Future without Middle men big way, but big Question?

[cryptoknightt]

Decentralized banking is misleading term. There is no concept like decentralized banking. The closest substitute to this term is cryptocurrencies and few dapps providing online credit facilities. But since value of cryptocurrencies is highly dynamic, this model is not sustainable. In short, banks are not going anywhere.

he thought it was too far, I mean, how could banks be eliminated, even though crypto would be used as predicted, but at the same time exist with the banking business and not get rid of everything.




 

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[Cherylstar86]

Decentralized banking is misleading term. There is no concept like decentralized banking. The closest substitute to this term is cryptocurrencies and few dapps providing online credit facilities. But since value of cryptocurrencies is highly dynamic, this model is not sustainable. In short, banks are not going anywhere.

he thought it was too far, I mean, how could banks be eliminated, even though crypto would be used as predicted, but at the same time exist with the banking business and not get rid of everything.
 

Both have a point but it will really matters to the users compatibility on how to deal those things comfortably. Eliminating banks is somehow impossible in which here in our country adopt the crypto currency, I mean some banks invest on it since they are accredited by our government but somehow the bank is just relying on the market and they have no control since it is still decentralized system that's really make sense.

[fiulpro]

Hey ,
What I think is middle men have dominated every sector in this whole world , actually we should understand that , they don't help them instead they actually earn a huge profit , they buy things at 1 and sell them at 100 , the person who is a actually selling doesn't even get to know what they could have earned and eventually they never get out of the poverty line and the middle men keeps earning .
A world without them would be amazing for the people who have to go through a lot and earn nothing when they should be the ones getting the profits , it would be so so beneficial for the people like farmers or even Bitcoins sellers , they won't have to pay thrice just to sell their coins .

[sana54210]

Middle man will never go away, people think it will go away but the middleman is just becoming more hidden instead of being more up front.

For example, you said Uber, now that allows people to directly contact with the driver and directly go some places etc etc but the middleman here is still uber, I know they are just taking their commission and do nothing else unlike banks but that is still a middleman. Same with all other similar concepts.

Long story short, we are not going to a system where there are no more middlemans in the world, no, we are going to a system where there are more hidden and smaller middleman that doesn't intervene that much anymore because people want to buy directly from the source and whoever makes that possible is the one that makes the most profits.

[audaciousbeing]

I see the World is Going to the Way that no Middle men anymore!

Like decentralized banking the New era  of living.

Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....



But the question is :

What about Middle - men? 
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed? 


Do you think  life without middle men Will be better? 

If you are talking about the middle-men, they are not going anywhere rather they would only change form. The Uber that you have rightly mentioned, what just happen here is Uber assuming the role of middle men by being the go-between the rider and the drivers. The same thing goes to other online businesses that works with the same model. It will even surprise you the more that the same current middle-men who have made more than a fortune in the existing business model are the investors in this new models but because companies don't go all around announcing their angel investors or the financial muscles that is making them run their business and the irony is that these investors own the business.

[Assface16678]

I see the World is Going to the Way that no Middle men anymore!

Like decentralized banking the New era  of living.

Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....



But the question is :

What about Middle - men? 
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed? 


Do you think  life without middle men Will be better? 

If you are talking about the middle-men, they are not going anywhere rather they would only change form. The Uber that you have rightly mentioned, what just happen here is Uber assuming the role of middle men by being the go-between the rider and the drivers. The same thing goes to other online businesses that works with the same model. It will even surprise you the more that the same current middle-men who have made more than a fortune in the existing business model are the investors in this new models but because companies don't go all around announcing their angel investors or the financial muscles that is making them run their business and the irony is that these investors own the business.

Some people think that middle man is just nothing for each transaction. The middle man is a person who handles both items of the traders and also secured the transaction there's no scam may happen and to be fair to both party that they will satisfy to their items or things they want without any issues, a middle man is part of every single transaction it gives a lot of security for the both users to avoid some crimes the middle manhandles the situation commonly the administrator who handles those kinds of transaction, online transaction if they want to secure the trade the website or the system holds the item(s) or the coins as a payment to the items to be fair, but always aware about the transaction you made with a middleman because not all the time those are safe, sometimes both of you are trusted on the middle man but they have an intention to do something not good, always make an awareness to yourself and to your items or money you want to exchange.

[7788bitcoin]

Middle man will never go away, people think it will go away but the middleman is just becoming more hidden instead of being more up front.

I do accept this part as you need the middle man in almost everything and if we can reduce the exploitation part then it is fine and every model has its merits and demerit.

For example, you said Uber, now that allows people to directly contact with the driver and directly go some places etc etc but the middleman here is still uber, I know they are just taking their commission and do nothing else unlike banks but that is still a middleman. Same with all other similar concepts.

