Topic: Would you like to become a co-owner of a world bank? - page 6. (Read 1240 times)

I absolutely agree with you, that's why I suggested a non-controlled version of the Central Bank in which financial assets that do not depend on anyone can accumulate. The project is implemented on a smart contract that performs the function of the FRS-OOS regulating the emission and volatility of the free circulation of Ethereum in the blockchain network.

Economies and currencies fall under the control of central banking networks. The united states has the federal reserve. Venezuela has their own central bank. There are networks of them in every country. They communicate and cooperate to determine economic and financial policy on a global scale. Central banks in europe and asia normally follow policies identical to central banks in north and south america. Moving from one country to another isn't an escape. Its more of the same.

Independent currencies which fall outside central bank jurisdiction could be what is needed to raise standards.

I'm no fan of facebook or Mark Zuckenberg. But have to admit his libra coin had the potential to introduce needed competition into global currency markets.

You are absolutely right in this project there are no regulators; the only regulator is the financial assets of your deposits.
An excerpt from the project.http://prosh.info/smart_eng.html
When creating this project, I did not initially set myself the task of repeating BITCOIN or something similar. I was looking for solutions to preserve financial assets in crypto currency. With any volatility in ETH, the ETH-WORLD asset grows. The maximum deposit volume, I suppose, will issue 80-85 million ETH-WORLD smart contract tokens, which means there are only 8-8.5 million free tokens, while the smart contract deposit volume will be only 50-60% of the total amount of all ETH.

39. Free ETH-WORLD tokens not encumbered with an ETH deposit is an asset produced by capitalizing the entire deposit of a smart contract. This coin, minted with the entire amount of ETH of the smart contract that passed through the deposit, may be Phoenix.

40. To implement the project, it will be necessary to create a smart contract with the parameters described above, enabling ETH holders to implement unique conditions for lending cryptocurrency, and make money by placing financial assets in cryptocurrency without fear of losses. Whoever is the first to implement the conditions of the project will become the leader of the new economic system.

These are the keywords decentralization and digital bank - this is the main thing in which anyone can place their financial assets without fear of devaluation, and the more assets there are in the bank, the higher the shares of each shareholder. It can be either a private person or any bank, fund, insurance company, etc. read the project and see for yourself.
An excerpt from the project. http://prosh.info/smart_eng.html
An increase in the ETH deposit stored in the bank's depository (at the addresses of the owners) increases the cost of the smart contract token and at the same time forms a deficit in ETH turnover in the network and, accordingly, affects its value. The growth in the cost of ETH stimulates miners to mine ETH, and the additional emission does not affect the decrease in the price of ETH, as the demand for purchasing ETH and placing it in deposit will increase. With the increase in the volume of the ETH deposit, the growth of the ETH-WORLD price will gradually slow down due to the fact that more and more ETH will be required to generate the next million tokens. In the future, the price increase will depend only on the increase in ETH emission due to mining, which is about 10 percent per year. The growth of the ETH deposit will lead to an increase in its value and thereby make it attractive for investments, therefore, it will increase the inflow of financial assets into ETH, which will not only be reliably preserved, but also multiplied by the positive dynamics of ETH-WORLD growth.

For some minutes I looked at the thread topic as meaning co-owning the world bank but reading the discuss , I see it to relate to the creation by bitcoin founder satoshi. Giving everybody independence to have their money by themselves is indeed a good creation for the world and making government lesser financial controller.

Theoretically, the smart contract is open-source and someone (a third party) will audit it before you send any ETH.

Let's suppose you made an agreement that you will receive 1% interest rate per month, and the full money after 12 months. The smartcontract will arrange that, locking both funds (yours and the 1% payer). If for some reason one of parts do not fulfil the agreement, the smartcontract will deal with it according to rules defined in it.


I think the post is misleading. The only way to become a co-owner of a bank is by buying stocks. Anyone can already do that.
What the OP is suggesting is that you give money to his smartcontract and receive some interest back.

There are no guarantees, as the smartcontract was not audited.

the smart contract is public, and ETH (money) can be moved exclusively within the logic of the smart contract; it can be blocked and unlocked on the accounts (addresses) of their owners connected to it.

There are parts that bitcoin lacks direly that we can't have without banks, so Satoshi didn't want you to be your own bank, satoshi probably wanted you to be your own vault instead, that would be a better example. Banks are there to help you buy stocks, sell your stocks, get a loan, repay loan, have credit card work as a ledger for your spending, go anywhere without carrying that money, and many many other stuff that you could do with banks.

Moreover crypto is not like that, crypto is the dollars you have in your bank account, not the bank itself, the difference is bitcoin is digital, the money in your bank can turn into cash and can hold in your hands, aside from that banks have nothing in common with crypto, only dollars have things with crypto. And satoshi would love to see how we all invest into centralized team oriented new crypto projects...

