I'm Creating an Alt Coin that functions similarly to the FDIC

[$tack Bank$]

Currently developing a coin that will be able to insure consumers against losses in crypto similar to how the FDIC does in the US banking system. im looking for developers, pioneers, good ideas, discussion, and/or thoughts

[rat4]

One of cryptocurrency mottos is "Be your own bank", because folk have self-custody   of monies, and so avoid the fractional-reserve problem. Can you explain in more detail goals of this project?

[bluebit25]

OP, so what do you think about some crypto projects always having reserve funds to protect their users? And what makes them pay attention to a new project that starts with only ideals while those things still exist?

Honestly, even in the case of Bitcoin, it has reached a state where the core decentralization can eliminate impact. And also @rat4 expressed "Be your own bank"

[MAAManda]

Currently developing a coin that will be able to insure consumers against losses in crypto similar to how the FDIC does in the US banking system. im looking for developers, pioneers, good ideas, discussion, and/or thoughts

Interesting , if this happens, then it will bring a revolution on the crypto side. But, is this possible? because as we know that crypto is a decentralized side, then, can you explain in more depth the mechanism or process?

Can you explain in more detail goals of this project?

The OP already stated the goal of the project in insure consumers against losses in crypto

OP, so what do you think about some crypto projects always having reserve funds to protect their users?

Which crypto project? can you name just one of them? AFAIK this reserve fund is only implemented by CEX (such as Binance and other top tier CEX), but not a single crypto project has implemented this.

[$tack Bank$]

Interesting , if this happens, then it will bring a revolution on the crypto side. But, is this possible? because as we know that crypto is a decentralized side, then, can you explain in more depth the mechanism or process?

Yes, my thoughts exactly. The FDIC operates in a manner that ensures that any bank that is a member is insured and thus it's customer's in the event of insolvency and shut down. I won't bore you with details, there are youtube videos (link below) that explain how the FDIC operates and performs these functions, much better than I can type out. But my idea and current work is developing a coin/blockchain that can integrate with all existing networks, major alt coins and their networks (or as many as possible), and will do exactly what the FDIC does currently, Thus bringing stability to both the crypto markets AND consumers.

 FDIC VIDEO: https://www.youtube.com/watch?v=dBOFiDpmESI&pp=ygUcaG93IGRvZXMgZmRpYyBpbnN1cmFuY2Ugd29yaw%3D%3D

In short and very simplified I propose I create a blockchain that my company manages that has a smart contract that would govern and hold a reserve (up to 50% - 60%) of  ALL current/future legitimate crypto projects/those seeking legitimacy, hold them in essentially "liquidity pools" that are offered exclusively to large institutional investors as a way to essentially create a crypto bond market that they are able to pair real world fiat dollars to this new blockchain and access returns/rewards the same as consumers, while providing liquidity & stability to current crypto markets as well as having their own exclusive market to essentially park long term investments and gain returns as the crypto markets formulate returns as well. Thus insuring stability for normal crypto consumers and institutional investors  will NOW have their own vested interest in the success of crypto as a whole as well. And I third party through whatever combination of new blockchain, token, nft, smart contract implementation, or the most elegant combination of all the above provide insurance and regulation of these new cross investing/stabilizing assets pools   

[$tack Bank$]

OP, so what do you think about some crypto projects always having reserve funds to protect their users? And what makes them pay attention to a new project that starts with only ideals while those things still exist?

Honestly, even in the case of Bitcoin, it has reached a state where the core decentralization can eliminate impact. And also @rat4 expressed "Be your own bank"

Bitcoin seems to only be a store of value and a foundation for other tokens atm; and while needed and will continue to be needed in the years to come as a hedge against inflation and also a pivotal marker in the history of Web3, I believe it is also in its infancy as far as discoverable utility and used functionality. It's code has it's limits and since I am unable to personally contact it's creator, I am not able to fully alleviate all  my personal concerns, as far as building what I am proposing on it's or any existing networks/alt coins/ tokens/ etc etc including bitcoin.

