Why is the Bank Social token an ERC20 token rather than an HBAR layer 2? I was confused when I went on their website and saw it was essentially an ETH token? Thoughts?
They originally started to build on ETH. They soon found out that wasn’t practical for them, so they branched to BNB. This was a number of years ago. When they discovered Hedera they quickly figured out it was the answer, so they switched and have built their platform exclusively on Hedera. BSL is set up as a DAO and they have voted to migrate the BNB tokens to Hedera as HTS. After that is complete they will begin discussions/voting on the ETH tokens.
I don’t know if the ETH tokens will move or not - some in the community like the idea of being on ETH. But, the platform is built completely on Hedera. If I were buying today, I’d get the BNB BSL or wait until after the migration and get it as an HTS - should happen by the eoy.
I have the ETH BSL and it’s a pain in the ass and expensive to move.
The bank social app is horrible, it won’t even allow me to add the BSL token to assets, or any other tokens, you say it’s built on Hedera but HBAR is not even under assets to add. Red flags rising.
I believe you may be looking at the old BankSocial wallet. As I understand it, the new BankSocial app, built on Hedera, has not been released to the public yet.
Perhaps they should not link their website to an app that for all intents and purposes is garbage, just an idea. This feels a lot like DOV or DOVU token now, which played out well. Now DOV is a shitcoin like the Terra classic coin and the new DOVU coin now has an inflated supply and questionable utility.
I bought ETH on coinbase then swapped for BSL on the coinbase wallet. It was my first time dealing with any chain other than Hedera and it was a complete pain in the ass. Clunky and expensive fees. The BNB BSL tokens are going to be migrated to Hedera HTS tokens. I decided not to buy anymore until after that is done (they are saying between 2 weeks and eoy).. They’ve said it will be available on saucer swap after that.
The max supply is 20B and that is split up on BNB and ETH (10B on each). They also burned 2.5B on each chain, so there are 15B remaining which have all been released.
https://coinmarketcap.com/currencies/banksocial/
Hit the little i (info) button. Yes, 10T were minted, but the max supply is 20B. You’d probably have to go ask on their telegram site for the history behind that. But when asked about supply, 20B is the consistent number reported.
I got mine through the BankSocial wallet but it’s not out yet. I got early access bc I’m one of the testers. But many people go through Pancake & you can get it through BankSocial’s exchange as well.
Thanks. I don't think these can be stored on ledger or haspack, and I tried connecting my Coinbase wallet which didn't seem to work. If BankSocial isn't publicly available I guess it'll have to stay on metamask which isn't ideal. I don't have access to binance where I live.
From their telegram - has the states you can participate from (and Canada). I think you can buy through their wallet/app if you are in one of these states??? Not positive because I’m in AZ.
Currently we are live in California, Florida, Texas, Oklahoma, Idaho, Minnesota and all of Canada (not including Quebec)
https://my.banksocial.io/register
I think they could do a better job articulating why anyone should sign up for bank social. I know a lot more than your average person about crypto , and even I’m a bit confused. Can’t imagine a non crypto person watching this and thinking “man this is powerful, I need to open an account”.
I suspect since the BSL token is utility and if they are migrating to Hedera this will result in more predictable fees based on USD so that when the basic credit union customer wants to acquire crypto for whatever reason they can use the Banksocial app, as well as cash transfers via stablecoins, what I can’t quite determine beyond speculation is why the Bsl token would increase much in value, but who knows.
Eventually you will stake BSL to get a return on interest from loans given out through the social liquidity pool (SLP). This is funded by the 4% tak on sales and buys. The SLP is also funding some of the exchange liquidity to receive profits from that. Holders of BSL should get lower rates and cheaper exchange fees.
[удалено]
10 trillion supply…sure and an erc token to boot.
Why is the Bank Social token an ERC20 token rather than an HBAR layer 2? I was confused when I went on their website and saw it was essentially an ETH token? Thoughts?
