Topic: Conception of a future CryptoCurrency Bank and what its function will be. - page 2. (Read 2349 times)

What about a credit union?

Guess most the cost to set up something like that would be in security . 

In some ways more than a fiat bank in that respect , but after which there would be constant profit. For the service .

yeah - its possible - but if that is the intent , {and i'm not a conspiracy theorist on this subject} , i think they are going to fail miserably , if the Government gets in on trying to recycle money though Paper to naked short Bitcoin, what will happen is that the market will demand to see the blockchain - simple , this is not Gold this is not Silver.

and after that , the EFT experiment will be deleted from history and life will go on.

I think they have large stake in the currency and want to expose it too frightened and spooked equity and commodity investors , and it will likely be a huge boon .

not just for Bitcoin , but possibly for all cryptocurrency - as when people where having conspiracies about Facebook I was cheering those idiots along.  

Ha ha the Government agencies had a great idea to wrap up and control all the information, all they did was expose TV generation humans to Net information , i'm guessing they either didn't understand the implications or didn't care.

but it was pretty big trade off - they gained nothing ,and turned a bunch of TV generation humans into conspiracy theorists . ,

which i for one support RT has a motto "Question more" i like it because i support all conspiracy theorists , theorems are questions , questions means brain activity the opposite to what a TV aims to do.

= so what was Facebook? a way to try to capture TV generation information, i love Facebook ! as much as i love this EFT, and for similar reasons .

I'm thinking about opening a Surgery - out the front I'm going to put a huge Chainsaw with neon around it and blood dripping from it - under it the sign will read:

"Home Style Surgery"
"Guaranteed a Results!"
"We save you money because we don't have formal qualifications"


 

Actually I think you'll find that the Winklevoss twins are doing precisely that!

HA HA yeah ok , well put it this way I stopped reading after this :

"In November 2011, a user calling himself Pirateat40 launched a "Bitcoin Savings and Trust", which claimed to allow users to invest their Bitcoins at an interest rate of seven per cent a week – over 3,000 per cent a year."

of course - we all realize these things are a little different no?

i really love that name "Pirateat40" , of course had it been Doubloons stolen the whole affair would be on the up and up  : D



{at the SEC office}

{Phone rings}

[John  we'd had an incident! {panting down the phone}  there has been a number of Cryptocurrency stolen from an online "Bank" run by a man named Pirateat40]

[We believe most were Doubloons]

John - [ Doubloons ! Christ ! he gets away with it AGAIN , Steve you know we can't prosecute , he has a Pirate name !  God DAM SEC law. ! ]

{phone slams down}





**** edit

ha ha "Savings and Loans" ha ha ,"Pirateat40" well have you ever heard of a Darwin award ? , i'm sorry dude , but come on ha ha ha !

ok we are shifting around words here , but essentially i understand what you are leading to , a "Bank" has the trust that would be needed to "buy in" the existing customers.

i understand , and as things shift , it may go that way , very unlikely that it will happen in the "West" like that first.

but in other nations I could totally see it.

** what about Long Term Bitocin Management LLC ? : D

Brick-and-mortar location would be a change.

Here is what I was referring to. http://blogs.telegraph.co.uk/technology/willardfoxton2/100007836/bitcoin-pirate-scandal-sec-steps-in-amid-allegations-that-the-whole-thing-was-a-ponzi-scheme/

If you want a "bank" then use a "bank" (rather than try to create some sort of pseudo-bank).

It is not easy to become a "bank" (at least in most western countries) so you will have the *trust* of the bank itself (although even western banks have gone belly up before).

If you get a reputable bank to buy into the idea (of a BTC account) then you may have something - but if not then you are going to look like a MyBitcoin or even worse Bitcoin Savings and Trust (search for the whole pirate saga).

Can you link me - that's hard to see how that is possible ?

I'm talking about a physical location , customers walk in the door , think attractive smiling young customer service girls.

not a shady -:

Hey send us your Bitcamucallits and we'll "look after them" Guaranteed !" send all coins to NigerianpriceBitcoinsaving.xgd.exe.com

admittedly perhaps its too soon for now , because , of course most government are still in resistance mode to Cryptocurrency but as that changes , governments of the future looking nations will bring in basic regulations and minimum standards for such institutions , perhaps a very basic license system, hostile government of course will  try to use theses things to drive the bank out of business , but as that shift occurs, so does many other things. 

It was tried before with bitcoin. Lots of people got scammed when the bank went belly up.

I want to give credit here - it was this comment and the OP AliceWonder that lead me to this vision.


Let me lay this out  -


In the future for Crypto to be incorporated to the "public" and not centralized it needs to be seamless, and easy.

I envision a "Vault" its the users Crypto Vault its a specialized piece of hardware with encryption built in, but is easy to use on a custom OS, etc.

in the Set up of this device , all and any Crypto can only be sent to the users "Wallet" - basically the portable device - Possibly just a card.


This is what the future Crypto Banks will be all about -    

as i said , {arrogantly} - information systems are my thing:

but to be successful - Confidence and security are 1 and 2 , after the two prime features I mentioned up-thread. < read the other thread


The first Crypto banks functions will aim to provide seamless centralized security with human face to face interactions - with fees being happily paid by the Crypto community for the benefit.

These mini "Vaults" will be literally onsite at a "Bank" location - users can come to the bank and go though the ID verification process and Transfer currency savings from the "Vault" to the "Wallet".

the ID verification process has a minimum Verification with other optional extras that the Crypto user can add on possibly at extra cost.

The "Wallet" will have all the normal standard security features but in the event that a user:

1. loses their password or
2. forgets their "verification password"
3. becomes the victim of theft.

They can always use the Banks features to pause or stop the existing Wallet and go back to the Central Authority that they originally registered and ID themselves and either reset or reissue a "Wallet".

Of course the transactions of a "Vault" to a "Wallet" are one way essentially.

You may say - "how would you Pause a wallet?" - well a Wallet is a piece of firmware essentially , it doesn't have to have the security of a Vault its a usability/security trade off like old world internet banking right now, so if encrypted communication can be sent to the Wallet from the Vault or Bank on the event of theft, then the transaction can be reversed or paused, just as happens now.


**
save the Anon bullshit - this is how it will work, its a completely opt in user pays system, if you want to try to achieve complete Anon then don't opt in - most people will . seriously save it, i don't care, and neither do 99% of the population, if you are that intent on being Anon then you probably have a pretty high degree of knowledge about how to use the Technology you have , so then you don't need to use this service.

***
I could envision the ID verification process being more and more common sense and Bio-tech based. i.e  - an easy to remember  secret password , a signature and maybe a optional Eye scan, as well as the normal Drivers lic or Passport. as is used in a normal bank.

****
as its all a service and opt in , users will have a completely reverse view of this technology , {before you start to say it} it will be the Technology serving the user , the Banks will be competitive and free market institutions.  this could essentially be happening now.

*****
Of course as these institutions will be free market - quickly the Banks with the most confidence in their security measures will introduce Crypto - insurance for their customers. basically FDIC up to certain amounts.