Also I am unaware of any project that is doing what I am proposing. Also those projects would not be able to participate in the regulation of the market with their current projects since they have accepted funding and entered the existing market places and exchanges thus already insuring a conflict of interest if they were to propose what I am. Also one singular preexisting alt coin/token that already has a market valuation less than its major alt coin sister tokens (i.e. BTC, ETH) in the market place will have a hard time if a not a slim to none chance in corralling or stabilizing volatility of said assets. I believe assets of a similar stature (i.e. institutional investors, banks, hedge funds etc etc) who are all clamoring for a chance to launch a bitcoin ETF of their own (as oftoday 1/4/24), would; through what I propose add the liquidity to then bull run crypto for all existing consumers, ensure it's crypto market stabilization and thus even more exponential growth or at least that of all coins that participate in my new blockchain, guarantee profits for their own investors while also allowing them access to their own asset class that is non competitive with the current crypto market, and would also allow ME/CHAT to develop a product that hedges against all loses and potentially allows us to reverse all crypto market losses of the past. Essentially turn back the hands of time and "fix" every dip, and make whole anyone who has been deceived or suffered losses in the crypto market  to date and ensure that end consumers are protected against bad actors in this space in the future, be assured of the future security of their investments, and ensure the growth and stabilization of web3 as whole. As well as allow them to vett all crypto projects in the future much like consumers do with banks and USD. If the bank is not a member of FDIC then you do not bank there because you are not insured against the banks closure and loss of consumer funds. Same in the future if projocts do not participate in this "insurance" fund network, then anyone in the crypto space will immediately know that they are at a minimum sus asf shawty  .

Also @rat4 expressed "be your own bank" which is great, do that. but one can not be its own bank and compete in the crypto space, regulate the market, reverse losses, garner institutional investors, etc while also having an intrinsic conflict of interest since this function would be sought to be performed after already having exposure to the market and it's liquidity. as the canadians would say "no way jose"

also cherry on top and full transparency, I already have large web3 projects that have pledged to me to participate in this fund and I am doing the same with large institutional investors. I have already begun the leg work and have no current web 3 projects or assests that I am the major shareholder of and while i do have crypto assests none are projects that I have built the code for or constructed in any way. I am a business man and have a vested interest in Web3/crypto as a whole and have a GREAT number of ideas and projects I am working on (in this space and others) that I believe will benefit most of humanity, bring stabilization to markets globally, and continue the amazing and fascinating space that is WEB3 and insure it's future for as long as humans deem it necessary. But...I need help, so I am here

[$tack Bank$]

One of cryptocurrency mottos is "Be your own bank", because folk have self-custody   of monies, and so avoid the fractional-reserve problem. Can you explain in more detail goals of this project?

yes, to elaborate a bit further on an idea, holders of current projects could vote either through consensus, or just by being the majority shareholder of a coin/token, or common consensus amongst the majority of that tokens holders (51% majority holding of the asset or whatever the required majority number is) could decide to essentially stake their own holdings into these "liquidity pulls" and either charge a premium to institutional investors to join the pool with them or charge for access to it, or through use of smart contracts lock those particular assets into that pool with institutional investors creating it's own asset class that stabilizes the crypto markets, while allowing additional upside to both original holders of that coin/tokens, (i.e. people who hold and helped create bitcoin and all subsequent crypto currencies) through returns from that pool, as well as allowing exclusive access to that pool to the larger stable liquidity that traditional investors provide, while simultaneously allowing them to participate in the bull run of the new crypto economy. everybody essentially wins and we are able to provide security and remedy quite a few of the problems bad actors have created in the Web3 space as well as the leave behind the zero sum game mentality of traditional finance. anybody that participates in this system helps improve the security and stability of crypto and helps ensure everyone in the space is able to hopefully realize returns on their investments.

whales could by simple consensus ensure stabilization of projects like bitcoin by adding their holdings to these banking/stabilizing pools and the new block chain could  reward users who join with a token that is a badge implying one as a secure actor in the web3 space as well, and if we expand this idea further as a credit/reward for assets held in the stabilization pools that would allow them to continue to utilize the value that is in the stabilization or "banking" pool in the normal crypto markets and still realize any returns due them from the banking pools that they join with institutional investors 

[$tack Bank$]

OP, so what do you think about some crypto projects always having reserve funds to protect their users?