The difference here with Uber and other platforms is that it gives more exposure and opportunities for the people enrolled with them while the other people who are independent will suffer and it will create a monopoly in the market as everyone will be forced to join them and there is no middle ground and i am confused with the fairness with this competitive world.

[stiffbud]

I see the World is Going to the Way that no Middle men anymore!

Like decentralized banking the New era  of living.

Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....



But the question is :

What about Middle - men? 
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed? 


Do you think  life without middle men Will be better? 

Middle men are a critical part of day to day life, even in online transactions middle men are necessary as the user don't have to trust the seller and also the seller doesn't have to trust buyer they just give their things to third party and the deal goes smoothly. I can't even imagine an era without middle men.
Many people try to avoid middle men for transactions just because it will become somewhat cheaper by directly sending to seller which I don't think is a good idea at all, as it increases the chances of a scam and online it becomes more common.

[Twentyonepaylots]

I see the World is Going to the Way that no Middle men anymore!

Like decentralized banking the New era  of living.

Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....



But the question is :

What about Middle - men? 
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed? 


Do you think  life without middle men Will be better? 

Middle men are a critical part of day to day life, even in online transactions middle men are necessary as the user don't have to trust the seller and also the seller doesn't have to trust buyer they just give their things to third party and the deal goes smoothly. I can't even imagine an era without middle men.
Many people try to avoid middle men for transactions just because it will become somewhat cheaper by directly sending to seller which I don't think is a good idea at all, as it increases the chances of a scam and online it becomes more common.

The idea having a middle men is filling the gap betweeen an end to end party. Intermediaries has a very important role in our life, in fact the simple store near your house is a business middle men or resellers.Some may find middle men an added expense, why require a middle men when you could just go directly? It does not work that way, middle men are generating from what the first end has gathered and so the other end would worry less. Also middle men can early smell the danger of scams and fraud, that's the only risk of middle men, they are fronting themselves for the other party.

I'm just very curious, what will happen to the middle men when the world already adopted the blockchain technology? They could be needed less when that happens? or the other way around?

[davinchi]

Just like the first answer to your question said - there are many flaws in you question. By the way, what makes you think that there are going to be "decentralized banks"? What does that even mean? No matter how much the world changes and if there happens to be crypto banks, that doesn't mean bankers will lose their jobs, rather they will upgrade and adapt to the new changes. There are crypto exchanges and these exchanges are being operated by human beings and not some kind of machine or whatever you think it is.

As far as I know, there will be nothing like cryptocurrency banks, but a time will come when central banks in every country will create their own cryptocurrency which are are going to be stable coins. They are not going to replace the main currencies, they will be like assets, just as Bitcoin, Ethereum and other altcoins. You can use them and if you want you can redeem them for fiat. Banks are going nowhere.

[smyslov]

I see the World is Going to the Way that no Middle men anymore!

Like decentralized banking the New era  of living.

Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....



But the question is :

What about Middle - men? 
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed? 


Do you think  life without middle men Will be better? 

There will always middle men we cannot take that away to our society, there are fixers, and salesman and resellers, the future is evolving, but I don't think middle men will go away, it's part of our human nature to become a middleman or hire a middle for something for profit or for favor.

[Theb]

Just like the first answer to your question said - there are many flaws in you question. By the way, what makes you think that there are going to be "decentralized banks"? What does that even mean? No matter how much the world changes and if there happens to be crypto banks, that doesn't mean bankers will lose their jobs, rather they will upgrade and adapt to the new changes. There are crypto exchanges and these exchanges are being operated by human beings and not some kind of machine or whatever you think it is.

He is probably talking about our crypto wallets acting out as our banks in terms of holding our money and  handling our transactions. But the problem here is cryptocurrencies aren't a complete package compared to what traditional banks are offering. Yes we can hold our crypto and di transactions but our wallets can do just that you can't apply for loans, credit, and mutual funds like what financial institutions can do and that is where the biggest chunk of their earnings comes from. So the possibility of banks disappearing are really slim especially when people do go for banks to have loans.

[fullhdpixel]

There are still middle-men type of situations for decentralized systems and there are still ways where middle-men like airbnb or uber basically just became a simpler choice for middlemen. For example, if you have a decentralized exchange that allows people to trade wallet to wallet that means there is nothing in between, I give you ethereum to your ethereum wallet from my ethereum wallet and you give me bitcoin from your bitcoin wallet to mine without anyone else in the middle instead of exchanges where we deposit, trade and withdraw.

However, that doesn't mean that everything could be done that way, uber is middle managing the driver industry for example (mainly in USA) and there is no blockchain technology that could remove Uber for now, at least for the time being.

