This podcast episode explores the evolving landscape of the banking industry, highlighting the improvements made in consumer-facing technology and the role of FinTech companies in driving innovation. The speakers also delve into the challenges faced by traditional banking systems, such as legacy systems and slow processing times, and discuss the potential for a redesigned banking system. The flaws in the design of checks and the pros and cons of cash are examined, as well as the hidden costs of AML and KYC regulations. The episode concludes with a critical examination of crypto's pitches to society, its intellectual inconsistencies, and limitations in user experience. The speaker challenges the notion of crypto as a store of value and emphasizes the need for real-world utility to justify its existence.
