This is an article written by Michael Taggart - A serial entrepreneur that has a knack for identifying disruptive technology:
On January 26, 2018 federal agents in the very early morning hours, seized AriseBank’s computer equipment, cell phones and took control of all cryptocurrency funds raised by the team in preparation for the release of the ACO utility coin and the beginning of implementing technology to create the world’s first decentralized cryptocurrency funding solution.
These programmers and technology geeks had been hard at work, undertaking a project that was set to change the world, including the millions of unbanked, when they were barged in on while catching a few hours of much needed sleep. They were raided of all the work and the funds they had raised to bring this dream into reality. They had the technology, they had the funds and they were ready to implement.
The AriseBank team were supporting and building the vision of a bank for the people, a bank that is transparent, a bank that allows anybody to interact with it while creating socio economic freedom that is unparalleled thus far in human history. This banking platform allowed users to store their own funds securely while providing an integrated user experience with a suite of product and services provided by other legal registered parties, all available from a smart phone.
The vision was to bring secure and transparent banking, something that the global collective of people have wanted and needed for a millennia. It is obviously a huge undertaking that does not deserve the harassment or the suppression of the vision and technology, but the support of those that had committed to make the dream reality.
But the investigators painted the scene they walked into in an entire different light. They sited posts made from people who were not working on the project on Twitter and other social media outlets as a “scam”. These posts claimed CEO Jared Rice, Sr. had taken down his personal website when in fact it had never been down. They pointed to the Rippoff Report, an internet site that fact checks nothing and anyone can post anything they like on it. They said he had not purchased any FDIC bank when in fact there is proof he had the documentation signed and was actively in process of acquiring these properties. What are we to believe these days when the news has become a rolling feed on Twitter where anyone can say anything.
Is AriseBank and its architects the target of investigators who simply don’t yet understand the science and technology behind blockchain, cryptocurrencies and how they should work to the benefit of international banking consumers? The picture painted by the investigators would have us believe that the highly competent group of cryptocurrency entrepreneurs, technologists and programmers who had been holding highly specialized, theoretical discussions and work sessions and putting every ounce of their will into the blockchain technology are little more than street thugs and opportunistic conmen.
The science of the AriseBank platform is the proverbial elephant in the middle of the room overlooked by regulators and industry observers who do not understand cryptocurrency. What we don’t know in our society instills threat or fear, which perpetuates jumping to conclusions and seeing things through an unclear lens.
Understanding the Structure
Understand it or not, the AriseBank structure and design are a work of sheer genius, with the use of blockchain, built on technology unparalleled by our current system. No con, just purely scientific fact. Once applied to the lightning fast EOS platform, AriseBank would be able to solve a major challenge and perplexing deficiency facing the cryptocurrency industry. Transaction speed of conversion and how to safely move value from one currency to another, are key provisions of the AriseBank platform.
Providing that feature alone confuses the banking industry because they simply do not understand it. The claims of scam come with an uphill battle with regulators who themselves are supporting a broken system. Rice and his technology team dared to utilize the blockchain crypto concept to completely overhaul asset security and protection throughout all the key modern banking functions. From making remittances cost effective to providing optimum security in mobile banking and ATM use, the AriseBank structure made optimum sense. Streamlining the online banking experience and currency exchange system was meticulously redefined in concept and code by this group cooperatives. Instead of attacking the achievements of Rice and Company, scientific achievement awards might be more appropriate.
To see more specific documentation on the situation with AriseBank read: AriseBank Scam or Not a Scam?? You decide! Accusations Answered With FACTS and Documentation: https://medium.com/@CryptoKong123/arisebank-scam-or-not-a-scam-you-decide-accusations-answered-with-facts-and-documentation-dd166d81c03c
Source: https://medium.com/@michaelx777/what-should-we-know-about-the-arisebank-federal-seizure-309942e755b6