We, bitcoiners, should buy a bank - page 4.

Pamadar

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Quote from: zanezane on December 30, 2020, 10:14:35 PM

Quote from: jackg on December 28, 2020, 07:08:48 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)...

There is more to that than loans in larger banks. Most countries do not want a bank that takes care of the people first then the state, there is a reason why banks are protected by laws, they are a good money machine for the state. I do not think a bank will work because it will defeat the purpose of bitcoin in the first place, a freedom from archaic institutions. What we should strive to create is a physical market that only accepts cryptocurrencies.

I can agree to that, if a physical world where bitcoin / crypto are being use as main payment process.

Let alone the bank to work with institutional financial system and let crypto to work in the otherside, they can co-exist just allow the functions to work without any problem, bitcoin survives and keeps on moving forward no need to have a centralized institutions like banking system.

zanezane

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Quote from: jackg on December 28, 2020, 07:08:48 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)...

There is more to that than loans in larger banks. Most countries do not want a bank that takes care of the people first then the state, there is a reason why banks are protected by laws, they are a good money machine for the state. I do not think a bank will work because it will defeat the purpose of bitcoin in the first place, a freedom from archaic institutions. What we should strive to create is a physical market that only accepts cryptocurrencies.

maxreish

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Private small banks that will probably be a crypto exchange is a good idea. If bitcoin investors will gonna know that a particular bank is a pro bitcoiner and the owner itself is open for a bitcoin exchange then it will become a trend and many will turn their investments to that bank.

However, there are still so many issues that will gonna face in the future. Like the location or government's regulations about cryptocurrency. And how do you take interests for both fiat and crypto coins, etc.

Darker45

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And what does that prove? I mean if Bitcoiners would buy an existing bank, what does that say of Bitcoin? Is this something significant in Bitcoin's development and path toward mass adoption?

Whether this bank is turning into a sort of an exchange which is "owned by bitcoiners, for bitcoiners," it is still a third party. And also, don't we have a number of crypto banks already?

countryfree

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My idea is to show off how successful BTC is. The crypto world can afford a bank. Ideal would be an old Swiss bank.

It would be useful to us as we still need banks. I'm still making several bank transfers every month, as there are still plenty of things we can't pay with BTC. So we all have several bank accounts, and wouldn't you prefer to use the services of a bank owned by BTC holders?

bits4books

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"We" - please specify who we are? You're the only one with that idea.
Well, you buy a bank and what will you do with it? Cryptocurrency does not have normal bank regulation, and if you start doing such things without approval, you will be closed in half a year and put in jail for financial fraud.
And if you start trying to legalize the whole story, then everything will come to the fact that you will be sent to hell with your "crypto-bank" and will say that you did the stupidest thing in your life

Wind_FURY

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Quote from: Lanatsa on December 29, 2020, 02:52:01 PM

Quote from: Wind_FURY on December 29, 2020, 06:26:58 AM

New Bitcoin slogan, "Bitcoin, be your own bank, literally". Hahaha.

OP, or instead, invest all that money in decentralized exchange research and development, then build it. Plus why use SWIFT/SEPA? We already have Bitcoin. Cool

Was suppose to say the same thing on why would consider on engaging or making a specific bank if we can be our own bank as it should be the main purpose of Bitcoin existence in the first place.

There are already some various platforms or services that do offer on things that we do really need for.There's no need on buying small banks just for having this kind of preference.

Majority wont be still using up this bank in the end of the day.When we do talk about bank then its totally goes opposite into decentralization.

It's very ironic. OP wants to become/own the entity that Bitcoin was designed/developed/built to outmode. Plus, wasn't Brian Armstrong one of the early Bitcoiners before founding Coinbase? Who wants to be the next Brian Armstrong?

el kaka22

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Kraken is basically a bank of its own right now, which is sort of what you are asking for however I am not sure if it will work. Like how davis said and like how perfectcircle questioned, there are too many things that could go wrong and there are too many methods how to run it, while also not fixing all the problems. You want to make sure bitcoin is perfected and make sure everyone understands the power of it right?

Well, what about which type of bank will it be? Plus even with all of that, people who made the most money made maaaaybe a billion dollars, what type of bank do you think you can get for that little amount of money? So all in all I agree with davis, this doesn't fix any issues because it would be too small a scale, bitcoin world is nothing compared to banking world and we are not there yet, when we are I am sure exchanges will turn to banks.

dondonk

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An odd idea, creating a real bank for bitcoin is tantamount to centralizing bitcoin. Then what about the decentralization that we have been proud of, being bannk will eliminate the decentralization, transparency, and anonymous side of bitcoin's character, so that the government is free to monitor every transaction and regulate bitcoin. and when that happens there is no difference between bitcoin and ordinary currency.

hatshepsut93

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Any idea that starts with "let's ask early Bitcoin adopters to..." can be thrown out of the window immediately - time has proven that early Bitcoin adopters are not interested in that stuff. They want to keep low profile and not be bothered with anything. Or they want to keep hodling and continue setting higher and higher goals for themselves - 100k, 300k, 1 million...

