Is there an actual Bitcoin bank yet?

[neoneros]

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.

Naive is not always the same as simple.  Do I really need a car? And do we need so many NEW cars? If you are selling cars, you would say yes, because new cars have bigger margins and profit. The market is flooded with brands and choices. New is marketed as better. But tons of old ones that are doing fine are discarded, wasted. Keeping up this growth in demand for new products and thus resources is artificial and benefits no one but the ones who can scrape the most of the margins. It is not the consumer nor the employees that benefit. The company might benefit a bit, but it is mostly the investors that have lend the money to the company that get the biggest part of the cake.

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[Febo]

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"

Bank should borrow your bitcoins for little interests and then lend them further for higher one. That is the point of a bank. Yes you do take a risk. But that is with anything you do to gain profit.

[tertius993]

Naive is not always the same as simple.  Do I really need a car? And do we need so many NEW cars? If you are selling cars, you would say yes, because new cars have bigger margins and profit. The market is flooded with brands and choices. New is marketed as better. But tons of old ones that are doing fine are discarded, wasted. Keeping up this growth in demand for new products and thus resources is artificial and benefits no one but the ones who can scrape the most of the margins. It is not the consumer nor the employees that benefit. The company might benefit a bit, but it is mostly the investors that have lend the money to the company that get the biggest part of the cake.

I'm really not sure what your argument is now.  You seem to be proposing a return to more or less medieval methods of finance and operation.  Practically every industry depends on the funding services provided by banks: are you suggesting that medicine, food production, transport, housing, mining, etc. should all operate on the basis of using current cash in hand only?

[Clint]

No, there is not a bitcoin bank yet. Bitcoin is a decentralized currency which means it's not controlled by a government or individual. Bitcoin is free to use for anyone in the world, having a bank would just ruin the good part of bitcoin. Our bitcoin wallets are just like banks, but better. 

[tertius993]

No, there is not a bitcoin bank yet. Bitcoin is a decentralized currency which means it's not controlled by a government or individual. Bitcoin is free to use for anyone in the world, having a bank would just ruin the good part of bitcoin. Our bitcoin wallets are just like banks, but better. 

No, it would not.  A Bitcoin bank would be an additional service within the ecosystem and could add useful and valuable services that many people would want to use and, potentially, help with wider adoption.  As has been described several times in this thread.

[neoneros]

Naive is not always the same as simple.  Do I really need a car? And do we need so many NEW cars? If you are selling cars, you would say yes, because new cars have bigger margins and profit. The market is flooded with brands and choices. New is marketed as better. But tons of old ones that are doing fine are discarded, wasted. Keeping up this growth in demand for new products and thus resources is artificial and benefits no one but the ones who can scrape the most of the margins. It is not the consumer nor the employees that benefit. The company might benefit a bit, but it is mostly the investors that have lend the money to the company that get the biggest part of the cake.

I'm really not sure what your argument is now.  You seem to be proposing a return to more or less medieval methods of finance and operation.  Practically every industry depends on the funding services provided by banks: are you suggesting that medicine, food production, transport, housing, mining, etc. should all operate on the basis of using current cash in hand only?

'Cash in hand' is not what I propose, with bitcoin, you have a whole Bank in your hand, that is not my idea but the one of Satoshi. It is not back to medieval methods, but forward to a truly free revolutionised economy. Humanity has had several revolutions, the philosophy and sciences have revolutionised thinking and relieved us from most dogma's we used to live by, the industrial revolution, the digital revolution and now the economical revolution, it will take big steps into the future. We do not need banks for investments, we do not need banks to store large sums of money, all because of the cryptocurrency. If we do not need banks, they no longer can sell us loans and they will no longer provide companies with money to enforce products we do not actually need. We will be our own banks, we will dictate on what we will spend our money, where we want to invest and what we think, for ourselves is worthy of being produced.

The next step ofcourse is home production, where we can buy just the resources and make our own product at home. 3D printing, from a pencilbox to complete houses. The future is now and it is evolving rapidly

[Amph]

No, there is not a bitcoin bank yet. Bitcoin is a decentralized currency which means it's not controlled by a government or individual. Bitcoin is free to use for anyone in the world, having a bank would just ruin the good part of bitcoin. Our bitcoin wallets are just like banks, but better. 

