Blockchain's disruption will not impact all of finance equally. Trading firms are safe because market making is a fundamental need. However, intermediaries like banks, exchanges, and custodians face an existential threat as their core function—managing ledgers and access—is directly replaced by blockchain's "private key and a ledger" infrastructure.

Building a network effects business with financial institutions represents an extreme version of the 'cold start problem.' The initial phase of getting the first ~20 participants is excruciatingly difficult due to trust deficits, regulation, and inertia. It's described as 'the worst idea of all time,' but the value captured after achieving liftoff is immense.

Unlike other tech verticals, fintech platforms cannot claim neutrality and abdicate responsibility for risk. Providing robust consumer protections, like the chargeback process for credit cards, is essential for building the user trust required for mass adoption. Without that trust, there is no incentive for consumers to use the product.

Maja Vujinovic posits that Gary Gensler, despite his pro-crypto past, was strategically positioned by banks to slow innovation. This regulatory friction gave traditional financial institutions the necessary time to understand the technology and formulate their own digital asset strategies before competing.

Traditional finance is stabilized by diverse capital pools with varying time horizons, like pension funds. DeFi lacks these long-duration "savers," creating a market where borrowers and lenders operate on hyper-short time frames, causing yields to spike and collapse with extreme volatility.

Dr. Fei-Fei Li asserts that trust in the AI age remains a fundamentally human responsibility that operates on individual, community, and societal levels. It's not a technical feature to be coded but a social norm to be established. Entrepreneurs must build products and companies where human agency is the source of trust from day one.

Despite promising instant, cheap cross-border payments, stablecoins lack features critical for corporate treasurers. The absence of FDIC insurance, a single standard ("singleness of money"), and interoperability between blockchains makes them too risky and fragmented for wholesale use.

High-stakes industries like finance have a 'moral statute' that raises the bar for innovation. This deters many well-intentioned actors, leaving the field to those with either no moral compass or founders like Jack Bogle who possess extreme, near-prophetic conviction in their ideas.

For AI agents to be truly autonomous and valuable, they must participate in the economy. Traditional finance is built for humans. Crypto provides the missing infrastructure: internet-native money, a way for AI to have a verifiable identity, and a trustless system for proving provenance, making it the essential economic network for AI.