step 4 is usually "profit", but cryptocurrency works just the same.
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Here's a way to think about it: if you don't run your own mailserver (because it's a shit show), you don't wanna be your own bank.
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you don't have to manage your own bitcoin if you don't want, services like coinbase, Circle already provide "bitcoin" banking/wallets.
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but doing so will just be adding intermediaries and recreating the complexity of banks.
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Some of the complexity I don't like. Things like underwriting, risk management and regulation are strictly in my favor, thus my choices
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I'm not entirely sure what the "complexity" of banks refers to. I mean intrinsic complexity, not accidental complexity of implementations.
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It isn't strictly one or the other. Abstract financial instruments power a lot of economic growth, and are inherently complex deals...
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... they power a lot of the things we do/have done, including personally and impact everyone. Improperly managed they introduce major risk..
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... and I interpret the complexity argument in this context, that bad instruments lead to evil outcomes...
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nobody said it would be
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