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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?"
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.
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.
Asset Union?
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.
Quote from: luckybit on August 20, 2014, 05:03:47 pmQuote from: tonyk on August 20, 2014, 06:52:59 amAfter 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?'
Quote from: tonyk on August 20, 2014, 06:52:59 amAfter 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.
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.
Quote from: Riverhead on August 20, 2014, 12:21:52 pmI 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.
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.
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