Topic: Is there an actual Bitcoin bank yet? - page 4. (Read 6188 times)
I think I read somewhere about some english bitcoin startup company which insures your deposited bitcoin against theft and offers an interest rate but can't remember the name. Sounds quite close to a bitcoin bank to me.
We do not need banks. We do not need loans. That is the fallacy of the banking system, tricking us into believing we need loans to buy cars and stuff, most of which we do not even need. We could do with a lending service, escrow like. Trusted parties.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
I like your idea about houses and cars abundance, it is true what you said but if there are no banks I dont think there will be many good houses and
cars because you can't even get your own huge amount of money directly. How are you going to get all of your money if there is no bank. May be some
people dont need loans but there is also people need loans for their own business or may be investment. You need to see more wider dont just judge it
buy one perspective
If you want to start a business, you could find investors. It is sort of a loan, but not a bank. Investors invest and gamble they might lose it all. If you have a company, you can go bankrupt and start a new company, find new investors.
As a person, going bankrupt is possible, but you are deep down in shit if it happens. The Housing and car market has gone askew, it was Ford who did invent the idea his workers should be paid enough to be able to buy his/their cars. A noble thought, what use is making a mass product if no one can afford it? And a house, it is not mass produced, but just like water, it is not a simple consumer good we can go without, so asking prices for a house that leaves us paying our loans for decades is just inhumane, but the 'good' banks made it possible for us to lend it.. houses aren't that expensive if you look at the real cost, not cheap either, but saving for a couple of years should buy you the materials and manhours for building one. A seccond hand house should be cheaper, should be getting cheaper every year, but the prices went up and up. that is plain wrong in my head.
But you are looking only at the consumer end of the supply chain.
If fewer people buy cars (or houses or whatever) prices will come down but ONLY if supply remains the same. If the car manufacturer cannot afford to make as many cars because he cannot get the finance to pay for the components he needs in volume he will make fewer cars and the price will stay much the same or rise. Similarly the component maker who supplies the car maker will not be able to source and sell the parts and material he needs in volume in order to keep prices low, so production will fall and prices will raise. Similarly (again) the miner/smelter/foundry who actually digs out and processes the raw materials to supply the component maker will not be able fund the exploration and the development of the mine/foundry/whatever in order to produce the volume required to keep prices low so prices will go up.
Clearly this is a highly simplified scenario but simply saying "if you can't pay cash, don't buy it; and when no one buys the price will fall" is, I fear, naive.
We do not need banks. We do not need loans. That is the fallacy of the banking system, tricking us into believing we need loans to buy cars and stuff, most of which we do not even need. We could do with a lending service, escrow like. Trusted parties.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
I like your idea about houses and cars abundance, it is true what you said but if there are no banks I dont think there will be many good houses and
cars because you can't even get your own huge amount of money directly. How are you going to get all of your money if there is no bank. May be some
people dont need loans but there is also people need loans for their own business or may be investment. You need to see more wider dont just judge it
buy one perspective
If you want to start a business, you could find investors. It is sort of a loan, but not a bank. Investors invest and gamble they might lose it all. If you have a company, you can go bankrupt and start a new company, find new investors.
As a person, going bankrupt is possible, but you are deep down in shit if it happens. The Housing and car market has gone askew, it was Ford who did invent the idea his workers should be paid enough to be able to buy his/their cars. A noble thought, what use is making a mass product if no one can afford it? And a house, it is not mass produced, but just like water, it is not a simple consumer good we can go without, so asking prices for a house that leaves us paying our loans for decades is just inhumane, but the 'good' banks made it possible for us to lend it.. houses aren't that expensive if you look at the real cost, not cheap either, but saving for a couple of years should buy you the materials and manhours for building one. A seccond hand house should be cheaper, should be getting cheaper every year, but the prices went up and up. that is plain wrong in my head.
I don't think there's a need of having a Bitcoin bank. I mean what a bank can offer to the bitcoin users. And for storage, wallet systemss wrks just as good as the safe deposit boxes. So in that view, no bank's been set up yet.
