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MancyZz

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Quote from: ABCbits on October 18, 2016, 10:51:47 AM

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card.

i don not know , i think not affect there is bitcoin bank or not there ..
but in my opinion bank local can help me about bitcoin

deisik

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Quote from: Senor.Bla on December 08, 2016, 04:14:44 AM

do i want someone else handling my money? no! do i think someone else can handle my money faster/better? maybe faster, maybe better and even maybe safer, but i do not want to be looking for such a person, because they also have to be trustworthy.

Let's remain realists

We don't yet have any real Bitcoin banks yet, but people are already using web wallets like Coinbase or Xapo and trusting their money to someone else. How come? Because they don't want to get into all the gory details of installing a desktop wallet and risking losing their hard-earned coins due to a misconfiguration, hardware failure or virus attack. Or they themselves doing something stupid with their wallet and coins

Senor.Bla

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Quote from: Zigsss on December 07, 2016, 10:51:39 PM

If I have to be honest I do not think that we need one because its going very well with the bitcoin right now and we are already doing it like this for a long time.
I think that a bank will even destroy the bitcoin soon or later.

why would you need something if you can do something yourself is the question here. the answer is you do not, but people still have the tendency to outsource, because they think someone else can do it better/faster or they do not want to deal with it themselves.
do i want someone else handling my money? no! do i think someone else can handle my money faster/better? maybe faster, maybe better and even maybe safer, but i do not want to be looking for such a person, because they also have to be trustworthy.

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If I have to be honest I do not think that we need one because its going very well with the bitcoin right now and we are already doing it like this for a long time.
I think that a bank will even destroy the bitcoin soon or later.

jak3

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bitcoin and bank both of them are a diffrent word , system , organization. It do not seems good together. Banks are a old idea to manage and maintain the balance of money in econmics

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Quote from: ?? on ??

Quote from: Veritas Platform on December 07, 2016, 05:32:58 PM

Personally I'd never use it! but anything can make bitcoin more popular to the mass it could be good for us as well! we need as many different ways as possible to make it more trustable to everybody

It is still an idea and there's no bitcoin bank that is existing today but maybe for the next years there are some banking groups that will adopt bitcoin in their first try. But I don't want the idea of bitcoin bank because if that happens, all of our transactions that are going to be done with them will be taxable and that's what I hate.

everyone have different opinions about agree or disagree with bitcoin bank. but they have great argument about it. indeed if the transactions of bitcoin dominated by bitcoin bank it is potentially will cut a tax for every transaction. but when that really happen the tramsaction of bitcoin will fix some lack such as long transaction which sometime happen

Veritas Platform

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Personally I'd never use it! but anything can make bitcoin more popular to the mass it could be good for us as well! we need as many different ways as possible to make it more trustable to everybody

deisik

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Quote from: Invulner on December 07, 2016, 04:49:11 PM

Well, if they are generating an interest that is stable, sure. I mean, the reason why a lot of people don't see bitcoin as a good investment is because it doesn't generate interest, and there aren't really any regulated bitcoin banks.

However, if you are storing your bitcoins at a bitcoin bank without interest then what's the point? Just hold onto your private key and you'll be fine.

What's the point of using a web wallet?

I don't remember that any of them had been paying interest on the funds held there. Nevertheless, many people use such wallets because they are not tech-savvy enough to safely run their own desktop wallet. Personally, I think this is a wise decision overall. Coinbase has been claiming recently that they have around 4.8 million individual wallets. Some of them might be duplicates (or even triplicates), but it still shows that this service is in demand, whether you like it or not. Even though they don't pay any interest at all

Invulner

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Invulner

Well, if they are generating an interest that is stable, sure. I mean, the reason why a lot of people don't see bitcoin as a good investment is because it doesn't generate interest, and there aren't really any regulated bitcoin banks.

However, if you are storing your bitcoins at a bitcoin bank without interest then what's the point? Just hold onto your private key and you'll be fine.

deisik

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Quote from: darkangel11 on December 07, 2016, 03:21:08 PM

First you should think of why people would use a bitcoin bank.
Normal banks give us the ability to perform internet transactions and we don't need that with bitcoin as it comes naturally.
Normal banks make our money more secure because we don't have to worry about our house burning down with all our savings inside. Bitcoins can be held in many places at once as backups so we don't need this feature.
IMO bitcoin bank has no reason to exist.

You obviously forget about interest

In respect to money, humans are essentially driven by two emotions, namely, fear and greed. Fear is about losing money and greed is about earning money. With Bitcoin banks, the fear that people might feel will be certainly overridden by their greed. So it doesn't matter whether you think that Bitcoin banks have no reason to exist, profits that such banks would earn through lending bitcoins as well as profits that they would generate themselves will outweigh any arguments against these banks once they (or Bitcoin services offered by them) are officially allowed

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Don't let others control your BTC -> self custody

First you should think of why people would use a bitcoin bank.
Normal banks give us the ability to perform internet transactions and we don't need that with bitcoin as it comes naturally.
Normal banks make our money more secure because we don't have to worry about our house burning down with all our savings inside. Bitcoins can be held in many places at once as backups so we don't need this feature.
IMO bitcoin bank has no reason to exist.

deisik

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Quote from: Rinder on December 07, 2016, 02:05:45 PM

Those would only damage bitcoin, people arent able to repay their loans and with their salarie as colateral, i dont see any advantage to bitcoin users to let banks choose the people they will lend and wich colateral they will take. There is already an option to get interest with our bitcoins, some exchanges does provide those, and i believe thats the right method for bitcoin, allowing people to cashout and use those money will be the same as donate, imagine a person ask 10 bitcoins and then bitcoin grows lets say 60-70%. For such thing work the loans should be in bitcoins and the repayment in the bitcoins as well, meaning if they get 10 btc they should repay 11btc and not its value.

