Do you agree with idea "Bitcoin bank" ? - page 62.

bob123

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Quote from: deisik on February 11, 2017, 01:15:09 PM

Quote from: bob123 on February 11, 2017, 01:10:28 PM

In my opinion a Bitcoin Bank destroys the inital Idea of Bitcoin: Everyone being the on "owning" his money..
If you give your money away and trust a 3rd Party.. then there is no reason in using Bitcoins.. u could just
use FIAT. I think centralizing a decentralized system makes 0 sense.
The only possible idea of investing in a Bitcoin bank would be a high interest rate..
But this, to be honestly, won't ever happen

For you there might not be any reason

But for other folks there could in fact be plenty of reason in using a Bitcoin bank. And still more so if Bitcoin banking services would be offered by regular banks. In that case you wouldn't need to pay hefty commissions on fiat withdrawals as well as deposits from and to Bitcoin exchanges, and I'm strongly inclined to think that the former will be more reliable overall than the latter (given all the hacks and scams that we've seen during the last 4 years)

I think you don't need a Bank to have low commissions on deposits/withdrawals.. a Currency exchange would be enough, no need of a real "Bank"
And even against those Hacks you could just use a Hardware Wallet.. But as you mentioned.. IMO a Bank is not needed.. may be different
for other persons

Gloiri

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Quote from: 00hash01 on February 12, 2017, 04:23:46 AM

I do not like banks, all banks offer loans to customers or other services. And that will offer bitcoin bank? Or just take the interest of the translations?

All bank offer loans i agree. but if bitcoins's bank exist does they also offer loans to their customers ?. if yes how will they give 1 btc in loans which mean you have to give 1000$

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Quote from: 00hash01 on February 12, 2017, 04:23:46 AM

I do not like banks, all banks offer loans to customers or other services. And that will offer bitcoin bank?

But why? do you have a bad experience in banking?

Anyway, if a bitcoin bank is the same as the exchanges, there is no need to make one.... But if they are going to offer what banks offer, why not?

Quote from: 00hash01 on February 12, 2017, 04:23:46 AM

Or just take the interest of the translations?

We use exchange right? what are they up to?

00hash01

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I do not like banks, all banks offer loans to customers or other services. And that will offer bitcoin bank? Or just take the interest of the translations?

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Quote from: deisik on February 12, 2017, 01:04:36 AM

Quote from: South Park on February 11, 2017, 06:04:00 PM

Quote from: richardsNY on February 10, 2017, 04:15:17 PM

Quote from: South Park on February 10, 2017, 03:13:29 PM

Quote from: Zadicar on February 10, 2017, 12:54:44 AM

Quote from: delliaerd on February 10, 2017, 12:20:46 AM

Quote from: Bitcoin0916 on February 09, 2017, 10:19:31 PM

Quote from: t2yax on February 09, 2017, 08:37:42 PM

I agree with bitcoin bank. We can have a securities with it, we are not going to be afraid on losing our money. We all know that we have the fear on losing our own money. I suggest to have a bitcoin bank, where we can store our own money. Instead of wallet address, we should have the unique account number, for us to store our bitcoin.

I disagree, the existence of the bitcoin surely there must be a different thing. The presence of the bitcoin bank will limit the transaction we do, surely this would have an impact on high cost. In addition, when we made the wallet of course must be through the bank and require legal data. So I conclude that bitcoin bank and fiat money is same and I will leave bitcoin.

Yes, bitcoin Bank is useless, I think even online wallet is save enough. I also Think that if transaction of bitcoin become controled by bank, people Will leave bitcoin. we have our own wallet, if we need to save large amount of bitcoin, we only need to choose the right type of bitcoin wallet. I think hardware wallet is the savest one.
I like bitcoin because no one can control my money or steal it. So I do not like bitcoin bank.

It is really useless since we do have lots of wallets either online or offline and if theres a bitcoin bank then what would be the purpose of those wallets? Then for sure people would still use them even banks will come out but they will not last for sure because people will mainly like to hold their own money without exposing their identity and they have the full access on it.

While this is true, don't underestimate the laziness of people, if they somehow think that securing their coins is too difficult you can bet a bank will seize the opportunity and say they can secure your coins for a price and then bitcoin banks will become a reality.