We do not need banks. We do not need loans. That is the fallacy of the banking system, tricking us into believing we need loans to buy cars and stuff, most of which we do not even need. We could do with a lending service, escrow like. Trusted parties.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
I like your idea about houses and cars abundance, it is true what you said but if there are no banks I dont think there will be many good houses and
cars because you can't even get your own huge amount of money directly. How are you going to get all of your money if there is no bank. May be some
people dont need loans but there is also people need loans for their own business or may be investment. You need to see more wider dont just judge it
buy one perspective
We do not need banks. We do not need loans. That is the fallacy of the banking system, tricking us into believing we need loans to buy cars and stuff, most of which we do not even need. We could do with a lending service, escrow like. Trusted parties.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
One question: why? Why you need any bank?
Working with bitcoin is like working in a cash only society. If you wanted to buy a car, you would need to save your money until you could afford one. The save thing happened with property. Most people would never own their house, they would end up renting. An uncle lived and worked during the depression and when he would buy a car, he would pay cash.
I will never get rid of my credit card. It allows me to use someone else's money for free for one month (important that you pay everything off each month).
One question: why? Why you need any bank?
I also was searching for bitcoin bank, and the reason is simple; it would provide loans to those who need them, and offer savings account with positive interest to those that want to save bitcoins.
But the problems are obvious; first thing are regulations, that would make the whole thing legaly valid, and would ensure bank owners dont just skip away, then theres the volatility, that would
make things messy because people would massively withdraw coins each time someone says theyre banning bitcoin..
So far, there's no real bitcoin bank that could be trusted, but its just a matter of time when it will emerge.
cheers
I think that an important consideration is that regular banks must induced to accept BTC. Those jurisdictions that are going to be Lawskied a concession would be that banks could not discriminate against companies that deal in Bitcoin.
One question: why? Why you need any bank?
it's obvious that you need it because they can issue your debit/credit card, or do you get those from terrorist or narcotraffic
One question: why? Why you need any bank?
If you do not want to save money to earn interest and want to borrow money, you do not need a bank.
Quite; you need a bank (or something very like one) for any number of financial services that a distributed network cannot or should not provide, including: personal loans, credit cards, mortgages, corporate finance, interest bearing deposit accounts and so on.
One question: why? Why you need any bank?
If you do not want to save money to earn interest and want to borrow money, you do not need a bank.
One question: why? Why you need any bank?
upto my knowledge there is not any bitcoin bank available yet.
even if it was available, people would not have used it because they didn't want higher transaction fee when they can maintain transactions at lower price online.
even if it was available, people would not have used it because they didn't want higher transaction fee when they can maintain transactions at lower price online.
Why Bitcoin needs a bank. It exists to replace banks.
the question is what's a bitcoin bank?
An established company who takes bitcoin deposits and makes money by giving bitcoin loans.
The deposits must be "reasonably secure".
That is my definition of a Bitcoin bank.
I agree with that. A bank deals with deposits and loans is useful for the economy.
the question is what's a bitcoin bank?
An established company who takes bitcoin deposits and makes money by giving bitcoin loans.
The deposits must be "reasonably secure".
That is my definition of a Bitcoin bank.
the question is what's a bitcoin bank?
A bank doesn't mean centralization. A central bank means centralization.
If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.
Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.
Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.
There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.
But if you think about traditional banking as we know it - then I agree: No need.
If you run a bitcoin related business, you will see that a lot of traditional banks don't accept your money because of regulatory issues. For all these companies, a bitcoin bank would make sense.
Also if you see how many regulations for ATMs exist in some countries: A Bitcoin related bank could easily run a lot of those.
Cold storage is, in some jurisdictions, highly (over-)regulated. With a Bitcoin bank, this would be easier.
There is a lot of possibilities for a bank without being a threat of decentralization or the basic idea behind Bitcoin. This mainly depends on the concept of such a bank.
But if you think about traditional banking as we know it - then I agree: No need.
centralization isn't only related on how many can control your money, but to the fact that you don't have full control over them(unless you convert all your money in cash and you're payed also in cash at your job, which is not possible), so a bank can't be considered like a node, and will only be a part of the global centralization around fiat
the only bitcoin bank is your client, nothing else, otherwise dump for fiat if you really need one because you can't secure your money, and for regulation problem leave your country altogether, i would say...
For long term holders, it makes sense to get a small interest rate on their holdings by depositing their coins in a bank. If the bank is regulated and deposits are insured, I definitely will make a bee-line towards the nearest bank branch.
If my deposit is safe in the bank and I can earn some interest, then I will save some of my coins with the bank.
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