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Offline tonyk

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Should we reconsider using the word "Bank"?
« on: August 20, 2014, 06:52:59 AM »

After posting 15 extremely optimistic post, my bipolar nature leads me to this:


Should we really call BTSX 'A Bank'? I really do not think it is fair or beneficial.

After all a bank is a lending institution. All this mumbo-jumbo how it lends providing a collateral,.. just like a mortgage, is not really convincing and or cutting it for me. With a mortgage (and with most of the other stuff given as collateral) it is not money you give, it is something of value but usually not too liquid.


Additionally I am happy enough if BTSX is just a 'Beautiful' eXchange.


« Last Edit: August 20, 2014, 06:18:25 PM by bytemaster »
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline lucky331

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Re: Should we reconsider?
« Reply #1 on: August 20, 2014, 07:58:59 AM »
yeah.  i think cryptos are more about  taking the banks out of the equation and getting the flow of value straight to/from/thru the people. 

so calling btsx a 'bank' is very limiting.  and yes, it is a beautiful exchange, and so much more.

merockstar

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Re: Should we reconsider?
« Reply #2 on: August 20, 2014, 11:56:29 AM »
how about a "Money Union?"

like a credit union, but we don't dick with credit.

clout

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Re: Should we reconsider?
« Reply #3 on: August 20, 2014, 11:58:33 AM »
a bank is the best metaphor for what this technology does. in fact a bank is a good metaphor for bitcoin as well, albeit a bank where all accounts are denominated in bitcoin. if you understand how banks work there is very little difference between bitshares X and your traditional bank except that bitshares x doesnt use the fraudulent system of fractional reserve banking. for all intents and purposes this is a bank and it was created to rival the largest banks in the world, thereby initiating the transition to a more robust financial system.

i personally think it is far more confusing to frame bitsharesx as a cryptocurrency. people don't understand the full scope of what bitsharesx is capable of when confined to their understanding of what cryptocurrencies are capable of. if more people understood bitsharesx as a bank then the +5% marketing scheme would not have been the disaster that it was.


Offline Riverhead

Re: Should we reconsider?
« Reply #5 on: August 20, 2014, 12:21:52 PM »
I agree with ABL.


Calling it a bank will bring regulators down on us like a ton of bricks. What you call something is often more important than what it is. Like a good stalker once they get our scent we'll never be rid of them.

clout

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Re: Should we reconsider?
« Reply #6 on: August 20, 2014, 12:23:27 PM »
I definitely think it would be better to not refer to Bitshares or Invictus in the same sentence as "Bank"

This isn't the first time someone has thought Bank was the best word for their venture, only to run into trouble...

https://www.youtube.com/watch?v=0fIGZOe-Oa0&list=PL90B7355FF65C91BA

and those that created their own currencies before bitcoin ran into trouble too...


clout

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Re: Should we reconsider?
« Reply #7 on: August 20, 2014, 12:33:06 PM »
I agree with ABL.


Calling it a bank will bring regulators down on us like a ton of bricks. What you call something is often more important than what it is. Like a good stalker once they get our scent we'll never be rid of them.

its a peer to peer, self regulated and fully collateralized bank and exchange platform. you can't just call the platform something that its not and expect regulators to turn the other cheek. bitsharesx clearly uses derivatives that are not sanctioned by the US... and being that it is an autonomous system it can't be regulated. regulators have a choice between to extremes: do nothing at all or make all cryptocurrencies illegal. my money is on the former. p2p consensus technology makes governments irrelevant.

Offline bytemaster

Re: Should we reconsider?
« Reply #8 on: August 20, 2014, 12:36:32 PM »
I agree with ABL.


Calling it a bank will bring regulators down on us like a ton of bricks. What you call something is often more important than what it is. Like a good stalker once they get our scent we'll never be rid of them.

its a peer to peer, self regulated and fully collateralized bank and exchange platform. you can't just call the platform something that its not and expect regulators to turn the other cheek. bitsharesx clearly uses derivatives that are not sanctioned by the US... and being that it is an autonomous system it can't be regulated. regulators have a choice between to extremes: do nothing at all or make all cryptocurrencies illegal. my money is on the former. p2p consensus technology makes governments irrelevant.

Have you seen the documentary "Bank on Dave"?    The word Bank carries much more meaning with regulators than would seem rational.  Bottom line... You can say BitShares X is like a Bank & Exchange... you can even use the word Bank.    You just cannot call it BitShares Bank or Bank of BitShares.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline santaclause102

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Re: Should we reconsider?
« Reply #9 on: August 20, 2014, 12:41:40 PM »
I'd only say Bitshares X is like a Bank (and Exchange) if I can say in how far it differs in the same sentence. Otherwise people find it suspicious and think it is a scam. 

Offline yellowecho

Re: Should we reconsider?
« Reply #10 on: August 20, 2014, 01:51:03 PM »
I understand why it's called a bank because it does provide lending services and deposits do earn interest; however, my experience when discussing it with others is that calling it a bank is a turn off because A) semantics and B) most people don't like banks.

Even though the Federal Reserve is a disgusting entity, they were smart to recognize the negative connotations associated with the word 'bank' and intentionally left it out of their name to gain public trust.  I think BitsharesX could just as easily call itself just an eXchange OR an "Exchange Cooperative". 

In fact, I think "Bitshares Exchange Co-op" not only sheds a more positive light but it could be argued that it's more accurate as well since 'co-op' means an autonomous association of people (or business) that operates through consensus for mutual social, economic, and cutural benefit.  Given that, if someone approached me asking if I wanted to join their bank I'd decline immediately.. whereas if they asked me to join their co-op I'd consider it.
« Last Edit: August 20, 2014, 01:53:51 PM by yellowecho »
696c6f766562726f776e696573

Offline Riverhead

Re: Should we reconsider?
« Reply #11 on: August 20, 2014, 01:54:51 PM »
BitShares Peer Exchange?

Offline wesphily

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Re: Should we reconsider?
« Reply #12 on: August 20, 2014, 02:24:48 PM »
I've been apart of companies in crypto that wanted to add "bank" in the name. What they found is that there were too many legal and regulatory road blocks.

Offline donkeypong

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Re: Should we reconsider?
« Reply #13 on: August 20, 2014, 04:21:20 PM »
Whatever we call it, the word or words will have a difficult time capturing its essence and utility, while at the same time explaining its function to a mass audience that's accustomed to nouns like "bank" and "exchange". I think "The Future of Money" is as good as anything I've heard.

Offline luckybit

Re: Should we reconsider?
« Reply #14 on: August 20, 2014, 05:03:47 PM »

After posting 15 extremely optimistic post, my bipolar nature leads me to this:


Should we really call BTSX 'A Bank'? I really do not think it is fair or beneficial.

After all a bank is a lending institution. All this mumbo-jumbo how it lends providing a collateral,.. just like a mortgage, is not really convincing and or cutting it for me. With a mortgage (and with most of the other stuff given as collateral) it is not money you give, it is something of value but usually not too liquid.


Additionally I am happy enough if BTSX is just a 'Beautiful' eXchange.

We should call it a credit union. We had this discussion before.

Decentralized autonomous credit union.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

 

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