How can "banks" be created to be good for all?

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Quote from: 8CommaClub on November 26, 2018, 10:20:30 AM

How can we create a bank that helps others grow and thrive?

As far as I know, bank is an organization that aims to get profit. Therefore it is not necessary to make it something that will help everyone to grow because it wanted itself to grow. With this having blockchain today is a huge improvement that will help everyone. Why choose banks if we have bitcoin.

peter0425

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Quote from: 8CommaClub on November 26, 2018, 10:20:30 AM

How can we create a bank that helps others grow and thrive?

Well they have disguises for centuries of helping people. But we all know that Banks is not a institutions to help people but to put them in misery specially with credits and loaning program. So its hard to see banks being helpful to say the least.

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Quote from: 8CommaClub on November 26, 2018, 10:20:30 AM

How can we create a bank that helps others grow and thrive?

Banks are business entities and certainly not a charitable NGO, so banks will look at their profits first from any of their initiatives. However, loan services is what Banks offer to the common mass for helping them start/scale up their business! They offer Bank guarantee to the business entities so that they can carry out business with minimum risk! These are highly profitable for the banks but at the same time it helps people and businesses to grow and scale up. If you want banks to throw money to the people, that's not gonna happen!

There are a number of product and services banks offer to the common mass which certainly helps us to grow,

1. Portfolio Management - Banks make money only when the depositors make money and take a percentage of the profit as a service fees
2. Loan products - They offer you liquidity when you need it
3. General deposits - They offer you interest to keep your money with banks

Obviously there is a business equations behind every product offering. They will even take the collateral before offering loan to us, but that's how business should be! A promise of profit should always be there!

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Quote from: zcashplan on December 02, 2018, 03:32:03 AM

Sorry, I oppose your opinion of the bank. Usually banks are the chief culprit in currency depreciation. Therefore, banks need to make a lot of money instead of serving the society. They usually only serve the capitalists, while the poor cannot borrow money.

Sad truth has been spoken. Banks do really play this role of de-valuing fiat and that's thru adding more interest, and for the central bank, printing more money.

Thinking of the bank for the good of all, I can't think of it but with their usual service.

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Quote from: 8CommaClub on November 26, 2018, 10:20:30 AM

How can we create a bank that helps others grow and thrive?

Normally that is what a bank is. A bank is the company that helps you get a loan if you need it, it is a bank that gives you more money for your money (savings account), it is a company that helps you store your money and use a card instead of carrying all your money.

If you look at how banks should be working in reality you will see that a bank is the greatest help any person can have financially. They are really built to be the financial help anyone could ask for. However banks in these days are more ruthless and cunning and trying to make a buck from everything since they have millions of customers, a bank that can screw their customers 1 dollar would profit in millions.

Also they now have shareholders who buy their shares and expect them to outperform themselves every quarter and that makes it harder for them so they try their best to profit while screwing us in order to profit.

zcashplan

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Sorry, I oppose your opinion of the bank. Usually banks are the chief culprit in currency depreciation. Therefore, banks need to make a lot of money instead of serving the society. They usually only serve the capitalists, while the poor cannot borrow money.

davis196

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Quote from: 8CommaClub on November 26, 2018, 10:20:30 AM

How can we create a bank that helps others grow and thrive?

Actually the banks are good for all,because they pay interest rates to the people,who deposit money and they give loans to the people and businesses,that need money.The bag thing are the government regulations and the central banks with their negative interest rates policy.This is what forces the banks to pay very little interest rates for deposits and to decline many loan applications.

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Quote from: 8CommaClub on November 26, 2018, 10:20:30 AM

How can we create a bank that helps others grow and thrive?

What's your point of creating another bank? We are revolutionizing cryptocurrency so that banks cannot totally control the financial needs of the world. You know that banks are highly regulated institution and creating such needs a lot of requirements to be materialized.

Indrawan77

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I doubt we can create a bank that is good for all, the main function of bank is to control inflation and supervise the transaction, bank also got the good side to protect our investment but most of the time the bank is only good for government, not for the people

olubams

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There are several categories of banks performing different functions but the focus is always on the commercial banks which are run on basically profit motive and with some kiiling interest rates. There are several.other banks such as development banks and agricultural banks whose main purpose is to provide finances for certain sectors of the economy and some others to help startups. So, there are banks for that purpose already. If you are looking for such kind of banks then you need to figure out where to get financing and way to ensure that borrowers pay bank and also cover your own operating expenses. By the time you put this into perspective, there won't be much margin between current banks and the ones you looking forward to.

Harlot

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I think the most ideal banking business is for the poor and middle class family receiving only low interest bearing loans while the upper class and big corporations receiving high interest bearing loans which I think what we are seeing right now. Unfortunately saving your money in banks in order for your capital to grow is really not possible right now the only thing they can give you is a low percentage compared to what they are offering before, because market conditions like this won't make any banking business last if they offer high interest to your savings account.

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Quote from: livingfree on November 27, 2018, 06:20:22 PM

Quote from: henrique2018 on November 27, 2018, 12:03:00 PM

Banks can be good for everyone only when they quit profits. Purpose of banking is connecting those who have more money with those who do not have enough money. Banks can do business even whithout a profit.

