And in doing give up all privacy and security in the name of "convenience". Disenfranchises the unbanked and non-smart-phone individuals like the poor and home

And in doing give up all privacy and security in the name of "convenience". Disenfranchises the unbanked and non-smart-phone individuals like the poor and homeless too. Plus, if the construction isn't absolutely perfect or if the central authority (since it's not distributed) is hacked, then it all comes tumbling down. I'll take "dirty" paper money and distributed representations of value, thanks. New != better.