SC5 founds a Bitcoin Bank

[Gordonium]

http://blog.sc5.fi/2013/04/sc5-founds-a-bitcoin-bank/

The HTML5 company SC5 founds a Bitcoin bank.

After years of enduring the bank crisis, the Euro crisis and the bad user experience of all the digital banking services SC5 has decided to act. On this date the company pivots from software business to banking business.

SC5 bank in a nutshell

Provides a Bitcoin account where you can save, transfer and withdraw Bitcoins
Pays interest on Bitcoin savings
Grants Bitcoin loans
Offers a Bitcoin credit card
Provides banking services and easy payments on all digital devices with its superior HTML5 user experience
100% transparency promise

[Gordonium]

This is huge! This is a kind of service that could bring Bitcoin into mainstream.

[malevolent]

Don't get your hopes up yet

Posted on 1.4.2013

[the founder]

Don't get your hopes up yet

Posted on 1.4.2013

Plus this occurred about 2 years ago with flexcoin ...   

[yvv]

> Pays interest on Bitcoin savings

Are you kidding me??  

[gbl08ma]

This sounds too good to be true, and the 1.4.2013 date doesn't make it feel trustworthy at all.
At the same time, about two weeks earlier they had posted this:
http://blog.sc5.fi/2013/03/sc5-pays-salaries-in-bitcoin/
So they clearly know about Bitcoin. Can someone point me to some Flexcoin press-releases and blog posts, back when it opened, so they can serve as comparison of as how it sounds compared to this one?

[bb113]

It's Europe data format. DD-MM-YYYY

edit: forgot it was april fools as well.

[ArticMine]

I find the concept of having debt denominated in Bitcoin (otherwise called being short Bitcoin) really really scary. When it comes to borrowing I will stick to fiat currencies. Thank you.

[Mosper]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

[alexeft]

A no thank you from me as well. I think a bitcoin bank is, thankfully, totally useless.

[alexeft]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! 

[the founder]

> Pays interest on Bitcoin savings

Are you kidding me??  

I used to own Flexcoin. sold it about 1 1/2 years ago...   it pays by collecting fees on outgoing transfers.. then passes some of those fees back to the individual accounts.  

You make bitcoins by parking it there...  but it's an online wallet...  use them at your own risk..  I really don't know the new owners .. and the last time I had any contact with them was a year and half ago when I sold it.  From what I heard it's still running...  good for them.

I sold it because I had nightmares at night of someone hacking it and me owning hundreds of thousands of dollars to everyone plus a super tarnished name...   the responsibility was too great for me to handle... so I had to sell it.

Honestly I have zero idea what's going on there... they were in Canada last I heard.

[Mosper]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!!  

The gold standard was abandoned for a reason? Also gold is a commodity not a currency. You can't have your commodity that backs your currency ALSO be the currency. Do you actually have any understanding of the things you're saying?

[alexeft]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!! 

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

[the founder]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!!  

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Bitcoin is not a currency,  it's a storage of wealth, a commodity like Gold with currency like attributes (easy to transfer, etc)  but it's not a currency.

You know how I know it's not a currency?   Because it's hard to sell anything in bitcoins now...  because everyone believes they can buy 2 of that same item your selling in a week.

[Mosper]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!!  

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Inflation exists to insure an active economy and is not only a good thing but is entirely necessary for a functioning currency/economy based off of that currency. Out of control inflation can be bad but if your currency gets to pick one nature and your choices are inflation or deflation then the choice is obvious to anyone who doesn't have more conspiracy theories and paranoia than sense. Have you ever taken an economics class or read a paper or book in your entire life?

Bitcoin is not a currency,  it's a commodity..

This is exactly right.

[alexeft]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!!  

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Bitcoin is not a currency,  it's a storage of wealth, a commodity like Gold with currency like attributes (easy to transfer, etc)  but it's not a currency.

You know how I know it's not a currency?   Because it's hard to sell anything in bitcoins now...  because everyone believes they can buy 2 of that same item your selling in a week.

We don't really disagree. I tend to think that bitcoin is a medium that people can use as they see fit, others to store wealth and others to conduct business.
If one uses it to store wealth, it can be imagined as a barrel where drinking water is stored. It head better be sealed and closed and not full of holes, as in inflationary, thank you.

[bb113]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!!  

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Inflation exists to insure an active economy and is not only a good thing but is entirely necessary for a functioning currency/economy based off of that currency. Out of control inflation can be bad but if your currency gets to pick one nature and your choices are inflation or deflation then the choice is obvious to anyone who doesn't have more conspiracy theories and paranoia than sense. Have you ever taken an economics class or read a paper or book in your entire life?

That's nothing more than a hypothesis phrased as if it were fact. We will see, unless something ruins the project, bitcoin will show us what happens.

[alexeft]

So long as the community around bitcoin is only interested in denominating the value of their goods/services/investments in USD instead of BTC bitcoin will remain a penny stock and have no chance of becoming a currency. The deflationary nature is a very bad thing for a currency to have and you are all slowly seeing why (while still not connecting the dots and continuing to think bitcoin will actually be a world currency one day). You're so close to getting it.

You tend to forget that bitcoin is really really young and little in capitalization, hence, it is unstable.
It will stabilize over the years and then it will be more easy to use for a greater variety of day to day transactions.

Gold is deflationary but nobody sees gold as bad!!  

The gold standard was abandoned for a reason?

Yes, of course. Goverments and bankers couldn't confiscate people's belongings via inflation. Don't you agree?

Inflation exists to insure an active economy and is not only a good thing but is entirely necessary for a functioning currency/economy based off of that currency. Out of control inflation can be bad but if your currency gets to pick one nature and your choices are inflation or deflation then the choice is obvious to anyone who doesn't have more conspiracy theories and paranoia than sense. Have you ever taken an economics class or read a paper or book in your entire life?

Bitcoin is not a currency,  it's a commodity..

This is exactly right.

Are you trying to convince me that it is better to store water in a container full of holes?

[Mosper]

It is no a hypothesis stated as fact. It is the observation anyone with a sense of economic history makes and it is EXTREMELY obvious why it is true. It is axiomatic.

Are you trying to convince me that it is better to store water in a container full of holes?

This is a retarded analogy and has no relevance in a discussion about currency and economies.