Welcome to Bankless, where we explore the frontier of Internet money and Internet finance.

This is Ryan Sean Adams. I'm here with David Hoffman and we are

here to help you become more bankless. Guys this is an episode of

Bankless but we're talking about banks today. We have a conversation with a

crypto critic today who is also very, very knowledgeable on the traditional banking system.

His name is Patrick Mackenzie and he writes about the modern financial system and all its strengths,

all its flaws, and all its quirks.

I think this is a conversation really in two parts.

In the first part we talk about the existing banking system,

questions like, why do banks get holidays?

Most people don't get these banker holidays. Why do they get them?

And why do they make a sign receipts every time we use our credit card? What does Patrick

Mackenzie think of AML KYC? How did that come to be? And then we get into crypto. It's definitely safe to

describe Patrick as a long-time crypto bear. He's a skeptic. He considers crypto

over hype. He says it hasn't delivered on its promises, a lot of

speculation and little substance. So of course we have more to discuss there.

Patrick certainly isn't uninformed about crypto. His takes and positions

about crypto definitely come from a perspective of someone who watched the modern banking and FinTech and payment system kind of rise around him and over the last like two or three decades.

And so his perspective is very, very useful.

He is very aware of the fact that despite being bearish

on Bitcoin in 2013, that its price action

indicates something else is happening than what he was thinking about.

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