Looking for Most Concise Rationale For SmartCoins

[cylonmaker2053]

Ultimately all money is backed by a social network of people trading the currency. When you hold cash your wealth is backed by all of society, but when you deposit your cash in a bank it is only backed by the bank. SmartCoins give you the security of cash with the flexibility of a bank account. The larger the social network behind a SmartCoin the more secure your money becomes.

definitely, except we're not on an even playing field. the traditional banking system is supported by a vast criminal network that forcibly siphons mass amounts of wealth from the rest of society to support those banks and insure deposits. they've also built an insane myth (which i just heard repeated today) that all of society would collapse without these banks.

Smartcoins offer different benefits and have diff risks, so i'm just not a fan of comparing them against traditional banking as an unambiguously better alternative. i think it's completely rational for people to diversify from traditional finance into cryptofinance, and our smartcoins provide an excellent option.

[iHashFury]

SmartCoins are a Secure Cryptographic Store of Wealth - Your own private digital Vault!

Choose how to protect your future by investing in our selection of SmartCoins.

[bytemaster]

Ultimately all money is backed by a social network of people trading the currency. When you hold cash your wealth is backed by all of society, but when you deposit your cash in a bank it is only backed by the bank. SmartCoins give you the security of cash with the flexibility of a bank account. The larger the social network behind a SmartCoin the more secure your money becomes.

[roadscape]

I am looking for help producing a concise rationale for why SmartCoins are needed, what makes them unique and special.  What makes them secure.  I would like to consider the following rules for describing this:

1. We shouldn't talk about HOW they are created (don't mention collateral, market, etc)
2. We should talk about why they are more secure than bank deposits.

A quick list of all implementations of "smart coins" and how they achieve meet the criteria of being special and better than IOUs. 

I guess a SmartCoin is NOT an IOU and thus NOT a liability of anyone else.  How can we express this in a POSITIVE form, ie: define what it is without saying what it isn't?

SmartCoins track the value of any currency, such as USD. They exist as smart contracts on a secure, distributed, and autonomous (self-healing) network.

Your SmartCoins are secured by SmartKeys. Nobody can access your funds without these keys; in fact, should you lose them, your funds are inaccessible for all of eternity. Fortunately, it's easy to keep your keys backed up, safe, and secure.

The keys themselves are protected by a password, and optionally by *other* keys or smart contracts. This allows for endless security configurations--including any combination of multi-keys, either-keys, co-approvals, time delays, and more. It makes 2FA weak by comparison

[mint chocolate chip]

SmartCoins are an accessible and transparent digital currency.

[Empirical1.2]

SmartCoins are Fungible Blockchain Derivatives.  'Imagine USD with the benefits of Bitcoin'

Accounts require no KYC & can't be shut down, seized, bailed-in or confiscated. Funds can be sent globally, privately, in seconds & for <$0.01.

[cube]

It is a storage of monetary value, backed by real value and independent of third-parties.

[emailtooaj]

 

In short, SmartCoins is fiats doppelganger, created and financially backed by its creators, us the people.
SmartCoins hail as the ultimate currency whos unique ability and soul purpose is to readily serve all global citizens from the smallest townships and magnified to a global scale, quickly processing through our trust-free and secure block chain protocol; which can easily adapt, adjust and harmonize only by the will of it's people; devoid of influence from any Banks, Governments or anyone who plots to unjustly steal wealth from any of our participants or its ledger; cementing its monetary value from the very same securities our system rewards but most importantly... the sociable faith of everyday users.

[CLains]

Smartcoins are cryptocurrencies that track the value of ordinary currencies and assets; like other cryptocurrencies they run on an open, shared, global ledger that makes it impossible for anyone else to change, freeze or move your funds. Any amount of smartcoins can be sent anywhere in the world, free of charge, any time of day, in less than 5 seconds.

Smartcoins are derivatives backed by the blockchain.

[Erlich Bachman]

a smartcoin is secured property value.

any more than 3 words and you lose them, and all 3 words must be common knowledge.  You can't use words they don't know to describe a word they don't know silly. it's marketing 101

a hook has to be memorizable before it can go viral

from there, the learning begins:

secured property value:

what property?

any proerty

like food?

yes

so it is securing my portion of that property like how a land title secures my right to build or live on a specific piece of land?

no, it is securing the VALUE of that land only, not the actual land itself

so bitOil doesn't entitle me to initiate a delivery claim to a barrel of oil?

no

then how is it secured?

smartchain

what's a smartchain?

get it now?

[cylonmaker2053]

I am looking for help producing a concise rationale for why SmartCoins are needed, what makes them unique and special.  What makes them secure.  I would like to consider the following rules for describing this:

1. We shouldn't talk about HOW they are created (don't mention collateral, market, etc)
2. We should talk about why they are more secure than bank deposits.

A quick list of all implementations of "smart coins" and how they achieve meet the criteria of being special and better than IOUs. 

I guess a SmartCoin is NOT an IOU and thus NOT a liability of anyone else.  How can we express this in a POSITIVE form, ie: define what it is without saying what it isn't?

i wouldn't say smartcoins are more secure than bank deposits, just different in some interesting (and useful) ways. for instance, bank deposits are secured by the bank's capital, FDIC, the USSA Treasury, and the almighty Fed. Those are certainly not infallible institutions, but in combination are less likely to go insolvent than our $10M (hopefully one day $1T) network in at least the intermediate term.

[lovejoy]

In the real world, you borrow USD from a bank or a gangster (sometimes they are close together)
In BitShares, you borrow USD from the network, which is written in code, won't cheat you and certainly can't harm you physically

:-P

SmartCoins: Be your own gangster  .... lol / jk 

Seriously though...

Because SmartCoins empower you to secure capital in a stable form of your choice, they are ideally suited to shield against the increasing volatility of the legacy financial system.  In addition to providing security and acting as a bulwark against volatility, SmartCoins are are readily convertible and transferable in a matter of seconds.

edit: I just love presupposition don't you?

[xeroc]

In the real world, you borrow USD from a bank or a gangster (sometimes they are close together)
In BitShares, you borrow USD from the network, which is written in code, won't cheat you and certainly can't harm you physically

:-P

[yvv]

Smartcoins are no more secure than bank account. However these are a very useful tokens on the blockchain, since they are pegged to offchain assets and don't require trust to be extended between parties. This is very cool. Bitshares can work without exchanges and gateways since no IOUs are needed to exchange value.

[hcf27]

To me, smart coins are primarily a stable way to store value securely on the blockchain.  They are 100% within your control and can be transferred or exchanged quickly and with relatively little cost.

I like this, simple and precise definition 

I will only add that drawbacks are not possible with smartcoins, protecting merchants who want to sell their products for smartcoins