Would you trust your Bitcoins to a Bitcoin Bank with annual 10% interest rate? - page 5.

Betwrong

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Quote from: Xubu on December 07, 2015, 04:33:32 PM

Would you, or would you not?

I definitely would not trust my Bitcoins to a Bitcoin Bank with annual 10% interest rate.

Firstly because you can easily lose all your money if you put them in a bank.

And secondly I believe that Bitcoin will gain more than 10% in dollar value in a year.

Wait, are you talking about a bank which offers 10% interest rate in Bitcoins? Then it is 100% scam.

rally

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Quote from: maku on December 10, 2015, 12:34:34 PM

Quote from: rally on December 10, 2015, 12:15:04 PM

I the bank seems to have a good reputation and could be trusted, i should be fan of this.
Why not. 10 % should be good i think.

Even Bank with pristine reputation can fall in time of crisis. Have you heard about Cyprus and more recently Greece? Money people kept in banks were grabbed by government to save country's economy.
That of course, without consent of people. In fact that money were simply stolen. Why do you think it will be different with bitcoin bank?

Yes that's correct. If there is only one bank who will store all the BTC, it can go wrong as with some other banks.
Maybe it should be better that a lot of banks all around the world with good reputation should accept BTC and you can deposit your BTC there.

maku

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Quote from: rally on December 10, 2015, 12:15:04 PM

I the bank seems to have a good reputation and could be trusted, i should be fan of this.
Why not. 10 % should be good i think.

Even Bank with pristine reputation can fall in time of crisis. Have you heard about Cyprus and more recently Greece? Money people kept in banks were grabbed by government to save country's economy.
That of course, without consent of people. In fact that money were simply stolen. Why do you think it will be different with bitcoin bank?

rally

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I the bank seems to have a good reputation and could be trusted, i should be fan of this.
Why not. 10 % should be good i think.

tiggytomb

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It would all depend on who is running the bank, how they make their profit to give you interest and what the thoughts are of the community as to its trust factor after it has been in business for at least a year.

fantoos

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I would not trust anyone to keep my bitcoins for any interest as I am in Bitcoin because of decentralization and freedom of usage and being my own bank.I will keep in my possession all my funds.

kyrios_

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Quote from: midmir on December 09, 2015, 06:47:30 AM

Whaat?
Of course not. The word Bank sounds like heresy to me. It is way dirtier than whore.

Bankers need to go to work on the field to reevaluate the cost of life.

I am my own bank and do not need interest rate on deflationary in nature currency which is decreasingly inflating at the moment.

The deflationary nature doest grow your bitcoins. A trusted company who can use your dormant bitcoins and pay you back more, I would put it there. 10% seems pretty reasonable considering the risk associated with bitcoins

midmir

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Whaat?
Of course not. The word Bank sounds like heresy to me. It is way dirtier than whore.

Bankers need to go to work on the field to reevaluate the cost of life.

I am my own bank and do not need interest rate on deflationary in nature currency which is decreasingly inflating at the moment.

erikalui

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I would wait for atleast a year to check if the bank is genuine and trustworthy. It would be then I would invest bitcoins in parts (max 0.2 BTC).

Quote from: countryfree on December 07, 2015, 05:49:57 PM

Yes, I'd like to get on my BTC, but I wouldn't trust a sh*tty start-up though. I would only do it if HSBC, Credit Suisse, or a really old and respected large bank offers this kind of service. Hey, I believe in the blockchain, but I certainly don't believe all BTC entrepreneurs.

Is HSBC or HDFC do start accepting bitcoins, I don't feel they will offer over 3%-5% but still I would store my bitcoins there. Better than keeping it in blockchain that can anytime be closed down.

marvwebster

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And what if bitcoin price drops from 400$ to 100$(or less)?
Will you care about that 10% annual interest rate?

helloeverybody

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Quote from: Amph on December 09, 2015, 03:28:13 AM

Quote from: helloeverybody on December 09, 2015, 03:07:36 AM

Mtgox 2.0 no thanks. Maybe if it was regulated in some way so there's no risk of running with my coins.

no wait we ar enot talking about an exchange here, but about a bank, that give you interest on deposit, did mtgox gave you interest on deposit? no

also they would be covered against any issue, like banks that operate in fiat

If that was the case then yeah I'd probably use one. Especially if I wasnt using flat at all anymore.

justspare

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I'm not aware of any legit "Bitcoin Banks". All of them are scams of some sort(such as HalleyBTC)

Mickeyb

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Move On !!!!!!

