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Author Topic: Bitcoin-Central, first exchange licensed to operate with a bank. This is HUGE  (Read 117496 times)
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December 10, 2012, 05:18:04 PM
 #341

We've written a blog piece on this fascinating and controversial subject of bankhood...

This is generally a response to the controversy around Paymium's announcement, and more specifically Matonis' Forbes piece yesterday.

http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html


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December 10, 2012, 05:47:17 PM
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Excellent!
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December 10, 2012, 06:00:27 PM
 #343

We've written a blog piece on this fascinating and controversial subject of bankhood...

This is generally a response to the controversy around Paymium's announcement, and more specifically Matonis' Forbes piece yesterday.

http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html



Fantastic article.  Sums up all my thoughts on this topic, exactly.

No one will be forced to use BitcoinCentral.  Don't like it?  Don't use it.
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December 10, 2012, 06:02:46 PM
 #344

Did you miss the LIBOR news?


 Shocked Shit, forgot about that. Point taken, I was completely wrong.

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December 10, 2012, 06:13:02 PM
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And this has nothing to do with any bitcoin bank, exchange or whatever, it is because of REALLITY.
Once people start writing in full-caps and talk about "It's just reality", you've automatically lost the argument in my opinion, even disregarding the typo. Whether you are right or not, by saying it's "reality" you're grasping at empty air.

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December 10, 2012, 07:32:00 PM
 #346

 Re: http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html


WHAHAHAHAHA LOVE THIS ONE.. "how long would it take before the entire system was branded criminal (not that this would kill Bitcoin, but is it prudent to encourage such a destiny?"

You mean branded criminal by criminals themselves.. WhaHaHaa. Sure.  But hey now "licenced and approved by the " White shoe boy's " EEeehhh..!  Its all good now . capice? ? ..

We got a licence crom the white shoe boys and were all legit now.. Yeh !!
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December 10, 2012, 07:39:13 PM
 #347

Re: http://blog.bitinstant.com/blog/2012/12/10/the-controversy-of-bankhood.html


WHAHAHAHAHA LOVE THIS ONE.. "how long would it take before the entire system was branded criminal (not that this would kill Bitcoin, but is it prudent to encourage such a destiny?"

You mean branded criminal by criminals themselves.. WhaHaHaa. Sure.  But hey now "licenced and approved by the " White shoe boy's " EEeehhh..!  Its all good now . capice? ? ..

We got a licence crom the white shoe boys and were all legit now.. Yeh !!
Why is this guy's ignore button not bright orange by now?

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December 10, 2012, 07:46:45 PM
 #348

Why is [Rob E's] ignore button not bright orange by now?

It's getting there Smiley  He only has 70 posts under his belt, so he's a new troll (or new sockpuppet).


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December 10, 2012, 08:08:36 PM
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This seems to be a good article indeed.

About the linux comparison:  GNU/Linux do coexist nowadays with MS Operating systems.  Pretty much in the literal sense of the expression.  Many, many linux newbies started with a so-called double-boot.  And there are also plenty of tools that allow a MS user to get accustomed to GNU tools, such as Cygwin.  In the other way around, there is Wine.  I believe those tools are strategically very important for the success of FOSS, because they provide an easy transition for people who have been educated to work with MS or Apple systems.  Without this, the learning curve would probably be much too steep and fewer people would manage to learn GNU/Linux.

I believe it's pretty much the same with the idea of a bicoin-friendy bank.  Even people who don't want to use something like that should realize the tremendous amount of people this can bring into bitcoins.   Really this can't be bad.

Imagine a very big and famous bank such as Goldman Sachs, Barclay's, BNP-Paribas or whatever started to offer a bitcoin exchange to their customers.  Any of their client could, when accessing his online-bank account, convert some of his money into bitcoins and execute bitcoin transactions, for instance in order to retrieve some of his bitcoins into his local wallet, or in order to pay someone using the bitcoin network .  Would you consider this a bad thing for the bitcoin project?  I would be very surprised if you would.

In other words, imagine the guys from bitcoin-central were not coming from the bitcoin community, but from the banking community.   It would be pretty ironic if one way for evil banksters to hurt us, would be to actually join us, wouldn't it?
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December 10, 2012, 08:31:06 PM
 #350

It would be pretty ironic if one way for evil banksters to hurt us, would be to actually join us, wouldn't it?
Ok, let me ask you this question. If you have tied your fortunes to bitcoin and your life depends on the profits you make operating bitcoin based business when will you support transactions in alternative competing criptocurrency and 'interface' your system with theirs?

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December 10, 2012, 08:36:01 PM
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Ok, let me ask you this question. If you have tied your fortunes to bitcoin and your life depends on the profits you make operating bitcoin based business when will you support transactions in alternative competing criptocurrency and 'interface' your system with theirs?
No but you'll fail since you'll be economically inefficient compared to people who do.

