Topic: SC5 founds a Bitcoin Bank (Read 3638 times)

Quote from: Gordonium on April 02, 2013, 02:16:56 PM

Omg, it will be decades before the banks get their heads around open and freely auditable books with all the money accounted for

nathanghart

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Pays interest on Bitcoin savings

my skin just jumped off my body and hid under my desk....

alexeft

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Quote from: bb113 on April 02, 2013, 04:28:01 PM

Quote from: alexeft on April 02, 2013, 04:25:43 PM

Quote from: moni3z on April 02, 2013, 04:21:39 PM

Quote from: alexeft on April 02, 2013, 04:25:43 PM

Can someone explain to me what the use of a bitcoin bank might be?

I mean, why would I would to deposit my bitcoins with a bank if bitcoins don't really exist anywhere else except in the blockchain which is more like a public general ledger.

I would have to trust them with my private key, which, to me, is rather decreasing security.

To make interest while they loan out your coins, at least according to the press release.

This assumes that bitcoin reaches stability, else, this interest would come from borrowers who would have to face huge bitcoin value increases + interest.
Who would get a loan like that before bitcoin stability for the bank to make profit and me to get this interest?

And what about the risk? We are suffering from banks overlending our deposits. Look at Cyprus!

Businesses that get paid in bitcoin?

I suppose that's one case, probably the only one. Thanks

solomon

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Cool stories bros.

Can we confirm/deny the validity of the title of this thread?

moni3z

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And what about the risk? We are suffering from banks overlending our deposits. Look at Cyprus!

Read the press release:

Quote

Built-in autonomous mechanism for preventing the next bank crisis

The open books resulting from the 100% transparency promise mean that the customers can monitor the health of the bank in realtime. This in turn leads to an autonomous control mechanism. If the bank’s customers at any time regard the bank’s financial health to be below a trustworthy level, they will withdraw their money and the bank will collapse. As a result for the bank to keep on creating shareholder value it needs to stay healthy at all times.

Quote

100% transparency promise

All loans granted using the customers’ savings are directly transmitted from the customer Bitcoin accounts to the borrower account. You as a customer know exactly how much of your money is currently lent out.

hmm.. and I guess they will take foreign deposits though I don't know how this is possible with existing banking laws, unless of course this is an April fools joke

Quote

April’s special deal: All money moved from Cyprus will be guaranteed a positive interest for lifetime.

bb113

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Quote from: alexeft on April 02, 2013, 04:25:43 PM

Quote from: moni3z on April 02, 2013, 04:21:39 PM

Quote from: moni3z on April 02, 2013, 04:21:39 PM

Can someone explain to me what the use of a bitcoin bank might be?

I mean, why would I would to deposit my bitcoins with a bank if bitcoins don't really exist anywhere else except in the blockchain which is more like a public general ledger.

I would have to trust them with my private key, which, to me, is rather decreasing security.

To make interest while they loan out your coins, at least according to the press release.

This assumes that bitcoin reaches stability, else, this interest would come from borrowers who would have to face huge bitcoin value increases + interest.
Who would get a loan like that before bitcoin stability for the bank to make profit and me to get this interest?

And what about the risk? We are suffering from banks overlending our deposits. Look at Cyprus!

Businesses that get paid in bitcoin?

alexeft

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Quote from: Zangelbert Bingledack on April 02, 2013, 04:17:28 PM

Can someone explain to me what the use of a bitcoin bank might be?

I mean, why would I would to deposit my bitcoins with a bank if bitcoins don't really exist anywhere else except in the blockchain which is more like a public general ledger.

I would have to trust them with my private key, which, to me, is rather decreasing security.

To make interest while they loan out your coins, at least according to the press release.

This assumes that bitcoin reaches stability, else, this interest would come from borrowers who would have to face huge bitcoin value increases + interest.
Who would get a loan like that before bitcoin stability for the bank to make profit and me to get this interest?

And what about the risk? We are suffering from banks overlending our deposits. Look at Cyprus!

Mosper

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So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Inflation exists to insure an active economy and is not only a good thing but is entirely necessary for a functioning currency/economy based off of that currency. Out of control inflation can be bad but if your currency gets to pick one nature and your choices are inflation or deflation then the choice is obvious to anyone who doesn't have more conspiracy theories and paranoia than sense. Have you ever taken an economics class or read a paper or book in your entire life?

LOL. You swallowed your government propaganda like a good little schoolboy I can see. If the mainstream understood economics they'd stop being perpetually surprised at every development.

