My faith in banks, and in fact, anyone entrusted with any large sums of money over long periods of time, was lost when we saw what happened in 2008.
Up until then I had no interest in financial affairs at all, opting instead to allow those who’s expertise was in that field, to handle my own business and personal finances. So I do not have much background knowledge of conventional money systems. Much of it seems just hocus-pocus to be frank, it just looks to be deliberately designed to confuse.
When the banks crashed in 2008, my personal life was affected in a way that caused me to examine closely the history of how my finances had been handled, and realised that none of it had been in my interest at all, this by professional accountants.
They still drive new Porsches. I still drive ten year old Japanese or Korean workhorses. They live in 5 bed houses in privileged parts of town, usually bought with cash. I live in a 2 bed town centre apartment, of which I own a 12.5% share, renting the remainder. And I still have credit overheads that would make anyone’s eyes water. And yet, I’ve done some truly astounding things in my history as a Chartered Engineer.
So for me, all financial workings, and possibly even all legal and government affairs, should be programmed into software. One’s wealth should not really depend on how well they can push money around.
A machine cannot be tempted to help itself to funds it did not earn itself, or pretend to have funds when it does not, and the system can be programmed to properly assign value to activities and data which genuinely add value to our world.
Bitcoin, leading to distributed ledger technologies, came along at exactly the right moment to draw techies like me into it. Now we see a much different world coming.