Topic: Discussion, establishment of a Bitcoin Credit Union (Read 2518 times)

Hm... Perhaps... Ok, I'll re-read it again.

Why would we need banking software to write a document? You've missed the point here I fear.

Do u have necessary software for front- and back-office? More concrete info about the project (what is done, what is in progress now, milestones) would be useful.

I'm interested in helping out. I've got years of director level experience in technology start-ups on the business side of things. I can wear many different hats, depending on what needs to be done. Let me know how I can help

Thanks

Ahh, ok see what you are trying to do.

Also, what about starting a NYSE/TSE traded ETF commodity fund for bitcoin? They're trading pretty much everything these days, why not a bitcoin ETF. Keep the coins in an insured/encrypted location like silver and gold ETFs.

Thanks but the important thing here is that it's not *me* who needs to drive this, it's the *yous* . I'm here to offer some support and scheduling, access to contacts and some governments, but at the end of the day I sure as hell don't want to run it. I want to fish off the dock and sell a few old pennies.

The scope of this is just to build out how it might work in a couple common legal systems, taking it to an actual build would be up to the national BTC community in any specific country. By publishing a knowledge base that can be adapted for local legal and banking systems, people may truly have a choice of how they hold their wealth whether in fiat, metals or crypto. I can see in some countries with rampant inflation and bank runs where BTC could easily stabilize some local incomes and so on.

Good luck it sounds like something  that would be useful particularly if you can offer insurance on bitcoin deposits. That alone is worth the effort.

Seriously you are drawing a picture here I don't actually follow. Credit Unions will have to be established in the country that wants them -I never suggested International. Five years is wrong, I can get approvals in nine months. Banking software isn't all that complicated, I deployed Van City back in the day when I was with IBM long before they merged with the one in Alberta. Fees to attach to ATM aren't really that big a deal (look around at all the private ATM brokers) , neither are cheque clearing services/scanning etc. CC's are based on volume deals and so on. Mortgage booking would be a pass through service to Laurentian or other small small mortgage book handler in Canada, US has more choices.

BTC aren't a deposit scheme, it's like having your stock portfolio attached to your account, exercising a sale and having the fiat deposited in your account. This is legal and currently done, I do it. how it's handled and accounted for within the software framework is as an additional currency, how it's termed for the sake of accounting to the public is as an asset, or bond of sort.

I get what you're driving at even if some of what you've said is not quite accurate. I think national markets will decide if they want BTC CU's. I seriously think it may be worth the effort to flush out how it might look and work even if it's not time yet.

So you want to start a regular credit union, adhering to all regulations. Ok. Will take up to 5 years for approval and require at least a few million in capital but can be done. Will also require substantial investment into secure banking software, ATM hardware and software, transport security, or payment into an existing ATM network you can use. You can only do transactions in fiat, so you're just another credit union competing for business amoung the already established CUs.

Then you want to issue insured bitcoin bearer bonds as some sort of deposit scheme, since no regulations will allow you to directly accept BTC and call it a currency. (If you do, immediately lose credit union licence, unless you get fed and local governments, and regulatory organizations to change the wording of CU charters)

Maybe you want to accept BTC, then convert it instantly into fiat and use that for deposits. Then convert it to BTC when people withdraw. Violates regulations, again no CU license.

You want to do this internationally which is illegal, credit unions can only take local deposits.

You don't want to start a regular corporation with voting shares, and issue insured bonds which would cost a fraction of the price and time to set up, and basically be the same thing. You could still offer full financial services like lending, mortgages and reloadable payment cards though this would all have to be in fiat to comply with regulations of whatever country you set up shop in, and that market is already flooded, especially the mortgage broker market.

What you could do is start a secure non regulated internet credit union doing whatever you wanted, host it on Tor because they will come after you, and makes it cheaper to avoid DDOS and haxx attacks, then provide 100k in bitcoins as deposit insurance to some trusted 3rd party so if anything happens, 100k bitcoins are there to cover the losses.

You're getting way ahead of the process.

You can insure the fiat deposits.

You can insure assets like BTC. Congress is not needed.

Edit: for the scope of my research BTC has been called "digital bearer bonds"

People trust credit unions because of federal deposit insurance. You can't ever get that for bitcoin unless you can lobby parliament or congress to change the wording in the insurance regulations to something besides USD or CAD.

You can still insure your digital items. Canada post has somehow managed to do it with their 'vault' software. Lot's of record companies do it. Though pretty hard to insure something that changes in value every few seconds and there's no recognized authority you can go to and judge what the value is like they can for Gold. Can't go to the TSE/NYSE and get the value of bitcoin, which was traded in a regulated environment and not just some guy who runs a service in Japan with no oversight.

Of course many of the thefts and bitcoin hacks were due to complete incompetence. If you're encrypting everything and storing it properly won't matter if it's stolen instead of just leaving it around your desktop in plain text (bitfloor)

Actually, I'm thinking credit union. With all that implies, if others think differently, now is the time to get on board and change the thinking. I mean just because I've gone out and talked to people doesn't meant a thing, I don't envision this as my creation nor do I think anyone but membership should own it. People tend to trust their credit unions for a reason and one of things I'd like is a financial services corp I could count on not to be conveniently "hacked" so they can screw off to Jamaica and drink rum.

And? I've dealt coins my whole life even while I've worked in IT. You looking for some?

When you start a Credit Union in Canada/anywhere they give you a charter you have to follow. Nowhere does it say 'and magical internet money can be substituted for CAD'. This is impossible for thousands of different reasons, from violating FDIC deposit insurance regulations to CDIC membership regulations.

Sounds like all you want to do is start a financial services business, run by a voting membership, that takes BTC deposits, issues interest (in BTC), lends it out and provides payment cards (converting to fiat). You can already do this, lot's of gold buillion trading companies in Canada do it. You can get IRL insurance for your digital items to protect deposits. Bonus is not having to hire a ton of ombudsmen, lawyers and regulation compliance officers, or have to open branches, pay security to transfer money, ect ect ect. Also you can operate outside the credit union prison since you're just running a regular financial business, and not something requiring extreme regulatory oversight.

Hey,

If you have some more information put together and ideas that cover some of the obstacles to achieve this, please do get in touch!

I'm sure you've done your research, know who we are and the resources and connections to get this done.

Thanks!

Charlie

Very interesting and I'd love to be part of this. I've got a good background in the financial industry and specifically in credit unions. I also understand the IT system that run them. Count me in!

Obviously there's no moderation on the forum anymore and general opinion seems to be sold to the highest bidder, but whatever.

I'm not interested and not going to run this, I'm retired you little bottom hole faggot. I'll offer what I learned and do some organizing, that's it.

All we're doing here is building the documents and doing the research needed so different areas of the world could build a credit union.

Not sure how we can scam your money if we're not taking it, but you seem to have the same IQ as the watermelon I ran over so I suppose it's to be expected.

Now fuck off back to the streets you came from and let mommy and daddy talk sonny boy.

goddam troll bitches

Would a scammer meet with his victims in person in Las Vegas?
Would a scammer do all the things Pirate did?

But hey, don't listen to me. After all, I'm just a troll. I spread unnecessary FUD and if this fails, I'm the one to blame.

Would a scammer first create an Open Source documentation of the "scamming master plan"?

Would a scammer operate member controlled?

This is just another scam.
No, I am not trolling. Get me banned if you want, I don't give a fuck.