No, it would not.  A Bitcoin bank would be an additional service within the ecosystem and could add useful and valuable services that many people would want to use and, potentially, help with wider adoption.  As has been described several times in this thread.

this because apparently there are still many that are attached to the old security method of having an intermediary like a bank, and can't rely on having the full control of their own money, and those people are not even from the old generations, is just the mentality that must be changed

banks will live, as long as these generations will need them

[tertius993]

Naive is not always the same as simple.  Do I really need a car? And do we need so many NEW cars? If you are selling cars, you would say yes, because new cars have bigger margins and profit. The market is flooded with brands and choices. New is marketed as better. But tons of old ones that are doing fine are discarded, wasted. Keeping up this growth in demand for new products and thus resources is artificial and benefits no one but the ones who can scrape the most of the margins. It is not the consumer nor the employees that benefit. The company might benefit a bit, but it is mostly the investors that have lend the money to the company that get the biggest part of the cake.

I'm really not sure what your argument is now.  You seem to be proposing a return to more or less medieval methods of finance and operation.  Practically every industry depends on the funding services provided by banks: are you suggesting that medicine, food production, transport, housing, mining, etc. should all operate on the basis of using current cash in hand only?

'Cash in hand' is not what I propose, with bitcoin, you have a whole Bank in your hand, that is not my idea but the one of Satoshi.

OK, let's take two simple examples. How does this "whole Bank in your hand" provide the following:

1. Credit card - the ability to spend money I do not have to hand right now at 0% interest (for a short period of course)

And

2. A mortgage to buy a house, let's say costing three times my annual income

[Kyraishi]

Naive is not always the same as simple.  Do I really need a car? And do we need so many NEW cars? If you are selling cars, you would say yes, because new cars have bigger margins and profit. The market is flooded with brands and choices. New is marketed as better. But tons of old ones that are doing fine are discarded, wasted. Keeping up this growth in demand for new products and thus resources is artificial and benefits no one but the ones who can scrape the most of the margins. It is not the consumer nor the employees that benefit. The company might benefit a bit, but it is mostly the investors that have lend the money to the company that get the biggest part of the cake.

I'm really not sure what your argument is now.  You seem to be proposing a return to more or less medieval methods of finance and operation.  Practically every industry depends on the funding services provided by banks: are you suggesting that medicine, food production, transport, housing, mining, etc. should all operate on the basis of using current cash in hand only?

'Cash in hand' is not what I propose, with bitcoin, you have a whole Bank in your hand, that is not my idea but the one of Satoshi.

OK, let's take two simple examples. How does this "whole Bank in your hand" provide the following:

1. Credit card - the ability to spend money I do not have to hand right now at 0% interest (for a short period of course)

And

2. A mortgage to buy a house, let's say costing three times my annual income

Bad examples man.
I have been there on both of your examples and let me tell you that is not that "simple".
If I have known then what I know now I would have stuck with what I had at hand.

[neoneros]

It is the price of the houses that is wrong. The idea to spend what you do not have is wrong but it has been brought upon us by the banks as a right, creditcards are an easy way to bind people to the banking system and building debt upon debt. DO NOT DO IT!!

If you have a great idea, people can be convinced to lend you, invest in you. If you want to buy a house, save up, you can save up more in 30 years than you can pay off with interest on loans. If you start early you can buy your own house at the age of 30, the time before you could still live in your parents basement

I know it is hard to get the idea out of your head that you have the right to spend money you do not own using a credit card, but it makes you a slave to the banks.

[maheshmahi]

Sounds interesting. Great if it had been

But probably it won't because government will oppose bit coin they how a bank can be formed

[WhatTheGox]

I haven't really kept up with what's going on in the banking side of the Bitcoin ecosystem, but I was talking with an acquaintance about Bitcoin and he mentioned something about an actual Bitcoin bank. A quick search yields results that are all over the place, so I'm turning to the members of this forum to see if anybody has any info. Does anybody offer an insured solution for storing coins that pays interest? The closest thing I can think of is Circle, but I don't think they pay interest. Any insight would be much appreciated.

Bitcoin is probably going to create 2 different types of new banks, storage banks and lending banks.  Both wont need to operate as the same business.  Sites like BTCjam are providing the lending aspect already, how long before a site like that scales and offers mortgages and business loans.