They won't operate if they will get no profit with it. The cost for its operation including all expenses is quite high so they won't let themselves operate and do business without profit.

There are rural banks that do help small entrepreneurs by lending them money and putting smaller interest than the usual commercial banks. They ask for a collateral so they have assurance that if they money won't be back, they have something in return to sell. Typical banking cycle, they help and they get money.

Muslims banks (or some at least) operate without making profits with the money deposited from people, or with loans, and a few other things.
Since Islam doesn't allow them to make money with trading and speculating on money, they can't really male money like the usual way banks do.
Banks don't ask a "collateral" for entrepreneurs, they do ask a business plan.

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Quote from: livingfree on November 27, 2018, 06:20:22 PM

Quote from: henrique2018 on November 27, 2018, 12:03:00 PM

Banks can be good for everyone only when they quit profits. Purpose of banking is connecting those who have more money with those who do not have enough money. Banks can do business even whithout a profit.

They won't operate if they will get no profit with it. The cost for its operation including all expenses is quite high so they won't let themselves operate and do business without profit.

There are rural banks that do help small entrepreneurs by lending them money and putting smaller interest than the usual commercial banks. They ask for a collateral so they have assurance that if they money won't be back, they have something in return to sell. Typical banking cycle, they help and they get money.

You're right that they won't operate without taking a profit, but they could charge more reasonable fees. The blockchain effectively acts as the middle man in any transactions executed through it, the difference with banks is that the fees charged are not exorbitant. Of course for simple money transfers the blockchain is superior but when it comes to loans and managing risk then it's something that works best using a bank, because they can package certain risk profiles together to offer rates that could not occur in a peer to peer market.

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Quote from: henrique2018 on November 27, 2018, 12:03:00 PM

Banks can be good for everyone only when they quit profits. Purpose of banking is connecting those who have more money with those who do not have enough money. Banks can do business even whithout a profit.

They won't operate if they will get no profit with it. The cost for its operation including all expenses is quite high so they won't let themselves operate and do business without profit.

There are rural banks that do help small entrepreneurs by lending them money and putting smaller interest than the usual commercial banks. They ask for a collateral so they have assurance that if they money won't be back, they have something in return to sell. Typical banking cycle, they help and they get money.

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Quote from: henrique2018 on November 27, 2018, 12:03:00 PM

Banks can be good for everyone only when they quit profits. Purpose of banking is connecting those who have more money with those who do not have enough money. Banks can do business even whithout a profit.

But this is how banks work and because it is centralized it is protected by the government so that you will have a security in the process with or without your presence. Banks are created for businessman people where they could send money around the world without having to carry a briefcase that is full of your money throw abroad.

The same logic goes to bitcoin transactions too, but the only difference is that we are the ones who have control of our money and we are the one who will send it to the person that we want to get the money.

henrique2018

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Banks can be good for everyone only when they quit profits. Purpose of banking is connecting those who have more money with those who do not have enough money. Banks can do business even whithout a profit.

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Quote from: PlusOne88 on November 27, 2018, 11:24:34 AM

Banks operate for the good of all but since it is business it has to protect its interest. No banks would give or extend more service such that they might be on the losing side. It is always understandable that they should operate with the profit in mind. But if you think banks don't give you as much advantage then try cryptocurrency, perhaps it may give you some better opportunities. But you need to be extra careful because there are a lot of things you need to take into consideration especially when working online. Some unsafe practices may just cost you your savings.

Banks operate for the sake of the rich people. They don`t care about people. They could do something good in the past,
they didn`t. They had years to do that. They didn`t and they can`t be good for all. That`s why we have a Blockchain.
We can use it in a way to be fair for all. To believe in banks or Blockchain, it`s a question for some time already.
Many have answer already, others are resisting, but we know the outcome.

PlusOne88

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Banks operate for the good of all but since it is business it has to protect its interest. No banks would give or extend more service such that they might be on the losing side. It is always understandable that they should operate with the profit in mind. But if you think banks don't give you as much advantage then try cryptocurrency, perhaps it may give you some better opportunities. But you need to be extra careful because there are a lot of things you need to take into consideration especially when working online. Some unsafe practices may just cost you your savings.

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Quote from: 8CommaClub on November 26, 2018, 10:20:30 AM

How can we create a bank that helps others grow and thrive?

Banks simply cannot do that unless they operate as a not for profit. Even then, the act of having a middle man involved in any transaction will always decrease efficiency from the optimal. The only true optimal is a transaction where buyer and seller meet and interact directly but that's near impossible to facilitate due to many factors, not least the geography.

baradfo

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Who is your target client list? Banks are heavily regulated throughout the world and the dream for cryptocurrencies is to be able to operate without banks. So what would be the point of creating yet another bank? I know that traditional banks are not friendly towards those that deal with cryptocurrencies and that might be the impetus that spurred you to ask this. I also know that there is a company out there that is trying to create a "bank" that is friendly towards cryptocurrencies and still be able to comply with regulations. Either way, still too much governmental red tape for me.

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How can we create a bank that helps others grow and thrive?

Topic: How can "banks" be created to be good for all? (Read 330 times)