx>
Subject: Re: Hello
Twin Peaks Season 3 started
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