Quote from: onemorexmr on December 09, 2015, 03:04:08 AM

Quote from: Mickeyb on December 09, 2015, 02:55:06 AM

If Coinbase would start lending with 10% annual interest, would you lend them?

i dont trust coinbase ;-)

if eg gmaxwell would start a lending-service and would collect funds and says he is insured i would.
a while ago i lend money on bitfinex with success (ok thats somehow a little safer than normal lending because they cant withdraw - so only the usual counterparty risk applies)

OK, fair enough! I pulled Coinbase just like that, it was the first one that came to my mind!

Quote from: ?? on ??

I won't use any bitcoin bank even they say it's centralized, offer high interest rate & zero fees.

Bank is centralized, while bitcoin is decentralized. So, bitcoin bank idea is pretty stupid.
Also, how can they give 10% interest rate to their users? Fractional-system banking Tongue

It is pretty stupid idea, but I bet someone will open one and many people will use it. You'll see!
Also 10% is quite high in my mind as well!

Amph

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Quote from: helloeverybody on December 09, 2015, 03:07:36 AM

Mtgox 2.0 no thanks. Maybe if it was regulated in some way so there's no risk of running with my coins.

no wait we are not talking about an exchange here, but about a bank, that give you interest on deposit, did mtgox gave you interest on deposit? no

also they would be covered against any issue, like banks that operate in fiat

helloeverybody

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Mtgox 2.0 no thanks. Maybe if it was regulated in some way so there's no risk of running with my coins.

onemorexmr

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Quote from: Mickeyb on December 09, 2015, 02:55:06 AM

If Coinbase would start lending with 10% annual interest, would you lend them?

i dont trust coinbase ;-)

if eg gmaxwell would start a lending-service and would collect funds and says he is insured i would.
a while ago i lend money on bitfinex with success (ok thats somehow a little safer than normal lending because they cant withdraw - so only the usual counterparty risk applies)

Mickeyb

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Move On !!!!!!

Quote from: onemorexmr on December 08, 2015, 05:54:00 PM

Quote from: Mickeyb on December 08, 2015, 05:44:29 PM

Quote from: jonald_fyookball on December 08, 2015, 01:57:23 PM

If bitcoin gained widespread adoption and everyone was using it, I think you not would be able to get much of a return on a deposit since its basically a deflationary currency. Most likely you would have to pay the bank for their security and storage services.

Yes, who the heck would give you this much return on your investment? This wouldn't be sustainable at all. Some pyramid scheme that would last limited amount of time maybe, but a legit business to pay you 10%, I don't think so!

IMHO
10%/yr sounds reasonable
dont forget that lending btc will always be way more risky (and thus expensive) than fiat. banks cant rely on freshly printed money if they need some, its irreversible and if someone defaults the money is away - but they still have their obligations...

It mind sound reasonable if you would have a half decent company out there that you could trust but something like this still doesn't exist.

If Coinbase would start lending with 10% annual interest, would you lend them?

gentlemand

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100% no. It's pure and simply not possible without it either being a flat out scam or unacceptable risky. Anyone who did go for it would be just another mindless sap waltzing into oblivion.

lolgato

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No definitely not I will be more willing to trust my wallet than a most probably shady bank

onemorexmr

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Quote from: Mickeyb on December 08, 2015, 05:44:29 PM

Quote from: jonald_fyookball on December 08, 2015, 01:57:23 PM

If bitcoin gained widespread adoption and everyone was using it, I think you not would be able to get much of a return on a deposit since its basically a deflationary currency. Most likely you would have to pay the bank for their security and storage services.

Yes, who the heck would give you this much return on your investment? This wouldn't be sustainable at all. Some pyramid scheme that would last limited amount of time maybe, but a legit business to pay you 10%, I don't think so!

IMHO
10%/yr sounds reasonable
dont forget that lending btc will always be way more risky (and thus expensive) than fiat. banks cant rely on freshly printed money if they need some, its irreversible and if someone defaults the money is away - but they still have their obligations...

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