It's a fact that the average person can't handle the responsibility of taking care of its own money. It's fairly easy to assume that if such a service happens to launch, that people will jump on it. If it offers people whatever level of insurance, then it will give them even more confidence as they then take for granted that their coins are safe. It's a weird way of thinking, but that's how simple people are. If they are able to generate interest over their coins, then it will give these people even more incentive to sign up.

That is actually my fear, I disagree profoundly with the idea of such a service but I'm sure that if such a service saw the day light people will accept it immediately and then we will have the same problem we had with gold, the banks will hoard bitcoin and then lend it with interest and probably find a way to create fractional banking

Could you explain what you mean by the same problem that we (allegedly) had with gold? If you refer to banks accepting gold for storage and then issuing gold receipts which were used as money and whose total value by far exceeded the amount of real gold in bank vaults (which led to bankruptcies and massive bank-runs), with Bitcoin it might not work out since you can always trace the history of every bitcoin in existence. If you just mean lending out bitcoins, then I can't possibly see how it is related to gold. On the other hand, if they demand interest should be paid on loans (which is logic), folks may interest interest on their deposits as well

In short, I don't see anything particularly dangerous or ominous in that activity

I for example do not see the difference between bitcoin banks and these banks. All of them are to be reduced only to the fact that the control cryptocurrency as it is now controlled by Fiat.

deisik

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Quote from: South Park on February 11, 2017, 06:04:00 PM

Quote from: richardsNY on February 10, 2017, 04:15:17 PM

Quote from: South Park on February 10, 2017, 03:13:29 PM

Quote from: Zadicar on February 10, 2017, 12:54:44 AM

Quote from: delliaerd on February 10, 2017, 12:20:46 AM

Quote from: Bitcoin0916 on February 09, 2017, 10:19:31 PM

Quote from: t2yax on February 09, 2017, 08:37:42 PM

I agree with bitcoin bank. We can have a securities with it, we are not going to be afraid on losing our money. We all know that we have the fear on losing our own money. I suggest to have a bitcoin bank, where we can store our own money. Instead of wallet address, we should have the unique account number, for us to store our bitcoin.

I disagree, the existence of the bitcoin surely there must be a different thing. The presence of the bitcoin bank will limit the transaction we do, surely this would have an impact on high cost. In addition, when we made the wallet of course must be through the bank and require legal data. So I conclude that bitcoin bank and fiat money is same and I will leave bitcoin.

Yes, bitcoin Bank is useless, I think even online wallet is save enough. I also Think that if transaction of bitcoin become controled by bank, people Will leave bitcoin. we have our own wallet, if we need to save large amount of bitcoin, we only need to choose the right type of bitcoin wallet. I think hardware wallet is the savest one.
I like bitcoin because no one can control my money or steal it. So I do not like bitcoin bank.

It is really useless since we do have lots of wallets either online or offline and if theres a bitcoin bank then what would be the purpose of those wallets? Then for sure people would still use them even banks will come out but they will not last for sure because people will mainly like to hold their own money without exposing their identity and they have the full access on it.

While this is true, don't underestimate the laziness of people, if they somehow think that securing their coins is too difficult you can bet a bank will seize the opportunity and say they can secure your coins for a price and then bitcoin banks will become a reality.

It's a fact that the average person can't handle the responsibility of taking care of its own money. It's fairly easy to assume that if such a service happens to launch, that people will jump on it. If it offers people whatever level of insurance, then it will give them even more confidence as they then take for granted that their coins are safe. It's a weird way of thinking, but that's how simple people are. If they are able to generate interest over their coins, then it will give these people even more incentive to sign up.

That is actually my fear, I disagree profoundly with the idea of such a service but I'm sure that if such a service saw the day light people will accept it immediately and then we will have the same problem we had with gold, the banks will hoard bitcoin and then lend it with interest and probably find a way to create fractional banking

Could you explain what you mean by the same problem that we (allegedly) had with gold? If you refer to banks accepting gold for storage and then issuing gold receipts which were used as money and whose total value by far exceeded the amount of real gold in bank vaults (which led to bankruptcies and massive bank-runs), with Bitcoin it might not work out since you can always trace the history of every bitcoin in existence. If you just mean lending out bitcoins, then I can't possibly see how it is related to gold. On the other hand, if they demand interest should be paid on loans (which is logic), folks may demand interest on their deposits as well

In short, I don't see anything particularly dangerous or ominous in that activity

diegz

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Quote from: eann014 on February 12, 2017, 12:42:18 AM

Bitcoin bank is a good idea, because how can we save bitcoin if we don't have this? and how can we receive our income here in campaign if we don't have this. This is really important especially to those who really want to earn a lot of bitcoin, what is a stupid thing about this?

