Should we reconsider using the word "Bank"?

[merockstar]

Maybe one day "bank" will be an archaic little word we all laugh about.  Like, "Remember when we used those silly things called banks? How stupid were we?"

It's good to see you loitering on the forums more :)

[lucky331]

Maybe one day "bank" will be an archaic little word we all laugh about.  Like, "Remember when we used those silly things called banks? How stupid were we?"

"i know right?  they were using our own money to get our money.."

[xeroc]

Maybe one day "bank" will be an archaic little word we all laugh about.  Like, "Remember when we used those silly things called banks? How stupid were we?"

+5%

[MktDirector]

Maybe one day "bank" will be an archaic little word we all laugh about.  Like, "Remember when we used those silly things called banks? How stupid were we?" 

[kripeecakes]

If you read back, most posters have said 'no bank'. We need to get away form that for regulatory reasons.

I think what BTSX really does is bypass the bank.

Yes, "bank" invites aggression from policy makers ...

... stealth is key ...

... the fact that 2.0 crypto is increasingly becoming anonymous/encrypted ...


... this will put pressure on regulators to act .... and choke off places like coinbase ....   

[merockstar]

If you read back, most posters have said 'no bank'. We need to get away form that for regulatory reasons.

I think what BTSX really does is bypass the bank.

is that the reason though?

I mean, BM and crew hired lawyers, and they're ok with the word bank, no?

my thinking was bank is a poor choice because when people hear bank they think "you mean those bastards who charge interest to be only means of facilitating constant increases to the money supply, after foreclosing on half the population that they gave ripoff mortages to? pass."

[tonyk]

'Cooperative Reserve'


"Peer Reserve [Vault]'

  ;)

abbr. PRV&X

[donkeypong]

If you read back, most posters have said 'no bank'. We need to get away form that for regulatory reasons.

I think what BTSX really does is bypass the bank.

[kripeecakes]

... after reading a little about Truthcoin ....

...how about "Truthbank"

[lucky331]

I just had this very discussion with Dan today.  The metaphor we came up with is "virtual vault" where you can trade virtual gold, silver, dollars, etc.   Trying to move the message more away from bank and never directly call it a bank.  After all, the X stands for eXchange, so it functions mostly as an exchange, albeit an exhange where you can store your value long term.

yeah. calling and comparing it with a traditional establishment such as a "bank" is so limiting, imho.

crypto projects, especially crypto 2.0 can be much much more than a bank and an exchange even.  hoping bitshares will have its implementation of smart contracts in the future. 

... maybe that's where etheruem comes in? 

[Murderistic]

Asset Xchange perhaps?  I like Asset union as well but exchange is true to what it is.

[MktDirector]

I just had this very discussion with Dan today.  The metaphor we came up with is "virtual vault" where you can trade virtual gold, silver, dollars, etc.   Trying to move the message more away from bank and never directly call it a bank.  After all, the X stands for eXchange, so it functions mostly as an exchange, albeit an exhange where you can store your value long term.

[Riverhead]

Asset Union?

I like this one too. Has multiple meanings.

[Riverhead]

X-Asset? Simple like BTC-e

[merockstar]

A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank links together customers that have capital deficits and customers with capital surpluses.

lending activities? isn't that a different DAC?

I think asset union is an awesome suggestion.
But the argument for cooperative got to me.

how about asset cooperative?

[Murderistic]

Asset Union?

[solaaire]

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.

I know why you did not actually read the post that you quoted.

Credit union is great for:
-Legal reasons;
-Community spirit/ideal it carries;

It is a terrible name in the context I am trying to address.
'Hi, welcome to our credit union, how can I help you'
'Hi, I am interested in the credit/loan products you offer?'
'Uhhhh, let's see, we have.....None?'

call it a Debit Union then  :P

[yellowecho]

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

Decentralized autonomous credit union.

I prefer credit union to bank... though credit unions are often associated with non-profit which is not the case with X.

[tonyk]

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.

I know why you did not actually read the post that you quoted.

Credit union is great for:
-Legal reasons;
-Community spirit/ideal it carries;

It is a terrible name in the context I am trying to address.
'Hi, welcome to our credit union, how can I help you'
'Hi, I am interested in the credit/loan products you offer?'
'Uhhhh, let's see, we have.....None?'

[kripeecakes]

A "precious center" .....

If the thing makes money it won't matter what you call it.

A "precision vault"

An "EE vault" (economic energy)

A "Living money vault"

[Gentso1]

A bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank links together customers that have capital deficits and customers with capital surpluses.

That's what we want to do right? Minus the taking deposit part.
With that being said I think it does bring on some(alot) of potential regulatory issues. So is using the word bank worth it? This seems like more of a question for a lawyer.

[38PTSWarrior]

Da Credit Union Bros.  :D

[luckybit]

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.

[donkeypong]

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.

[wesphily]

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.

[Riverhead]

BitShares Peer Exchange?

[yellowecho]

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.

[santaclause102]

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. 

[bytemaster]

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.

[clout]

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.

[clout]

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...

[Riverhead]

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.

[AdamBLevine]

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

[clout]

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.

[merockstar]

how about a "Money Union?"

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

[lucky331]

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.

[tonyk]

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.