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E120: Banking crisis and the great VC reset
All-In with Chamath, Jason, Sacks & Friedberg
The Future of Banking: Pay for Services
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The majority of consumers would prefer a banking system that separates traditional banks from bank vaults, where banks can use deposits as they please while bank vaults offer services for a fee. Startups and venture firms would rather pay for services such as check payments, wire transfers, and white glove service instead of allowing banks to loan out their money. This model appeals to consumers who prioritize privacy and want to avoid potential bank run bailouts in the future.
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