[RealMalatesta]

A lot of people have a very "corporate" idea of how banking is organized.

If we leave this idea behind and redefine how banking has to look like in a cryptocurrency-world, it looks different.

Just a couple of examples:
- How comes that there are so few Bitcoin-ATMs in the world? Mainly because regulations. But if you have a bank, such ATMs can be set up easily - because you have an institute which is responsible towards the regulators and thus can set up such ATMs. Which, at the end of the day, makes acceptance of Bitcoins in a wider public more likely.

- There are a lot of shops which would love to adopt Bitcoins. However, they don't know who to trust. With a regulated bank, they can easily get a payment terminal and change their Bitcoins into Fiat-money. I know: We all would love if it were that these shops would only use Bitcoins. But fact is that this is not the case and most probably never will be the case. So for a wider acceptance....

- If you ever  run a Bitcoin-related business, you know that - although you'd like the world to accept Bitcoin - the bread and butter has to be paid with fiat money. And your employees may therefore salary be paid in fiat, too. So you have to have a place where you can change Bitcoin. A bank can do this.

There is a lot of possibilities where it is handy to have a bank which accepts Bitcoin.

Now think of a bank which is run by Bitcoin-enthusiasts instead of Bitcoin-enemies: This would give an ideal situation to change a lot.

[tertius993]

It is the price of the houses that is wrong. The idea to spend what you do not have is wrong but it has been brought upon us by the banks as a right, creditcards are an easy way to bind people to the banking system and building debt upon debt. DO NOT DO IT!!

If you have a great idea, people can be convinced to lend you, invest in you. If you want to buy a house, save up, you can save up more in 30 years than you can pay off with interest on loans. If you start early you can buy your own house at the age of 30, the time before you could still live in your parents basement

I know it is hard to get the idea out of your head that you have the right to spend money you do not own using a credit card, but it makes you a slave to the banks.

So no answer to my questions then?

[Eastwind]

It is the price of the houses that is wrong. The idea to spend what you do not have is wrong but it has been brought upon us by the banks as a right, creditcards are an easy way to bind people to the banking system and building debt upon debt. DO NOT DO IT!!

If you have a great idea, people can be convinced to lend you, invest in you. If you want to buy a house, save up, you can save up more in 30 years than you can pay off with interest on loans. If you start early you can buy your own house at the age of 30, the time before you could still live in your parents basement

I know it is hard to get the idea out of your head that you have the right to spend money you do not own using a credit card, but it makes you a slave to the banks.

House price should be two years salary instead of 5. Without easy access to credit, the house price will drop significantly so that many people can afford that with a few years of savings.

[dKingston]

the whole point of bitcoin is that you don't need a bank!  bitcoin enables you to be your own bank

[oblivi]

the whole point of bitcoin is that you don't need a bank!  bitcoin enables you to be your own bank

The ones that think like this don't get it. Sure it allows you to be your bank, but the majority of people are not going to want to be their own bank. One wrong mistake and you fuck it up badly losing your lifetime savings. Thats why "Bitcoin banks" will be a think, because if they fuck up you'll be legally entitled to get your money back, or at least in theory.

[Febo]

the whole point of bitcoin is that you don't need a bank!  bitcoin enables you to be your own bank

Yes, but i dont really see bank as you do. For me bank is some place where i can save money and get interests for it. And when i need money i borrow it.
And only this way OP question makes sense.
For me bank is not a network with which i can pay my bills and where i have transferred my incomes. This network part is what Bitcoin is substituting.

[Eastwind]

the whole point of bitcoin is that you don't need a bank!  bitcoin enables you to be your own bank

Yes, but i dont really see bank as you do. For me bank is some place where i can save money and get interests for it. And when i need money i borrow it.
And only this way OP question makes sense.
For me bank is not a network with which i can pay my bills and where i have transferred my incomes. This network part is what Bitcoin is substituting.

That is my thought. Bitcoin is like cash, blockchain enables it.

[Erza]

the whole point of bitcoin is that you don't need a bank!  bitcoin enables you to be your own bank

With banking system we can easily convert it bitcoin to fiat or otherwise and with bank we can easily take our bitcoin everywhere and may be can use it

for some stores that accept this kind of payment so it will useful and that is one of the easiest way to get your own bitcoin