Even without a bank you can save your bitcoin in your wallet. That's the sure thing about it. But with bitcoin bank, if it happens that we already have one, probably we could benefit on what real banks could offer.

Quote from: eann014 on February 12, 2017, 12:42:18 AM

I don't see any problem at all.

There is no problem really. We could even benefit from a bitcoin bank if it really happens.

eann014

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Bitcoin bank is a good idea, because how can we save bitcoin if we don't have this? and how can we receive our income here in campaign if we don't have this. This is really important especially to those who really want to earn a lot of bitcoin, what is a stupid thing about this? I don't see any problem at all.

bitbob82

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Quote from: OrangeII on February 11, 2017, 01:11:31 PM

if it serves to redeem bitcoin easily be fiat or otherwise, I think I agree with that. Well, it would probably be easier for us in invests, or bitcoin exchange money if we really need it, and it will probably make bitcoin become more popular.

but i am not agree with that i think currently we do not need for any bitcoin bank and we have more good system and that is online wallet.

South Park

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Quote from: richardsNY on February 10, 2017, 04:15:17 PM

Quote from: South Park on February 10, 2017, 03:13:29 PM

Quote from: Zadicar on February 10, 2017, 12:54:44 AM

Quote from: delliaerd on February 10, 2017, 12:20:46 AM

Quote from: Bitcoin0916 on February 09, 2017, 10:19:31 PM

Quote from: t2yax on February 09, 2017, 08:37:42 PM

I agree with bitcoin bank. We can have a securities with it, we are not going to be afraid on losing our money. We all know that we have the fear on losing our own money. I suggest to have a bitcoin bank, where we can store our own money. Instead of wallet address, we should have the unique account number, for us to store our bitcoin.

I disagree, the existence of the bitcoin surely there must be a different thing. The presence of the bitcoin bank will limit the transaction we do, surely this would have an impact on high cost. In addition, when we made the wallet of course must be through the bank and require legal data. So I conclude that bitcoin bank and fiat money is same and I will leave bitcoin.

Yes, bitcoin Bank is useless, I think even online wallet is save enough. I also Think that if transaction of bitcoin become controled by bank, people Will leave bitcoin. we have our own wallet, if we need to save large amount of bitcoin, we only need to choose the right type of bitcoin wallet. I think hardware wallet is the savest one.
I like bitcoin because no one can control my money or steal it. So I do not like bitcoin bank.

It is really useless since we do have lots of wallets either online or offline and if theres a bitcoin bank then what would be the purpose of those wallets? Then for sure people would still use them even banks will come out but they will not last for sure because people will mainly like to hold their own money without exposing their identity and they have the full access on it.

While this is true, don't underestimate the laziness of people, if they somehow think that securing their coins is too difficult you can bet a bank will seize the opportunity and say they can secure your coins for a price and then bitcoin banks will become a reality.

It's a fact that the average person can't handle the responsibility of taking care of its own money. It's fairly easy to assume that if such a service happens to launch, that people will jump on it. If it offers people whatever level of insurance, then it will give them even more confidence as they then take for granted that their coins are safe. It's a weird way of thinking, but that's how simple people are. If they are able to generate interest over their coins, then it will give these people even more incentive to sign up.

That is actually my fear, I disagree profoundly with the idea of such a service but I'm sure that if such a service saw the day light people will accept it immediately and then we will have the same problem we had with gold, the banks will hoard bitcoin and then lend it with interest and probably find a way to create fractional banking.

cramcram21

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I don't really agree with that idea but I think it is really awesome to have one,
But still bitcoin bank is really against the main reason why the bitcoin was created it will destroy the idea of decentralization and the anonymity.

deisik

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Quote from: bob123 on February 11, 2017, 01:10:28 PM

