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NXTbank has become BOOST!
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Author Topic: NXTbank has become BOOST!  (Read 3404 times)

spaw

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NXTbank has become BOOST!
« on: May 22, 2014, 03:22:16 am »
The NXTbank idea has become BOOST!

*****
BOOST is a branch of NXTventure that will act as a startup incubator for new NXT based companies. It will provide 0% interest loans to innovative people with projects in need of funding. It will also act as a conduit for small companies that want to become a qualified NXTventure listing. BOOST offers the ability to launch your company as well as the opportunity to become part of the TEAM family of NXT companies. BOOST is financed by donations and a 5% finders fee from NXTventure. Each asset represents .0001% of all BOOST holdings.
*****

You can find us on the Asset Exchange at:  9719950459730291994

spaw



ps: There will be a big announcement coming this weekend!! stay tuned.


« Last Edit: May 24, 2014, 03:28:50 am by spaw »
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I manage BOOST: A small NXT venture capital fund and NXTVenture company. getBOOSTed!

2Kool4Skewl

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Re: NXTbank has become BOOST!
« Reply #1 on: May 22, 2014, 04:35:44 am »
Regardless of the loan being interest free, it could become hard for a startup to repay the loan if the value of NXT rises.

You would be better suited loaning out gateway specific fiat IOUs via the monetary system or AE.

For this to happen, a fiat gateway would need to issue fiat IOUs and the bank would have to purchase the fiat IOUs from the gateway.
« Last Edit: May 22, 2014, 04:41:11 am by 2Kool4Skewl »
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spaw

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Re: NXTbank has become BOOST!
« Reply #2 on: May 22, 2014, 04:42:39 am »
Quote from: 2Kool4Skewl on May 22, 2014, 04:35:44 am
Regardless of the loan being interest free, it could become hard for a startup to repay the loan if the value of NXT rises.

You would be better suited loaning out gateway specific fiat IOUs via the monetary system or AE.

I'd talked with jl777 already about the ability to lend in other currencies using the multigateway. Definitely something I'd want to use! Being able to borrow in their "native" currency will be attractive to projects outside of NXT.

spaw

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2Kool4Skewl

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Re: NXTbank has become BOOST!
« Reply #3 on: May 22, 2014, 04:52:49 am »
Quote from: spaw on May 22, 2014, 04:42:39 am
Quote from: 2Kool4Skewl on May 22, 2014, 04:35:44 am
Regardless of the loan being interest free, it could become hard for a startup to repay the loan if the value of NXT rises.

You would be better suited loaning out gateway specific fiat IOUs via the monetary system or AE.

I'd talked with jl777 already about the ability to lend in other currencies using the multigateway. Definitely something I'd want to use! Being able to borrow in their "native" currency will be attractive to projects outside of NXT.

spaw

The drawback to using the multi-gateway is that it only supports cryptocurrencies and cryptocurrencies are very volatile.  This is better than nothing though because other cryptocurrencies might be less volatile than NXT.

To lend out fiat IOUs, you need to purchase them from fiat gateways.  You would want to diversify your fiat IOU issuers in case of a gateway default.

You could also always lend out NXT but tie the principle to a fiat value.
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2Kool4Skewl

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Re: NXTbank has become BOOST!
« Reply #4 on: May 22, 2014, 04:58:24 am »
It would be great if the NXT core would implement a credit feature allowing accounts to "trust" (extend credit) to other accounts.

Accounts that owe (have a line of credit) would show a negative asset balance and accounts that are owed (extended the credit) would show a positive balance.

How do you plan on recording owed balances?  On a spreadsheet?

If NXT integrated this feature all obligations would be recorded on the blockchain.
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allwelder

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Re: NXTbank has become BOOST!
« Reply #5 on: May 22, 2014, 05:39:58 am »
haha,great idea.
But how to solve the trust problem.
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2Kool4Skewl

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Re: NXTbank has become BOOST!
« Reply #6 on: May 22, 2014, 05:48:33 am »
Quote from: allwelder on May 22, 2014, 05:39:58 am
haha,great idea.
But how to solve the trust problem.

Only trust those you know IRL or that have verifiable identities.  A web-of-trust scheme could be used to bind NXT accounts with IDs.
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We are the descendants of Bitcoin.  We are the continuation of the cause it started, but that perished with its centralization.
An economic system is a manifestation of an ideology.  What was lost, we shall reclaim.
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spaw

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Re: NXTbank has become BOOST!
« Reply #7 on: May 22, 2014, 05:50:18 am »
Quote from: 2Kool4Skewl on May 22, 2014, 05:48:33 am
Quote from: allwelder on May 22, 2014, 05:39:58 am
haha,great idea.
But how to solve the trust problem.

Only trust those you know IRL or that have verifiable identities.  A web-of-trust scheme could be used to bind NXT accounts with IDs.

From bluemeanie

https://nxtforum.org/index.php?topic=1580.msg26364.msg#26364

spaw

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P2PGuy

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Re: NXTbank has become BOOST!
« Reply #8 on: May 26, 2014, 10:12:45 am »
Quote from: spaw on May 22, 2014, 04:42:39 am
Quote from: 2Kool4Skewl on May 22, 2014, 04:35:44 am
Regardless of the loan being interest free, it could become hard for a startup to repay the loan if the value of NXT rises.

You would be better suited loaning out gateway specific fiat IOUs via the monetary system or AE.

I'd talked with jl777 already about the ability to lend in other currencies using the multigateway. Definitely something I'd want to use! Being able to borrow in their "native" currency will be attractive to projects outside of NXT.

spaw

Great name change, the word 'bank' makes people shudder, as the trust has gone with banks. BOOST is so Positive.  The intention and suggestion. Credit is also better than the word 'debt'.....    It's all about attracting projects, enterprise and merchants from outside NXT.

 
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