Author Topic: Should we reconsider using the word "Bank"?  (Read 5945 times)

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Offline Murderistic

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Offline solaaire

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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

Offline 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.
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Offline tonyk

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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?'


Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

Offline kripeecakes

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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"

Offline Gentso1

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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.
« Last Edit: August 20, 2014, 05:24:36 pm by Gentso1 »

38PTSWarrior

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Da Credit Union Bros.  :D

Offline luckybit

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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

Offline donkeypong

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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 wesphily

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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 Riverhead

BitShares Peer Exchange?

Offline 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.
« Last Edit: August 20, 2014, 01:53:51 pm by yellowecho »
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Offline santaclause102

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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 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.
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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.