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Question: Do you agree with idea "Bitcoin bank" ?
Yes
No
I don't know/I'm not sure yet
I don't care

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Author Topic: Do you agree with idea "Bitcoin bank" ?  (Read 139560 times)
Schuyler
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February 06, 2017, 04:45:53 AM
 #1161

 Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.


I can't  figure out the output of having a bitcoin bank.Is it similar from the fiat currency system?  I just wonder if how really it works. 


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stadus
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February 06, 2017, 05:01:25 AM
 #1162

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.


I can't  figure out the output of having a bitcoin bank.   How does the system works?  Is it similar from the fiat currency system?
We will not know until there is an actual bitcoin bank that would be name as bank, probably it's going to be similar with the system on how banks are manage in the real world. Bitcoin is decentralized, so there must be something the government will have to do because putting one.

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February 06, 2017, 05:27:22 AM
 #1163

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.


I can't  figure out the output of having a bitcoin bank.Is it similar from the fiat currency system?  I just wonder if how really it works. 

Banks make loans. They are very good at transforming an ability to generate money over time (a job) into a loan (a mortgage to buy a home).
They have capital and they take risks. That's what they do.

There is no market for this service in bitcoin because no one in his right mind will take out a loan in bitcoin. Bitcoin appreciates too much.

So, no. No bitcoin banks any time soon.
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February 06, 2017, 05:32:06 AM
 #1164

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.


I can't  figure out the output of having a bitcoin bank.Is it similar from the fiat currency system?  I just wonder if how really it works. 

Banks make loans. They are very good at transforming an ability to generate money over time (a job) into a loan (a mortgage to buy a home).
They have capital and they take risks. That's what they do.

There is no market for this service in bitcoin because no one in his right mind will take out a loan in bitcoin. Bitcoin appreciates too much.

So, no. No bitcoin banks any time soon.


Yes, bank can help us a lot, but in terms for their capital and profit, we are not sure about it. Those interests can make us bankrupt, we need that kind of bank, but in terms on interest, our earnings will lost. For me, bitcoin must have a bitcoin bank, but, if you think you are going to risk your money, do not invest your money in bank. We should know about the cause and effects of banks.

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Grdas130979
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February 06, 2017, 05:39:01 AM
 #1165

I want to add to the discussion that when we say bank, there are many things someone can understand. For example there are the central banks, who isssue money and control circulation, rates etc. I dont wont a central bank thats for sure.

But a commercial bank which keeps money, loans money etc i would like if it was decentralized and noone could speculate with my btc or could steal my btc


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February 06, 2017, 08:26:26 AM
 #1166

I want to add to the discussion that when we say bank, there are many things someone can understand. For example there are the central banks, who isssue money and control circulation, rates etc. I dont wont a central bank thats for sure.

But a commercial bank which keeps money, loans money etc i would like if it was decentralized and noone could speculate with my btc or could steal my btc


Keep in mind that if a bank is controlling your Bitcoin there will be no guarantee that you will still have the value your Bitcoin was when you deposited it. What I mean is even banks can't control the price of Bitcoin in which there business has the burden of adjusting to the volatility, that is why Fiat will be a more popular choice to Banks and Customers.

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February 06, 2017, 08:38:57 AM
 #1167

Banks for bitcoin is not possible because to setup a bank it is not small process. Once banks are controlling bitcoin the price of the bitcoin will not reach to higher value may be. But bitcoin is operating world widely than how can bitcoin bank will operate with all the transactions.



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fullypak
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February 06, 2017, 11:57:18 AM
 #1168

Banks for bitcoin is not possible because to setup a bank it is not small process. Once banks are controlling bitcoin the price of the bitcoin will not reach to higher value may be. But bitcoin is operating world widely than how can bitcoin bank will operate with all the transactions.
If the bitcoin wants to become legal in all country, then we need bitcoin bank. Without this Bitcoin bank, the govt will not approve Bitcoin. Because from Bitcoin bank, only the govt will get revenue. But I also have doubt that how the banks will track bitcoin transaction. It is not easy to open Bitcoin bank there are a lot of rules and regulations will oppose this bank. So the idea is good but doesn't know it will work out or not in the present situation.
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February 06, 2017, 01:21:11 PM
 #1169

I want to add to the discussion that when we say bank, there are many things someone can understand. For example there are the central banks, who isssue money and control circulation, rates etc. I dont wont a central bank thats for sure.

