Idea: "Coral Bank"

[SeanCallan]

I think about 2 years ago I was talking with Tonkadawg about an idea and I don't think I've ever seen one around. Just curious why no one has jumped on it.

 

Basically, you rent space in a top notch grow out tank with the best of the best and you get to put corals there. Everything is treated in QT and taken care of it for the fees you pay. But you have the insurance that if you tank goes south you can go withdraw from the "bank"

 

The catch would be that to some degree the bank would not be responsible for corals that keep the bucket for unknown reason. But if they fudge it up and kill off the tank, they're held responsible to a degree.

 

I was thinking about it again recently as I've seen some really fantastic pieces I'd love to purchase, but since my tank won't be setup till Sunday and still needs to cycle, I can't benefit from the good deals. But if I had the option to pay a fee and have someone grow the coral out while I waited, well that would be fantastic.

 

Theres no kind of business data behind this, I haven't done a cost analysis or any of that. I'm just wondering what others think of the idea.

 

Edit: Cleaning up some grammar and spelin' arrers.

Edited November 5, 2008 by SeanCallan

[ctenophore]

I've thought about various aspects of this idea, being that I have fairly large prop system(s). The big problem that always stands out though is the parasite factor. New sps pieces I get stay in QT for a month or more for observation, which means by the time it's ready to go into a big growout system, I'm keeping it for growth, not to hand back over to somebody else.

 

A QT service for corals would be interesting, but pricey for all the dips & inspection time. And you would have to trust that person/service to do a better job than you could yourself. Would you risk your $multi-thousand sps collection to anyone but yourself?

 

 

 

Also, there basically already is such a "coral bank", aka a trusted group of reefer friends who all share corals. When I get something new, I give as many frags as possible out to various members who I know will take good care of them in case something happens to mine. This sort of network can't be commercial, since it's all based on trust and goodwill.

[SeanCallan]

I've thought about various aspects of this idea, being that I have fairly large prop system(s). The big problem that always stands out though is the parasite factor. New sps pieces I get stay in QT for a month or more for observation, which means by the time it's ready to go into a big growout system, I'm keeping it for growth, not to hand back over to somebody else.

 

You would if someone was paying you for it as a business. I give my bank money that they'd love to keep and invest, but at the end of the day I decide if they keep it or not.

 

A QT service for corals would be interesting, but pricey for all the dips & inspection time. And you would have to trust that person/service to do a better job than you could yourself. Would you risk your $multi-thousand sps collection to anyone but yourself?

 

Nope, which is why I would only put frags in the system.

 

As for QT, I figure a business would be able to cut down the costs dramatically because they would be dealing with such volume. Also, considering it would basically the be the business, I imagine they would be far better suited to deal with any QT issues and so yeah, it the business was setup by a good individual in good standing who had a firm grasp of the hobby I may in fact trust them over myself; I after all don't have a business on the line.

 

Also, there basically already is such a "coral bank", aka a trusted group of reefer friends who all share corals. When I get something new, I give as many frags as possible out to various members who I know will take good care of them in case something happens to mine. This sort of network can't be commercial, since it's all based on trust and goodwill.

 

Yeah, but we've all heard stories of people never getting those corals back. Generally speaking people put those in their displays which may not be rigged best for growth but rather for viewing. A coral bank would be setup just for growing and would be less concerned with the display of the pieces.

Edited November 5, 2008 by SeanCallan

[ctenophore]

You would if someone was paying you for it as a business. I give my bank money that they'd love to keep and invest, but at the end of the day I decide if they keep it or not.

Nope, which is why I would only put frags in the system.

 

As for QT, I figure a business would be able to cut down the costs dramatically because they would be dealing with such volume. Also, considering it would basically the be the business, I imagine they would be far better suited to deal with any QT issues and so yeah, it the business was setup by a good individual in good standing who had a firm grasp of the hobby I may in fact trust them over myself; I after all don't have a business on the line.

Yeah, but we've all heard stories of people never getting those corals back. Generally speaking people put those in their displays which may not be rigged best for growth but rather for viewing. A coral bank would be setup just for growing and would be less concerned with the display of the pieces.