Which crypto project? can you name just one of them? AFAIK this reserve fund is only implemented by CEX (such as Binance and other top tier CEX), but not a single crypto project has implemented this.
[/quote]

my point exactly. No one is doing this or even fleshing the idea out fully or looking at how economics have functioned in the real world and started using Web3 to ACTUALLY fix Web3's problems. All of which I see solutions too. I need developers and people willing to work on the code and expand this idea with me, because I believe we can actually fix the problems and enrich the entire crypto ecosphere and maybe in the process onboard a few billion more people into the space. help me find solutions and begin this work and see it through to completion. these are the original Bitcoin chat rooms, if there is an answer to this problem, it will be found here amongst us.

[rat4]

compete in the crypto space

Such wow, much scare.

regulate the market

No, thx.

reverse losses

1 DOGE equals 1 DOGE.

garner institutional investors

https://www.youtube.com/watch?v=UkgP0od6iSE

intrinsic conflict of interest

Risk management strategy.

as the canadians would say "no way jose"

As teh Internetz say:
,___,
{o,O}
|)``)
-"-"-
O RLY?

these are the original Bitcoin chat rooms

For example: https://bitcointalk.org/index.php?topic=1428239.0

[$tack Bank$]

Such wow, much scare.

such stupidity, much ignorance.

No, thx.

Opt out goof ball, if you don't want to participate leave. Noone is requiring it.

1 DOGE equals 1 DOGE.

Yes much like your two remaining brain cells equal the same value of mental computation powers. I love how you are the most vocal and yet clearly the least informed and helpful of anyone within this discussion. Let me break it down Barney style for you. Daddy knows that 1 DOGE equals 1 DOGE, Daddy wants to rectify & reverse investors losses throughout time in USD, where the VALUE of DOGE tanked and people lost money. please either be helpful or stfu
 
Risk management strategy.

useless buzzword

As teh Internetz say:
,___,
{o,O}
|)``)
-"-"-
O RLY?

please stfu

 

[rat4]

I'm sorry, if you felt offended. The idea of insuring losses is noble, but the devil is in the details: what is a loss and who pays for it.

As it happened, I'm involved in R&D for the last decade. For an infinite improbability of your interest in building this on top of an existing unregulated network, a link is in my signature.

Have fun

[$tack Bank$]

i'm sorry for my response. I'm looking for helpful discussion from an OG developer community to further this idea or the the idea's discussion if any is to be had before I continue with my own ideas and do something drastic in the crypto space that potentially affects all of us while getting no ones opinion but my own before doing so.

my proposition is to create a new network or blockchain that hold all current and future crypto project's assets (minus those that are DAOs, Bitcoin, etc) in reserve hopefully prior to launch (normally what would typically be their designated burn) as a form of insurance that will be used to reimburse holders of the project should it go under and hold it much like the FDIC does and pair it in a liquidity pool with fiat currency supplied by large institutional investors and require that these institutions lock their capital in that pool for a period of 10 to 15 years or more, creating their own asset class, a type of crypto bond if you will that will yield them dividends hopefully similar to the crypto market as a whole while also serving a dual function in that it will bring a less negatively volatile state to the markets  thus insuring a more stable trend towards exponential yields. This would allow institutional investors to become a stabilizing force in the crypto world without competing directly with consumers in it while sharing in the returns generated by the market. a win win, institutional investors insure crypto users against losses in crypto by their participation in these banking/bond growth pools that will generate returns, thus allowing them to add value in the Web3 space and not take positions to shut it down, regulate it to their own means, corrupt it, or compete against the existing market place, a portion of these returns they generate as yield for their participation in these banking pools should additionally be held in reserve to insure top side users of the coin against loss, while the rest is paid back to institutions after their bond term has expired, or quarterly or yearly as their bond matures. think of it like an iceberg. institutional investment will be the 75% of the iceberg below the water's surface existing in it's own ecosphere yet conjoined to the 25% at the top (end consumer users of crypto) insuring stability for our markets and insuring us against loss, while allowing them to realize their own returns long term in a non competing market that they have sole access to, how they would prefer anyway. insuring stability for their investors as well as allowing them a risk averse option for those investors who would like to hold crypto but are not wanting the volatility associated with it. 

assume this is possible, what are the biggest hurdles i need to be concerned by? what are the weaknesses of a system like this? possible improvements to this idea? major flaws or detractions that you can see?

thots? kwestions? koncerns?