I don't have to swallow anything because I can read and infer things for myself as I have a functioning reasoning center in my brain. It's unfortunate that you suffer from the tragic libertarian syndrome. Your entire point of view is basically economic slave morality. It's hilarious.

moni3z

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Can someone explain to me what the use of a bitcoin bank might be?

I mean, why would I would to deposit my bitcoins with a bank if bitcoins don't really exist anywhere else except in the blockchain which is more like a public general ledger.

I would have to trust them with my private key, which, to me, is rather decreasing security.

To make interest while they loan out your coins, at least according to the press release. They promise a '100% transparent bank' where you will see at all times the amount of funds available in the bank and funds currently loaned out. I see it getting hacked into oblivion or only available to their employees.

alexeft

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Can someone explain to me what the use of a bitcoin bank might be?

I mean, why would I want to deposit my bitcoins with a bank if bitcoins don't really exist anywhere else except in the blockchain which is more like a public general ledger.

I would have to trust them with my private key, which, to me, is rather decreasing security.

Zangelbert Bingledack

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Quote from: Mosper on April 02, 2013, 03:39:32 PM

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Inflation exists to insure an active economy and is not only a good thing but is entirely necessary for a functioning currency/economy based off of that currency. Out of control inflation can be bad but if your currency gets to pick one nature and your choices are inflation or deflation then the choice is obvious to anyone who doesn't have more conspiracy theories and paranoia than sense. Have you ever taken an economics class or read a paper or book in your entire life?

LOL. You swallowed your government propaganda like a good little schoolboy I can see. If the mainstream understood economics they'd stop being perpetually surprised at every development.

moni3z

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This might actually happen, sc5 did advertise they offer to pay employees in bitcoin so they are heavily involved with it. However none of us can get accounts there unless we are Finland citizens, or have a corporation there, and want to pay the gigantic Finland tax.

Mosper

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deflation is exactly what caused it though??? this is not something I made up?

kjj

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Quote from: jwzguy on April 02, 2013, 03:38:03 PM

I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

Only bitcoiners and internet libertarians think there is no Data. You're going to get more Data exactly the same as every example of what deflation causes and then ignore that too.

Quote

Can you guys stop feeding this troll? He's already devolved the conversation to name-calling, you won.

Ah yes anyone who interrupts the echo chamber must be a troll.

Dude, grow up. These forums have a thousand threads on the deflation topic. You've added absolutely nothing to the debate. What was missing was not one more person repeating the premise. You will get nowhere by claiming that you don't need to make any arguments because your opinion is "axiomatic".

Also, the great depression came after the federal reserve system was launched. Since the federal reserve's entire purpose for existing was to insulate banks from the negative effects of the inflation that they were causing, it seems a bit silly to claim that as a data point against deflation.

bb113

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Can you guys stop feeding this troll? He's already devolved the conversation to name-calling, you won.

Has anyone confirmed that this SC5 announcement is not an April Fool's joke? Because it's pretty big otherwise.

Yea, I have also concluded troll. Namecalling, no data, using simplistic arguments, etc. One day he may get an economics degree at which point he will stop the namecalling. Grin

Anyway, heres the guys twitter:
https://twitter.com/pyryl/status/316527162771521538

Mosper

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I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

Only bitcoiners and internet libertarians think there is no Data. You're going to get more Data exactly the same as every example of what deflation causes and then ignore that too.

Quote

I am VERY worried about you calling me ANY name Angry
I NEVER gave you the right.

For my own sanity I am going to go on believing this is a joke.

Quote

Can you guys stop feeding this troll? He's already devolved the conversation to name-calling, you won.

Ah yes anyone who interrupts the echo chamber must be a troll.

alexeft

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Quote from: Mosper on April 02, 2013, 03:32:35 PM

On a forum discussing a digital "currency" whose primary use is drugs and child porn and money laundering you're worried about me saying "dick". Word.

I am VERY worried about you calling me ANY name Angry

I NEVER gave you the right.

jwzguy

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Can you guys stop feeding this troll? He's already devolved the conversation to name-calling, you won.

Has anyone confirmed that this SC5 announcement is not an April Fool's joke? Because it's pretty big otherwise.

bb113

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I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

That your insane internet libertarian ass doesn't find every piece of evidence in the history of economics (not to mention conclusions one should be able to arrive at on their own if they have every actually interacted with other people or posses basic reasoning abilities) does not at all indicate the lack of validity in the ideas or arguments. In fact your disagreeing probably should indicate one is moving in the right direction.

