Starting a Bitcoin Bank.

[ironcross360]

Hey everyone this is my proposal to start a bitcoin bank, It will feature:

Image/File Verification
A Super Secure Server
Nobody can get it
Logged Ip's
Only you can get in

And if there's anything else you think I should add please post it, and please contribute to the project my Bitcoin Address is below.

[notme]

Hey everyone this is my proposal to start a bitcoin bank, It will feature:

Image/File Verification
A Super Secure Server
Nobody can get it
Logged Ip's
Only you can get in

And if there's anything else you think I should add please post it, and please contribute to the project my Bitcoin Address is below.

Banks are obsolete.  You want to build a wallet.  If you are able to access the users' private keys, you are doing it wrong.

[ironcross360]

Recommendations?

Hey everyone this is my proposal to start a bitcoin bank, It will feature:

Image/File Verification
A Super Secure Server
Nobody can get it
Logged Ip's
Only you can get in

And if there's anything else you think I should add please post it, and please contribute to the project my Bitcoin Address is below.

Banks are obsolete.  You want to build a wallet.  If you are able to access the users' private keys, you are doing it wrong.

[DannyHamilton]

Logged IPs? I can't see a reason for this unless your government requires it.

Nobody can get in? Only you can get in?
Which is it?  If nobody can get in, then how can I get in?  If I can get in, how can you be sure that nobody can get in?

A super secure server?
What does that mean?  How do you, or we, know that is is "super" secure, and not just mostly secure, or kinda secure, a little bit secure, or unsecure?

You should probably consider:
Open source code and public security protocols, so the community can verify that your systems are secure.
Insured deposits (insurance provided by an internationally recognized underwriter).

[notme]

Recommendations?

Hey everyone this is my proposal to start a bitcoin bank, It will feature:

Image/File Verification
A Super Secure Server
Nobody can get it
Logged Ip's
Only you can get in

And if there's anything else you think I should add please post it, and please contribute to the project my Bitcoin Address is below.

Banks are obsolete.  You want to build a wallet.  If you are able to access the users' private keys, you are doing it wrong.

Read up on the history of EWallets.  Start here: https://en.bitcoin.it/wiki/EWallet

Basically, you want to build a hybrid wallet that handles keys in javascript and ensures the server only ever sees keys in encrypted form.  Ideally, you would also require a plugin that verifies a signature for your javascipt sources so that if your server is hacked and the javascipt is modified your users will know something is up and not type in their password.  Of course, this also requires the key for signing the code not be stored on the webserver.  blockchain.info/wallet is currently one of the best implementations I've seen, although I only use it when I need to carry some bitcoins with me

[ironcross360]

 Yes, I will consider open source codes and security protocols. You can get in but nobody else it will need to have the same ip as registered and you must scan your license if you forget your password or ip changes

Logged IPs? I can't see a reason for thisnless your government requires it.

Nobody can get it? Only you can get in?
Which is it?  If nobody can get in, then how can I get in?  If I can get in, how can you be sure that nobody canget in?

A super secure server?
What does that mean?  How do you, or we, know that is is "super" secure, and not just mostly secure, or kinda secure, a little bit secure, or unsecure?

You should probably consider:
Open source code and public security protocols, so the community can verify that your systems are secure.
Insured deposits (insurance provided by an internationally recognized underwriter).

[DannyHamilton]

How can I know that you won't steal my money?

Also, how will you know if the scanned license is real or forgery?

What benefit do I get from using your bank?

Will deposits be insured? By whom?

Will you charge me a fee for providing me with security, or will you pay me interest for allowing you access to my deposit?

Where do the profits of your bank come from?  How do you pay your costs associated with running the "bank"?

Will you engage in fractional reserve, lending out a percentage of the deposits?

If so, what percent will you keep in reserve?  How can I verify that you actually have that percent in reserve?

If not, how can I confirm that you are not engaging in fractional reserve lending?

