Conception of a future CryptoCurrency Bank and what its function will be.

[CIYAM]

The problem is *trust*.

Simple as that - any anonymous site that wants me to *trust* them is a *scam* as far as I am concerned.

Maybe I don't *like* my bank (due to fees or other annoyances) but at least I don't worry that they would just *run* with my savings.

Any Bitcoin bank that wants to be anonymous should be trusted about as much as you would trust a complete stranger.

[pliznau]

"ok maybe i`m not understanding your writing(i`m not nativ english) but how do you want to keep them. in wallet.dat with acces to a computer an external drive or? ..."


Device one

The "Vault" is device one , this device is inside the Bank , you have to have verification to Get in there etc.

The happy smiling assistants help you with this process - you bring in your  "On a stick somewhere" and you run it though the basic Mal-ware checks that have to occur - all of which are off line.

you access your  "Vault" with assistance if needed - but this "Vault" a Custom open source OS and very secure with in built protection , and is permanently offline .

you deposit Valuable savings here and know they are safe , whitout the worry of losing or having to back up Hard-drives or encrypt USB disks to lose -



ok



Device Two

While you are there you take the opportunity to recharge your "Wallet" another device essentially running a Custom OS with password encryption etc.  just like your key card. - you have a pin its that simple .

this is the thing you walk around with , and make purchases with - if cryptocurrency is fairly valuable in the future you will not need to keep a lot of currency on this device , enough for you to be comfortable with , but enough say for a 1 month or 2 months of spending etc.


. seeing it yet?   

well that thing with the custom OS and permanently offline seems legit.in this case things start to make a lil bit of sense. but it`s still a maybe-maybe situation.

[digitalindustry]

pliznau         -           made a connection.

CIYAM Open  -           signal offline.




CIYAM Open:

can you please check your connection ?

[anderl]

The problem is *trust*.

Simple as that - any anonymous site that wants me to *trust* them is a *scam* as far as I am concerned.

Maybe I don't *like* my bank (due to fees or other annoyances) but at least I don't worry that they would just *run* with my savings.

Any Bitcoin bank that wants to be anonymous should be trusted about as much as you would trust a complete stranger.

When did anyone say that the bank would be anonymous.  I think a lot of people here have trust issues in general. 

[pliznau]

The problem is *trust*.

Simple as that - any anonymous site that wants me to *trust* them is a *scam* as far as I am concerned.

Maybe I don't *like* my bank (due to fees or other annoyances) but at least I don't worry that they would just *run* with my savings.

Any Bitcoin bank that wants to be anonymous should be trusted about as much as you would trust a complete stranger.

When did anyone say that the bank would be anonymous.  I think a lot of people here have trust issues in general. 

That`s right. many will have trust issues especially at the beggining. think about that if the first bank would open tommorow. how many will actualy deposit and how many will think that this is another trick to steal their stuff?

[CIYAM]

Okay - connection fixed - so it's not anonymous but it's not *actually* a bank.

The first thing you are going to need to do is become a licensed money transmitter everywhere that matters (in the USA that is basically in every state). According to what has been published about this it will cost more than a million dollars to do this (and a lot of time).

You'll also need to employ people for doing all sorts of AML and KYC stuff (as Mt. Gox does) and finally you'll probably need to invest millions in advertising to attract people to your "pseudo bank" when the "real bank" right next door decides to let people have BTC accounts (which will cost them next to nothing to implement).

[philipkdick]

The problem is *trust*.

Simple as that - any anonymous site that wants me to *trust* them is a *scam* as far as I am concerned.

Maybe I don't *like* my bank (due to fees or other annoyances) but at least I don't worry that they would just *run* with my savings.

Any Bitcoin bank that wants to be anonymous should be trusted about as much as you would trust a complete stranger.

When did anyone say that the bank would be anonymous.  I think a lot of people here have trust issues in general. 

+1

With regard the being a "bank" he is talking about what an original bank was , a place to hold gold or other valuable items .

As to the point of having to be registered as a " money transfer agent "    not necessarily true.

If the clients are accessing thier own vault  and recharging thier own wallet .

And the next part becomes political and depends on the authorities of the day as kind of was addressed .

[CIYAM]

As to the point of having to be registered as a " money transfer agent "    not necessarily true.

If the clients are accessing thier own vault  and recharging thier own wallet .

In which case you would have to charge "fees" for usage (as presumably this bank would not loan) - I think it would still be rather hard to run this business next to a bank that will offer you a BTC account with no fees.

And if you're thinking banks would never do this then please come and visit China where you will see that most banks let you buy precious metals to help protect your savings against inflation.

Also if you are expecting that people will only go into this "bank" once per month to make a withdrawal then you'd have to charge some pretty hefty fees to even pay the rent little own the salaries for the wonderful people you want to have to serve them.

[philipkdick]

......and finally you'll probably need to invest millions in advertising to attract people to your "pseudo bank" when the "real bank" right next door decides to let people have BTC accounts (which will cost them next to nothing to implement).

This point you make is relevant , but alas when a "real" bank lets people open Cryptocurrency accounts , fiat will be long gone , its literally an admission of failure of the infrastructure of the fiat system .

Of course why not , literally anyone that can gain trust in the services should be able to start a crypto storage facility .

But it's not as simple as keeping money on a ledger like fiat.  So In this regard I think the open source developers here and in the community have a significant head start .

[philipkdick]

The fees were mentioned a couple's times 3 or 4 in the thread.

 The China aspect you mention is political , I really dont have time to enter into geopolitical discussion right at this time .

But later certainly.

Except to say , our monetary system is very unbalanced and will probably correct it self.

When that happens lots of things may change.

[CIYAM]

This point you make is relevant , but alas when a "real" bank lets people open Cryptocurrency accounts , fiat will be long gone , its literally an admission of failure of the infrastructure of the fiat system .

I don't see that at all - you can buy gold an silver at major banks in China - is that not already an admission of failure in the infrastructure of the fiat system?

You can also have accounts in different currencies and you can link into stock trading via internet banking so it really isn't such a stretch to be able to have a BTC account (my prediction is that unless there is some sort of all out *attack* on Bitcoin we will see banks letting you set up BTC accounts within the next ten years).

[digitalindustry]

This point you make is relevant , but alas when a "real" bank lets people open Cryptocurrency accounts , fiat will be long gone , its literally an admission of failure of the infrastructure of the fiat system .

I don't see that at all - you can buy gold an silver at major banks in China - is that not already an admission of failure in the infrastructure of the fiat system?

You can also have accounts in different currencies and you can link into stock trading via internet banking so it really isn't such a stretch to be able to have a BTC account (my prediction is that unless there is some sort of all out *attack* on Bitcoin we will see banks letting you set up BTC accounts within the next ten years).

CIYAM  there is wisdom in these misunderstood statements , yes the answer is yes .

the point is basically the system has failed ,  who can pinpoint the actual moment ?  That is an unanswerable question in the same way I can say where does the event horizon stop and  this reality begin.

But I can tell you in this reality event , the financial world ended in 08 , as I said we are living in " opportunity land" .

So yes it failed , the Chinese probably understand that , good for them , and good on them for being ahead of the curve.

But  here Is secret of the world for you ,  this monetary failure will lead to the general loss of confidence of debt based systems .

You see years ago I famously said  " you can't un-known knowledge"  .

In the same way you can't destroy information.