Would you trust your Bitcoins to a Bitcoin Bank with annual 10% interest rate? - page 6.

Mickeyb

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Move On !!!!!!

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!

jonald_fyookball

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Core dev leaves me neg feedback #abuse #political

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.

Yakamoto

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Quote from: ?? on ??

Bter bitcoin exchange do offer 10-12 % yearly interest rate, paid on daily basis. Free withdrawals at any point. We have used it since Sept 2015.
-cryptocoinzone

Really? They offer that kind of interest rate on accounts within their website?

In one way that would make more sense because it is an exchange and thus they can take some of their fees and convert them to interest as a means of generating interest in their site, but that still seems like an exceptionally high number.

Supercrypt

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Quote from: azeminjo09 on December 08, 2015, 06:18:44 AM

risky investment, no

Yes my decision also would be No.
I'm not greedy to 10% interest because bitcoin value appreciations itself will fetch me more than that for sure. This may be the extra one. But I'm not ready to take risk with my bitcoins.

goinmerry

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There shouldve been an IF with that question.

That is a big percentage for a bank though. 10 percent is huge. Hmmm I would say no for now.
The price is not stable. You can profit that 10 percent through exchange. Maybe a littlr risky but still a profit. Plus you dont know what could happen. What if it falls and you want your bitcoin where the price that you started putting it in the bank.

USB-S

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In XEM we trust

By now banks are bound to fail sooner than bitcoin. Trusting coins to a central party involves a great risk and given the current financial situation that we have, the risk of holding your money at a bank gets bigger and bigger. The latter is of course when your countries financial situation ins't that good. But the whole world cannot escape this inevitable trap.

~Bitcoin~

legendary

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The main reason for me to say no is bitcoin is anonymous and decentralized an its bank will be same. Without any physical And central part bank can't work as there should be someone responsible for the security of our bit coin.

CoinsRoyal

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Well I am not sure, but if no one of here trust it.
Then I wouldn't trust it too, I don't want to lose my coins.

kyrios_

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Quote from: ?? on ??

profit has to come from somewhere, so nop dont trust it

If it's a legit source then why not? Like lending for margin trading such as magnr or haobtc with mining service

Amph

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Quote from: kyrios_ on December 08, 2015, 07:50:56 AM

Quote from: Brad Pitt on December 08, 2015, 06:52:46 AM

I'm sure it's already been stated but isn't the whole point of bitcoin that we can be our own bank? Besides, if bitcoin is adopted worldwide and it continues to grow bitcoin will naturally gain interest and much more than 10% a year. Haven't we already grown ny much more than this this year alone and we didn't need to let filthy banks hold our coins.

The 10% a year is in bitcoin terms not usd terms. If you hold it by itself your btc will not grow, it may grow in usd terms but number of bitcoins held is the same!! I would like to have such a service given that its trustworthy, at least some proof of how they get their money.

basically like having a sidechain that turn bitcoin in a pos coin, i can see this happening in the future, and why not, it is certainly welcome to have one

BitUsher

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Quote from: kyrios_ on December 08, 2015, 07:50:56 AM

The 10% a year is in bitcoin terms not usd terms. If you hold it by itself your btc will not grow, it may grow in usd terms but number of bitcoins held is the same!! I would like to have such a service given that its trustworthy, at least some proof of how they get their money.

Even if one to assume bitcoin overcomes volatility it is economically less suitable to be an instrument of debt due to its disinflationary nature. Banks would need to charge interest rates above appreciation from disinflation. This would indicate that only high interest loan shark "banks" would have a business model where they could share in profits due to bank overhead, volatility, and the extra infrastructure. I would not want to invest in any of these businesses even if they provided a service gouging the poor and uneducated needing payday loans.

There really isn't any viable ways for banks to securely promise those returns with bitcoin.

kyrios_

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Quote from: Brad Pitt on December 08, 2015, 06:52:46 AM

I'm sure it's already been stated but isn't the whole point of bitcoin that we can be our own bank? Besides, if bitcoin is adopted worldwide and it continues to grow bitcoin will naturally gain interest and much more than 10% a year. Haven't we already grown ny much more than this this year alone and we didn't need to let filthy banks hold our coins.

The 10% a year is in bitcoin terms not usd terms. If you hold it by itself your btc will not grow, it may grow in usd terms but number of bitcoins held is the same!! I would like to have such a service given that its trustworthy, at least some proof of how they get their money.

Brad Pitt

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I'm sure it's already been stated but isn't the whole point of bitcoin that we can be our own bank? Besides, if bitcoin is adopted worldwide and it continues to grow bitcoin will naturally gain interest and much more than 10% a year. Haven't we already grown ny much more than this this year alone and we didn't need to let filthy banks hold our coins.

Erzatium

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I would not I only trust if other people have some experience about it and what the rate of the bitcoin bank is.
Bitcoin is a baby for bitcoiners so always be safe what you choose.

gkv9

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!!! RiSe aBovE ThE StoRm !!!

Why would you give your coins to a Bank when you can just have them with yourself all the time???
And about interest rates, Bitcoins themselves give much better interest than mentioned in the title, so obviously a no from me too...

MaritiJames3

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I would have to say no to this. You can make way more money by just holding bitcoin for a year rather than investing it into a bank. Even when it is a bitcoin bank. There's a possibility you could make at least 50% profits on this. Just look at how much bitcoin has grown this year. If you were to buy bitcoin a couple of months ago, it was worth around $200 in October, if you were to hold on and sell right now that would've been 100% profits for you, and that's just something you would've made in a handfull of months.

1Referee

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Nope. I will never give a third party control over my Bitcoins. It doesn't matter how much interest they are promising me annually. My coins will always stay offline in MY control

azeminjo09

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risky investment, no

Soros Shorts

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I would consider it if at MINIMUM the following are in place:
- Some kind of insurance similar to the FDIC insurance that protect depositors at US banks,
- A guarantee that the CEO goes to prison if depositors' coins are lost, regardless of whether the loss was due to bad business decisions, unintentional negligence or criminal intent.

ThunderThomas

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fastdice.com The Worlds Fastest Bitcoin Dice

If it works like a regular bank, I would have to decline. It's one of the reasons I went into bed with bitcoin. I don't have to pay any fees to even have a wallet. Transaction fees are also cheaper with bitcoin. With that 10% rate I could just hold my bitcoins for a couple of months and dump when a pump happens, it's possible to have made a 100% profit from that already.

Topic: Would you trust your Bitcoins to a Bitcoin Bank with annual 10% interest rate? - page 6. (Read 10769 times)