We, bitcoiners, should buy a bank | Bitcointalksearch.org

Coinsfera

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Quote from: countryfree on December 28, 2020, 07:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

"Not your bank, Not your funds" we should consider this as new "not your keys, not your bitcoin."

adzino

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Quote from: ChiBitCTy on February 17, 2021, 03:47:19 PM

It is a nice idea and it sure would be nice going to a bank to take money out from people who aren't already established crooks but there is a lot of red tape around all that, and the SEC/FINRA etc would not likely be yet to approve of something like this.

It is important to remember that not all banks are utter scum ( like jp morgan/ bank of america ), small "mom and pop" banks, and credit unions are a big improvement over the afore mentioned.

Not a good idea. Bitcoiners don't need a bank. They are their own bank! Setting up a bank for bitcoiners means that we are centralizing everything which is totally against the "decentralized" basic principle of bitcoin. Bitcoins and banks were never meant to be working together. But unfortunately this seems quite inevitable. We might even see banks getting involved with bitcoin or other crypto currencies when the government starts to heavily regulate the usage and imposes policies that will "only" benefit the banks! The more we think/discuss about a "banking" system, the faster this misfortune is going to happen.

SmokerFace

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It's absolutely useless to purchase an existing bank and begin exchanging with digital forms of money. Did you realize each business required government approval and since the public authority as of now against the cryptographic forms of money how they permit us to make an exchange with crypto and on the top all the banks are now possessed by government and banks can not accomplish something since they depend upon the public authority? Small banks can not help to pump the bitcoins

Kong Hey Pakboy

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Quote from: jackg on December 28, 2020, 08:08:48 PM

The idea is good if small banks exist fully independent... But they take loans from the larger banks which I feel might be problematic.

I don't know what thisd solve. If I did, I'd help to create one but I imagine the fees for such thing would be really high too and we already have binance and a few other sites who seem to be trying to do this (6% on eur and usd, 1% on btc etc)...

That's true. If only those small banks are really independent which I doubt since how would they establish their own and it runs smoothly? Everything that starts small for sure encounter struggles.

Also, what is the assurance if ever Bitcoin's gonna have a physical bank? I think without physical banks bitcoin will still function well and its unstable price will not be changed (which may be good or bad, it depends on perspective). We can still have smooth transactions without a bank.

CarnagexD

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Bitcoin is decentralized and is anonymous, setting up a bank just for the sake of setting a bank isn't going to pan out great and may actually just flop with the common bitcoin investor. So might as well invest the money that we will pool to something else, like a feature that will allow faster transactions and cheaper fees, because honestly speaking the Lightning Network sounds more like a pipe dream at this point.

BuNga_cute

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Actually the main purpose of Bitcoin is to give freedom to manage our own finances, thus eliminating the role of third parties such as banks. So there is
no need for us to buy a bank, besides requiring a relatively large fee, the legality problem may also be a little difficult to find. It's enough like now to
make crypto transactions, because even now without buying a bank, we can run very well.

Fatunad

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Quote from: Jating on February 17, 2021, 06:10:05 AM

Quote from: Snappycoco on February 17, 2021, 06:06:27 AM

Unless someone who's worth billions of dollars do this, I think this kind of idea is quite hard to achieve. I know some whose accepting crypto through machines but still fail to do succeed. Exchanges are now just enough.

I don't like the idea as well, exchanges are good enough and they are now asking like a centralised banks if we have to take a closer look, KYC, with some restrictions when we want to withdraw etc.

So we don't need to have a bank, everyone should learn how to take care of our accounts and protect our assets, those banks are just going to take a cut from our profits.

Bitcoin main purposes of its existence for us to be our own banks into our own hands and theres no point on creating one just because of some ideas that we do really need it.
Thing here is that we do need more adoption where anonymity wont really be compromise off and this is where bitcoin did really become famous.
There are platforms though that do need to follow regulation which we dont have any choice but there are other places to be good alternatives as well.

