An interesting story about a cashless system in China...
A friend of a colleague was in town who works in China… Interestingly, for a bank. He is actually bullish on crypto, but does not own any due to the risk over there. What is interesting is this app WeChat is very popular over there. It’s kind of like a Facebook, but you can also pay people on WeChat. And so many people and merchants use the app, that someone could send you money and you don’t even have a bank account, but you could still go use your money through WeChat at the store.
Now...it can connect to your bank account. And of course it’s easy because China can control this kind of thing easily. But I think this shows how a bankless/more decentralized system using crypto could work.
The markets have cooled off a bit, but let's see how things look next week. We may have some cryptos that are undervalued and underpriced again.