[ironcross360]

We will check the license number on the US Goverment website. You cant know if anyone is going to steal your money you just have to trust, No interest there will be a  fee of 2.5% for each transaction Or a one time fee of .1-.2 Btc maybe less, I may look at insurance, We may do lending, And our profits come from you ( 5% Fee )

How can I know that you won't steal my money?

Also, how will you know if the scanned license is real or forgery?

What benefit do I get from using your bank?

Will deposits be insured? By whom?

Will you charge me a fee for providing me with security, or will you pay me interest for allowing you access to my deposit?

Where do the profits of your bank come from?  How do you pay your costs associated with running the "bank"?

Will you engage in fractional reserve, lending out a percentage of the deposits?

If so, what percent will you keep in reserve?  How can I verify that you actually have that percent in reserve?

If not, how can I confirm that you are not engaging in fractional reserve lending?

[CryptoJunky]

With fees like that why would I want to use your bank? The whole concept behind Bitcoin is that it is decentralized and the users essentially become their own banks.

Now there might be a market for some sort of high security "vault" that could manage long term storage of Bitcoin. This would be for customers that are worried about theft of their Bitcoins from their home or some such thing. This would be tough to implement though and you'd have to build up trust within the community for people to want to send you large amounts of Bitcoin.

[DannyHamilton]

So, I will pay you 5% of my money for you to hold on to my money for me?
Then every time I want to spend any of my money, I will pay you another 2.5% of the transaction for the privilege of you letting me spend my own money?
On top of that, you want me to trust you that you will let me have my money (minus the 5% and 2.5%) when I ask for it?

Anyone who gives you their money, deserves to lose it.

[Darkneo]

If you have fees like that, not many are going to use it. Do you have any ideas of who would financially back a currency based off the internet?

What about people who have dynamic ips that change every time they go online?

What about users from other countries? You can't just try to use a US government website for them.

[21after2]

So, I will pay you 5% of my money for you to hold on to my money for me?
Then every time I want to spend any of my money, I will pay you another 2.5% of the transaction for the privilege of you letting me spend my own money?

Hell, it's not like existing banks don't do that already.

I have a client whose bank charges them an inactivity fee: a charge to their account for not spending their own money. When they do spend their money? They get normal activity fees.

I won't say which bank it is, but I wouldn't trust them any day under the sun. >.>

[ironcross360]

So how much should I charge and how should I get my income?

So, I will pay you 5% of my money for you to hold on to my money for me?
Then every time I want to spend any of my money, I will pay you another 2.5% of the transaction for the privilege of you letting me spend my own money?
On top of that, you want me to trust you that you will let me have my money (minus the 5% and 2.5%) when I ask for it?

Anyone who gives you their money, deserves to lose it.

[gweedo]

This is a horrible idea, and will just paint a big target on your site. Look at Mt Gox, they were hacked so much.

[jwzguy]

[Darkneo]

So how much should I charge and how should I get my income?

You can have limited ads, maybe charge for an ad-free version, you could transfer btc to usd and vice versa, there's a lot of ways to profit.

PM me.

[CryptoJunky]

After reflecting on it the whole concept of a bank is a little unnerving. Yes, I'm going to pay you to hold onto my money, surely this is a good  idea. How'd this all get started to begin with and why'd we ever go along with it? I know, savings accounts accrue interest to try and keep up with inflation but it still seems like a horrible proposition.

[ironcross360]

Lol I guarantee it wont be hacked. You can choose if you want your wallet stored offline or online. Offline would be more secure and the fees would have to be higher.(Better for higher btc balances) Or Online for Low btc balances

[ironcross360]

People wouldnt join if theirs ads. Ill figure it out, Ill probably just charge 1% of all transactions then hows that sound?

[gweedo]

Lol I guarantee it wont be hacked. You can choose if you want your wallet stored offline or online. Offline would be more secure and the fees would have to be higher.(Better for higher btc balances) Or Online for Low btc balances

You can't guarantee that. Look at how many times mt gox was hacked before they got it together, and your one guy, they have a team.