Eliminating middle men is always a tempting bogey, but doesn't always make sense for every economic function. Surely, the aspects of banking that make sense to be decentralized will do so, but a lot of financial intermediation will likely remain centralized for good reason. One function that'll likely remain in centralized banking is monitoring, arguably the most valuable service banks perform and which facilitates relationship lending and liquidity.
Long live blockchain......
upvoted :D
Eliminating middle men is always a tempting bogey, but doesn't always make sense for every economic function. Surely, the aspects of banking that make sense to be decentralized will do so, but a lot of financial intermediation will likely remain centralized for good reason. One function that'll likely remain in centralized banking is monitoring, arguably the most valuable service banks perform and which facilitates relationship lending and liquidity.
I agree, you cannot get rid of the middle man but you have to make sure the power is distributed fairly.