In my opinion a Bitcoin Bank destroys the inital Idea of Bitcoin: Everyone being the on "owning" his money..
If you give your money away and trust a 3rd Party.. then there is no reason in using Bitcoins.. u could just
use FIAT. I think centralizing a decentralized system makes 0 sense.
The only possible idea of investing in a Bitcoin bank would be a high interest rate..
But this, to be honestly, won't ever happen

For you there might not be any reason

But for other folks there could in fact be plenty of reason in using a Bitcoin bank. And still more so if Bitcoin banking services would be offered by regular banks. In that case you wouldn't need to pay hefty commissions on fiat withdrawals as well as deposits from and to Bitcoin exchanges, and I'm strongly inclined to think that the former will be more reliable overall than the latter (given all the hacks and scams that we've seen during the last 4 years)

OrangeII

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if it serves to redeem bitcoin easily be fiat or otherwise, I think I agree with that. Well, it would probably be easier for us in invests, or bitcoin exchange money if we really need it, and it will probably make bitcoin become more popular.

bob123

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In my opinion a Bitcoin Bank destroys the inital Idea of Bitcoin: Everyone being the on "owning" his money..
If you give your money away and trust a 3rd Party.. then there is no reason in using Bitcoins.. u could just
use FIAT. I think centralizing a decentralized system makes 0 sense.
The only possible idea of investing in a Bitcoin bank would be a high interest rate..
But this, to be honestly, won't ever happen.

richardsNY

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Quote from: markyminer on February 11, 2017, 01:06:42 AM

yes that is a good idea. but either the banks will take the responsibility of insurance of the wallets. i think it will be too much risky for them because in previous day why bitfinex hacked do you think that any bank can cover the lost. i do not think so.i think it is very difficult for them to ensures such big exchanges and even big whales account. giving interest may be a good decision i think.

Insurance is nothing new. If you look at Coinbase for example, they have all their user's coins insured. If something happens from their side that will result in theft or whatever other situation where they end up losing coins from customers, you'll be guaranteed to be fully covered by their insurance. Coinbase can be seen as a large exchange, wallet service, etc. It's basically already a Bitcoin bank if you give or take a few features. Not much difference here.

lOvE mE forEvEr

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a good suggestion, by the existence of bitcoin bank certainly will guarantee the existence of the bitcoin to continue to survive and are not easily controlled by the public. I prefer price bitcoin price stable than like a roller coaster.

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Quote from: erickkyut on February 11, 2017, 10:58:20 AM

I do not agree with bitcoin banks. One of the reasons why I am using bitcoin is that i want more income. If I will put my bitcoin in a bank, it will be subjected to withholding tax and inflation rate because it does not have the opportunity to grow as we all know that there is a very little interest rate in the banks!

Right, if it will be establish like a real banks, having establishment ,lots of rules and rate ,it will decreases the amount that we can have if all the bitcoin transactions will be held or operated by the bank. There were lot of chargers that need to be deducted on us.

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I do not agree with bitcoin banks. One of the reasons why I am using bitcoin is that i want more income. If I will put my bitcoin in a bank, it will be subjected to withholding tax and inflation rate because it does not have the opportunity to grow as we all know that there is a very little interest rate in the banks!

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Quote from: virusasog on February 11, 2017, 10:50:53 AM

Quote from: BiTZeD on February 11, 2017, 08:19:01 AM

No, this is a bad idea. Everyone that lost money in the Mt Gox fiasco will know what I am talking about.

I think this quarrel is no needed here in the forum and most of the people knows that bitcoin wallet itself a bank. If it come arise via bank then they will put charge for maintenance, taxes and etc. Better to be as like now.

Bitcoin wallet itself serves as a bank, but banks will surely support the promotion of bitcoin to move forward with increasing users, because common men always depend on banking for needs. Though tax gets levied if bitcoin moves through bank the risk of using it will decrease. To be on the better side its to have traditional banks and bitcoin wallets, no need to have bitcoin banks.

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Quote from: BiTZeD on February 11, 2017, 08:19:01 AM

No, this is a bad idea. Everyone that lost money in the Mt Gox fiasco will know what I am talking about.

I think this quarrel is no needed here in the forum and most of the people knows that bitcoin wallet itself a bank. If it come arise via bank then they will put charge for maintenance, taxes and etc. Better to be as like now.

Topic: Do you agree with idea "Bitcoin bank" ? - page 62. (Read 142276 times)