Net5kY
Member
 Offline
Activity: 102
Merit: 250
|
 |
May 27, 2015, 09:05:37 AM |
|
One question: why? Why you need any bank?
|
|
|
|
|
|
|
|
"In a nutshell, the network works like a distributed
timestamp server, stamping the first transaction to spend a coin. It
takes advantage of the nature of information being easy to spread but
hard to stifle." -- Satoshi
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
|
|
|
|
|
|
Eastwind
|
|
May 27, 2015, 09:39:54 AM |
|
One question: why? Why you need any bank?
If you do not want to save money to earn interest and want to borrow money, you do not need a bank. |
|
|
|
|
|
tertius993
|
|
May 27, 2015, 10:04:14 AM |
|
One question: why? Why you need any bank?
If you do not want to save money to earn interest and want to borrow money, you do not need a bank. Quite; you need a bank (or something very like one) for any number of financial services that a distributed network cannot or should not provide, including: personal loans, credit cards, mortgages, corporate finance, interest bearing deposit accounts and so on. |
|
|
|
|
Amph
Legendary
Offline
Activity: 3206
Merit: 1069
|
|
May 27, 2015, 10:17:15 AM |
|
One question: why? Why you need any bank?
it's obvious that you need it because they can issue your debit/credit card, or do you get those from terrorist or narcotraffic |
|
|
|
|
dwarrilow2002
Newbie
Offline
Activity: 2
Merit: 0
|
|
May 27, 2015, 11:10:31 AM |
|
I think that an important consideration is that regular banks must induced to accept BTC. Those jurisdictions that are going to be Lawskied a concession would be that banks could not discriminate against companies that deal in Bitcoin.
|
|
|
|
|
ajareselde
Legendary
Offline
Activity: 1722
Merit: 1000
Satoshi is rolling in his grave. #bitcoin
|
|
May 27, 2015, 11:22:47 AM |
|
One question: why? Why you need any bank?
I also was searching for bitcoin bank, and the reason is simple; it would provide loans to those who need them, and offer savings account with positive interest to those that want to save bitcoins. But the problems are obvious; first thing are regulations, that would make the whole thing legaly valid, and would ensure bank owners dont just skip away, then theres the volatility, that would make things messy because people would massively withdraw coins each time someone says theyre banning bitcoin.. So far, there's no real bitcoin bank that could be trusted, but its just a matter of time when it will emerge. cheers |
|
|
|
|
dwarrilow2002
Newbie
Offline
Activity: 2
Merit: 0
|
|
May 27, 2015, 11:31:16 AM |
|
One question: why? Why you need any bank?
Working with bitcoin is like working in a cash only society. If you wanted to buy a car, you would need to save your money until you could afford one. The save thing happened with property. Most people would never own their house, they would end up renting. An uncle lived and worked during the depression and when he would buy a car, he would pay cash. I will never get rid of my credit card. It allows me to use someone else's money for free for one month (important that you pay everything off each month). |
|
|
|
|
|
neoneros
|
|
May 27, 2015, 12:00:23 PM |
|
We do not need banks. We do not need loans. That is the fallacy of the banking system, tricking us into believing we need loans to buy cars and stuff, most of which we do not even need. We could do with a lending service, escrow like. Trusted parties.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
|
|
|
|
Erza
Legendary
Offline
Activity: 1078
Merit: 1000
|
|
May 27, 2015, 12:09:55 PM |
|
We do not need banks. We do not need loans. That is the fallacy of the banking system, tricking us into believing we need loans to buy cars and stuff, most of which we do not even need. We could do with a lending service, escrow like. Trusted parties.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
I like your idea about houses and cars abundance, it is true what you said but if there are no banks I dont think there will be many good houses and cars because you can't even get your own huge amount of money directly. How are you going to get all of your money if there is no bank. May be some people dont need loans but there is also people need loans for their own business or may be investment. You need to see more wider dont just judge it buy one perspective |
|
|
|
|
|
bornil267645
|
|
May 27, 2015, 01:12:17 PM |
|
I don't think there's a need of having a Bitcoin bank. I mean what a bank can offer to the bitcoin users. And for storage, wallet systemss wrks just as good as the safe deposit boxes. So in that view, no bank's been set up yet.
