Making the Banking System Better

 LeWiZa (@zpeialel)7 years, 3 months ago

Hey Guys,

I’m looking at developing an idea, but first I need some market knowledge. It has to do with banking and investment products for (mostly) millennials that are well understood by clients and, if opted for, can help redirect resources within a city.

If you could please answer whatever of the following.

-How do you feel about you current bank and/or banking system? What’s good, whats bad? Do you use a credit union or a large bank?

-Do you have investments accounts with your current bank? Is it self directed? Or is it managed by a broker?
-If you do have an investment account, what do you like about your account, what don’t you like.

-Would different denominated chequings and savings accounts be something you’re interested in? This means your account would be denominated in gold, or silver, or a currency of another country. Any asset within reason to be redeemable. The value is pegged to the value of that asset (It could be x% of the amount in your account that is tied to the asset).

-Would city infrastructure investing be of interest to you? I.e. You contribute to some infrastructure project through something like a bond purchase, would receive interest payments in the future.
This could also be used for a democratized city development, people can let their money do the talking when it comes to building development.

I am aware of that people without very much for disposable funds would have troubles in investing and their voices would be drowned out in infrastructure investing. There would be safeguards built in to the system to prevent this.

I am also aware many people don’t like discussing personal finances with others. You don’t have to name your bank or anything, you can be vague. The whole idea is to offer alternative investments to younger people, to democratize city building, and to provide diversified holdings for low costs to people who are not typically thought of high value clients.

Please feel free to contribute whatever you like. It would help me immensely. I figured here would be a great place to start since people are quite open to new ideas here.

PS: Many of these ideas have been somewhat developed, I’m just looking to synthesize them and provide them to a wider audience.

June 15, 2014 at 7:29 am
Blah (363) (@tentninja) 7 years, 3 months ago ago

have you looked into bitcoin?

In terms of moving towards crypto currencies, formed from a decentralised system rather than like our current centralised systems.

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LeWiZa (18) (@zpeialel) 7 years, 3 months ago ago

Yeah I’ve looked into bitcoin, you could denominate an account with that as well. I have some doubts still but I think the principle is great. Theres a lot of pros to it that’s for sure. It’s just so jumpy right now. The US government started auctioning off the bit coin is seized from Silk Road for a pretty penny.

I think the privacy potential of Bitcoin is overplayed too. You have to do certain things in order for bitcoin transactions to remain untraceable to you. And if you exchange for goods, it’s easily traceable to you (or so I hear/read). Where as cash when exchanged for goods isn’t directly traceable to you. In case you wanted privacy with your transactions…

There’s still problems with it too. Mt Gox lost serious amounts of bit coins for clients and the bit coins were getting stolen from right under them. I think it was due to poor controls though.

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