Earlier quoted context omitted.
Actually, as part of "Electrify everything", it would probably be good to replace a significant chunk of the banking system with a cryptocurrency layer (maybe bitcoin, maybe not). With green energy, digital gold is a lot more green than physical gold. Bitcoin is like electric cars – not super green right in this moment when the grid is still dirty, but all it takes to make it greener is to green up the grid. Meanwhil…
> And cryptos like Ethereum have the potential to 10x/100x/1000x that with things like PoS vs. PoW as well as the fact that Ethereum smart contracts can not only replace banking but probably other industries as well, such as title companies and various other middlemen. It's been 13 years now and nobody's done it, because that's a terrible idea. The reason lawyers exist is that all contracts have ambiguity and require…
And with tokens that are tied to real-life things, the benefit is that once you've used real-world trust systems (e.g. real-life contracts / lawyers / courts / etc) to tie something to the blockchain, you can (going forward) hand everything over to the trustless and secure system. i.e. You tie your property to the blockchain once, and from then on you don't need to involve all those inefficient systems, you just transact the tied token directly on the blockchain.
Just because it hasn't been done successfully yet doesn't mean it's not viable. How long did the internet exist before [thing that is taken for granted on the internet now] was successful?
Finally, Ethereum launched in 2015, not sure where you're getting 13 years from.