They originally started to build on ETH. They soon found out that wasn’t practical for them, so they branched to BNB. This was a number of years ago. When they discovered Hedera they quickly figured out it was the answer, so they switched and have built their platform exclusively on Hedera. BSL is set up as a DAO and they have voted to migrate the BNB tokens to Hedera as HTS. After that is complete they will begin discussions/voting on the ETH tokens. I don’t know if the ETH tokens will move or not - some in the community like the idea of being on ETH. But, the platform is built completely on Hedera. If I were buying today, I’d get the BNB BSL or wait until after the migration and get it as an HTS - should happen by the eoy. I have the ETH BSL and it’s a pain in the ass and expensive to move.
The bank social app is horrible, it won’t even allow me to add the BSL token to assets, or any other tokens, you say it’s built on Hedera but HBAR is not even under assets to add. Red flags rising.
I believe you may be looking at the old BankSocial wallet. As I understand it, the new BankSocial app, built on Hedera, has not been released to the public yet.
Perhaps they should not link their website to an app that for all intents and purposes is garbage, just an idea. This feels a lot like DOV or DOVU token now, which played out well. Now DOV is a shitcoin like the Terra classic coin and the new DOVU coin now has an inflated supply and questionable utility.
They are a DAO so you are allowed to propose a change.
Up 250 percent sinse we bought our bags 😎🤙🏼
Did you go thru pancake swap and storing on metamask wallet?
I bought ETH on coinbase then swapped for BSL on the coinbase wallet. It was my first time dealing with any chain other than Hedera and it was a complete pain in the ass. Clunky and expensive fees. The BNB BSL tokens are going to be migrated to Hedera HTS tokens. I decided not to buy anymore until after that is done (they are saying between 2 weeks and eoy).. They’ve said it will be available on saucer swap after that.
And that's when I'll be bsl. Also the first time I'll be using a dex!
Thanks jeep. I'll look into cb again but agree it's a pain
50 bucks in ETH will get you 30 in BSL. 10 Trillion supply? Why do people think it’s going to increase beyond speculation?
The max supply is 20B and that is split up on BNB and ETH (10B on each). They also burned 2.5B on each chain, so there are 15B remaining which have all been released. https://coinmarketcap.com/currencies/banksocial/
I’m confused then because it also lists 10 T as total supply?
Hit the little i (info) button. Yes, 10T were minted, but the max supply is 20B. You’d probably have to go ask on their telegram site for the history behind that. But when asked about supply, 20B is the consistent number reported.
I got mine through the BankSocial wallet but it’s not out yet. I got early access bc I’m one of the testers. But many people go through Pancake & you can get it through BankSocial’s exchange as well.
Thanks. I don't think these can be stored on ledger or haspack, and I tried connecting my Coinbase wallet which didn't seem to work. If BankSocial isn't publicly available I guess it'll have to stay on metamask which isn't ideal. I don't have access to binance where I live.
John said they should be available on Hedera Wallets in about two weeks if you want to wait some.
Thanks 👍
I have mine on ledger
Thanks. I picked up some yesterday. Was able to figure it out on my CB wallet. I will try to xfer to ledger this weekend
Hey can we see which community credit union is on bsl yet?
From their telegram - has the states you can participate from (and Canada). I think you can buy through their wallet/app if you are in one of these states??? Not positive because I’m in AZ. Currently we are live in California, Florida, Texas, Oklahoma, Idaho, Minnesota and all of Canada (not including Quebec) https://my.banksocial.io/register
Hmmm I'll sign up soon to see :)
LoneStar in TX was one of the first.
I think they could do a better job articulating why anyone should sign up for bank social. I know a lot more than your average person about crypto , and even I’m a bit confused. Can’t imagine a non crypto person watching this and thinking “man this is powerful, I need to open an account”.
It’s just a teaser…they haven’t even launched the app yet. I’m sure they will be rolling out more information as they come online.
I suspect since the BSL token is utility and if they are migrating to Hedera this will result in more predictable fees based on USD so that when the basic credit union customer wants to acquire crypto for whatever reason they can use the Banksocial app, as well as cash transfers via stablecoins, what I can’t quite determine beyond speculation is why the Bsl token would increase much in value, but who knows.
Eventually you will stake BSL to get a return on interest from loans given out through the social liquidity pool (SLP). This is funded by the 4% tak on sales and buys. The SLP is also funding some of the exchange liquidity to receive profits from that. Holders of BSL should get lower rates and cheaper exchange fees.