 

The costs wouldn't drop dramatically. You still need to eyeball and dip each piece, which takes time. Inspection time scales fairly linearly, and dipping actually does too. I like to dip each piece separately, so if something comes off, I know which piece it came from.

 

IMO this would be a very high risk business, both in terms of holding other peoples' livestock as well as reputation in case something slips through. I couldn't see many people paying such a premium for a few frags, when everyone seems to want the best deals from the LFS. I know many places have trouble selling QT'd fish for a premium.

 

Again I could see doing it on a trust basis for a friend, but not for any joe reefer who comes along. Too much headache and risk. Aquaculture already has enough headaches

[flowerseller]

A QT service for corals would be interesting, but pricey for all the dips & inspection time. And you would have to trust that person/service to do a better job than you could yourself. Would you risk your $multi-thousand sps collection to anyone but yourself?

 

 

Nope, which is why I would only put frags in the system.

 

As for QT, I figure a business would be able to cut down the costs dramatically because they would be dealing with such volume. Also, considering it would basically the be the business, I imagine they would be far better suited to deal with any QT issues and so yeah, it the business was setup by a good individual in good standing who had a firm grasp of the hobby I may in fact trust them over myself; I after all don't have a business on the line.

 

I can't see the cost dropping dramatically because the risk is so high. High from parasitic infestation- re infestation and treatment/inspection to prepare for inspection.

Plus, treatment, re-treatment can be hard on corals. Plus what if the coral somone deposited into the bank dies. No FCIC here.

No one in their right mind could build that into a price anyone would pay.

 

I too exchange, purchase to frag, and give, several similar trusted fellow aquarists that don't play games with each other or are not in it with each other for profit.

[ctenophore]

One similar aspect I have thought a little about is the concept of investment coral farming. You bring me a new piece, I grow it out and sell it, and you get a percentage of the profit for as long as I grow that species (plus e.g., one or two frags per month for your own tank) After all, you never know what brown coral might turn out to be a $150/inch superstar for a while. The key difference is that I own the coral, and assume all rights to naming, marketing, etc. If the piece dies, I have no liability for the loss, but it is strongly in my interest to keep everything happy and growing as a farmer. This has a little less risk and headache than the holding/QT scenario since the relationship is simpler, but it's still dependent on reputation and trust with a lot to keep track of and potentially room for lawyers to get involved. I will likely always keep things inside the trust network as opposed to contracts.

[zygote2k]

I'd be interested in doing this on an experimental basis...

[SeanCallan]

I'd be interested in doing this on an experimental basis...

 

Which?

[bshriver]

The other big problem with the coral bank, other than needing multiple QT issues is tank crashes. What if a power outage or something else causes one of the bank's tanks to crash? It happens, even with the best of controls in place. It seems like the liability would be endless.

 

Giving frags to friends who agree to give you a frag back if something happens is the way to go.

[SeanCallan]

The other big problem with the coral bank, other than needing multiple QT issues is tank crashes. What if a power outage or something else causes one of the bank's tanks to crash? It happens, even with the best of controls in place. It seems like the liability would be endless.

 

Giving frags to friends who agree to give you a frag back if something happens is the way to go.

 

Actually, Data Centers managed to stay on the grid 99% of the time, if they can do it so can a Coral Bank if it wanted to invest in that.

 

Like I said, this isn't a completely thought out, all aspects covered, fool proof plan. This is just a basic idea. All business assume some level of liability, if they didn't, everyone would own a business and profit.

[amay121]

Data Centers are fed by a diesel based backup generator that is fed continuously by the gas company should power go down. Hence the 99%. However, if someone cut a fiber in the right location, you can pretty much kiss the connection to the Data Center goodbye.

[zygote2k]

Which?

The idea by ctenophore sound good.

[flowerseller]

All business assume some level of liability, if they didn't, everyone would own a business and profit.

Obviously you don't own a business now.

Just because you "assume some level of liability" does not mean you will profit.