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How important would a banking licence be in Crypto?

  • 01-03-2018 12:34pm
    #1
    Registered Users Posts: 27 ✭✭✭ Keengolfer7
    Registered User


    Hi all,

    I am totally new to the Crypto seen and have been looking for some ICO's. I came across one, but too late as it's already sold out :mad: I might invest when they go on bancor though. The name is BABB and they aim to 'make everyone a bank' and get a proper banking licence. Would this be worth much if that did happen or is it unlikely and I'm wasting my time?


Comments

  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User


    How do they 'make everyone a bank? For crypto purposes, everyone is already a bank.

    Bankera are also pursuing a banking license. Is it the same play?

    Getting the license is going to be the biggest hurdle.


  • Registered Users Posts: 27 ✭✭✭ Keengolfer7
    Registered User


    How do they 'make everyone a bank? For crypto purposes, everyone is already a bank.

    Bankera are also pursuing a banking license. Is it the same play?

    Getting the license is going to be the biggest hurdle.

    I think it is along similar lines of Bankera however they appear to be way ahead of them with the banking licence process.

    Their target market is the unbanked in the third world.


  • Registered Users Posts: 2,263 ✭✭✭ garrettod
    Registered User


    I think it is along similar lines of Bankera however they appear to be way ahead of them with the banking licence process.

    Really, in what jurisdictions ?

    Lets not forget, being regulated is one thing, but being regulated by respected regulators is a completely different thing :)

    ...Their target market is the unbanked in the third world.

    Interesting,

    There are some great mobile phone based banking and micro credit services available to parts of Africa and Asia (i.e. M-Pesa or Easypaisa). Would a crypto bank potentially replace, or even compete, with them ?

    Thanks,

    G.



  • Registered Users Posts: 27 ✭✭✭ Keengolfer7
    Registered User


    garrettod wrote: »
    Really, in what jurisdictions ?

    Lets not forget, being regulated is one thing, but being regulated by respected regulators is a completely different thing :)




    Interesting,

    There are some great mobile phone based banking and micro credit services available to parts of Africa and Asia (i.e. M-Pesa or Easypaisa). Would a crypto bank potentially replace, or even compete, with them ?

    They are already have an API from the Bank of England, and they’re at the second stage of applying for a licence. The reason why I’d like to invest is because I feel they don’t need the licence to operate. But if they did get one, the hype would be massive!


  • Registered Users Posts: 36,084 ✭✭✭✭ ED E
    Registered User


    So they're copying Ripple? Cool story.


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  • Registered Users Posts: 27 ✭✭✭ Keengolfer7
    Registered User


    ED E wrote: »
    So they're copying Ripple? Cool story.

    If they’re one tenth as successful as Ripple I’d be happy!

    Did anyone read their white paper?


  • Registered Users Posts: 4,655 ✭✭✭ makeorbrake
    Registered User


    ED E wrote: »
    So they're copying Ripple? Cool story.
    They are? I thought this was an entirely different proposition than Ripple?


  • Registered Users Posts: 6,026 ✭✭✭ grindle
    Registered User


    Did anyone read their white paper?


    I did. It seems very "hopes and dreams"-esque. No solid partnerships announced or proposed, just hopes that they'll have them at some point, wishful thinking that they'll gain hundreds of millions of users with no advisors on board who have deep connections to banks (which would be mentioned and shilled if they had them).

    There's another crowdsale next year if there's a great enough demand with current supply constraints? That's not great for token value.
    Is the burn rate defined yet? There's been no revealing of the technical aspects of the token and it's utility mentioned anywhere, how it's economy works within it's own sphere, no proposed game theory at all. Mentioning that they'd like biometrics whacked into the middle of it for the lols to get a buzzword in with no details and no sub-section of or even single person on their team who specialises in it.

    Crypto certainly has a UX problem for on-boarding newbs, but I have my doubts this is the one to solve the problem.

    I hope I'm wrong.


  • Registered Users Posts: 27 ✭✭✭ Keengolfer7
    Registered User


    grindle wrote: »
    I did. It seems very "hopes and dreams"-esque. No solid partnerships announced or proposed, just hopes that they'll have them at some point, wishful thinking that they'll gain hundreds of millions of users with no advisors on board who have deep connections to banks (which would be mentioned and shilled if they had them).

    There's another crowdsale next year if there's a great enough demand with current supply constraints? That's not great for token value.
    Is the burn rate defined yet? There's been no revealing of the technical aspects of the token and it's utility mentioned anywhere, how it's economy works within it's own sphere, no proposed game theory at all. Mentioning that they'd like biometrics whacked into the middle of it for the lols to get a buzzword in with no details and no sub-section of or even single person on their team who specialises in it.

    Crypto certainly has a UX problem for on-boarding newbs, but I have my doubts this is the one to solve the problem.

    I hope I'm wrong.

    The burn rate is 50% until they only hit 20% in circulation. Thanks for your opinion on it!

    I’m hoping with the way the market is at the moment that some people dump on the decentralised exchanges in the next few days.


  • Registered Users Posts: 27 ✭✭✭ Keengolfer7
    Registered User


    Quick Update: I have bagged some BAX on Bancor and it seems to be going along nicely! They have a meeting with the Central Bank Of Bahrain in May and after that another meeting with the Bank Of England. Fingers crossed.


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  • Registered Users Posts: 2,263 ✭✭✭ garrettod
    Registered User


    Hi,

    Must admit, I've no idea if the price is rising because there's generally demand in the markets of late, or if it's entirely deserving ? Obviously we all love to see the graph going the right way though :)

    When you say that it seems to be going along nicely, do you mean in terms of the actual project or just the price ?

    Looks like most of the activity is on either Bancor or IDEX, I'd love to see them actively being traded on a couple more well known exchanges.

    Thanks,

    G.



  • Registered Users Posts: 905 ✭✭✭ Deub
    Registered User


    Tokenpay announced they have signed an agreement to buy 9% of a german bank with the possibility to buy the rest if authorities are ok with it (it is my understanding).
    They plan to release the name of the bank next week.


  • Registered Users Posts: 27 ✭✭✭ Keengolfer7
    Registered User


    Great meeting in Bahrain recently. Looks like Babb will get a banking license there sooner rather than later. https://youtu.be/vyP0ArIWH1w


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