What did Satoshi Nakamoto think of financial institutions?
Satoshi Nakamoto had often been critical of the "mainstream" financial system due to the amount of trust placed in financial institutions. In a P2P Foundation post, he cited the need to trust central banks not to debase the currency and trust financial institutions not to violate customers' privacy rights or let a malicious actor drain customers' bank accounts. Small transactions are nearly impossible due to high transaction costs. Satoshi Nakamoto was also critical of banks' tendency to loan money in credit bubbles using the fractional banking model.