The Bank of Neoxian: Final ReportsteemCreated with Sketch.

in The City of Neoxian4 years ago

Shutting down my bank.

Hello all, it is with a heavy heart that I announce the closing of my bank. With all the chaos going on lately, there is no way I can responsibly continue to operate my bank. I had already been contemplating this with the earlier proposed 4 week power down, which would have made my life more difficult, but this decision was cemented when I read the now infamous Steemitblog post:

Deploy in the next Hard Fork as soon as possible to reduce power down time to 1-3 days in alignment to other mainstream blockchains, while open for discussion for better economic implications.

1 to 3 days!!! This is completely crazy and shows a disregard to how Steem voting is supposed to work. It doesn't work with the 7 day payout window and would allow the same SP to vote 2 or 3 times before post payout.

Of course, we know why they want this change, so that the exchanges that colluded with Mr. Sun can power down the client steem that they powered up to help their hard fork to go through (and probably allow steem inc to also power down and spread out their steem).

In any case, a 3 day powerdown would completely destroy how my bank works, I would no longer be able to accept Steem accounts as collateral for loans, and indeed, there would be much less demand for them.

And sure, I can still accept Splinterlands cards for loans, and I probably will, but this was only a minority of my total loans, and would not support the 6.25 APR that I promise.

I am no longer accepting any new loans based on Steem account collateral.

Just making that clear.

All depositor money has been returned!

I want to make it crystal clear that I have already returned all depositor money. You can examine the blockchain to see that my words are true. No one has been defrauded. Everyone who trusted me and banked with me, has made the promised interest rate. Thank you for your trust and business.

Perhaps someday I'll return to banking, who knows..

My witness is down, and I'm probably out of the witness business

I haven't decided anything 100% but I may well be done with witnessing, will wait a bit before making that final decision. At the moment my witness is non-functional due to the hardfork madness.

If you want to switch your vote from me to someone else I can recommend @goodguy24, I hear he is a really good guy....umm, that was a joke, haha.

I remain commited to and the neoxag.

In spite of this bedlam, I'm still going to try to make my forum and my currency neoxag work. Whether it's still a steem-engine thing, or SMT or MST, or Tron, or EOS or whatever, I'll will try to maintain the forum and currency.

Final Depositor Report:

DepositorAmountCurrencyMonthly InterestNew Amount
  • Note again, all this money was returned.

Posted via | The City of Neoxian


I will also stick with the community and see how this plays out. I had high hopes for your bank and NFTs. But understand it’s just not possible now. Perhaps a longer power down on other currency would make them viable alternatives , but a lot of Steem-engine tokens are taking it in the shorts right now, we will see if any hold their current value. 😐

My heart is broken... 💔
I have no words 😭

All this is sad! Difficult and troubled times for all of us. I remain grateful For this aspect of Your work. Your reliable Bank has helped me implement many personal projects. Thank you for these years of cooperation with the Bank of Neoxian , It is always a pleasure to deal with you!

Seriously, only a few weeks ago I was commenting how Steem was looking up, and then the token slowly moved up.. and now this all came crashing down.

Back to Publish0x for me unless this all turns aroound..

No Neo sir please don't shut the bank down you are our only hope on this platform. I literally have tears in my eyes 😭

Man, this is fucking heart breaking..

You helped me out a lot with loans over the past years and I feel I should thank you once again for being a stand up loan shark and my buddy,

Cheers Neoxian.

Thank you for your efforts to help the Steem community grow. Good luck with your future endeavors.

Thank you for supporting @CatsMakeKittens by being a part of our community @neoxian.

Each CATS you purchase gets you daily upvotes from me @CatScientist as our community grows so do your rewards for being a member!

The way I understood this, the HF and PD of 1 to 3 days would be just for a few days so that the exchanges can PD the STEEM again. Then the PD period will be longer again. But I don't have a source at hand..

Yes, something like that was implied in the meeting between Witnesses and Sun yesterday (which was after the announcement post I referred to above). But when they are mucking about with powerdowns like that. It doesn't make me feel very secure. My bank relies on the functionality.

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