|
|
|
|
|
neoneros
|
|
May 27, 2015, 03:13:47 PM |
|
We do not need banks. We do not need loans. That is the fallacy of the banking system, tricking us into believing we need loans to buy cars and stuff, most of which we do not even need. We could do with a lending service, escrow like. Trusted parties.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
I like your idea about houses and cars abundance, it is true what you said but if there are no banks I dont think there will be many good houses and cars because you can't even get your own huge amount of money directly. How are you going to get all of your money if there is no bank. May be some people dont need loans but there is also people need loans for their own business or may be investment. You need to see more wider dont just judge it buy one perspective If you want to start a business, you could find investors. It is sort of a loan, but not a bank. Investors invest and gamble they might lose it all. If you have a company, you can go bankrupt and start a new company, find new investors. As a person, going bankrupt is possible, but you are deep down in shit if it happens. The Housing and car market has gone askew, it was Ford who did invent the idea his workers should be paid enough to be able to buy his/their cars. A noble thought, what use is making a mass product if no one can afford it? And a house, it is not mass produced, but just like water, it is not a simple consumer good we can go without, so asking prices for a house that leaves us paying our loans for decades is just inhumane, but the 'good' banks made it possible for us to lend it.. houses aren't that expensive if you look at the real cost, not cheap either, but saving for a couple of years should buy you the materials and manhours for building one. A seccond hand house should be cheaper, should be getting cheaper every year, but the prices went up and up. that is plain wrong in my head. |
|
|
|
|
tertius993
|
|
May 27, 2015, 06:23:25 PM |
|
We do not need banks. We do not need loans. That is the fallacy of the banking system, tricking us into believing we need loans to buy cars and stuff, most of which we do not even need. We could do with a lending service, escrow like. Trusted parties.
But getting back banks for the loan system is bad. It is only based on inflation. If you cannot afford it, do not buy it. If enough people cannot afford it and not buy it, the prices will drop. There are houses in abundance, if no one can sell their house anymore they will have to lower the prices. If no one is buying cars, they will have to lower the prices.
I like your idea about houses and cars abundance, it is true what you said but if there are no banks I dont think there will be many good houses and cars because you can't even get your own huge amount of money directly. How are you going to get all of your money if there is no bank. May be some people dont need loans but there is also people need loans for their own business or may be investment. You need to see more wider dont just judge it buy one perspective If you want to start a business, you could find investors. It is sort of a loan, but not a bank. Investors invest and gamble they might lose it all. If you have a company, you can go bankrupt and start a new company, find new investors. As a person, going bankrupt is possible, but you are deep down in shit if it happens. The Housing and car market has gone askew, it was Ford who did invent the idea his workers should be paid enough to be able to buy his/their cars. A noble thought, what use is making a mass product if no one can afford it? And a house, it is not mass produced, but just like water, it is not a simple consumer good we can go without, so asking prices for a house that leaves us paying our loans for decades is just inhumane, but the 'good' banks made it possible for us to lend it.. houses aren't that expensive if you look at the real cost, not cheap either, but saving for a couple of years should buy you the materials and manhours for building one. A seccond hand house should be cheaper, should be getting cheaper every year, but the prices went up and up. that is plain wrong in my head. But you are looking only at the consumer end of the supply chain. If fewer people buy cars (or houses or whatever) prices will come down but ONLY if supply remains the same. If the car manufacturer cannot afford to make as many cars because he cannot get the finance to pay for the components he needs in volume he will make fewer cars and the price will stay much the same or rise. Similarly the component maker who supplies the car maker will not be able to source and sell the parts and material he needs in volume in order to keep prices low, so production will fall and prices will raise. Similarly (again) the miner/smelter/foundry who actually digs out and processes the raw materials to supply the component maker will not be able fund the exploration and the development of the mine/foundry/whatever in order to produce the volume required to keep prices low so prices will go up. Clearly this is a highly simplified scenario but simply saying "if you can't pay cash, don't buy it; and when no one buys the price will fall" is, I fear, naive. |
|
|
|
|
Wendigo
Legendary
Offline
Activity: 2604
Merit: 1036
|
|
May 28, 2015, 12:11:40 AM |
|
I think I read somewhere about some english bitcoin startup company which insures your deposited bitcoin against theft and offers an interest rate but can't remember the name. Sounds quite close to a bitcoin bank to me.
