give a guy your bitcoins for months on end in a promise for interest in return. hmmm trendon shavers comes to mind.
the only reason i use banks are for my wages to be paid. if i was to be paid cash in hand or in bitcoins i would have no need for a bank,
This idea is flawed on the principles of standard banking, but more likely work if advertised as a investment opportunity. unless i can put my real world wages into the account to bypass standard banking. i do not consider this idea to be a 'bank' at all.. just an investment account.
I know in many countries a business needs to meet strict criteria to be classed as a 'bank' even the great richard branson of the 'virgin media' corporation has had issues with the legality of becoming a bank. and he is a billionaire.
i advice people remain cautious
the only reason i use banks are for my wages to be paid. if i was to be paid cash in hand or in bitcoins i would have no need for a bank,
This idea is flawed on the principles of standard banking, but more likely work if advertised as a investment opportunity. unless i can put my real world wages into the account to bypass standard banking. i do not consider this idea to be a 'bank' at all.. just an investment account.
I know in many countries a business needs to meet strict criteria to be classed as a 'bank' even the great richard branson of the 'virgin media' corporation has had issues with the legality of becoming a bank. and he is a billionaire.
i advice people remain cautious
This is not a scam or Ponzi scheme. As far as I know the proposal isn't even talking about paying out interest. Rather, it's talking about charging users fees to offer them secure Bitcoin banking services. Fred Wilson is a highly respected and well known VC. His firm probably often invests five times the amount of money stolen by the "Bitcoin Savings and Trust" scam (what was that around $5 million?).
