Intrest-bearing Bitcoin Bank. | Bitcointalksearch.org

jddebug

sr. member

Activity: 446

Merit: 250

Quote from: NothinG on August 29, 2011, 10:37:32 PM

I'd be interested in hosting a site like this.
Wouldn't be able to pay much, maybe like 0.01% interest. Grin

Thats a bit better than I'm getting on my personal USD savings. Hmmmm. Maybe you should set it up.

Shashi Yakuza

newbie

Activity: 17

Merit: 0

Quote from: altuin on December 24, 2011, 01:37:23 AM

This isn't the place for fun facts.
HOwever, let me put it like this:
Don;t go blaming other people, if you aren't going to blame ALL the other people. the 2008 crisis was the fault of all subprime morgage lenders, the US Gov, Frannie and freddie, and people who bought homes they shouldn't have. I'm probably forgetting somebody here.

Shashi Yakuza

newbie

Activity: 17

Merit: 0

Quote from: altuin on December 24, 2011, 01:37:23 AM

This isn't the place for fun facts.
HOwever, let me put it like this:
Don;t go blaming other people, if you aren't going to blame ALL the other people. the 2008 crisis was the fault of all subprime morgage lenders, the US Gov, Frannie and freddie, and people who bought homes they shouldn't have. I'm probably forgetting somebody here.

The whole U.S. mortgage lending fiasco is a wonderful study in the madness of crowds. The point where it all went off the rails was when the criteria for lending ceased to be the ability of a borrower to repay and became the ability of lenders to securitize loans off their books.

altuin

newbie

Activity: 42

Merit: 0

This isn't the place for fun facts.
HOwever, let me put it like this:
Don;t go blaming other people, if you aren't going to blame ALL the other people. the 2008 crisis was the fault of all subprime morgage lenders, the US Gov, Frannie and freddie, and people who bought homes they shouldn't have. I'm probably forgetting somebody here.

Ricochet

sr. member

Activity: 373

Merit: 250

Fun fact: the economic crisis of 2008 wasn't entirely the fault of Freddie Mae and Fannie Mac. The federal US government pretty much forced them to approve loans that could not possibly be paid back, under the idea that "higher home ownership == less crime == higher standard of living". That same government then chastised those firms for doing exactly what they were told to do.

Ricochet

sr. member

Activity: 373

Merit: 250

Quote from: deepceleron on December 22, 2011, 02:09:39 PM

Quote from: BitJammin on December 22, 2011, 01:59:24 PM

Quote from: NothinG on August 29, 2011, 10:37:32 PM

I'd be interested in hosting a site like this.
Wouldn't be able to pay much, maybe like 0.01% interest. Grin

You mean like the rate my bank account offers?

Amazing, isn't it? "Loan us $1000 for a year, and we'll pay you a dollar"... As if banks don't have much confidence in the dollar holding it's value either (along with the fed offering super-cheap prime interest rates [loaning our tax dollars to the rich] as "economic stimulus").

Astounding indeed. And to think that back in the 70s the common interest rate was well above 20% because banks really wanted you to be their customer. Granted, to be fair, bank loans were also excessively high at the time. But inflation changed, interest rates changed, and suddenly we're at the situation where we're almost better off hiding our money under the mattress rather than putting it in a bank that will loan out that money at a 40:1 ratio.

nmat

hero member

Activity: 602

Merit: 502

Quote from: altuin on December 22, 2011, 11:00:29 PM

I wanted to take out a loan Sad

If they do not loan money, how are they profitable?

Because you pay a fee to send bitcoins. They re-distribute a part of those fees among the users.

altuin

newbie

Activity: 42

Merit: 0

Quote from: nmat on December 22, 2011, 10:53:58 PM

Quote from: altuin on December 22, 2011, 10:22:46 PM

Wait. Does flexcoin do loans?

You 'loan' money to flexcoin and it pays interest. Flexcoin does not loan you money, if that's what you asked.

I wanted to take out a loan Sad

If they do not loan money, how are they profitable?

nmat

hero member

Activity: 602

Merit: 502

Quote from: altuin on December 22, 2011, 10:22:46 PM

Wait. Does flexcoin do loans?

You 'loan' money to flexcoin and it pays interest. Flexcoin does not loan you money, if that's what you asked.

altuin

newbie

Activity: 42

Merit: 0

Wait. Does flexcoin do loans?

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: deepceleron on December 22, 2011, 02:09:39 PM

Amazing, isn't it? "Loan us $1000 for a year, and we'll pay you a dollar"... As if banks don't have much confidence in the dollar holding it's value either (along with the fed offering super-cheap prime interest rates [loaning our tax dollars to the rich] as "economic stimulus").

Dollar holding its value isn't the issue. Inflation favors debtors (which is the bank in a deposit relationship). The more you anticipate the dollar falling the higher interest you can accept.

BitJammin

newbie

Activity: 36

Merit: 0

Quote from: deepceleron on December 22, 2011, 02:09:39 PM

Quote from: BitJammin on December 22, 2011, 01:59:24 PM

Quote from: NothinG on August 29, 2011, 10:37:32 PM

I'd be interested in hosting a site like this.
Wouldn't be able to pay much, maybe like 0.01% interest. Grin

You mean like the rate my bank account offers?

