BankX

FAQ

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1.  What can I do with BankX?

You earn interest for minting the stablecoin, XSD, and for staking the BankX token in the Certificate of Deposit.  You don’t have to mint the stablecoin to be able to stake in the Certificate of Deposit.  They are mutually exclusive and entirely up to you which one you do or both.

2.  What is the supply of the BankX Token?

2B will be the initial supply of BankX Tokens.  During the sacrifice phase, you will get a volume bonus for participating.  The BankX Token will then be sold for 1 cent or higher after the launch up to 2B initial supply.  The sacrifice phase and after launch purchase will make up 75% of the supply.  20% will be staked in the Certificate of Deposit on behalf of BankX.  I will announce the use of these funds and roadmap at launch.  5% for the team.

3. Which blockchain will BankX be deployed?

Initially, we will launch on ETH because that is the most stable blockchain and has the largest DeFi market.  We will then launch to other EVM compatible blockchains like Binance, Avalanche and Pulsechain.  Lastly, there will be a Cosmos implementation for blockchain interoperability.

GAS FEES on ETH:  Since the gas fees are so high, we are looking to do a BankX token giveback for each transaction you do at an estimate of the gas fee.  This way you get something back for the high transaction costs.

4.  What are the transaction fees in BankX?

There are NO transaction fees in the BankX system.

5.  Why is my referral not showing up for someone that I send to BankX who sacrificed?

We are using the Viral Loops software to track referrals.  For it to track your referral, your referral must sign up for the referral program immediately after they sacrifice.  This is described on the website to the people you refer.  Also, they must use the same device and browser when they sign up for the referral program as when they sacrificed.  The Viral Loops software tracks cookies and the sign up to award your referral.  If this is not the problem, telegram message @BankXSupport and we will investigate to make sure you get credit.

6.  How does BankX pay interest and how it is calculated?

There are two ways you earn interest at BankX: staking BankX in the Certificate of Deposit and minting XSD.  We pay interest on the CD by inflating the BankX token supply.  The amount of staking is more than the inflation we cause to pay the interest.  This results in a deflationary effect on the currency which is designed for the price to go up.  The BankX stablecoin, XSD, requires ETH and BankX (totaling 100% collateralization) to mint XSD. The market demand for XSD determines the percentage collateral of ETH.  If more people like XSD (AKA buy XSD), the system lowers the amount of ETH needed to mint the stablecoin.  In this scenario, more BankX tokens are needed. The interest rate you earn on minting is tied to the amount of BankX tokens needed to mint XSD.  The higher the percentage of BankX to mint = higher interest paid for minting.  It takes the whole economic system in legacy banking and flips it on its head. MORE XSD DEMAND = MORE INTEREST FOR MINTING XSD.

7.  What is the difference in the rewards for staking in the BankX liquidity pools and staking in the Certificate of Deposit?

We have not announced the rewards for staking in the liquidity pool yet.  In general, they are different products.  The certificate of deposit is designed for higher yields for longer and larger stakes where the liquidity pool is less staking time relatively.

8.  How will the funds that were sacrificed be used?

The best way to understand this is to visit www.BankX.io/sacrifice and watch the video for all the information.  BankX tokens launch with zero value.  This means that this is not a taxable event and we will not be reporting this to the IRS if you are a US citizen.  Secondly, BankX tokens are not a security and do not fall under the laws of the SEC.  You are not relying on the work of others.  It is just you and software.  You have no expectation of profit and BankX is not a “common enterprise” with a pool of investment capital.  These are elements of the Howey Test which do not apply to BankX.  When you sacrifice, you are making a political statement which gets you X-Points.  These X-Points are converted 1:1 for BankX tokens at the launch.  With all of this in mind, we do not report the use of funds.  This is a model Richard Heart used to launch PulseChain and we are following it.

9.  When will BankX launch?

We are planning a December/January launch which will be in phases:  first on the testnet, auditing, deployment on the mainnet, liquidity pool deployment, token distribution, then fully operational.

10.  Why is the BankX stablecoin, XSD, pegged to the price of 1 gram of silver?

XSD tracks the price of 1 gram of silver because fiat currency is not “stable”.  30-40% of all the dollars in existence today were printed out of thin air in a 12-month period.  The federal reserve bank cannot print silver.   Instead of a central chokepoint (silver vault), the collateral is decentralized crypto.  XSD is not an option, not a future and is not backed by physical silver in a vault.

11.  Why is it a requirement to enter my email when sacrificing crypto?

If you sign up for the referral program (which you should), that is how we link that together for your referral bonus.

12.  Is the possibility of an infinite loop of minting, buying collateral and minting again and again unsustainable?

We wouldn’t say it is infinite.  You have a restriction of the payment of gas fees, transaction time, slippage, available supply of ETH and BankX Tokens, etc.  Minting takes collateral both in ETH and BankX.  If a mass of people sat around all day (or automated it) and kept minting, that would have an appreciation effect on BankX tokens.  The demand for XSD would be higher causing a higher price in XSD.  In that scenario, the system will lower the percentage of ETH collateral needed to mint.  (Less ETH required, more minting, more supply of XSD causing the price to come back down to its peg)  This means that more BankX is needed to mint.  Theoretically, we could see a day where 0% ETH and 100% BankX is required by the system to mint XSD.  In that case, demand for the BankX token would be enormous.  The pricing stabilization mechanisms for XSD are proven in the market.  A situation where there is continued and never ending minting is the best case scenario and causes BankX Token price appreciation.  That is what we have designed the system to do.  We will be developing a way to automate the minting of XSD.

13.  Stablecoins seem complicated.  Where can I learn more?

We have posted an article on Reddit that will tell you all you need to know.

Click Here:  Stablecoins

14.  I participated in the sacrifice phase, looked at the wallet addresses and saw that crypto is moving.  What is happening there?

We want to make sure that you understand what the sacrifice phase is.  Please visit: www.bankx.io/sacrifice  When you sacrifice crypto, it is not an investment.  It is sacrificed, as in gone, as a political statement that the creation of currency and banking should be decentralized.  BankX is not a security.  BankX and the stablecoin, XSD, will launch with no value.  There will be no tax reporting and BankX does not fall under the laws of the SEC.  We have modeled this after the sacrifice phase of pulse chain.  What we are trying to avoid is messages and concern when the crypto in the BankX wallets move, because they will.  One idea is that it could help with liquidity pools or something else to support the political cause.  If you are uncomfortable with any of this, then please do not participate.  It is not worth it for either of us.  BankX is launching either way.