BitShares X?

Discussion in 'CryptoCurrency' started by lancis, Aug 22, 2014.

  1. lancis

    lancis Elite Member

    Jul 31, 2010
    Likes Received:
    Milky Way
    Home Page:
    BitShares X is a family of DACs that implement the business model of a bank and exchange. These distributed autonomous credit unions could rival the value of the largest banks in the world such as JP Morgan and Bank of America in just a few years. BitShares X offers a bank account where funds can be transferred in seconds anywhere in the world with more privacy and security than a Swiss bank account. Your account can never be frozen, your funds cannot be seized, and the bank can never face collapse due to loan defaults or fraud. All of this is made possible without requiring any employees, lawyers, regulatory compliance, vaults, buildings, and other infrastructure required by traditional banks. Unlike existing banks, you can hold your balance denominated in gold, silver, oil, or other commodities in addition to national currencies.

    In addition to acting as a bank, BitShares X also serves as an exchange where currencies, commodities, and stock derivatives can be traded with most of the features used by professional traders including shorts and options. The bank takes a cut on every transaction and pays these transaction fees to the delegates and then shareholders by way of the Burn Rate. BitShares X can achieve this feat using the same technology that makes Bitcoin possible - irrevocable decentralized automated consensus forming. The market capitalization of shares in this new bank will exceed two times the value of all balances in gold, silver, oil, and currency accounts. This requirement allows for 200% reserve collateralizing the value of all deposits in the bank.

    It looks good at the first glance.
    The value is huge compared to the total supply

    Did anyone try it out? Any thoughts?
    Last edited by a moderator: May 18, 2016
  2. Christian B

    Christian B Newbie

    Aug 10, 2014
    Likes Received:

    I have some doubts about security: bitcoin should have been safe, too. But there were frauds, hacking, ...

    If there is a lot money in, there will be a lot of people who will want that money.

    And I trust governments to freeze, seize or do whatever to prevent that sort of banks.