Quote from: jaysabi on Today at 08:06:48 AM

Quote from: VictorProsh on July 25, 2020, 02:24:39 AM

Imagine a Bank that has no management and administration. All these functions are performed by the smart contract program. Anyone who wants to connect to the bank becomes its co-owner. You can place your financial assets as authorized capital in the form of a deposit on your bank account. The bank guarantees the preservation of financial assets by issuing you an equivalent value (smart contract tokens). The bank accumulates financial assets of all co-owners and accrues income for the placement of funds. You can earn by helping others to become co-owners of this bank by providing an opportunity to connect to the bank. You can always get your asset back at any time by returning its guarantees (smart contract tokens) to the bank.
The peculiarity of bank guarantees is that they cannot be depreciated under any circumstances. The smart contract program provides for an increase in the value of tokens depending on the amount (authorized capital) of the bank's deposit. The higher the deposit, the higher the cost of the token.
http://prosh.ru/smartcontract.html

This is entirely unworkable as a bank. A bank with no central management will fail. Banks make money by lending depositor assets and collecting more money when the loans are paid back. This necessitates a central administration to vet investment plans by people seeking loans and assessing the viability of those plans so the borrower has the ability to pay back the loan. What is described above, where people just invest money and magically make more money because “smart contracts” is not a bank, it’s a Ponzi scheme.

If you want to be a part owner of a bank, join a credit union. They’re owned by the members and they actually function as a bank WITH a central administration, which again is necessary.

This is a credit union that brings together the financial assets of co-owners. Read the project and a lot will become clear to you.
An excerpt from the project. http://prosh.ru/smartcontract.html
ETH-WORLD tokens are very attractive for the bank as they are secured and have constant growth and cannot be devalued. The bank can issue an interest-free perpetual loan secured by the client's ETH-WORLD (Islamic version of lending), although there may be other conditions. The bank does not have access to the client's ETH deposit, and in case of non-repayment of the loan, it can only sell smart contract tokens, and ETH will remain in the deposit blocked at the address (account) assigned to the client. Such an insurance scheme against losses in case of ETH volatility is very interesting and can attract a large number of ETH holders, which in turn will increase the total ETH deposit and, accordingly, the cost of ETH-WORLD tokens.