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December 10, 2012, 08:36:13 PM
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At least in the US banks make more money from fees then they do from interest.   Bitcoin is about freedom and freedom means freedom of choice.  If Bitcoin became very popular (say PayPal sized in volume) most users would WANT to put their money in a "bank".  They don't want the responsibility that comes with the freedom Bitcoin offers.  Sure Bitcoin gives you the freedom to bypass the banks but it also gives you the "freedom" to lose your entire life savings as easily as you lost those vacation photos from last year.

No reason a bank couldn't be very very very profitable making fees on overdraft "protection", off blockchain transactions, and currency exchanges.


Gerald Davis  CEO, Tangible Cryptography Inc.
BitSimple. A simpler way to buy and sell bitcoins
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December 10, 2012, 08:37:46 PM
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At least in the US banks make more money from fees then they do from interest.
Source ?

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December 10, 2012, 08:40:02 PM
 #354

Crina Belododia's answer to that post is AMAZING. WOW!

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December 10, 2012, 08:45:29 PM
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At least in the US banks make more money from fees then they do from interest.   Bitcoin is about freedom and freedom means freedom of choice.  If Bitcoin became very popular (say PayPal sized in volume) most users would WANT to put their money in a "bank".  They don't want the responsibility that comes with the freedom Bitcoin offers.  Sure Bitcoin gives you the freedom to bypass the banks but it also gives you the "freedom" to lose your entire life savings as easily as you lost those vacation photos from last year.

No reason a bank couldn't be very very very profitable making fees on overdraft "protection", off blockchain transactions, and currency exchanges.



Do you understand how bitcoin works? Bitcoin is already in a bank, and you owe the private key to your funds. That's it. Your bitcoins are secured in the blockchain.

If you want someone to keep a record of your private password will it make it more secure?

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December 10, 2012, 08:49:44 PM
 #356

Do you understand how bitcoin works? Bitcoin is already in a bank, and you owe the private key to your funds. That's it. Your bitcoins are secured in the blockchain.

If you want someone to keep a record of your private password will it make it more secure?
Maybe not everyone wants to be their own bank...

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December 10, 2012, 08:50:25 PM
 #357

Ok, let me ask you this question. If you have tied your fortunes to bitcoin and your life depends on the profits you make operating bitcoin based business when will you support transactions in alternative competing criptocurrency and 'interface' your system with theirs?
No but you'll fail since you'll be economically inefficient compared to people who do.
You are both right. And that makes it easy to pinpoint when bitcoin will really take off: when any bank dealing in bitcoin is blacklisted from the IBAN(?) transfer network, or something to that effect.
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December 10, 2012, 08:50:38 PM
 #358

At least in the US banks make more money from fees then they do from interest.
Source ?

Here is one example:
http://www.npr.org/blogs/money/2012/08/03/158047349/how-americas-biggest-bank-makes-money

Note the recession and near 0% rate banks can borrow at has reduced the share that fees make up.  In this article Chase "only" generated 35% of revenue from fees.

Gerald Davis  CEO, Tangible Cryptography Inc.
BitSimple. A simpler way to buy and sell bitcoins
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December 10, 2012, 08:52:29 PM
 #359

Crina Belododia's answer to that post is AMAZING. WOW!

Damned,  she makes some good points indeed.

« Asking for the State to bless Bitcoin businesses in an attempt to induce its birth is not the way to grow adoption. Anyone who is impatient for it to grow needs to be learn patience and write more software, not run to the State to cripple the baby before it is born ».

I'm confused now.  You guys might actually be right.
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December 10, 2012, 08:55:37 PM
 #360

Do you understand how bitcoin works? Bitcoin is already in a bank, and you owe the private key to your funds. That's it. Your bitcoins are secured in the blockchain.

Yeah I think I might know a little something about how Bitcoin works.  Thanks for asking.

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If you want someone to keep a record of your private password will it make it more secure?

For me personally?  No.  However "I" an not the entire planet worth of potential users.  Did you read the post?  Many people will SIMPLY NOT WANT TO BE RESPONSIBLE FOR THEIR MONEY!  The risk of uninsured loss, theft, or robbery is simply too much of a risk. 

I mean lets pretend Warren Buffet had his entire network in Bitcoins.  $40 billion in completely irreversible, untracable funds.  Think that might present a security risk to him?  Think maybe he would want to NOT have direct access to his own funds? 

Many people simply aren't tech savy enough to run their own wallet (securely both against loss and theft).  Do you think your grandmother is likely to install the blockchain, pick out a 12 digit passphrase, keep routine offline backups, ensure the system is free from malware, etc?

Gerald Davis  CEO, Tangible Cryptography Inc.
BitSimple. A simpler way to buy and sell bitcoins
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