Depositoffer 2.0 Token Offer

[popo2]

'DO' Token Offer at https://token.depositoffer.com
(Started now to 7 Sept 2018)

1 USD = 2 'DO' Tokens
1 ETH = 760 'DO' Tokens
Tot Tokens = 4 mio 'DO' Tokens
Max Funding = USD 2 mio


Click here to youtube - our introduction at Sydney Ethereum Meetup 26OCT2017 - 1 min


Introduction.


Depositoffer which is patented in the US (US Pat 7376612) allows users to get the best deposit rates from the banks and providing transparency in the wake of banks fixing rates scandal. Further, it is the first platform for users to influence the interest rate costs by deposits syndication. Similarly what works for fiat can be applied for crypto-currencies as a way to influence the interest rate as well.

Goal.

For most of us wanting to influence "interest rate"  seems daunting and irrelevant. Who cares, leave it to the bankers. Well, we have left everything to the banks, and they have slowly amassed a fortune at our expenses and best of all, we don't even care or worry about this. The fines for example in the Libor scandal goes into billions not millions and not much has changed other than setting up a regulatory body ICE. Banks are used to paying FINES when they get caught and guess what, the fines get to be translated as fees in our statements. Banks would argue, that nobody gets hurt in interest rate rigging and the most borrowers get to pay a few dollars equivalent to a cup of coffee every week. Of course when rates rise the banks would blame the policy-makers (like central banks and so on) which means being a middle-man has its advantages to skim here and to blame someone else. There is nothing wrong with banks except for the fact that they are not transparent with their activities as they "regulate" themselves. You can't blame them because they do have extremely wealthy clients who wish to be anonymous and remain private and they obviously pay them well enough to keep this relationship even in the face of spending time in prison.

Well, the Blockchain folks would suggest that banks are dinosaurs but the reality is that they still control 98% of the funds' traffic including the networks that channel those funds. The Blockchain folks suggest a decentralized system and a record that is transparent will cure all. The fact is that one still needs a mechanism to reach consensus between lenders and borrowers is fundamental to all monetary transactions, be it for interest rate or price is the intersection between supply and demand. The Blockchain is a block of records, it record results so one cannot challenge this but it does not determine the rates. Even if one uses the Proof of Stake method, one still has to determine the rates to pay for ones stake while in lockup mode (deposits).

Currently, convention dictates that central bankers decide the rates (for fiat currency) not ordinary mortals like you and me. Central banks do not deal with mere mortals but with bankers (the middleman). Is it possible to influence this rate despite coming from the central banker?

My goal is to be able to influence this rate and more importantly influence how these fund/deposit should be spent and not merely invested in junk bonds or whatever instruments/derivatives or bloated property investments.  

 
Solution

1.   An auction system where deposits can be offered to financial institutions at the best rate and transparently.
2.   Method patented in US Patent 7376612.(http://patft1.uspto.gov/netacgi/nph-Parser?patentnumber=7376612)
3.   Tokens will also be used for:
a)   Wagering to predict the future interest rate of fiat and crypto-currencies
b)   DataFeed from the auction activities
c)   Membership for offering deposits-syndication (head syndicator will get comm).
        (Each one of the above will necessarily consume said Tokens)

Whitepaper

https://token.depositoffer.com/depositofferWPF2018.pdf

Summary of Token Sale (subject to chances)

Start: Yes
Ending: 7 Sept 2018 or when the Maximum cap is reached
ETH accepted
Minimum cap: 1.0
Maximum cap: To be determined (equivalent to USD 2.0 million)
Token name: "DO"  (https://etherscan.io/token/0x4a3b35487a56cfb9df80716054f793aa4c3bc1f2)

   Funds management
The funds (65% paid in by Purchasers) after converted will be held in a Trust Account (with a legal firm based in Sydney to be decided) used for the following :
50% - Project Tasks released in accordance to Miles-Stones
30% - Operation (including payments to co-founders & early contributors)
15% - Marketing
5% - Legal

 

Bounty

Please contact admin at depositoffer dot com
or Please join us at Telegram for any burning questions. https://t.me/joinchat/C-MSeBA_ktBIvp3ysbOBtA

Milestones


D. MileStones
1 Oct 2018 to 30 Oct 2018
Get best design and costs
1 March 2019
Project Task 1 to be completed
1 April 2019
Project Task 2 to be completed
1 June 2019
Management Team

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[ll63248555]

Good project, looking forward to more details! What is the total amount of tokens? Will there be any other promotional activities?

[popo2]

There will be 4.0 million tokens. I am still figuring out the promotional activities. I am not a marketing person, so obviously I am looking for some favours.

I am also looking for gurus who are interested in what deposit offer can do to influence "interest rates" those with good ideas will be rewarded.

For example, I have been thinking how to reward stakeholders in Proof of Stake ? Currently, the various foundation may offer a fixed rate but perhaps a floating rate plus basis points or different rates for different stakeholder (individually negotiated). Say for example when the price of tokens are rising (say at 10% pa) it does not make sense to be stakeholder earning 2% per annum.