Amazing, isn't it? "Loan us $1000 for a year, and we'll pay you a dollar"... As if banks don't have much confidence in the dollar holding it's value either (along with the fed offering super-cheap prime interest rates [loaning our tax dollars to the rich] as "economic stimulus").

Amazing, astonishing, and yet, disappointing.

But then again...do you have confidence in the dollar?

deepceleron

legendary

Activity: 1512

Merit: 1036

Quote from: BitJammin on December 22, 2011, 01:59:24 PM

Quote from: NothinG on August 29, 2011, 10:37:32 PM

I'd be interested in hosting a site like this.
Wouldn't be able to pay much, maybe like 0.01% interest. Grin

You mean like the rate my bank account offers?

Amazing, isn't it? "Loan us $1000 for a year, and we'll pay you a dollar"... As if banks don't have much confidence in the dollar holding it's value either (along with the fed offering super-cheap prime interest rates [loaning our tax dollars to the rich] as "economic stimulus").

BitJammin

newbie

Activity: 36

Merit: 0

Quote from: NothinG on August 29, 2011, 10:37:32 PM

I'd be interested in hosting a site like this.
Wouldn't be able to pay much, maybe like 0.01% interest. Grin

You mean like the rate my bank account offers?

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: crawdaddy on December 22, 2011, 08:43:52 AM

Quote from: the founder on December 20, 2011, 12:41:39 PM

Quote from: crawdaddy on October 20, 2011, 07:52:10 PM

Quote from: MollyR on August 30, 2011, 06:17:58 PM

How would you tackle the fraud issue? I wouldnt let anyone touch my btc after the Mybitcoin wallet thing, and now we hear Bruce our biggest spokesperson is very likely a long time fraudster, seems like everywhere you turn someone wants to steal your coins.

I think it would be interesting to get a quote for deposit insurance form the Lloyd's of London

http://www.lloyds.com/

If a bank provided real insurance they could charge a little higher fees to cover the cost of insurance. I bet no one would complain.

We tried that via lloyds, the fees were SO high that it would effectively price out smaller deposits...

I think it is awesome that you looked into it!. Could you post the quote? I think it would be a interesting piece of information.

Even if you are contractually bound not to post exact pricing, any ballpark information that wouldn't violate any agreements would be a valuable insight. I think in time bitcoin wallets, banks, and exchanges will offer some sort of insurance. Even the first entity which offers partial insurance against lost, theft, embezzlement by operator (say covers 50% of lost deposits up to 1000 BTC on losses beyond 25 BTC) would be massive.

crawdaddy

member

Activity: 62

Merit: 10

Quote from: the founder on December 20, 2011, 12:41:39 PM

Quote from: crawdaddy on October 20, 2011, 07:52:10 PM

Quote from: MollyR on August 30, 2011, 06:17:58 PM

How would you tackle the fraud issue? I wouldnt let anyone touch my btc after the Mybitcoin wallet thing, and now we hear Bruce our biggest spokesperson is very likely a long time fraudster, seems like everywhere you turn someone wants to steal your coins.

I think it would be interesting to get a quote for deposit insurance form the Lloyd's of London

http://www.lloyds.com/

If a bank provided real insurance they could charge a little higher fees to cover the cost of insurance. I bet no one would complain.

We tried that via lloyds, the fees were SO high that it would effectively price out smaller deposits...

I think it is awesome that you looked into it!. Could you post the quote? I think it would be a interesting piece of information.

the founder

sr. member

Activity: 448

Merit: 251

Bitcoin

Quote from: crawdaddy on October 20, 2011, 07:52:10 PM

Quote from: MollyR on August 30, 2011, 06:17:58 PM

How would you tackle the fraud issue? I wouldnt let anyone touch my btc after the Mybitcoin wallet thing, and now we hear Bruce our biggest spokesperson is very likely a long time fraudster, seems like everywhere you turn someone wants to steal your coins.

I think it would be interesting to get a quote for deposit insurance form the Lloyd's of London

http://www.lloyds.com/

If a bank provided real insurance they could charge a little higher fees to cover the cost of insurance. I bet no one would complain.

We tried that via lloyds, the fees were SO high that it would effectively price out smaller deposits...

crawdaddy

member

Activity: 62

Merit: 10

Quote from: MollyR on August 30, 2011, 06:17:58 PM

How would you tackle the fraud issue? I wouldnt let anyone touch my btc after the Mybitcoin wallet thing, and now we hear Bruce our biggest spokesperson is very likely a long time fraudster, seems like everywhere you turn someone wants to steal your coins.

I think it would be interesting to get a quote for deposit insurance form the Lloyd's of London

http://www.lloyds.com/

If a bank provided real insurance they could charge a little higher fees to cover the cost of insurance. I bet no one would complain.

NothinG

hero member

Activity: 560

Merit: 500

Quote from: MollyR on August 30, 2011, 07:48:39 PM

Hmm, so maybe what we need is a small tax on mined/traded bitcoins, then use those funds to hire people with investigative and/or security skills to secure bitcoin and make sure the big players arent fraudsters.

Unless you want to start a bank and charge a fee (in-case stuff gets stolen to pay people back until you figure out who did it).

MollyR

newbie

Activity: 14

Merit: 0

Hmm, so maybe what we need is a small tax on mined/traded bitcoins, then use those funds to hire people with investigative and/or security skills to secure bitcoin and make sure the big players arent fraudsters.

Topic: Intrest-bearing Bitcoin Bank. (Read 2863 times)