Isn't that somewhat along similar lines about Bitcoin scams like cloud mining damaging Bitcoin itself? But most people here say that such accusations are unfounded, and Bitcoin has nothing to do with that. So why should it be different with Bitcoin banks? In any case, such banks will not be able to turn into scams overnight. Apart from that, we can't really change much in this respect, since many people will be just happy to deposit their hard-earned bitcoins into a bank regulated by government. Also, I don't see how the interest earned from an exchange differs from the interest earned through a bank deposit. By the way, exchanges also give out loans from the funds of their clients...

Though it is primarily known as marginal trading

wxa7115

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Bitcoin is GOD

Quote from: 1Referee on December 06, 2016, 06:15:37 PM

Quote from: Senor.Bla on December 06, 2016, 04:41:41 AM

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.

Yes. If you do not answer and show proof to everything they are asking for, they will put your money on hold for as long as their investigation is running. Funny thing is that I just came from a different bank. I signed up at the bank I am talking about because my previous bank told me to immediately stop using that bank account in combination with Bitcoin. But in general there is not much difference between banks as they are subject to the same laws.

Banks show differences, but those differences depend on the country's regulations, there are banks of the very strict with the know your customer policy, while in some countries deregulation is a lot more lax, anyways moving to those countries or creating a bank account creates another set of problems since you will probably need to create a corporation in that country and hire lawyers and stuff like that.

leepfrog

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Bitcoin banks will make me leave Bitcoin so there is my vote. Fuck the banks

Taki

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Quote from: billybobmaryjoe on December 06, 2016, 06:40:25 PM

A bitcoin bank with proof of liquidity and no fractional banking would be great. I bet we see them after the next collapse.

The next collapse? What do you mean? I doubt that bitcoin bank will be better than any other bank that already exist. The only idea that I can suppose is that ordinary fiat banks will start to work with bitcoin as well. That is what going to be great.

Taki

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Quote from: billybobmaryjoe on December 06, 2016, 06:40:25 PM

A bitcoin bank with proof of liquidity and no fractional banking would be great. I bet we see them after the next collapse.

The next collapse? What do you mean? I doubt that bitcoin bank will be better than any other bank that already exist. The only idea that I can suppose is that ordinary fiat banks will start to work with bitcoin as well. That is what going to be great.

Rinder

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Those would only damage bitcoin, people arent able to repay their loans and with their salarie as colateral, i dont see any advantage to bitcoin users to let banks choose the people they will lend and wich colateral they will take. There is already an option to get interest with our bitcoins, some exchanges does provide those, and i believe thats the right method for bitcoin, allowing people to cashout and use those money will be the same as donate, imagine a person ask 10 bitcoins and then bitcoin grows lets say 60-70%. For such thing work the loans should be in bitcoins and the repayment in the bitcoins as well, meaning if they get 10 btc they should repay 11btc and not its value.

deisik

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Quote from: iram3130 on December 07, 2016, 11:46:10 AM

The main advantage of BTC is that it's not physical. So the idea of a BTC bank would be very stupid. If you want to get some interest on your savings then better to invest it somewhere safe rather than having a bank.

I don't think of that idea as stupid

If Bitcoin gets legalized up to a point where Bitcoin banks can be established (and I mean real banks, not some Bitcoin exchange just wearing that name), they would be able to lend out bitcoins insured by genuine collateral (e.g. real estate). But since banks can't print bitcoins out of thin air, they will have to attract bitcoins on deposits (unless they are using their own capital, of course). The only way to get people interested is to offer interest on these bitcoins, and I think a lot of folks would trust these banks a lot more than they trust individual borrowers suggesting some shit coin as a collateral

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The main advantage of BTC is that it's not physical. So the idea of a BTC bank would be very stupid. If you want to get some interest on your savings then better to invest it somewhere safe rather than having a bank.

deisik

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Quote from: 1Referee on December 06, 2016, 06:15:37 PM

Quote from: Senor.Bla on December 06, 2016, 04:41:41 AM

what? i can understand that a bank asks some questions if you handle big sums of money or have unusually big transactions that you usually do not have, but this sounds bad. do you have to answer them? i would consider to look for another bank.

Yes. If you do not answer and show proof to everything they are asking for, they will put your money on hold for as long as their investigation is running. Funny thing is that I just came from a different bank. I signed up at the bank I am talking about because my previous bank told me to immediately stop using that bank account in combination with Bitcoin. But in general there is not much difference between banks as they are subject to the same laws.

Then you are pretty much screwed up

If you are heavily involved with Bitcoin, you may not be able to cash out your bitcoins and get fiat to make a living. People having thousands of bitcoins and living off them, might really consider the possibility of moving to other countries which are more loyal to Bitcoin in this respect. Though that would create a whole stack of other problems on its own like possible language and cultural barriers, citizenship questions and so on

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