Officially introducing the @bankofwelshie. For long term steem investors
Hello and welcome to the @bankofwelshie. I believe that the bank of Welshie is a new and unique concept to #steemit.
Please spare me 5 minutes and I'll try and explain what, why and how you can take part.
THIS IS NOT A GET RICH QUICK SCHEME so if you're looking to make a quick $$ then the @bankofwelshie IS NOT for you.
If you have a vested interest in steemit and plan on being around for 3 YEARS, enjoy novel ideas, then this could be your lucky day.
This is no ordinary bank.... This bank works for steemit and all steemians invested in it. The idea for @bankofwelshie came to me one day as a joke. The idea grew, the logic was sound, the idea simple and now I think I'm ready to release it on to the steem blockchain and help my fellow steem users.
The bank will have a 3 year life. The currency of the bank will be the WELSHIE. Welshies will only be produced for the first year (APRIL 1st 2019 - MARCH 31st 2020), after that no more will be created. The bank will then be open for another 2 years.
The bank is run by me, @welshstacker, and I have been a member of steemit for almost 2yrs now. I am a member of the best community on Steemit - #steemsilvergold. I post daily and more often than not its usually precious metals related. So the prospect of being "my own bank" has me a little excited.
Introducing the "WELSHIE" :
The WELSHIE is a paper currency backed by steem.
1 WELSHIE = 1 STEEM
My original "tongue in cheek" idea was to get paper welshies circulating through the #steemsilvergold community and see if anyone would be willing to use them as a form of exchange when buying silver/gold etc......
Then I realised what would the point in that be when the steem #blockchain is super quick and free to transfer steem.
So I had to come up with an new idea that would reward people for using the new currency, yet still allow them to be redeemed at any time.
So I came up with the new bank design and wrote about it, in detail, here:
https://steemit.com/steemsilvergold/@welshstacker/i-officially-am-now-a-bank-bankofwelshie
In a nut shell -
Welshies are only created when steem is deposited in to the bank
Welshies are valued/pegged at 1 steem and can be redeemed at any time by returning them to the bank.
SO WHY INVEST?
Here is where the bank needed to change. I understood that there was no way people would use welshies unless I could offer them something in return.
So here are the benefits/perks to the @bankofwelshie:
The bank already has 250sp and this will be used to upvote investors daily(24hours). Your upvote % will be dependent on the amount of WELSHIES you hold. Until there are 10 investors, each person gets a 100% upvote.
The @bankofwelshie guarantees a return on your original investment. We can guarantee that all Welshies in circulation will be worth more than their "face value" of 1 steem at the end of this social experiment.
HOW IS THIS POSSIBLE?
The way the bank will be run is unlike any other bank. This bank will be run for the benefit of the investors.
The @bankofwelshie will aim to post daily, with updates, investment stats etc. The post payouts will be split 50/50. The steempower will remain in the bank and thus increase everyone's daily upvotes. The steem payout will be held as liquid steem and used as a dividend payout, at the end, when all WELSHIES are to be cashed-in.
** For every Welshie held, you will get a % split of the total amount of liquid steem the bank holds plus your original 1 steem investment returned.
I have thought long and hard about counterfeit welshies and believe that a 6-factor I.D. system should be sufficient to prevent forgeries.
1 - A wet ink signature.
2 - Numerical serial number.
3 - A unique 12 digit id number.
4 - A personalised watermark.
5 - Kept secret.
6 - Kept secret.
I know I said I'd only take up 5 minutes of your time, but I'm guessing you had to read over a couple of things a few time.
If you've made it this far, congratulations, you definitely are someone I think the @bankofwelshie could benefit.
If you have any questions, please contact me below or on discord (welshstacker#1176).
THE BANK IS
As an introductory offer; the first 5 depositors will get free p&p on any amount of WELSHIES invested.
Wait, your sign says Feb 4, 2019. Either way, I'm in. By the way here is a little something to get that rep up, you cant be a bank with a rep of 35.
No, no... The date is the correct way around. I'm afraid its the Americans that get it the wrong way around. 😂
Thank you for the helping hand. I'm pretty sure the bank will continue to grow and then I'll be able to return the favour.
I prefer year/month/day myself like 20190405. :)
Great post bankofwelshie and welcome to the Steemit family please feel free to explore post and enjoy your new Steemit account thanks for joining
Thank you for taking g the time to call in. Looking forward to long, prosperous time here on Steemit
You're welcome bankofwelshie
Good idea. I'll be interested to see how it goes.
6 steem on it's way to the bank
@bankofwelshie I am in sir. Lets.see where this goes!!
Welcome bankofwelshie!
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Welcome to Steem bankofwelshie! Partiko is officially the fastest and most popular mobile app for Steem. Unlike other Steem apps, we take 0% cut of your earnings! You can also be rewarded with Partiko Points while using Partiko and exchange Partiko Points for upvotes!
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Thank you so much for your interest!
Welcome to steemit @bankofwelshie.
Welcome the new steemians. Have a great day!
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by welshstacker from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
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Hi and welcome here! When I started on steemit, my biggest problem was to find interesting people to interact with. So, to help newcomers getting started I created a directory with other interesting and or talented steemians to follow or interact with. Feel free to check it out at https://www.steemiandir.com I am sure it will help you find like-minded people. Enjoy your stay here and do not hesitate to contact me if you have any questions!
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