Getting Ethical Banks to support Bitcoin

[jashan]

While I strongly believe that most banks are not trustworthy, driven by greed and very likely evil at their root, I do see a few exceptions. In Germany, for example, there's the GLS Bank, which is driven by ethical ideas and is fully transparent when it comes to giving loans to businesses and institutions (of course they value their private customers' privacy; there's simply a major difference between individuals and institutions when it comes to privacy). And the GLS Bank only support companies and institutions that are life-supporting and sustainable (unlike most banks that are just after the money, driven be greed, causing destruction). Banks like that work actively towards a more sustainable financial system, so I think those banks and Bitcoin might be a very nice match.

I could imagine that some banks like that could actually embrace Bitcoin and support it - which would be a great thing for a couple of reasons:

• Banks do provide some useful services (e.g. safe storage of your money - when your bank-wallet's gone they are fully liable, exchanging currencies, providing loans at reasonable rates, professional advice on money matters ... hopefully ;-) )
• Banks supporting Bitcoin would be a tremendous boosts in perceived trustworthiness of Bitcoin in larger parts of the world's population (while a lot of people are very skeptical of banks, the majority trusts banks much more than they would trust Bitcoin; and the banks I'm talking about actually are trustworthy banks even to people that are skeptical of banks ... in any case, banks supporting Bitcoin would help tremendously putting Bitcoin into the mainstream, and that's where Bitcoin has to be, eventually)
• Helping "ethical banks" understand Bitcoin and support it will be beneficial to those banks - and ethical banks becoming more successful and powerful helps balancing the financial market which is currently dominated by greed and life-destructive forces

So, this could be a classical win-win relationship.

The idea is to look for banks that as much as possible match the ideals of Bitcoin, list them and talk to them. Some people might already be customers of such banks - and being a customer and asking for Bitcoin support and explaining Bitcoin to them could be an effective form of grassroots lobbyism. Also, some people who like Bitcoin might consider switching over from "banks that suck" (tm) to "banks that rock".

And it would probably a good idea to think about other strategies of getting those banks to support Bitcoin in a positive manner.

Even with some banks supporting Bitcoin I feel there's still enough room for community driven exchanges and the community providing some of the services that usually banks would provide. The way I see it, those could peacefully coexist.

[justusranvier]

• Banks do provide some useful services (e.g. safe storage of your money - when your bank-wallet's gone they are fully liable, exchanging currencies, providing loans at reasonable rates, professional advice on money matters ... hopefully ;-) )

A decentralized digital currency drastically reduces or eliminates the need for these services so Bitcoin represents an existential threat to banks. [/list]

[TraderTimm]

I can see how you are optimistically trying to create a situation where the old and new can peacefully coexist, but frankly, I wouldn't mind if every large bank died in a raging fire. (Metaphorically.)

The old system is just that, old. It is time to move forward and leave the creaking and corrupt system behind.

[Jaime Frontero]

I can see how you are optimistically trying to create a situation where the old and new can peacefully coexist, but frankly, I wouldn't mind if every large bank died in a raging fire. (Metaphorically.)

The old system is just that, old. It is time to move forward and leave the creaking and corrupt system behind.

yes, more or less.

but co-existence is required, at least for awhile.  there appear to be two main problems that Bitcoin has to overcome.

firstly, for use in day-to-day transactions, you just can't wait for the blockchain to verify a transaction.  i want to pay for my gas at the pump.  or wave my phone at the cashier at target and walk out with my shirt.  instantly - like with visa.

secondly, at some point everybody needs a loan.  ignoring the complexity of a loan with Bitcoin, i'll simply point out that a loan in an inflationary currency is preferred - that is, it would appear to be less expensive in the long term.

[Steve]

Enlightened banks actually have a lot to gain by using bitcoin.  Consider how bitcoin can solve a lot of issues with fraud and identity theft.  This is an enormous cost to the industry.  Also consider how bitcoin could be used as an international institutional settlement mechanism.  No doubt the current mechanisms are immensely costly, cracking at the seams and full of security vulnerabilities.  The banks that recognize this and act on it, will have a tremendous competitive advantage.  On the other hand, banks that try to stop bitcoin (something I think will only prove futile in the fullness of time), will only end up squandering scarce resources and may even lead to their own demise.

[AnonymousBat]

Ethical Banks.

The original oxymoron.

[jashan]

I can see how you are optimistically trying to create a situation where the old and new can peacefully coexist, but frankly, I wouldn't mind if every large bank died in a raging fire.

Agreed to that - but notice the added emphasis on "large". The banks I'm talking about aren't really large banks.

[FreeMoney]

All the ethical banks already support bitcoin.