Sure, without the safeguards. No FDIC. No lessons learned from the history of banking.
I agree it's a banking problem in that they're trying to streamline a new economy by not doing what "legacy banking" does. Which is like streamlining airlines by starting the rule book from scratch. But the rules and regulation of the airlines have been paid for in blood. Discard them at your own peril.
Or, in the case of cryptocurrencies, at the peril of the finances of anyone investing in your experiment.
I agree it's a banking problem in that they're trying to streamline a new economy by not doing what "legacy banking" does. Which is like streamlining airlines by starting the rule book from scratch. But the rules and regulation of the airlines have been paid for in blood. Discard them at your own peril.
Or, in the case of cryptocurrencies, at the peril of the finances of anyone investing in your experiment.