This strikes me as a terrible argument. Yes, Visa is a small part of the whole system. It's also the only part that Bitcoin does anything to replace. Moving numbers from one column to another is trivial. If that were all the banking system needed to do we could run the whole world economy off my laptop with software I wrote in a month.
You can't do "non-final credit transactions" on Bitcoin.
You can't take out a mortgage.
You can't manage investments.
You can't pay for groceries without waiting a half an hour.
You can't buy a $1.25 pack of gum.
Bitcoin is complete and self-contained because it is inextensible and feature-poor. It cannot solve the problems the banking system solves. Its solution is the classic "you didn't need it anyway".
And then Bitcoin fans realize that yes, they did in fact need those things after all. We can watch them reinventing the entire modern banking system before our very eyes. The main differences are that they run everything on the world's worst database, they insist on calling their banks "exchanges", and that they think it's OK to have all their money stolen every so often.
(Bitcoin also lacks the ability to prevent money laundering or to enforce judgments. I'd consider that a bug. Other people might consider it a feature. In either case, it means Bitcoin is solving a much easier problem than normal banks.)
You can't do "non-final credit transactions" on Bitcoin.
You can't take out a mortgage.
You can't manage investments.
You can't pay for groceries without waiting a half an hour.
You can't buy a $1.25 pack of gum.
Bitcoin is complete and self-contained because it is inextensible and feature-poor. It cannot solve the problems the banking system solves. Its solution is the classic "you didn't need it anyway".
And then Bitcoin fans realize that yes, they did in fact need those things after all. We can watch them reinventing the entire modern banking system before our very eyes. The main differences are that they run everything on the world's worst database, they insist on calling their banks "exchanges", and that they think it's OK to have all their money stolen every so often.
(Bitcoin also lacks the ability to prevent money laundering or to enforce judgments. I'd consider that a bug. Other people might consider it a feature. In either case, it means Bitcoin is solving a much easier problem than normal banks.)