ChiBitCTy

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It is a nice idea and it sure would be nice going to a bank to take money out from people who aren't already established crooks but there is a lot of red tape around all that, and the SEC/FINRA etc would not likely be yet to approve of something like this.

It is important to remember that not all banks are utter scum ( like jp morgan/ bank of america ), small "mom and pop" banks, and credit unions are a big improvement over the afore mentioned.

darewaller

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Quote from: nicecrypto on February 17, 2021, 04:31:30 AM

Even though this sound like a good thing but i believe we are other stretching the importance of Bank over crypto. Even though there is no bank own by Bitcoiner but this has not stopped Bitcoin transaction and Fiat withdrawal except in countries where there has been a total ban, even in a country like Nigeria where the government recently announce that Banks should no longer support Crypto trading. people still find their way around trading and withdrawal via P2P. So putting too much emphases on owning a bank to me wont really mean much and besides if there is a global adoption, i think that would be better than the bank cos i believe we can still do bitcoin trade that is paying directly with bitcoin or any other crypto as accepted by the institution or Business.

I am pretty sure the logic is that if we could have an international bank that could be even a digital one, that gets the right to be in any nation, or at least approved nations, you will not be forced to have a location aside from HQ in that country, (meaning there is no need for bank stores physically) and if you could work with other banks for ATM or put in your own BTM type of deals around the nation, you could literally have a global crypto community tied together without ever needing another bank.

This would be sort of like an exchange, which also will include fiat as well but would be mainly like an exchange, think of it like binance that has BTM all over the world, you can withdraw crypto or fiat from their BTM and everything else is literally the same as Binance for you, that would be amazing. So, do not think traditional banks, just think exchanges that got rights to work like a bank.

Jating

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Quote from: Snappycoco on February 17, 2021, 06:06:27 AM

Unless someone who's worth billions of dollars do this, I think this kind of idea is quite hard to achieve. I know some whose accepting crypto through machines but still fail to do succeed. Exchanges are now just enough.

I don't like the idea as well, exchanges are good enough and they are now asking like a centralised banks if we have to take a closer look, KYC, with some restrictions when we want to withdraw etc.

So we don't need to have a bank, everyone should learn how to take care of our accounts and protect our assets, those banks are just going to take a cut from our profits.

Snappycoco

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Unless someone who's worth billions of dollars do this, I think this kind of idea is quite hard to achieve. I know some whose accepting crypto through machines but still fail to do succeed. Exchanges are now just enough.

mezzaluna

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Quote from: countryfree on December 28, 2020, 07:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

That is a great idea but somebody must be willing to pursue this kind of service. Somebody should step up and it must be made by an influential person. Having an influential person creating/buying a bank for Cryptocurrencies or specifically Bitcoin would be a great way to promote its credibility. It can also boost the values of different Cryptocurrencies because it is now being presented physically in the real world.

oHnK

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Quote from: Karartma1 on February 17, 2021, 04:13:33 AM

If we keep going in this direction, where we're heading there's no need for banks

I don't think banks should be owned by Bitcoiners, but banks are inseparable from Bitcoin either. Why? Because Bitcoin will be valuable if converted to fiat while fiat comes from banks. Is it worth it if you have 1 BTC if it can't be converted to dollars? Currently, BTC has not been accepted by many countries as a transaction tool and is still limited. In my country, 1 BTC can't buy a Toyota if it hasn't been converted to Fiat. Thus, providing literacy to the community regarding BTC can be massively accepted.

nicecrypto

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Quote from: countryfree on December 28, 2020, 07:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Even though this sound like a good thing but i believe we are other stretching the importance of Bank over crypto. Even though there is no bank own by Bitcoiner but this has not stopped Bitcoin transaction and Fiat withdrawal except in countries where there has been a total ban, even in a country like Nigeria where the government recently announce that Banks should no longer support Crypto trading. people still find their way around trading and withdrawal via P2P. So putting too much emphases on owning a bank to me wont really mean much and besides if there is a global adoption, i think that would be better than the bank cos i believe we can still do bitcoin trade that is paying directly with bitcoin or any other crypto as accepted by the institution or Business.