|
|
|
|
|
pitham1
Legendary
Offline
Activity: 1232
Merit: 1000
|
|
May 28, 2015, 12:46:43 AM |
|
I don't think there's a need of having a Bitcoin bank. I mean what a bank can offer to the bitcoin users.
They can offer interest.  Of course, people need to trust (I know this is a bad work in Bitcoin land) the Bank enough to deposit their bitcoins. |
|
|
|
|
dollarneed
|
|
May 28, 2015, 01:23:26 AM |
|
I don't think there's a need of having a Bitcoin bank. I mean what a bank can offer to the bitcoin users.
They can offer interest. Of course, people need to trust (I know this is a bad work in Bitcoin land) the Bank enough to deposit their bitcoins. oh cmon we dont need a bank,all we have to do is to convinence the people that bitcoin its safe,fast and lowest fee and there is no intervernsion from the goverment and bank so we can free from the f****ng fees bank which deducated from our money, bitcoin is freedom man |
|
|
|
|
Leeroy Jenkins
Sr. Member
Offline
Activity: 420
Merit: 250
Mmmh mhmhh mmmm.
|
|
May 28, 2015, 01:24:47 AM |
|
Why would there be a bitcoin bank when you can be your own bank when using Bitcoin? It makes no sense. A bitcoin bank is just another turn of phrase for "scam"
|
|
|
|
|
dollarneed
|
|
May 28, 2015, 01:33:20 AM |
|
Why would there be a bitcoin bank when you can be your own bank when using Bitcoin? It makes no sense. A bitcoin bank is just another turn of phrase for "scam"
yes of course the first purpose of bitcoin which created is there is nothng intervension from the bank or goverment |
|
|
|
|
zeeshsnrehman2
Full Member
Offline
Activity: 168
Merit: 100
Where is Teddy?
|
|
May 28, 2015, 01:44:42 AM |
|
as far as i know there is a bitcoin loan bureau in prep. i saw the post here. but i dont know more than that. IMHO a bitcoin bank is not yet to happen..
|
|
|
|
|
Light
|
|
May 28, 2015, 02:07:22 AM |
|
One question: why? Why you need any bank?
I also was searching for bitcoin bank, and the reason is simple; it would provide loans to those who need them, and offer savings account with positive interest to those that want to save bitcoins. This is actually a very valid response - banks are necessary to fund startup and small business initially which in turn are important for both economic and social growth. @OP: As far as I'm aware there is no reliable Bitcoin bank - there would be tonnes of web wallets and scams out there pretending but IIRC no licensed and insured entity which offers interest on Bitcoin deposits currently exist. I suspect it may because there just isn't enough volume of Bitcoin deposits in all likelihood to make the venture profitable. |
|
|
|
|
RealMalatesta
Legendary
Offline
Activity: 2338
Merit: 1124
|
|
May 28, 2015, 07:22:38 AM |
|
One question: why? Why you need any bank?
I also was searching for bitcoin bank, and the reason is simple; it would provide loans to those who need them, and offer savings account with positive interest to those that want to save bitcoins. This is actually a very valid response - banks are necessary to fund startup and small business initially which in turn are important for both economic and social growth. @OP: As far as I'm aware there is no reliable Bitcoin bank - there would be tonnes of web wallets and scams out there pretending but IIRC no licensed and insured entity which offers interest on Bitcoin deposits currently exist. I suspect it may because there just isn't enough volume of Bitcoin deposits in all likelihood to make the venture profitable. See here: http://etfdailynews.com/2015/05/27/switzerland-to-open-bitcoin-bank-as-crypto-fort-knox-relocates-to-zurich/ |
|
|
|
|
|
