I think it is an important step to be taken. However, banks on Bitcoin should not and likely will not look the way that we often assume that they will. Bitcoin's economic dynamics and technical capabilities highly incentivize full reserve banks, which would likely become the norm. In addition, those would likely be primarily for credit and loans and not as much as place for individuals to park funds, especially not spending money. Banks will be essential, but not in the way that we think.
Yes, Hal was mistaken about the fractional reserve since only provably fully backed tokens would ever be accepted as good money. Anything else would not be fungible
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perhaps they'll earn their clients' respect enough to serve as a collaborative signer, if they're lucky enough to still have clients at that point
Ultimately they will prove to be a non essential over time though. BTC tech will simply outcompete
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