Mulann2

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Quote from: countryfree on December 28, 2020, 07:56:09 PM

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

I don't think this will resolve anything because once it is a financial organization like a Bank be it Big or Small, I believe they are all still been regulated by the central Bank of which ever country and these central Banks are own and controlled by the Government. I just believe that at some point, the Governments of all this countries will just have a rethink about crypto acceptance maybe only putting some regulations instead of ban because of Bitcoins adoption by some major Organizations and Institutions.

Karartma1

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Quote from: buwaytress on February 16, 2021, 10:43:57 AM

Quote from: oHnK on February 15, 2021, 01:11:33 PM

I can't even imagine Bitcoin having a bank. As if it was no different from centralized fiat. It's not that Bitcoin is unique without a bank but it has tremendous hype. I'm so comfortable with this. Why are many people so interested in banking even though there are places where dirty money is used and regulated.

But it is that Bitcoin is unique without a bank;) Among many, many other features making it unique among money and as its own asset class. People's interest in the bank is the control. Seek to control, then dominate, then you have a say in the future and direction of the tool. The only caveat is banks and the way they're run in general aren't sustainable -- newer democratic models might emerge and prove to lengthen their numbered days but otherwise, the Bitcoin alternative is shaping up very well because of, not in spite of, not having a bank.

If we keep going in this direction, where we're heading there's no need for banks: now would be the time were merchants start accept en masse bitcoin! That is the only truly revolutionary act that can start smashing the old financial world to the ground.
That's what we need! More users in the real world, we need to avoid counterparties and start promoting and use bitcoin AS IS.

Nunoluck

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Although that is a good idea but it seems that there will be some problems that gonna be happen such regulations, operating fee, company secret ( strategy, capital, profit and etc ) is hard to keep in secret as all company's activities must be reported to all shareholders. Which can make the bank will find difficulties to grow. But that still good idea, what we need is experienced and reliable people to manage that bank for us.

Dragonfund

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Quote from: bosede1 on February 16, 2021, 11:43:01 AM

This will really be a good option especially to some of the countries that have banne the trading of bitcoin in their countries and they are going as far as closure any bank related to the trading of cryptocurrency. Personally, I will not mind it if one would be created.

If a bank s purposely created, then the aim of bitcoin will not be achieve again. Why even buy a bank when Centralise exchanges can do everything for us. What are the features in of banks that centralized exchanges doesn't offer? Of course they do almost everything just to balance everything.
We all see what regulation bodies are doing in some countries, they will obviously ban the use of that bank and it will end up as useless set up.
What happen when the country want you to move your bank out their location, it will become a mess and I must say, there are plenty demerits 9f having a bitcoin bank.

bosede1

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This will really be a good option especially to some of the countries that have banne the trading of bitcoin in their countries and they are going as far as closure any bank related to the trading of cryptocurrency. Personally, I will not mind it if one would be created.

buwaytress

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Quote from: oHnK on February 15, 2021, 01:11:33 PM

I can't even imagine Bitcoin having a bank. As if it was no different from centralized fiat. It's not that Bitcoin is unique without a bank but it has tremendous hype. I'm so comfortable with this. Why are many people so interested in banking even though there are places where dirty money is used and regulated.

But it is that Bitcoin is unique without a bank;) Among many, many other features making it unique among money and as its own asset class. People's interest in the bank is the control. Seek to control, then dominate, then you have a say in the future and direction of the tool. The only caveat is banks and the way they're run in general aren't sustainable -- newer democratic models might emerge and prove to lengthen their numbered days but otherwise, the Bitcoin alternative is shaping up very well because of, not in spite of, not having a bank.

Topic: We, bitcoiners, should buy a bank (Read 773 times)