Author Topic: Should we reconsider using the word "Bank"?  (Read 5944 times)

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clout

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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...


Offline 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.

Offline AdamBLevine

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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
Email me at adam@letstalkbitcoin.com

clout

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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

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how about a "Money Union?"

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

Offline lucky331

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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.

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.


« 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.