@BernardLunn, that is a very good question but not easy to find a good answer. I can’t say that I fully understand bancor. It’s economical design is pretty complex and I personally don’t like what I understand, this “one token backs another token” plus “fractional reserve” - design. I believe there might be a thin line between useful and mis-use.
There may be some similar aspects to Lykke, there are enough differences in my opinion to say “no competitor” under the line, especially because Lykke already includes Fiat and on a way of being regulated while I’m not so sure how that will be possible for Bancor. But the real question my be how both will develop over time, how it would be if both projects already would be established and kind of “all what they can be”. Then it may be more competitive.
But, I personally pretty much stay away if I find a system very complex and that is the case for bancor. Another point is that I’m not sure about Ethereum and smart-contracts when it’s about security. TheDao is often seen as failed because of “sloppy coded” and that’s not untrue of course. But it was reviewed and my infos are that it’s not easy to code complex stuff on Ethereum and being sure that there are no critical bugs. So, under the line - bancor is nothing I personally invested in or plan to.
Two good articles about bancor are these in my opinion: