AriseBank was recently raided by Feds, and had their assets seized. This has led to immense speculation that Arise was a scam, a premeditated act to defraud.
I vehemently oppose the notion that Arise Bank has or has had any ill intent in any aspect of bringing it's vision to life.
Here is why.
First, Jared Rice Sr. has been very public about his ultimate goals of AriseBank and with the hurdles. He has done a number of interviews and discusses topics at length. It is also through these videos that it becomes apparent that Jared is very knowledgeable when it comes to blockchain technology. It also showcases that he is trying to build something for us, and his passion for the project and humanity shows with each question. Here are some videos, they should be watched.
https://steemit.com/crypto/@chasegapo/arisebank-or-raided-by-fbi-or-interview-of-jared-rice-sr
Secondly, the major issue surrounding the raids is the use of the word bank. I think if they had used AriseX or something different, they would have had less scrutiny during the ICO. I understand Jared's vision, he is trying to create something that would benefit us all. His selection to use the Bitshares platform also shows he is knowledgeable and Bitshares would be a top choice for a project with good intentions to utilize. More importantly it is important to realize that because of the true decentralized nature of bitshares, AriseBank would never actually run like a bank, as you would always be in full control of your $, it was just being set up to feel similar to traditional banks. So much of the raid will boil down to definitions and I am confident that Arise will survive this battle.
(phote: fightcampconditioning.com)
Lastly, AriseBank is a direct threat to a system that has been built to manage our wealth for profit, of course there are going to be enemies of the project with deep pockets and pull. Aside from creating a completely new type of way to bank, they have to overcome hurdles. I truly believe that AriseBank was created and built to make a better world possible for the people.
A scam, implies premeditated intent to defraud, and my belief that AriseBank's intentions are the exact opposite of that.
They want to create an environment where our money is protected from the fraud that is happening every day.
Here are the 9 biggest bank settlements agreed to by banks for defrauding investors. These are the true fraudsters that AriseBank is trying to free us from.
(photo: staticflickr.com)
JPMorgan Chase $5.29 billion
Credit Suisse $5.3 billion
Wells Fargo $5.35 billion
Deutsche Bank $7.2 billion
Bank of America $8.5 billion
BNP Paribas $8.9 billion
Bank of America $11.8 billion
JP Morgan Chase $13 billion
Bank of America $16.65 billion
(credit: http://www.businessinsider.com/the-biggest-bank-settlements-of-all-time-2017-4/#8-credit-suisse-53-billion-2)
Of course this idea AriseBank brought forth is a huge swing for the fences, and risky for all those involved because it goes against the grain of the status quo.
Please, I implore you to really dive into the interviews and understand the vision, simply labeling this a scam is detriment to progress we have made in raising the monetary awareness of the average person since the Occupy Wall Street movement.
(photo: wikimedia.org)
This is our chance to Occupy the banking system, don't let the heavy handed U.S. government scare you into thinking that this dream is evil. This dream is the future, it can be slowed down but it can not be stopped.
Whether Arise is first or helps to pave the way for the first decentralized bank, it is a vision that will be realized.
Blockchain tech is our real chance to occupy the World!
I STAND BEHIND ARISEBANK!
You have made some very valid points. I listened to the interview with Jared and I hear someone who is very passionate and is doing things for the greater good. But there are those who are bent on stopping that and have vested interests or are even being paid by vested interests groups to prevent the Arisebank from being realized. United we stand. Divide we fall.
Thank you Tony! Our fight is just beginning, and as you know it goes much deeper then AriseBank.
Who's bank? Our bank!!
Superb article Brett...i couldn't have said it any better...the key thing you brought up is the biggest fraudsters in the world that put tax payers on the line all over the globe..i'm stunned at the backlash caused by the Arise launch..this is a genius idea..could it not work, sure..lots of these projects and ideas won't survive, but you have to take risks in life to succeed..and I'm sick of seeing so much negativity and slander going on in this industry..i agree, there is projects that have taken advantage of people, but we need to come together in this community and not let the old guard break down the doors..we need to help people learn about what cryptography and blockchains bring to the masses and help others to learn the basics instead of make fun of them or humiliate them...I see massive hate towards each token, coin or project on social media instead of each team giving ideas and feedback to help this succeed...cheers friend
Thank you! AriseBank created a dream for many of us. This dream is other people's nightmares and those with the deepest pockets will no doubt pull all the strings they can.
The internet was knowledge for the people, blockchains are power for the people!
One has to always ask the question, Do you have the right people, in the right place, at the right time with the right tools are resources. The concept is cool. We may not have the right people. Downsizing at a company is hard, but companies do it because they come out stronger. In the same way removing bad projects make the rest better. The evidence seems so stacked against arise at the moment. https://www.wsj.com/articles/sec-moves-to-stop-600-million-digital-coin-offering-1517326284
Interesting.... I stand behind Arisebank.... #wewantourbankback
Where there is money, there are motives.....it is important we keep an open mind until we know more.
Has there been any recent news about Arise bank? I'd be interested in learning what happened after the raid. Thanks for sharing the story.
There are some other blockchain based bank projects. Why they are not raided?
because they are in Caymans Islands far from big brother.... Monaco Cayman Barbados Panama... the ultra rich will swith to BTC banks in Cayman.... same system as the old they will allow some crypto paradise for them
Don't let the FUD get to you. We are with you Arise team.
This is just the beginning. Many people are not going to want this to happen, for their own personal greedy reasons.
Yesss i am totally agree... Thankss bro for your words...
#wewantourbankback
Thank you for fighting the good fight!
thankss you tooo!!!
A must see video for those who want to understand today's financial system ; it's hard to believe that video was made 22 years ago... (
Let's see what the future holds for the project
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Have you read the unsealed SEC indictment yet?
AriseBank stated it had purchased an FDIC-insured bank named KFMC Bank Holding Company. The SEC shows this, as well, was a lie: KFMC is not an FDIC-insured financial institution.