[carlzec]

Now everyone's mobile phone acts as a bank. Blockchain promises a new economy. Bitcoin is the most important tool. Banking may disappear in the classical sense. However, a new banking model will emerge. There may be new bankers who dominate mobile phones.

[Getmon]

Now everyone's mobile phone acts as a bank. Blockchain promises a new economy. Bitcoin is the most important tool. Banking may disappear in the classical sense. However, a new banking model will emerge. There may be new bankers who dominate mobile phones.

That is also the future I am imagining. There will not be death to banking but there will just be an evolution. By saying that cryptocurrency is giving the opportunity to every single person to be his or her own bank, that would only mean that it has to have a technology for it. And that means a smart phone or a computer with an app or software or program that would support such objective. With that, there will still be bank-like apps or software or programs that will somehow serve as the middle men.

[asus09]

Now everyone's mobile phone acts as a bank. Blockchain promises a new economy. Bitcoin is the most important tool. Banking may disappear in the classical sense. However, a new banking model will emerge. There may be new bankers who dominate mobile phones.

That is also the future I am imagining. There will not be death to banking but there will just be an evolution. By saying that cryptocurrency is giving the opportunity to every single person to be his or her own bank, that would only mean that it has to have a technology for it. And that means a smart phone or a computer with an app or software or program that would support such objective. With that, there will still be bank-like apps or software or programs that will somehow serve as the middle men.

Bank function for every one as saving money and blockchain can give more guarantee for member with their saving safety and ccan increase their money day by day, not get access and service with bank because only saving money but never giving for increase to higher value, I am waiting how come next day if blockchain adopted bank system for make many people interested with bitcoin and altcoin.

[avatar_kiyoshi]

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I am waiting how come next day if blockchain adopted bank system for make many people interested with bitcoin and altcoin.

Before there is a linkages between the bank and the blockchain, this process must pass through the government first. I am sure there will be more recognition about cryptocurrency from the government.

Well, a future without middle men is impossible, there will be services or companies that provide middle man services, this is a profitable business field.

[Getmon]

Now everyone's mobile phone acts as a bank. Blockchain promises a new economy. Bitcoin is the most important tool. Banking may disappear in the classical sense. However, a new banking model will emerge. There may be new bankers who dominate mobile phones.

That is also the future I am imagining. There will not be death to banking but there will just be an evolution. By saying that cryptocurrency is giving the opportunity to every single person to be his or her own bank, that would only mean that it has to have a technology for it. And that means a smart phone or a computer with an app or software or program that would support such objective. With that, there will still be bank-like apps or software or programs that will somehow serve as the middle men.

Bank function for every one as saving money and blockchain can give more guarantee for member with their saving safety and ccan increase their money day by day, not get access and service with bank because only saving money but never giving for increase to higher value, I am waiting how come next day if blockchain adopted bank system for make many people interested with bitcoin and altcoin.

Bank functions are important. That is perhaps the primary reason why even in cryptocurrency where one of the objectives is to get away from the banks there are still banks coming out, duly called or termed as crypto banks. Banks are playing an important role in human business and commerce but what is really not needed is the kind of banks we have right now. The banks developed by crypto is just a storage place without really owning what the users are storing.

[beerlover]

Banks could be both decentralized and not decentralized. It all depends on what you think a bank is and how you can name it.

For example, is blockchain.com a bank? I mean you can put your money in there and you can take your money out of there so you can store your money when you are not using it, that is one way people can use banks. But, if you need a way to spend it then there is coinsbank type of places that gives you debit cards that you can use when you have bitcoin, so you store it and you spend it, does that make them a bank?

As far as I know there is no place that gives bitcoin loans so far so is a bank still a bank without loans and interests? Basically, it all depends on your description of what a bank is, if you can flex the description a bit we do have banks in crypto world right now.

[HarmonyA]

I see the World is Going to the Way that no Middle men anymore!

Like decentralized banking the New era  of living.

Like uber and Even mobile apps where u can hire someone for the Job or u can get job anytime When u Want....



But the question is :

What about Middle - men?  
If we Don't have banks anymore traditions ways then are the bankers Will be unemployed?  


Do you think  life without middle men Will be better?  

Decentralized banking is not achievable because it's too broad. One can only decentralize a particular activity or function of the traditional banking.
Some blockchain functions are not fully decentralized. Less we do be able to call back lost transactions. In a situation where you discovered that you have sent cryptocurrency to a wrong address,  you do retrieve the transaction so far you are the one who initiated it.
So talking about decentralized banking seems deceptive or unachievable.
Getting rid of middle men will surely increase unemployment, but will it be possible to totally get rid of them? Due to the fact that blockchain Technology itself is not fully decentralized.