[rat4]

a blockchain that my company manages

Does this imply a central authority, or you plan to decentralize, e.g. with PoS for consensus and DAO for decisions?
Is it a general-purpose blockchain, which welcomes ordinary payments and custom smart contracts, or highly specialized in said pools?

hold all current and future crypto project's assets (minus those that are DAOs, Bitcoin, etc)

Have you formulated some criteria? Do you see a room for NFTs? What about crypto with privacy features?

pair it in a liquidity pool with fiat currency supplied by large institutional investors

Why not let retail investors add fiat liquidity, maybe even with existing stablecoins?

[RankKings]

If you can convince me that this works, Our SEO agency will take on your project at no out-of-pocket cost to you in exchange for coins/tokens.

I remember a long time ago, some guy started selling books out of his garage online, and people said that would never work and he was crazy for wasting his time. Now, the Amazon vans are everywhere.   True visionaries find things that don't exist and say why not?

The idea sounds good.  Stay focused, and don't get distracted by nonbelievers.


Our site is rankkings.com

[Mate2237]

Op this one the best ideas you have and if you can achieve it will be very nice but before you start the project you have to make two major research to make your project successful. And the first thing to do is to find out what some cryptocurrency projects failed within short or long time. And why some are successful till now. And once you put these things in place then you meet a developer and make the project transparent and genuine. You welcome for bringing a project.

[dimonstration]

Currently developing a coin that will be able to insure consumers against losses in crypto similar to how the FDIC does in the US banking system. im looking for developers, pioneers, good ideas, discussion, and/or thoughts

Judging from the feasibility of this token I really doubt if this possible at all on crypto given that crypto assets is too volatile. How come you can insure someone money if the project got rugged or lose from hacker.

I mean someone can fabricate the loss and claim insured money? SEC is struggling to approve spot Bitcoin ETF due to the fact that crypto is too risky and volatile. If you can really insure crypto user then you might solve the biggest problem in crypto. 

[$tack Bank$]

a blockchain that my company manages

Does this imply a central authority, or you plan to decentralize, e.g. with PoS for consensus and DAO for decisions?
Is it a general-purpose blockchain, which welcomes ordinary payments and custom smart contracts, or highly specialized in said pools?

yes. a central authority, that is governed by a company that I run. Decentralization isn't without it's security flaws. Blockchains must maintain the elements of decentralization, security, and scalability. Improving one of these areas often results in sacrificing another. Creating this balance has been a challenge for developers for as long as blockchain technology has existed, and is often referred to as the blockchain trilemma. I believe there must be some form of human oversight, focused in the form of a savy to the market, forward facing CEO (i.e ya boy  ) , who understands how quickly the Web3 space can change, is trying to innovate and stabilize THE markets, and find WIN-WIN solutions for end users and institutional investors in this space alike, because  I see the problems and solutions clearly. But I understand that any idea and creator can have blindspots. Hence why I think whatever this new blockchain is will more than likely be open source developed, and will use smart contracts that are maintained and monitored by A.I. and humans. It should serve both as a general purpose blockchain that offers all the customary integrations. The liquidity pools will be under management by my company and the maintenance and exchanges required to enter them, add liquidity, payment of funds. etc. will all be monitored and supervised by my company. This blockchain would integrate will all new and existing protocols across networks and all new ones and their main developer community/ CEO, whatever, etc, and handle the interfacing with institutional investors with those currencies in those pools. Those pools are a form of added liquidity  that is housed off chain and is an exclusive crypto bond that is offered to institutional investors only to grow the liquidity of the assest and stabilize the market as a whole and provide users who are not a part of the development of said token/coin but who participate in  the buying,selling,trade, or use of utility for that asset on common exchanges (coinbase, metamask, pancakeswap, etc.) an insurance for any fraud perpetrated by the developers of the token or bad actors in the web3 space. If the project goes under due to fraudulent activities/actors, end user  investors are guaranteed to be backed by the bond that institutional investors liquidity has maintained by being paired with the projects burn in the banking pool. The institutional investors will be rewarded both for holding the bond of a project that never goes under for however long a period they have maintained the asset (10 year bond, 15 year bond, 20 year bond at a 30% return rate or whatever rate is achieved by the liquidity they provide to said pools, whatever the case may be per individual institutional investor) and rewarded by my company for backing investors losses by achieving a higher return rate in the liquidity pool of the project that is held off chain and then subsequently governed post rug pull, flash loan manipulation, etc, then by my company, the initial investors, and institutional investors. they will then have access to and potential rewards in the future i.e. having a lowered minimum liquidity required amount to enter other banking pools, increased responsibility of the security of the token and projects they hold, etc. there are many ways i see to make this a profitable proposition for institutional investors. I can go into them ad nauseum but part of that is finding out what exactly is the most enticing thing to institutional investors about essentially carrying the risk of the crypto market in the form of a bond, I imagine it would be getting that bond backed by the US government or some stable coin as a form of assurity to that investor but I imagine that won't necessarily be hard to do.  

