Author Topic: Should we reconsider using the word "Bank"?  (Read 2049 times)

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38PTSWarrior

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Re: Should we reconsider?
« Reply #15 on: August 20, 2014, 05:12:58 pm »
Da Credit Union Bros.  :D

Offline Gentso1

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Re: Should we reconsider?
« Reply #16 on: August 20, 2014, 05:20:41 pm »
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 »

Offline kripeecakes

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Re: Should we reconsider?
« Reply #17 on: August 20, 2014, 05:26:51 pm »
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 tonyk

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Re: Should we reconsider?
« Reply #18 on: August 20, 2014, 06:16:48 pm »

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 yellowecho

Re: Should we reconsider?
« Reply #19 on: August 20, 2014, 08:20:49 pm »
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.
696c6f766562726f776e696573

Offline solaaire

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Re: Should we reconsider?
« Reply #20 on: August 20, 2014, 08:35:12 pm »

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 Murderistic

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Re: Should we reconsider using the word "Bank"?
« Reply #21 on: August 20, 2014, 08:37:46 pm »
Asset Union?

merockstar

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Re: Should we reconsider?
« Reply #22 on: August 20, 2014, 11:31:30 pm »
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?

Offline Riverhead

Re: Should we reconsider using the word "Bank"?
« Reply #23 on: August 20, 2014, 11:55:35 pm »
X-Asset? Simple like BTC-e

Offline Riverhead

Re: Should we reconsider using the word "Bank"?
« Reply #24 on: August 20, 2014, 11:56:18 pm »
Asset Union?
I like this one too. Has multiple meanings.

Offline MktDirector

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Re: Should we reconsider using the word "Bank"?
« Reply #25 on: August 21, 2014, 12:00:07 am »
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.

Offline Murderistic

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Re: Should we reconsider using the word "Bank"?
« Reply #26 on: August 21, 2014, 12:36:07 am »
Asset Xchange perhaps?  I like Asset union as well but exchange is true to what it is.

Offline lucky331

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Re: Should we reconsider using the word "Bank"?
« Reply #27 on: August 21, 2014, 01:02:56 am »
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? 

Offline kripeecakes

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Re: Should we reconsider using the word "Bank"?
« Reply #28 on: August 21, 2014, 02:21:13 am »
... after reading a little about Truthcoin ....

...how about "Truthbank"

Offline donkeypong

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Re: Should we reconsider using the word "Bank"?
« Reply #29 on: August 21, 2014, 02:30:49 am »
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.