Would you trust your Bitcoins to a Bitcoin Bank with annual 10% interest rate?

goinmerry

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Quote from: daddybios on January 05, 2016, 04:13:57 PM

But where to find such a bank. Do they exist?
Banks are very risky to take Bitcoin at interest. Constantly changing course, and after a year can happen trouble.

Quote

10%, sounds far too sketchy to believe it would have to be by some super legit company that hasn't only been around for a couple of years.

In fact, 10% are not so much.

10 percent for how many months right? Or maybe a year. While just watching how bitcoin rise or fall you can earn some in a week or sometimes just days. Including trading those other currencies.

daddybios

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But where to find such a bank. Do they exist?
Banks are very risky to take Bitcoin at interest. Constantly changing course, and after a year can happen trouble.

Quote

10%, sounds far too sketchy to believe it would have to be by some super legit company that hasn't only been around for a couple of years.

In fact, 10% are not so much.

damiano

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103 days, 21 hours and 10 minutes.

Hell know I wouldn't trust any bank with the one currency they don't have control over. Start letting them loan out your Bitcoin and extort interest rates from the victims/customers then in a very short amount of time they would corner the market as usual.

The above is a disaster for Bitcoin but you would clearly get many people fall straight into their game and hand over their Bitcoin. Tut tut.

Quote from: ?? on ??

It is against the Idea of Bitcoin, but if the bank can give good reasons to trust them, why not give it a try?

You answered your own question lol

btcprospecter

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Yes but it would be a risk. Probably wouldn't put all in at first but as it develops more of a positive reputation I would put more in

knowhow

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If a big bank opens this feature related only to bitcoin i doubt they wouldnt get any deposit,to earn 10% over a year doing nothing its a dream that fiat wont give to anyone,even knowing that bitcoin bank would act against bitcoin concept.

GetClams.com

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It goes completely against the concept of decentralization. Especially if its fractional reserve banking.

Denker

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Quote from: BellaBitBit on December 28, 2015, 08:51:52 PM

The intention of Bitcoin = no banks. so no.

Absolutely right!
But some people would go for this I believe.
Imo this would be dumb!If you wanna have control over your money go with Bitcoin.
If you wanna go with banks, stay with fiat.
And 10% sounds scammy!I wouldn't trust this so called "bank".

knowhow

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Quote from: aso118 on December 28, 2015, 08:53:32 PM

10% on a deflationary currency (at least in the long term) is way too much to expect.
I will be happy with a much lower rate (assuming that the bank is well rated).

Im sure the most members here would deposit their bitcoins dreaming the 10% year since the most arent able to make extra bitcoin,and the most are loosing instead growing their portfolio and just a great and big bank could do this but i doubt this will happen.Maybe some scammer will use a bank name to try to fund his or her project and steal a lot of bitcoins.

aso118

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10% on a deflationary currency (at least in the long term) is way too much to expect.
I will be happy with a much lower rate (assuming that the bank is well rated).

BellaBitBit

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The intention of Bitcoin = no banks. so no.

knowhow

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Quote from: Jet Cash on December 28, 2015, 03:10:22 PM

I'm surprised that so many of you say that you trust current banks. One of the reasons for the creation of Bitcoin was that banks can't be trusted. You think that deposits are insured - look at Cyprus and think again. The EU has just passed a law to allow bail-ins.

The thing is we cant trust but we have no choice besides bank were would we use our money or let it?We need to have money to spend later if and when we need and only banks are a safe place to store.

Jet Cash

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I'm surprised that so many of you say that you trust current banks. One of the reasons for the creation of Bitcoin was that banks can't be trusted. You think that deposits are insured - look at Cyprus and think again. The EU has just passed a law to allow bail-ins.

Altynbekova

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No way. The reason i came into bitcoin was because of the control banks have on you and your money.
Sure i like interest, but i like my money more. More then interest...

knowhow

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Security is what bitcoin can offer better then any other.Banks hackers can easy steal any money from us,they havent a good service to control our money,they have securitie issues a nerd person can easy hack banks accounts,bitcoin need to get the key the identifier and now the 2fa key,soo as i know its almost impossible to break all these walls.

kyrios_

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Quote from: Ceizer54 on December 25, 2015, 11:15:00 AM

Absolutely NOT..because if somehow that so called bank scammed me,i can go no where as bitcoin is anonymous and can not be governed by anyone..if i still have to invest for 10% annual interest then instead i will first sell my btcs and then invest it in local bank which will be safe too.

that is actually quite true. anonymous nature of Bitcoin makes it hard to govern and hence the higher risks of scam. but usually with bonds, higher risk equals higher payouts. that would warrant higher interest rates

twister

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I wouldn't trust a bank unless there is some kind of assurance that they wouldn't just run away with the money, like the fiat ones do but I can't say about others, people are too careless with their money, you'll see a lot of them investing in Ponzis, HYIPs and so called "Cloud Mining" companies and they give no collateral loans to anonymous strangers they meet online. And those people will not think twice before investing in such Bitcoins bank and believe it or not we're going to see these sort of banks soon and people are going to invest in them like idiots.

Ceizer54

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Absolutely NOT..because if somehow that so called bank scammed me,i can go no where as bitcoin is anonymous and can not be governed by anyone..if i still have to invest for 10% annual interest then instead i will first sell my btcs and then invest it in local bank which will be safe too.

virtualx

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Quote from: vilain on December 25, 2015, 09:33:09 AM

Talking about banks, I just had my bank account hacked and ~ 400 USD stolen from it.
The bank, which is responsible for the security of my account, has frozen all my acces to my money and is giving me a really hard time getting my money back to me.
So, the answer to the OP is,
NO FUCKING WAY
Ironically, today I got my Ledger Wallet from the mail. So that's where my savings are going from now on.

Which bank are you using?

vilain

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Talking about banks, I just had my bank account hacked and ~ 400 USD stolen from it.

The bank, which is responsible for the security of my account, has frozen all my acces to my money and is giving me a really hard time getting my money back to me.

So, the answer to the OP is,

NO FUCKING WAY

Ironically, today I got my Ledger Wallet from the mail. So that's where my savings are going from now on.

1Referee

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Quote from: fravia on December 23, 2015, 02:34:29 PM

i wouldnt trust my bitcoins to a bank for such interest for sure because in my opinion it should be impossible to make that much money anually just from investments they would do or something like that i would better keep my bitcoins safe in my cold storage

The interest rate given by a bank shouldn't matter since it's better to not leave your coins anywhere beside in your own control. Even if they offer a fairly low, which might make them seem a bit more legit, then still I wouldn't leave a single Satoshi there. Holding Bitcoin gives you the best interest rates in terms of increasing $$$ value. And the best thing of that is, that you have 100% control over your holdings.

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