Now, what if one is able to aggregate all the deposit amounts together like a syndicate ?  Say if all the depositors in Bank A decide to move their funds to Bank B because Bank B offer each new deposit account holder a new computer ? Bank B will be able to double its loan portfolio and Bank A will go belly up. This power to be bank maker or breaker exists in all of us except we have not found a way to organise ourselves. Like Airbnb or Uber, we are merely a platform to make deposit money works better for us instead of working our arse as a driver or having guest over. Of course Bank A in this case can fight back and manage to retain half of its clients avoiding bankruptcy. And that is the goal here to get banks working for us by competing. The first is to get a bank willing to take crypto-currencies as deposits.   

[mbahokey]

Only 4 million token, limited supply and the concept of deposits cryptocurrency in the banks, this is very interesting project. with is patented in the US, does it users is for citizens of US only, or will be available for public consumption around the world ?

[popo2]

Hi, the US Patent is only for the protection of the IP in US (ie anyone else want to plagiarise or cut and paste the same within US will need to seek a license of some sort unless they want to see the inside of a court room standing next to expensive lawyers). There are many type of licence and the most popular one now where IP is patented is to allow licensing until the licensee challenges the Patent, then the licence automatically terminates.

More importantly for me is to get licensed banks to be involved, imagine your bank taking tokens as deposits would mean they will have some use for other than just being transferred from party A to B. For example, Ethereum Foundation suggests a rate of 2-24 % for stakeholders for Casper. What if your bank gives you 15%, will that sway you from being a verifier by staking your ETHs ? What if your bank offers you 10% in ETH and 20% in USD ? It may be the case where they found another borrower (with collateral) willing to pay more through their networks which we are not part of. Or another question, is bank safer than the Ethereum Foundation ? If only bank takes crypto deposits and why not ? As long as they see $$.

In the crypto world, most people focus on getting "time" shorten for a transaction to be recorded but the bigger picture is to get acceptance with main street. Even if you have a faster time than VISA/MC, will main street accept tokens ? Nobody can answer this other than the banks and banks can assist in that.  

Making it easier for people to use crypto is great but the underlying issue is acceptance by the majority. It took more than 10 years for banks to get into internet banking. I still remember around 2000 just before the dot com bust banks were pushing out internet banking which only gives us access to our accounts to check, nothing else. The banks have just got into mobile and now developing apps like crazy to understand how their clients interact with their wallet/account in the hope of selling products to them and profit.

Getting them to accept crypto into their bank's wallet is that hard ? You bet. As deposits ? harder as banks know next to nothing about security for crypto (but they have INSURERS). There is a lot of money to be made by providing services to banks rather than fighting with them, just ask ripple. I am taking a modest stand, and that is to revamp the way deposit interest rates (which is also an investment product) are determined by using a market auction facility rather than decided by a cozy collective of banks.

In fact, this will make smaller banks more competitive by giving them access to aggregated depositors' data in one platform anonymously. Smaller regional banks will not be hindered by distance or client base and able to finance and solicit deposits anywhere. Banks will now able to solicit funds be it USD or ETH by merely scanning the availability of funds. This will broaden their loan portfolio as clients will be able to borrow ETH or BTC instead of buying them (as long as they have collateral) to speculate.  

Later, I will be developing the bank loan side which is also patented with US PATENT 7,493,279. This is another method where banks can negotiate the terms of the agreement with borrowers online very much like using google-doc. I don't see why we need to accept all the agreements the bank dish out to consumers, as a lawyer I think those documents are horrible as nobody read them before signing. Usually, ordinary users don't really care and may not even be aware of clauses such as Conclusive Clauses, which basically says you can't deny this debt in Court. I just want the banks to treat all their clients the same way as they treat their private clients where they simply give more attention to for deposit rates to lending rates or terms. I digressed. Anyway, please send me any questions and have a good weekend.      
 

[AlexBitsS]

so what will I get for my tokens?
I should buy tokens now - but deposit will start count profit only from autumn?

[popo2]

"so what will I get for my tokens?"

The tokens are for users to predict the future interest rate of currency or crypto-currency and win. Say what will be the deposit rate for USD for 6 mths on the 6 Dec 2018 ? If you get this correct then you will win the pool (of other tokens from users who did not get the correct rate). The rate is based on 2 decimal points (eg 2.11%).

To take cryptocoins as deposits, the Financial Institutions have to lend them to borrowers willing to pay some costs. Currently, exchanges are using parked crypto-currencies and lending them so there is a small market here for short-sellers. Obviously, none of us get any interest here as most of us are not even aware, in any event I do not put my cryptocoins with exchanges.

The auction data for deposit rates will also be streamed live so to access them, you need to have tokens. To have access to the predictive tools for interest rate (to be developed) you will also need to have tokens.  

Once the above is successful then next stage is the deposit-syndication, ie using your tokens to join with syndicate gurus to get better rates with the financial institutions. We need to pay these "gurus" for negotiating the rates for us. For example, you have 10K of deposits (CD) in your bank now, your bank gives you 1.1 % per annum. Now you can combine your 10K with others in the syndication say the total combined is 150K and the same bank is willing to give all of you 1.2%. I know earning another 0.1% may not be much in most people's mind but in some countries like Switzerland, they are paying negative interest rates.