Reread what I said. I said your claims were nothing but a hypothesis, not that they are an invalid idea/argument. They are also not fact or axiomatic. Bitcoin is great, because now we can get some data.

alexeft

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Keep your language at bay Angry

Mosper

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Man I'm not even trying to be a dick but you are Donny and you are out of your element. Your questions demonstrate a severe misunderstanding of the conversation. I am not advocating that bitcoin become a currency upon which world economies be founded.

alexeft

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I don't know dude what about the fucking great depression? It's hard for me to form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

I don't really understand why you bother so much with bitcoin and its deflationary nature. There is fiat if you need inflation.

Can you please explain?

Mosper

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I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

That your insane internet libertarian ass doesn't find every piece of evidence in the history of economics (not to mention conclusions one should be able to arrive at on their own if they have ever actually interacted with other people or posses basic reasoning abilities) convincing does not at all indicate the lack of validity in the ideas or arguments. In fact your disagreeing probably should indicate one is moving in the right direction.

If you're going to ignore everything ever demonstrated in the history of economics and all evidence and common sense and just plug your ears and scream FREE MARKET FYGM DEFLATION IS GOOD then I don't know why you'd bother entering the conversation.

bb113

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Quote from: Mosper on April 02, 2013, 03:20:08 PM

I don't know dude what about the fucking great depression? It's hard for me form an informative argument when you lack a basic understanding or education on the topic. Seems like the length of your understanding is regurgitating things you sought out with the intent of proving the thing you already believed.

Seriously, the great depression argument. You are on a bitcoin forum you should already know why that is unconvincing. Sorry, go read more papers and books, this time think critically about what they say and perhaps go read opposing points of view to get some ideas of why your claims are not accepted by others as "axiomatic".

bb113

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A) that has never, ever, been the outcome of a situation where an economy ran on a deflationary currency
B) that outcome is bad because lots of things that are necessary and benefit mankind/civilization would not ever provide those returns
C) you are stupid

A) Where is the data? What other conditions were in place that differ from the circumstances around bitcoin?
B) People are more than rational economic actors, they like getting involved in projects they think are a good idea.
C)

alexeft

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Quote from: Mosper on April 02, 2013, 03:15:12 PM

: deflationary currency is bad because the economy will stagnate due to storing wealth being more beneficial than using it
Tongue

: NO ITS BETTER BECAUSE IT ALLOWS YOU TO STORE YOUR WEALTH BETTER

: but that is the point encouraging hoarding of currency is a bad thing
Tongue

:BUT IT LETS YOUR HOARD BETTER
Huh

^^ It is not at all "because I say so". One assumes if you're entering a discussion about currencies, their traits, and how those traits affect economies that you would already know the widely known facts about what those traits cause. Your lack of knowledge does not make it just my opinion. Read a book.

I would appreciate if you respected my person a little more than you respect my opinion. I don't speak badly to you.

I have to question if inflationary economy is any good really. An economy where I have to change my tv, car, stereo, house etc every few years and fill earth with garbage because it's the only way to keep the current governments and banks afloat. I don't care.

Mosper

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A) that has never, ever, been the outcome of a situation where an economy ran on a deflationary currency
B) that outcome is bad because lots of things that are necessary and benefit mankind/civilization would not ever provide those returns
C) you are stupid

bb113

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Quote from: Mosper on April 02, 2013, 03:15:12 PM

: deflationary currency is bad because the economy will stagnate due to storing wealth being more beneficial than using it
Tongue

: NO ITS BETTER BECAUSE IT ALLOWS YOU TO STORE YOUR WEALTH BETTER

: but that is the point encouraging hoarding of currency is a bad thing
Tongue

:BUT IT LETS YOUR HOARD BETTER
Huh

^^ It is not at all "because I say so". One assumes if you're entering a discussion about currencies, their traits, and how those traits affect economies that you would already know the widely known facts about what those traits cause. Your lack of knowledge does not make it just my opinion. Read a book.

No people will only invest in good ideas with returns greater than hoarding, and be driven to seek them out in order to attain even more of this appreciating currency because that means even more reward later.

Mosper

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: deflationary currency is bad because the economy will stagnate due to storing wealth being more beneficial than using it
Tongue

: NO ITS BETTER BECAUSE IT ALLOWS YOU TO STORE YOUR WEALTH BETTER

: but that is the point encouraging hoarding of currency is a bad thing
Tongue

:BUT IT LETS YOUR HOARD BETTER
Huh

^^ It is not at all "because I say so". One assumes if you're entering a discussion about currencies, their traits, and how those traits affect economies that you would already know the widely known facts about what those traits cause. Your lack of knowledge does not make it just my opinion. Read a book.

