Coral Bank

[Walkpraz]

That would be perfect! 20k gallons of backup coral!!!!!

 

[Munch]

I think the idea is amazing, but the reality of putting this together is a challenge. I think it should be treated exactly how a bank or credit union is operated. A deposit is made for a certain value... That deposit is always tracked and kept available in the event of a full withdraw. However, transfers can be made between accounts and members... But only at the agreement/request of the seller or both. Additional frags "interest" is earned the longer the deposit Is in the account and can either be traded or claimed upon withdraw. There can be "tellers" who can track the deposits, withdraws, transfers, etc. and provide a monthly or quarterly statement of some sort.

One of my concerns is who is responsible in the event of a crash, pest infestation, etc, of the bank itself? If a vendor houses the corals, how are we going to make it worth their time to do so? Who is going to fund the cost of setup, water changes etc? Maybe this can come from sale of the "interest" or grow out... But never sale of the original deposit. Kind of like a gold standard; keep enough supply on hand to cover each members investment.


I'm snowballing here... Just thinking out loud.


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Given the risk, I'm thinking each member's tanks would be individual banks. While it might be feasible to setup something with a Vendor, it might be cost prohibitive. By using member tanks, we're spreading the backups through the group.

A frag wouldn't be considered in the bank, until it's actually been picked up and transferred to another tank. I can say I have 5 high dollar frags, but until I transfer them to someone's tank, I have no credit for them.

 

[FishTV]

Love the Idea, and we've all been subject to different levels of generosity, if I have it, your welcome to a piece. What about a combo dbtc / frag bank. Dbtc's that get databased specifically for a return. I like the database idea, just because there's no additional space needed. I have it, you need it, even if it's not currently fragged, it will be healed by the time a system is back to functional.

My .02 on a cool idea how ever we do it.

Banks up, and ready to go

 

[jda123]

Bitcoin, but for corals? Coralcoin?

We did something similar to this in KC. What we found is that it was easy come, easy go, with most. The rest of the good folks went with a lowest common denominator attitude and it failed since people got tired of always supporting the sloppy hobbyists. I might suggest transaction limits and also the ability for the whole to kick a single member out if they get to be a PITA.... this can be hard if they are your friends. ...or, after a while, you pay for a withdrawal since nothing seems to motivate people like losing money. We called it a KC Coral COOP.

I give coral away for free when people have tank crashes... lots of it when I know about a crash (mostly northlanders since this is where I live). Is there not enough of these people around to help in these instances?

 

[Reef_Newbie]

On the idea of reefer #1 puts in 3 zoas, Reefer #1 would like to use that credit for 1 nice SPS frag.

You could always have a "board" or just a simple member vote system.

Small forum where a user posts:

My contributions = these corals. I would like to pull these corals.

People can comment/vote yes no based on personal opinion. Nobody gets cheated that way.

 

[coralman]

Would this also work for the people who are out of town?

 

[Munch]

Yup, I'm working on this (for those in and out of town), and have a good handle on it, stay tuned to details!

 

[Andrew_bram]

Waiting

 

[rplank]

Bitcoin, but for corals? Coralcoin?

We did something similar to this in KC. What we found is that it was easy come, easy go, with most. The rest of the good folks went with a lowest common denominator attitude and it failed since people got tired of always supporting the sloppy hobbyists. I might suggest transaction limits and also the ability for the whole to kick a single member out if they get to be a PITA.... this can be hard if they are your friends. ...or, after a while, you pay for a withdrawal since nothing seems to motivate people like losing money. We called it a KC Coral COOP.

Great idea Munch. I think the above lessons from experience should be incorporated. Unfortunately there is potential for abuse, and human nature will always find a way to abuse the system.
I like the idea of a Board to administer and ensure fairness.

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[Bajamike]

Ok I have a ton of coral mostly sps. I would want to deposit and as it grows I want each of my friends to have a frag as a lasting gift from me to most of masc. What about this situation?

 

[clowninaround7474]

Wow!! Very cool Mike


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[Andrew_bram]

Awesome guy for sure

 

[SynDen]

Ok I have a ton of coral mostly sps. I would want to deposit and as it grows I want each of my friends to have a frag as a lasting gift from me to most of masc. What about this situation?

I barely know you guys, but you never cease to amaze me. Im sure the members will be feeling and missing your presence on a daily basis

 

[MuralReef]

Ok I have a ton of coral mostly sps. I would want to deposit and as it grows I want each of my friends to have a frag as a lasting gift from me to most of masc. What about this situation?

Both Mike and Cindy are awesome people. They are very generous and giving and willing to pitch in when people need a hand. I don't even know how many tanks they have moved since I've joined but they do it and ask for nothing in return.