So here is where my patented invention gets interesting. What if the syndicate guru can negotiate something else other than interest rate for you ? Say a holiday to China instead or even 10 Tesla Shares ? Now you may ask why would the Financial Institutions offer you shares or holiday in lieu of cash as Interest ?

Well it so happens a client (borrower) in the loan portfolio who specialized in holiday in China has some cash-flow problem, cant forked up the dollars but have plenty of seats to China, or another company that used Tesla shares as collateral etc. The market for Tesla shares have fallen but by selling outright in the market, the Financial Institutions will get less in a volatile market. Remember this is forward looking, ie the Financial Institution is betting Telsa to go down but you may see Telsa going up in a longer term. Depositors may want to buy Telsa at a lower price by structuring this as a seller of put option.

Traditionally faced in that kind of situation, the Financial Institition would either call the loans or increase their burden by extending the terms of loan or rate, making these companies even harder to turn around. Now the Financial Institution can 'match' the needs of depositors and borrowers better by making their assets much more liquid.

Depositors traditionally accept interest rates at whatever rate the Financial Institutions are willing to give them, now they can ask for bids by way of auction and better still negotiate the different type of return. By seeking these Financial Institutions to bid, in practice we are actually creating a dynamic market not only for fiat but also crypto (which has not even begun yet). Indirectly, I believe that with a dynamic market, we (users with tokens) can also influence how the interest rate will look going forward instead of leaving this to the FED or Central Bankers which was my original goal here. To affect and influence monetary policy by adding another determinant instead of simply manipulating GDP, Payroll figures and so on. Here will be is a dynamic market that expresses the people's interest rate from time to time. Having this rate determined by auction will make depositors more aware and the Financial Institutions more informed (because they can actually search and find whatever is offered, timing and rate).  

"..but deposit will start count profit only from autumn?"

Yes, or later as this is a very long ICO to Sept. I do not have teams and resources like most ICO whose aim is to raise funds only, I want to disrupt the deposit-taking system, I used my own funds and started more than 18 years ago with my patent application that took more than 8 years to be granted before the USPTO. It took me 3 years to code first in ASP and now in PHP. And now I am working on the AI side testing some data to get a feel for its predictive capabilities (currently is ridiculous). The funds raised here is really to get more brains/hands to make this into fruition. It is not about making me rich. In fact, the funds will be recorded in a Trust Account that is audited by the NSW Law Society and I will be disbarred if any funds go amiss which is better than most ICO as they used off-shore $2 dollar companies with limited or no liability in 'friendly' jurisdiction. I chase and recover misappropriate funds. In fact, my next project is about recovering funds stolen by individuals and using those funds for the benefit of people with real needs instead of going to NGOS (customary under the cy-pres principle because the Court can't identify or distribute to victims). That is not a good decision in my view.        
      

  

[popo2]

https://www.businessinsider.com.au/royal-commission-westpac-financial-advice-2018-4

Was going through this story about bad financial advice given by Westpac to a couple to start a business when they don’t even have the means to borrow at all. Seems to me, Westpac just wanted to earn the fees from selling the products (insurance for a AUD 2 mio loan that never materialized). My personal belief is that banks should not be selling financial products, but in this case how could Westpac sell loan insurance to this couple when there is no loan at all ? This is just fee grabbing at worst. While this Royal Commission into banks seems to be focusing on loans and financial planning,

What is not well ventilated is “deposits”. 30% of the funding came from deposits and in most cases the rate has remained fairly uncompetitive over the years. Many retirees depend on deposits to provide some income for day to day living expenses. But how do we encourage competition when there is none and worst a receptive collusion environment exists lending to the allegation such as rate-rigging (eg bank bill swap rate (‘BBSW’)) which technically is between banks but such base rate is also used to determine other rates. While the corporate watchdog like ASIC could investigate and fine these banks or even shaming them in this Commission, there is no tools to modify their behavior at least in the near term. It is possible to encourage competition by giving easy access to published rates as many sites do nowadays. The second is to ensure the rates are transactional rather than merely published. This is important as it reflects what the market can take rather than what the banks decide the rates should be by publishing. Often a lot of depositors may not be aware that they can negotiate the rates and not merely take the "publish" rate, but to convince the banks to deal one must have access to transactional rates. 

One possibility, we need a customized bidding system for the exact deposits and giving the depositor the discretion to accept or reject such bids. To encourage competition, I propose that this interest rate can be alternatives like shares or financial instruments or even services that are acceptable to their clients. For example instead of competing on rates 3%, a bank can offer 2% plus 10 IBM shares or 2 nights in Paris. The real benefit is service for their clients (depositors) by tailoring to their needs.

 

[popo2]

I wrote this article about Casper for those who may be interested. I am not against the staking issue but the operative "interest" and "pooling" elements may be a sore point with investment laws in Australia. https://medium.com/@ecorpnu/casper-likely-to-be-unlawful-in-australia-199b15cef9f3