hold all current and future crypto project's assets (minus those that are DAOs, Bitcoin, etc)

Have you formulated some criteria? Do you see a room for NFTs? What about crypto with privacy features?

yes. the criteria would be the projects willingness to participate in the security/stabilization/banking pools by dedicating their burn. once they have granted that access, they have assured the space of their intention to be a good actor and provided insurance for instance that they are not. Yes NFTs have room, creators or my company could even make ghost variants that are held in reserve by my company and awarded to investors  upon the  projects failure. That might create it's own market or asset class based purely off their rarity. That idea needs more exploration but the basis is the same. Any crypto can create a burn, dedicate that burn to this banking pool (Bank Coin is what I think I will call it) and thus paired with institutional investment creat this bond that with oversight be used to correct losses and fraudulent activities while also creating stabilization in the market as a whole while also being it's own lucrative non competitive asset class that is a sister to all existing projects.

pair it in a liquidity pool with fiat currency supplied by large institutional investors

Why not let retail investors add fiat liquidity, maybe even with existing stablecoins?

that could be explored and seems like a good idea, their rewards for doing so would have to be tailored to be suitable to make it worth their time and investment to pair in a banking pool. actually  I don't believe that on 2nd thought that would be a viable option because those pools would still need to be paired with institutional money and thus locked for a lengthy period of time in order to create stabilization, therefore most users would probably want to operate in normal channels since they want to enter and exist the market at the speed of thought. Yet I don't see how offering retail investors the same opportunity if they are willing to abide by the same time limits as institutions would be a bad idea. The pool would just have to be specialized and disclosed to all participating who exactly is participating weather institutional, retail, or all the above.  

[$tack Bank$]

If you can convince me that this works, Our SEO agency will take on your project at no out-of-pocket cost to you in exchange for coins/tokens.

I remember a long time ago, some guy started selling books out of his garage online, and people said that would never work and he was crazy for wasting his time. Now, the Amazon vans are everywhere.   True visionaries find things that don't exist and say why not?

The idea sounds good.  Stay focused, and don't get distracted by nonbelievers.


Our site is rankkings.com

see my response above in the chat and let me know if you are convinced of anything I'm proposing. and who are you to make that decision for rankkings.com out of curiosity, no slight intended?  also if you're serious about offering help DM me please


 "people said that would never work and he was crazy for wasting his time. Now, the Amazon vans are everywhere.   True visionaries find things that don't exist and say why not?"

exactly. also i see a problem and a solution. and am willing to address it with my solution and am willing to create an evolving dynamic solution that address a problem that has a similar nature

[$tack Bank$]

Currently developing a coin that will be able to insure consumers against losses in crypto similar to how the FDIC does in the US banking system. im looking for developers, pioneers, good ideas, discussion, and/or thoughts

Judging from the feasibility of this token I really doubt if this possible at all on crypto given that crypto assets is too volatile. How come you can insure someone money if the project got rugged or lose from hacker.


what is not feasible about this? this would rectify its volatility.

I mean someone can fabricate the loss and claim insured money? SEC is struggling to approve spot Bitcoin ETF due to the fact that crypto is too risky and volatile. If you can really insure crypto user then you might solve the biggest problem in crypto. 

i think i already have solved it

[Belarge]

Currently developing a coin that will be able to insure consumers against losses in crypto similar to how the FDIC does in the US banking system. im looking for developers, pioneers, good ideas, discussion, and/or thoughts

You need more good ideas that would certainly blend on the project's and steady milking from satisfaction. I'm just hoping this project is not any random overhyped projects, everything should work according to plans and expectations, it's not too easy to have a chance of earning from the market but with consistent persuasion, his chances of hitting harder this season. This is one of the good news I've heard today, no more talks but focused on the main project and ensure to execute this good plans. We should there are obstacles in the system.