First Ever Bitcoin Bank to be Opened in Switzerland?

[Scamalert]

That is not good. The whole point with bitcoin is that people should learn to take responsibility for their own money.
Banks will just make another weak point of centralization where speculation can happen.
The problem is that when a lot of people deposite money in the same place then can the bank "invest" these funds to all kinda stuff, risking the peoples money with only vauge concensus. Bitcoin gives people an unique oppotunity for being independend of banks.

[defcon23]

That is not good. The whole point with bitcoin is that people should learn to take responsibility for their own money.
Banks will just make another weak point of centralization where speculation can happen.
The problem is that when a lot of people deposite money in the same place then can the bank "invest" these fundshttp://sbex.ch/ to all kinda stuff, risking the peoples money with only vauge concensus. Bitcoin gives people an unique oppotunity for being independend of banks.

Yeah Scamlert, you're absolutely right , overwise, have you read this ?

http://www.coindesk.com/swiss-bank-ubs-banks-absorb-benefits-bitcoin/

and this:  
http://www.zerohedge.com/news/2015-05-27/switzerland-open-bitcoin-bank-crypto-fort-knox-relocates-zurich

and finaly  this ...: http://sbex.ch/

?  

[Scamalert]

Yeah Scamlert, you're absolutely right , overwise, have you read this ?

http://www.coindesk.com/swiss-bank-ubs-banks-absorb-benefits-bitcoin/

and this:  
http://www.zerohedge.com/news/2015-05-27/switzerland-open-bitcoin-bank-crypto-fort-knox-relocates-zurich

and finaly  this ...: http://sbex.ch/

?  

3 very interesting articles, thanks for sharing.

I think that most bank are terrified about bitcoin, because they can't control it and the bad rep also play a role (Mainly silkroad).

But I have little doubt that banks eventually will have to switch to crypto. Like mentioned in the article, each time money is being printed, the fiat value just gets more and more deluted. I would not be suprised if a number of big banks will together and create an new "altcoin" (to be used for interbank transfer) based on blockchain technoligy and get all the ISO and FED approvals to have it reconized as a currency, all other banks would quickly after make their own altcoin or join. If that happens then is bitcoins mission completed = Eliminate the nasty fiat.

[blablaace]

having a bitcoin bank defeats the whole purpose of bitcoin .. ugh!

[Eastwind]

having a bitcoin bank defeats the whole purpose of bitcoin .. ugh!

If you can borrow and save money without a bank, then you do not need a bank.

[Hollingsworth]

IMO for most bitcoin adopters, they need such kind of service, a trusted third party holding their funds and earning interests at the same time. Switzerland is the best place to open such a bank, due to its regulatory stability, international neutrality and its deep-seated tradition in global finance.

What would really be wonderful is if the Swiss government embraced bitcoin as a completely protected currency without any government interference. With Switzerland's financial reputation, it would send a huge message to the rest of the world that bitcoin is a valid currency.

[1211]

Sounds interesting, original idea

[Kyle1836]

I don't like the idea, the whole purpose of Bitcoin was to have it be a decentralized alternative currency that could be widely used. With the bank's hands all over it, they're going to profit over our (Bitcoin community) creations.

[twister]

Like it or not but once they do this people will deposit their bitcoins in it, some will do it for the interest (if there is any) others will do it because they don't know how to keep their bitcoins safe or they're too naive and trust whatever is said on a website, I have seen a few people on this forum who still keep large amounts of bitcoin on blockchain info wallet even though there are so many reports on how others have lost bitcoins stored there.

I just hope that this bank comes under some jurisdiction and doesn't runs away with people's funds.

[Hazir]

It is actually bad for bitcoin as it takes away the decentralized part away from bitcoin. And it is hard to trust them as they might sell for fiat for their further investments.

Exactly, you are right. Here we go again. People created something to free masses from slavery of banks and financial institutions and stupid people could now just reject this and gladly become a slaves again.
Sometimes I think that most people are not meant to be on their own and decide about their fates instead they want to live like slaves. "Yeah, I give you my bitcoin - invest it - I can't do it myself..."

I wonder with what this "Bitcoin bank" will bribe people so they will reject managing their own bitcoins.

[manselr]

I don't like the idea, the whole purpose of Bitcoin was to have it be a decentralized alternative currency that could be widely used. With the bank's hands all over it, they're going to profit over our (Bitcoin community) creations.

It's all about having options. With Bitcoin you can be your own bank, but what if there are people that don't want to be their own banks? Bitcoin has many purposes, having all your wealth and storing it yourself is just one, but not giving people the option to have a "bank" you are kicking a lot of people that would otherwise use BTC for its other features.

[Kyle1836]

I don't like the idea, the whole purpose of Bitcoin was to have it be a decentralized alternative currency that could be widely used. With the bank's hands all over it, they're going to profit over our (Bitcoin community) creations.

It's all about having options. With Bitcoin you can be your own bank, but what if there are people that don't want to be their own banks? Bitcoin has many purposes, having all your wealth and storing it yourself is just one, but not giving people the option to have a "bank" you are kicking a lot of people that would otherwise use BTC for its other features.

Bitcoin has been stored in our wallet's on our computers since 2009, if it has worked this long we obviously don't need a bank or anyone to ruin the anonymity.

[dollarneed]

why the hell bitcoin need a bank? we dont need a bank,i run my own bank (blockchain) right now, the reason that the bank will build is they are gonna take some fee from our money, when i was firs time recognized bitcoin, they said that bitcoin is cryptocurency which dont need a bank.

[teukon]

Will this entity engage in "sound banking".  Will it attempt to balance both the amounts and the maturities of its assets with those of its liabilities?  Will they offer true 100% reserve deposit banking (an account which does not earn interest but charges a fee) and/or true loan banking (you can earn interest but you must tie your money up).  In short, will this be a real bank or just another fractional reserve scheme.

[o0o0]

That is not good. The whole point with bitcoin is that people should learn to take responsibility for their own money.
Banks will just make another weak point of centralization where speculation can happen.
The problem is that when a lot of people deposite money in the same place then can the bank "invest" these funds to all kinda stuff, risking the peoples money with only vauge concensus. Bitcoin gives people an unique oppotunity for being independend of banks.

I think its good for adoption.. more people can get it without the risk if the bank carries that... and cmon at present people are using exchanges as banks to hold their bitcoin in the interim and that worked out awesome for MtGox didn't it. Least with a fully licensed entity doing it there won't be blood as there is accountability.

[Alley]

Here we go again with people saying "we" don't need a bank like they represent the whole bitcoin community.

[Amph]

Here we go again with people saying "we" don't need a bank like they represent the whole bitcoin community.

usually if you are here it is because you hate bank, at least a bit, another reason is because you want easy money from bitcoin, aka more fiat, so those who still want to go with a bank even when they have a decentralized payment like bitcoin that aims at disrupt the whole banking system, probably belong to the second group

[Eastwind]

Here we go again with people saying "we" don't need a bank like they represent the whole bitcoin community.

usually if you are here it is because you hate bank, at least a bit, another reason is because you want easy money from bitcoin, aka more fiat, so those who still want to go with a bank even when they have a decentralized payment like bitcoin that aims at disrupt the whole banking system, probably belong to the second group

With bitcoin, you have a choice if you do not want to use a bank. If you want to borrow or save money, you still need a kind of bank.

[Elwar]

So we don't like bitcoin banks but we're ok with bitcoin exchanges...

Not much difference.

[Alley]

We don't like it when people keep there coins on an exchange but its ok to buy.  I don't see the difference in keeping your coins on a exchange for 2 minutes or 2 months.  Your still trusting them that you will get your coins.