Mosper

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You do realize that kind of thinking and behavior is exactly what makes delfationary currency a bad thing yea? It's cute that you clearly think this dumb one-liner is so clever when it is massively stupid and actually makes my point for me.

alexeft

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Quote from: Mosper on April 02, 2013, 03:11:00 PM

It is no a hypothesis stated as fact. It is the observation anyone with a sense of economic history makes and it is EXTREMELY obvious why it is true. It is axiomatic.

Quote

Are you trying to convince me that it is better to store water in a container full of holes?

This is a retarded analogy and has no relevance in a discussion about currency and economies.

Axiomatic or not, I still like my containers sealed, not full of holes. Grin

Mosper

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It is no a hypothesis stated as fact. It is the observation anyone with a sense of economic history makes and it is EXTREMELY obvious why it is true. It is axiomatic.

Quote

Are you trying to convince me that it is better to store water in a container full of holes?

This is a retarded analogy and has no relevance in a discussion about currency and economies.

alexeft

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So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Inflation exists to insure an active economy and is not only a good thing but is entirely necessary for a functioning currency/economy based off of that currency. Out of control inflation can be bad but if your currency gets to pick one nature and your choices are inflation or deflation then the choice is obvious to anyone who doesn't have more conspiracy theories and paranoia than sense. Have you ever taken an economics class or read a paper or book in your entire life?

Quote

Bitcoin is not a currency, it's a commodity..

This is exactly right.

Are you trying to convince me that it is better to store water in a container full of holes?

bb113

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Quote from: the founder on April 02, 2013, 03:04:40 PM

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Inflation exists to insure an active economy and is not only a good thing but is entirely necessary for a functioning currency/economy based off of that currency. Out of control inflation can be bad but if your currency gets to pick one nature and your choices are inflation or deflation then the choice is obvious to anyone who doesn't have more conspiracy theories and paranoia than sense. Have you ever taken an economics class or read a paper or book in your entire life?

That's nothing more than a hypothesis phrased as if it were fact. We will see, unless something ruins the project, bitcoin will show us what happens.

alexeft

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So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Bitcoin is not a currency, it's a storage of wealth, a commodity like Gold with currency like attributes (easy to transfer, etc) but it's not a currency.

You know how I know it's not a currency? Because it's hard to sell anything in bitcoins now... because everyone believes they can buy 2 of that same item your selling in a week.

We don't really disagree. I tend to think that bitcoin is a medium that people can use as they see fit, others to store wealth and others to conduct business.
If one uses it to store wealth, it can be imagined as a barrel where drinking water is stored. It head better be sealed and closed and not full of holes, as in inflationary, thank you.

Mosper

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So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Inflation exists to insure an active economy and is not only a good thing but is entirely necessary for a functioning currency/economy based off of that currency. Out of control inflation can be bad but if your currency gets to pick one nature and your choices are inflation or deflation then the choice is obvious to anyone who doesn't have more conspiracy theories and paranoia than sense. Have you ever taken an economics class or read a paper or book in your entire life?

Quote

Bitcoin is not a currency, it's a commodity..

This is exactly right.

the founder

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Bitcoin

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Bitcoin is not a currency, it's a storage of wealth, a commodity like Gold with currency like attributes (easy to transfer, etc) but it's not a currency.

You know how I know it's not a currency? Because it's hard to sell anything in bitcoins now... because everyone believes they can buy 2 of that same item your selling in a week.

alexeft

legendary

Activity: 854

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So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Mosper

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Quote from: yvv on April 02, 2013, 02:23:35 PM

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! Roll Eyes

The gold standard was abandoned for a reason? Also gold is a commodity not a currency. You can't have your commodity that backs your currency ALSO be the currency. Do you actually have any understanding of the things you're saying?

the founder

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Bitcoin

> Pays interest on Bitcoin savings

Are you kidding me?? Shocked

I used to own Flexcoin. sold it about 1 1/2 years ago... it pays by collecting fees on outgoing transfers.. then passes some of those fees back to the individual accounts.

You make bitcoins by parking it there... but it's an online wallet... use them at your own risk.. I really don't know the new owners .. and the last time I had any contact with them was a year and half ago when I sold it. From what I heard it's still running... good for them.

I sold it because I had nightmares at night of someone hacking it and me owning hundreds of thousands of dollars to everyone plus a super tarnished name... the responsibility was too great for me to handle... so I had to sell it.

Honestly I have zero idea what's going on there... they were in Canada last I heard.

alexeft

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