The genius was at least realistic in acknowledging Bitcoin's shortcomings. The Lightning Network is a development in this direction.
Bitcoin itself cannot scale to have every single financial transaction in the world be broadcast to everyone and included in the block chain. There needs to be a secondary level of payment systems which is lighter weight and more efficient.
Yeah, but if you go to the next line I dare you to say this in a post here without mentioning who wrote it first, and if you do please let me know so I can enjoy everything that is being thrown at your :
Bitcoin backed banks will solve these problems. They can work like banks did before nationalization of currency. Different banks can have different policies, some more aggressive, some more conservative. Some would be fractional reserve while others may be 100% Bitcoin backed. Interest rates may vary. Cash from some banks may trade at a discount to that from others.
Oh yeah, I'd be skinned alive. LOL! Supporters and fans are almost always way more rigid and pedantic than creators and inventors themselves. Satoshi just created Bitcoin, designed it in such a way that everybody has a say. Satoshi is just one voice. Satoshi isn't necessarily the one to be followed. The community decides the fate of Bitcoin. The community owns Bitcoin. We're all Satoshi. Well...
Anyway, my point is simply that Bitcoin could act as a base currency. We don't have to go that fractional reserve way. Although if we observe how things are happening right now, that's in fact the path we're treading. I bet all centralized platforms and custodial wallets and whatnot have fractional reserves. 1:1 is probably just a myth.
