ok it's taking invites now... and yes we have offices outside of Philadelphia, PA.
http://www.flexcoin.com
http://www.flexcoin.com
No https?!
Topic: Bitcoin Bank pays interest ? O.o - page 2. (Read 10086 times)
No https?!
Potentially cool stuff. The site should explain the types of security that are in place. Could you possibly get an insurance company to guarantee the deposits in the event your site is hacked?
We could... we just need to find a third party that would insure the deposits... the FDIC would laugh at us.
LOL
Potentially cool stuff. The site should explain the types of security that are in place. Could you possibly get an insurance company to guarantee the deposits in the event your site is hacked?
ok it's taking invites now... and yes we have offices outside of Philadelphia, PA.
http://www.flexcoin.com
http://www.flexcoin.com
What makes you so sure there will be deflation?
Money supply of bitcoin has an upper bound.
The user base of bitcoin does not have a lower bound.
Money supply of bitcoin has an upper bound.
The user base of bitcoin does not have a lower bound.
You can argue as much as you want, just go check the bitcoin exchange rate history.
Banks that have office would be nice 
If that is possible ofcourse...
If that is possible ofcourse...
Agree with you, but think that new geeks will come up with a superior platform, and that the new geeks win.
Still holding on to my coin, however, while I wait for the new geeks.
Still holding on to my coin, however, while I wait for the new geeks.
what he's saying is that there could be 21 million bitcoins, and no one using them.... which is possible.. and would also mean that this project failed.
I don't think that's a likely outcome...
One thing I learned over the years... geeks always win... maybe not a first.. but in the long run they will.
I don't think that's a likely outcome...
One thing I learned over the years... geeks always win... maybe not a first.. but in the long run they will.
The user base of bitcoin does not have a lower bound.
Interesting, negative bitcoin users???
What makes you so sure there will be deflation?
Money supply of bitcoin has an upper bound.
The user base of bitcoin does not have a lower bound.
Money supply of bitcoin has an upper bound.
The user base of bitcoin does not have a lower bound.
Interest and deflation... 1% should be very-very high then...
This is easily done with a pyramid scam, I pay interests using the last guy's deposit and so on, until my bank has enough coins and I'll hire some hacker and "puff" 
It could, but this isn't... I'm just paying dividends on mining on top of giving people a central location to buy/ sell / trade coins... what happened is someone sent my bitcoins to my work address... and I was a home... and I couldn't access them.... so I thought this would help... I saw a service that did that.. and figured I could improve with adding interest to it.
So bingo... in a matter of a week we'll have the first bitcoin bank.
Look just test the thing when it's live... use a small amount of coins and see if it works right... give feedback... tons of it... the goal is to build a fully functional bitcoin bank...
The profit can come from advertising. Just throw a banner and try to grow your customerbase as large as possible and add as many attractive features as you can to attract eyeballs.
This is easily done with a pyramid scam, I pay interests using the last guy's deposit and so on, until my bank has enough coins and I'll hire some hacker and "puff"
No worries... dude it's the first freaking bitcoin bank that is paying people "interest"... everyone's first instinct is that it's a scam until they read that it's from mining that the dividends are being paid.
My apologies for suggesting it is a scam without further evidence. I look forward to hearing more details.
So the profit comes from where?
Honestly, I'm thinking that eventually someone will either 1 ) buy it... or B) it's adopted widely and I can put ads on the site.... I don't intend on charging people.
but I already threw thousands into it.
So the profit comes from where?
It's not a scam guys... I own that site.. we threw up wordpress just to put in a place holder. It should be up in Beta July first (that's when the SSL / Firewall / Security) should be tested... all passwords / usernames will be encrypted.. ect ect..
"interest" is nothing more however than a cluster of servers that are mining... and people that use that as their online wallet IE: online bitcoin bank do get the dividends from it. It's my way of saying thanks for using the free service.
I want to STRESS ... though we are focusing on security.. it will still be in Alpha / Beta for a bit.. I'm trying to build a real company on bitcoins, so reputation does matter... and it has company backing by Yooter Interactive.. .. so if you want to test it.. use a small amount of coins... I'll put a notice on the site when it's out of Beta.
Honestly I think it's the first time a tax paying company is putting up real money to build something for bitcoins.
Enjoy.... (crossing fingers it's secure by July 1st.)
"interest" is nothing more however than a cluster of servers that are mining... and people that use that as their online wallet IE: online bitcoin bank do get the dividends from it. It's my way of saying thanks for using the free service.
I want to STRESS ... though we are focusing on security.. it will still be in Alpha / Beta for a bit.. I'm trying to build a real company on bitcoins, so reputation does matter... and it has company backing by Yooter Interactive.. .. so if you want to test it.. use a small amount of coins... I'll put a notice on the site when it's out of Beta.
Honestly I think it's the first time a tax paying company is putting up real money to build something for bitcoins.
Enjoy.... (crossing fingers it's secure by July 1st.)
How would the back find someone trustworthy people to loan to? I suppose they could have some USD in escrow and have a way to force them out of their position if they are reaching their escrow limit. But all in all, it requires a lot more infrastructure than we have at the moment.
you don't have to trust anyone, all you really need is a liquid market, and quick automatic liquidation of positions.
one exchange already announced to implement it. at high rates though...and they dont have liquidity yet so you probably have to expect very high margin rates.
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