2023 Banking Crisis: Old World vs New World
The recent banking meltdown exposed the dysfunction of centralized, trust-based systems. Bitcoin and Web3 are an antithesis to that. Here's what's going on.
“The root problem with conventional currency is all the trust that’s required to make it work. Banks must be trusted to hold our money and transfer it electronically, but they lend it out in waves of credit bubbles with barely a fraction in reserve.”
– Satoshi Nakamoto
Yesterday, just after the news that Credit Suisse will be swallowed by UBS, the market…