Why are these called 5 way binding posts? I count four!

Okay. It’s time to get real here.

The term "bind" is defined as to "tie or fasten (something) tightly." Anyone who’s tried to shove a Dyson in between a wall and their speakers, whacked a cable, and dislodged a banana connector "binded" to their speaker knows that it is not fastened "tightly."

A more correct engineering description of a banana connection is referred to as an "interference fit". See linked video.

https://www.youtube.com/watch?v=KwpEgwiX850

Tithes may bind. Banana connectors do not.

I vote for 4-way + 1.

The term "5-way binding post" is actually a bit of a misnomer, as there are typically only four ways to connect speaker wire to these types of posts. The five-way designation comes from the fact that these binding posts have five individual components, which are:

1. The post itself, which is typically a metal shaft that is screwed into the amplifier or speaker cabinet.
2. A threaded collar or nut that secures the post in place.
3. A plastic or metal insulator that prevents the post from coming into contact with the metal chassis or cabinet.
4. A hole or slot in the post that allows you to insert a bare wire or a spade connector.
5. A hole or threaded insert in the side of the post that allows you to insert a banana plug.

So, to summarize, the five components of a 5-way binding post are the post itself, the threaded collar or nut, the insulator, the wire/slot, and the banana plug hole/threaded insert. However, there are only four ways to connect speaker wire to these posts: bare wire, spade connectors, banana plugs, and pin connectors (although the latter are less common).

Just to document my source….it was ChatGPT. 

Great little conversation you got here. My 2 cents is the alligator clip is a red

herring. The double banana is the 5th way, or was until the EU got involved. 

I use banana plugs because they have appeal!

Yeah, sorry.

love it!... great post @yogiboy