Also, owning a bank is a huge burden, even if there are a lot of Bitcoin billionaires, who of them would want to spend their time managing a bank?

jaysabi

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Quote from: countryfree on December 28, 2020, 06:56:09 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.

Leaving aside the fact that no amount of bitcoiners could afford to buy Barclays or JP Morgan, as if that was even an option, you can't just buy a bank. Banking is one of the most highly regulated industries in the country, and for good reason. The concept that a bunch of neophytes can just "buy a bank" or would even be allowed to is crazy. Besides, wasn't the whole point of bitcoin supposed to be that you don't need a bank because of it?

Mauser

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This is a great idea and I think there would be a lot of demand for such a bank. If we could get every forum user as a customer we would already cover a huge part of the bitcoin customer base. This forum is already engaged in borrowing and lending of crypto currencies, so moving this into a bank would be very cool. The only problem would be in which country to open the bank and who should be the CEO.

Lanatsa

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Quote from: Wind_FURY on December 29, 2020, 06:26:58 AM

New Bitcoin slogan, "Bitcoin, be your own bank, literally". Hahaha.

OP, or instead, invest all that money in decentralized exchange research and development, then build it. Plus why use SWIFT/SEPA? We already have Bitcoin. Cool

Was suppose to say the same thing on why would consider on engaging or making a specific bank if we can be our own bank as it should be the main purpose of Bitcoin existence in the first place.

There are already some various platforms or services that do offer on things that we do really need for.There's no need on buying small banks just for having this kind of preference.

Majority wont be still using up this bank in the end of the day.When we do talk about bank then its totally goes opposite into decentralization.

Noctis Connor

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It is a good idea to have a bank that are pure bitcoin but incase of bubble break i don't think that bank can handle it once it broke let say some investors invest 500 bitcoin , of course bank will move that into another investment so can earn more and but if bitcoin price decreases it will really awful and if your thinking about bank there will be a automated teller machine that can convert bitcoin into cash everytime you want to withdraw , there are too many process to buy a bank and other things so people will always choose exchange site over bank of bitcoin.

Silberman

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Quote from: countryfree on December 28, 2020, 06:56:09 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.

It goes against the principles and the ideology behind bitcoin, also it is not like banks are unregulated entities, the moment that was done you can be sure that all the security agencies of the world will put their full attention to that little bank and most likely the bank will lose its banking license, it is better to concentrate on what allows bitcoin to survive, and that is decentralization, it is way better to keep promoting the use of decentralized exchanges so they keep getting more volume than it is this idea of buying a bank.

sarmrakib

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Quote from: countryfree on December 28, 2020, 06:56:09 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.

It is really possible to happen in near future .We have seen lots millionaire are starting to invest on bitcoin .There are lots of such a news around us .So that if a bitcoiners own a bank we got the best opportunity from it taking loan ,invest ,exchange and a lot more .You said perfectly that it will be the best bank in the world.

Shasha80

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I really support the idea of opening post sayings, but the problem is we can't buy a bank carelessly and change its function. Because opening
a bank requires regulation from the government, and the government does not necessarily agree with this idea. Especially in countries that
prohibit the use of crypto, it is certain that the banks owned by bitcoiners will be closed. Because some countries are very sensitive to
the existence of cryptocurrency. I am satisfied with crypto transactions using exchanges, and for now there is no need for a bank to be present.

slapper

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The idea is kinda tempting. But laws are quite strict when you work with bitcoin or any kind of cryptocurrency. Moreover, the cryptocurrency is created so as to make a person become his own bank. No matter how much effort you try, a bank is an actual centralized system and it is never created for even a part of the decentralization. I think that bitcoin is invented so that we can aim to the place where there is no need for any third party to involve in our daily life

My opinion: we don't need to have our own bank to convince other people that bitcoin is not a scam. We just need to trust bitcoin and other digital assets which have bright futures. Since the world keeps expanding in technology, sooner or later, not just bitcoin but also many types of cryptocurrencies will be recognized and use for different purposes. Right now, holding bitcoin is my number one target. Also, if I have some idle cash, it will be put in promising projects related to cryptocurrencies.

nemey

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Everything in crypto is self-contained. All matters relating to the assets that we have, we will be able to manage them. even transfer fees or other administrative costs, we also determine whether to choose or use or not. Everything is carried out independently via mobile so that it is easier to make transactions anywhere at any time. This is the unique thing about playing and investing in crypto, we are like a running bank.

StyleForceOne

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Quote from: countryfree on December 28, 2020, 06:56:09 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.

You live in the dreamers world.
Not implying that your idea is impracticable, but rather pointless.
By that I mean it won't change much, but will allegedly change someone's view on bitcoin and its community.
Thats not what we should aim for, but for practical economical change with new functional technologies.

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