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Great project Looks like a very interesting project. Creating a crypto bank it a little "suspicios" as crypto pretty much is trying to stay away from banks.
This is a common repost however i would like to reflect on it given the current market situation. The goal with crypto currency was to create just that, a digital currency. With the volatility involved in the current crypto space there is no way it will serve it's primary use, being a currency. This is the situation XOV is looking to address. We don't hope to be another crypto asset; rather a worldwide digital currency that can be used on a daily basis. |
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XOV is now open for trading on Mercatox. This brings the current exchange total to 3 with Barterdex and Token Store.
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I saw several projects on this forum, Which positioned themselves as cryptocurrency banks, But later it turned out that some of them are scam.
Caution and skepticism are always useful tools when investing and should be used accordingly. The level of economists we are working with would not affiliate the names and reputations they have worked so hard to build with a scam project. Until hard regulations are in place new projects will and should always face this type of thinking. |
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There's nothing wrong in creating a central bank for cryptocurrency. Actually, for me it is better to have a bank like that because by that, everybody will be aware about cryptocurrency even ages 60 yrs.old above.
Maybe we should look into advertising in the AARP magazine  |
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Perhaps you should not be called a bank, as this brings unnecessary suspicion from the community of decentralized crypto currency, and banks are always associated with complete centralization. And basically the idea is good, but it requires further elaboration. I see that the project team is quite actively supporting the discussion in this thread. It is very good. However, many here are asking what material benefit will be given to such a bank in carrying out such activities. Maybe, of course, the answer was already given, there are already 60 pages in this stream and their viewing will take a very long time.
Not quite sure your definition of material benefit. This will not be a "moon" "lambo" coin as we are seeking to limit volatility if that is what you are referencing. If i missed feel free to discuss it further. We are always happy to engage with the community. |
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Maybe I should change my mind on the XOV.
I have got some news from the Washiton Blockchain Conference.
Some big fellows has post the same opinion about the private central bank.
Maybe that's a real chance!
Keep focusing!
Whats the news are you talking about? Let us know more info, not just an announce like you did it. Will we see concurrent with Ripple coin or not? Looked into it myself at the time... Beleive he was referring to Jihan Wu (Bitmain) stating their intent to invest in crypto central banks. |
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The idea of creating such a bank is certainly good. But I still do not understand what will be the material benefit of the existence of this bank, if people will allow the bank to block their digital coins in their wallet. not transferring them to the bank for operational management, and the bank will charge interest both on the deposit
Not quite sure i follow but i'll take a crack at it the bank will not control your coins, they are yours. The material benefit would be having a safe place to store your earnings and a cryptocurrency which is suitable for mass adoption. Not sure where you are based but in the U.S the fees associated with getting your fiat into and out of the market are quite high on both ends. A currency suitable for mass adoption would allow you to spend the money you have in the market while avoiding these fees. Hope i helped |
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The idea of creating such a bank is certainly good. But I still do not understand what will be the material benefit of the existence of this bank, if people will allow the bank to block their digital coins in their wallet. not transferring them to the bank for operational management, and the bank will charge interest both on the deposit
It's not a good idea. Banks will target you also if the project is in an area where the Government doesn't want it then they will target it as well. The project is based in London which is very fintech friendly so location should not be an issue. We are proud to be actively engaged with the Bank of England as a member of their fintech hub. |
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XOV has arrived on bitcointalk. https://www.xovercoin.comPlease support the XOV project. XOV is creating a crypto-central banking infrastructure to stabilise the crypto markets. We have support from Emin Gun Sirer. There will be a seed funding round. We will contribute more later. XOV Project Team The problem is that the very concept of the central bank for the crypt kills one of their main ideologies, namely decentralization. I don't think that's a good idea. The currency would still operate using a decentralized ledger |
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this centralization also does some bad effects like it's maybe predictable and by it it's hard to trade or have investments on that
The company is seeking exchange listings which would make it readily available to trade as any other crypto. Investments will be looked at differently than with traditional more volatile crypto currencies. The main positive is the assurance the price will remain steady and be asset backed. This will provide merchants with the security of knowing the currency they are accepting will hold it's value. This in my eyes is a necessary step to realizing mass adoption of cryto as a spendable currency. |
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I do not even want to follow the link. Any centralization violates the fundamental principles of Crypto-currency
We are not looking to centralize crypto and we appreciate your concerns. The central banking aspect comes from our effots to apply stabilizing controls to our currency in the same way Central Banks do. We will be using a decentrailized ledger as with any other crypto and you will always be in full control of your coins. This is the biggest complaint the company has seen and we look forward to clearing it up for all concerned . Thank you for the comment and as always feel free to critique! Criticism is necessary for growth. |
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We are thrilled to announce the addition of Dr.Andrei Kirilenko to our team. Dr.Kirilenko has quite the extensive background in finance and has worked with the International Monetary Fund in addition to having served as Chief Economist of the U.S. Commodity Futures Trading Commission prior to entering academia. He is currently Director of the Centre for Global Finance and Technology at the Imperial College Business School.We are looking forward to working closely with Dr. Kirilenko to develop the economic model necessary to bring forth stability and move digital currency towards mass adoption.
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The team will only get stronger given time.
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I think people are messing up terms like centralized an decentralized. Their blockchain in my opinion will be decentralized by definition. I think this project is not about centralizing crypto, but influencing crypto pricing by keeping it as stable as possible. XOV will be a standard...like Gold is in the fiat world. Correct me if I'm wrong XOV... No need for correction |
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The airdrop will be live on Monday and I will gladly post details of it here. As for the project overall it is currently in the research phase. The goal of the project is to provide. stability in the marketplace using a hybrid control model developed by experts in the field of economics, blockchain and academics.
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Care to share the news? Am curious to hear |
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That is a valid point that will soon be addressed. I have a small role as a moderator and i can at least assure you our team page will not contain Ryan Gosling |
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The difference between this product and xrp would be the stability in value of the token itself. Xrp has been a useful tool for banks but the price has been far from stable.
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I think a fair amount of people would like to see mass adoption of crypto and actually see it spendable at merchants. For this to happen a company would need to realize stability matters and regulations are coming. The companies that survive long term will be the ones who work towards meeting those regulations.
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