I wonder who blocks and unblock the coin, and what condition does the account owner have to meet before his/her coin is unblocked...

I prefer a setup where the account owner has complete control over his/her fund, even when the account is attached to the bank/smart-contract. The smart contract could only be executing pre-programmed contract, like paying of interest into the account, deduction of fee from the account, etc at certain times after tasks have been performed.

Central banks are usually owned by the country they operate in. If the would start selling shares to the public and try to become a public company, that would be nice. Personally I would definitely invest in a central bank. Their funding comes from the government and their loans to commercial banks are usually backed by the government as well. It's a pretty solid business model with a lot of government guarantees. A great way to make money for the owners.

Such bank will have to compatible with crypto ideals like decentralization and self custody. It should work more like Uniswap (and better) so we don't hand them too much of our money/power/control which can affect a well decentralized network if you don't regulate the bank properly with the decentralized network rules. Besides, you have to make sure that the decentralized bank you put your money in don't use PoS or other Consensus mechanism to make it hard for you to participate in full consensus/governance... by making people with large amount of stake or miners to determine the consensus or future direction of the bank

Theoretically there are competing currencies, as there are different countries with different currencies. Peopple could just move to a better country, or a country where politicians do what they would like. "Vote with your feet".

But the costs of moving to another country are so high that people often do not move just because the government is doing a terrible job.

When people really that the government is really fucking up it is usually too late. For example, Venezuelans cannot move now, because their economies are worthless, as their currency is no longer accepted anywhere due to inflation.

It might be fair to say governments of the world hold monopolies over fiat currency. Which could be improved by introducing free market competition to the equation. The venezuelan bolivar and zimbabwe dollar could be better managed, and appreciate in value. If there were competing currencies incentivizing regulators to do a better job.

Many mistakenly classify bitcoin and crypto as attacks or attempts to subvert government authority. The motives of Satoshi and crypto developers are not negative. They merely offer alternative options with the potential to grant people more opportunities in life and more freedom.

If big tech monopolies like facebook and google are negative trends. Perhaps government run monopolies of fiat may be categorized similarly. In which case bitcoin and crypto could represent progress and an improvement over traditional modes of banking and finance.

Something here is not quite clear to me? If I am a co-owner, then I can manage not only my own assets, but also the assets of the bank itself, and thus influence the financial policy of the bank, right?

This is Satoshi Nakamoto's dream. He wanted to give each person their own bank in hand.
He wanted to save people from the problems of trusting third parties. And most certainly, he did not want your assets to be seized by the decision of state authorities or that you would have tax liabilities in case the price of the asset increased. The assets were seized by the decision of government authorities or so that you have tax liabilities in the event that the price of the asset increases.
Imagine a Bank that has no management and administration. All these functions are performed by the smart contract program. Anyone who wants to connect to the bank becomes its co-owner. You can place your financial assets as authorized capital in the form of a deposit on your bank account. The bank guarantees the preservation of financial assets by issuing you an equivalent value (smart contract tokens). The bank accumulates financial assets of all co-owners and accrues income for the placement of funds. You can earn by helping others to become co-owners of this bank by providing an opportunity to connect to the bank. You can always get your asset back at any time by returning its guarantees (smart contract tokens) to the bank. 

                                                                             

I propose to consider a platform project in which I used the principle of preserving any financial assets through the ETHEREUM cryptocurrency or similar, in which a smart contract can be used. The platform allows all ETHEREUM holders, when connected to it, not only to save their assets, but also to multiply them. There is nothing new in my project, everything I offer has already been partially used by someone in their projects before. For example, the developers of the BAEX token use a smart contract with parameters similar to my idea, which I published back in 2019. They tied their project to the existing fiat financial system of Decentralized Finance (DeFi), which is based on a monetary system focused on “Stable Coins”, which has an administrative management based on the value of the dollar exchange rate, and which is subject to the risks of losing financial assets with large and sharp volatility of ETH.
I took into account all these fundamental mistakes in my project. The cryptobank, created on the basis of a smart contract, converts ethereum financial assets into liquid tokens that cannot be devalued under any circumstances. Each of their owners paid certain funds for refractory gold tokens-bonds of the cryptobank, so they have their own value, the same as bitcoin, unlike it, this price cannot be less than the cost of acquisition and it is impossible to create them in any other way. The maximum number of fireproof tokens cannot exceed 10 million, and, unlike Bitcoin, their value cannot be devalued, since it is not tied to the fiat exchange rate, but is measured by the quantitative content of ETH. This is the main reason that makes me continue this project, and so far no one has been able to refute it. The project is really complex and large-scale, I am ready to communicate with any analysts, developers who are able to help implement or refute this idea.

http://prosh.info/smart_eng.html