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Americans won't realize the benefits of cryptocurrencies until they start to be able to do capital-B Banking with it. Not deposits, withdrawals, and transfers, but the creation of new financial instruments.

Cryptocurrency wants to move people up the banking hierarchy. So it tries to lift Eastern Europeans to the level of New Yorkers, in terms of access to stable currencies and transfers. But it also tries to lift the New Yorkers to the level of Wall Street executives in terms of issuing securities. And it tries to lift the Wall Street executives to nation states in terms of creating self-contained regulatory regimes.

The endgame is that all of these power relations become so commonplace that they lose their power. Like clothing has become.

It won't feel like anything is changing for a while though. Imagine the Titanic slowly sinking... at first the ship is tilting a bit, in a funny way, but nothing unusual. Then you start to notice the floor is on a distinct slope, but things are still in the same place relative to each other, so you think the whole world hasn't changed, just one property of it.

Eventually people start involuntarily sliding in one direction, which is different, but there's still structure there. It's not as if there's no ship anymore. Then, the slope becomes so large that almost everything seems beholden to it. That's the point at which everyone starts to agree that "everything has changed". Finally the ship sinks into the sea.

We're still early in that process.

> creation of new financial instruments

creation of old financial instruments is also fine by me: working capital loans, bridging loans, factoring, repos, commercial paper, bills of lading, letters of credit, etc.... you know, the stuff that businesses will typically need.

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