Commercial Mining Farm Banking Issue

gwestcot

sr. member

Activity: 794

Merit: 272

Quote from: dhouse on February 27, 2018, 11:13:24 AM

Quote from: gotminer on February 27, 2018, 11:05:05 AM

Quote from: Tidsdilatation on February 27, 2018, 09:21:54 AM

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. Grin

Yeah that's a little crazy that a bank would lend money for a mining startup. Maybe the ones that do just have no idea what they're getting themselves into.

well the truth is that a lot of startups are really risky, just take a look at statistics of how many fail

I don’t need a loan since I have a fairly substantial amount of startup capital on my own. I simply need a bank that will give me a commercial account.

mediaboy

newbie

Activity: 16

Merit: 0

Quote from: Tidsdilatation on February 27, 2018, 09:21:54 AM

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. Grin

You dont know how profound this comment is. In many ways we are back to 2008! This time the bubbles are everywhere thanks to reckless central banksters. Thats what they do anyways , manage the situation from one crisis to the next crisis. So much more profitable that way.

dhouse

jr. member

Activity: 266

Merit: 2

Quote from: gotminer on February 27, 2018, 11:05:05 AM

Quote from: Tidsdilatation on February 27, 2018, 09:21:54 AM

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. Grin

Yeah that's a little crazy that a bank would lend money for a mining startup. Maybe the ones that do just have no idea what they're getting themselves into.

well the truth is that a lot of startups are really risky, just take a look at statistics of how many fail

gotminer

member

Activity: 644

Merit: 24

Quote from: Tidsdilatation on February 27, 2018, 09:21:54 AM

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. Grin

Yeah that's a little crazy that a bank would lend money for a mining startup. Maybe the ones that do just have no idea what they're getting themselves into.

dhouse

jr. member

Activity: 266

Merit: 2

I also have no idea if this would matter, but US Bank at least has let me use credit cards to buy crypto, which a lot of banks don't allow. Maybe try them if you haven't already.

dhouse

jr. member

Activity: 266

Merit: 2

Quote from: gwestcot on February 27, 2018, 01:40:36 AM

I have everything planned out as far as the facility but the main problem is I am unable to obtain banking. I have talked to a AML compliance consultant and he seems to think it is unnecessary for me to create a program due to me being only a miner. Despite this, It has been nearly impossible to obtain banking for my business as I have been rejected in person on almost 20 occasions. Does anybody know of some banks in the United States that are friendly to crypto startups? If not, have you found any ways around needing to be banked? I am very likely to have orders from distributors be well over 100k USD so please take that into consideration when giving me advice. Any advice on a bank, mobile banking, and any workaround would be greatly appreciated. Also note that cryptocurrency is in my LLC name so it is kind of hard to hide my business purpose.

What the hell, why are they rejecting you? You're not talking about loans, you're just talking about having a bank account for your business, right? this boggles my mind.

eissug

member

Activity: 64

Merit: 15

Try a small local credit union. Banks are for punching out your hat like in Marry Poppins. Maybe find one that doesn't charge for coin deposits. That could indicate a more relaxed policy.

gwestcot

sr. member

Activity: 794

Merit: 272

Quote from: Tidsdilatation on February 27, 2018, 09:21:54 AM

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. Grin

It’s kind of hard to purchase mass orders from distributors without banking if they don’t accept crypto. Well being a miner isn’t a MSB so the risks aren’t really there to begin with. I think it is mostly a stigma thing and a competition thing than about risk.

Tidsdilatation

sr. member

Activity: 518

Merit: 250

Lol i didnt even know banks offered lending to crypto mining startups?! Where i live u gotta bank it urself. Why would a bank take a risk like that? Its not very smart. And their bottom line is all about profits, but i guess this shows that we are back to square one again and 2008 will happen soon again. Grin

gwestcot

sr. member

Activity: 794

Merit: 272

Quote from: x8664amd on February 27, 2018, 06:51:41 AM

Silvergate Bank is the most crypto friendly.

That sounds promising and I would will definitely give them a try.

Quote from: giveen1 on February 27, 2018, 06:48:18 AM

You are going to get rejected. Most banks think that you are doing day trading because of your name and will reject you.

If you had made your name vague and stated you were a datacenter or something like that, you might be able to get away with it.

I should not need to be deceptive since I am not a MSB under the law.

x8664amd

jr. member

Activity: 129

Merit: 6

Long term HODLer since 2014

Silvergate Bank is the most crypto friendly.

giveen1

newbie

Activity: 70

Merit: 0

You are going to get rejected. Most banks think that you are doing day trading because of your name and will reject you.

If you had made your name vague and stated you were a datacenter or something like that, you might be able to get away with it.

gwestcot

sr. member

Activity: 794

Merit: 272

Bump

gwestcot

sr. member

Activity: 794

Merit: 272

I have everything planned out as far as the facility but the main problem is I am unable to obtain banking. I have talked to a AML compliance consultant and he seems to think it is unnecessary for me to create a program due to me being only a miner. Despite this, It has been nearly impossible to obtain banking for my business as I have been rejected in person on almost 20 occasions. Does anybody know of some banks in the United States that are friendly to crypto startups? If not, have you found any ways around needing to be banked? I am very likely to have orders from distributors be well over 100k USD so please take that into consideration when giving me advice. Any advice on a bank, mobile banking, and any workaround would be greatly appreciated. Also note that cryptocurrency is in my LLC name so it is kind of hard to hide my business purpose.

Topic: Commercial Mining Farm Banking Issue (Read 302 times)