Is there any interest in a BTC bank?
BTC would be donated to a central account, this would then be loaned out in large amounts for interest.
The interest would be split, 50/50 or close to it.
I understand a lot of trust is involved, so what sort of things should i do to increase trust for me?
Hi buddy,
I actually work in a bank (Hedge Funds these days) and I have often thought the same thing, however I think there are several moral and practical issues you'd have to overcome.
Bitcoin is designed to be decentralised and unregulated - so I think your first issue would be to set up a virtual bank where you could move funds between accounts easily and identify each user.
Also the lack of regulation begs the question what you would do when someone failed to repay their loans. I don't know how it works in normal life but on Silk Road a user usually posts a thread in the forums asking for a loan, stating how much they need and when they need it paid back - usually it's for a small amount as they need to round up an order to X number of Bitcoins.
Obviously it helps if you have been on there a while and are more trustworthy - we had a "Hero Member" asking for 0.5 BTC the other day for instance and he quickly received the funds he needed.
Why not build trust by starting up a bank in your own right? Perhaps you could start with "micro credit" loaning out small sums to people and then gradually increase the sums as they proved themselves to you?
All the best,
V.