But a commercial bank which keeps money, loans money etc i would like if it was decentralized and noone could speculate with my btc or could steal my btc


Keep in mind that if a bank is controlling your Bitcoin there will be no guarantee that you will still have the value your Bitcoin was when you deposited it. What I mean is even banks can't control the price of Bitcoin in which there business has the burden of adjusting to the volatility, that is why Fiat will be a more popular choice to Banks and Customers.
If the person decides to use Bitcoin and decides to put the coins in a bank, then the use of the currency would not be very different from the use of fiat currency. I would see no problems if some banks started accepting deposits in Bitcoin, but it is not advisable to put many Bitcoins in centralized institutions.

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February 06, 2017, 01:25:53 PM
 #1170

I want to add to the discussion that when we say bank, there are many things someone can understand. For example there are the central banks, who isssue money and control circulation, rates etc. I dont wont a central bank thats for sure.

But a commercial bank which keeps money, loans money etc i would like if it was decentralized and noone could speculate with my btc or could steal my btc


Keep in mind that if a bank is controlling your Bitcoin there will be no guarantee that you will still have the value your Bitcoin was when you deposited it. What I mean is even banks can't control the price of Bitcoin in which there business has the burden of adjusting to the volatility, that is why Fiat will be a more popular choice to Banks and Customers.
If the person decides to use Bitcoin and decides to put the coins in a bank, then the use of the currency would not be very different from the use of fiat currency. I would see no problems if some banks started accepting deposits in Bitcoin, but it is not advisable to put many Bitcoins in centralized institutions.

And why Bitcoin should be used differently than fiat?

Also, how exactly should it be used that would make it different from fiat? After all, Bitcoin is considered to be money in its own right, but any money is used essentially in the same way, i.e. as a means of storing value as well as a means of exchange. It is thought as well that expanding Bitcoin adoption ultimately comes down to using it instead of fiat (through wider acceptance by merchants). Obviously, in that very case it will be used in the same role and way as fiat is being used now

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February 06, 2017, 02:44:13 PM
 #1171

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.

It's ironic because bitcoin Core is trying to turn bitcoin into some kind of bank with bitcoin Core being the bank and LN being some kind of SWIFT system.   

And a lot of people seem to support it.
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February 06, 2017, 02:50:39 PM
 #1172

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.

It's ironic because bitcoin Core is trying to turn bitcoin into some kind of bank with bitcoin Core being the bank and LN being some kind of SWIFT system.   

And a lot of people seem to support it

But what's wrong with that?

After all, isn't all folks here are saying and then continuously repeating that you should be "your own, personal bank"? With LN, that would be like a distributed decentralized banking system, and the true irony is that implementing this idea would actually mean creating "you own banks" in the literal sense of the word. Further, if LN gets activated, no one could force you to use the payment channels that this system should provide, right?

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February 06, 2017, 03:04:21 PM
 #1173

Recently, i often see discussion about Bitcoin Bank. More and more people come here and ask about bitcoin bank & surprisingly i see few user agree with this idea.
So, i would like to find out the percentage of user who agreed with this idea.

Honestly, i think this idea is stupid and worst idea that i've seen in my life. What do you think?
p.s. we don't talk about bitcoin debit card OR any centralized service which only ask name and email address.

It's ironic because bitcoin Core is trying to turn bitcoin into some kind of bank with bitcoin Core being the bank and LN being some kind of SWIFT system.   

And a lot of people seem to support it

But what's wrong with that?

After all, isn't all folks here are saying and then continuously repeating that you should be "your own, personal bank"? With LN, that would be like a distributed decentralized banking system, and the true irony is that implementing this idea would actually mean creating "you own banks" in the literal sense of the word. Further, if LN gets activated, no one could force you to use the payment channels that this system should provide, right?

I guess so. The risks of people accepting those kinds of ideas probably have advantages and disadvantages. What do you think can happen when that thing comes? It would be just another bank that BITCOIN was not made for. It was to prevent intermediaries in transactions. We would see if that happens.



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February 06, 2017, 04:25:44 PM
 #1174

I want to add to the discussion that when we say bank, there are many things someone can understand. For example there are the central banks, who isssue money and control circulation, rates etc. I dont wont a central bank thats for sure.

But a commercial bank which keeps money, loans money etc i would like if it was decentralized and noone could speculate with my btc or could steal my btc


Keep in mind that if a bank is controlling your Bitcoin there will be no guarantee that you will still have the value your Bitcoin was when you deposited it. What I mean is even banks can't control the price of Bitcoin in which there business has the burden of adjusting to the volatility, that is why Fiat will be a more popular choice to Banks and Customers.
If the person decides to use Bitcoin and decides to put the coins in a bank, then the use of the currency would not be very different from the use of fiat currency. I would see no problems if some banks started accepting deposits in Bitcoin, but it is not advisable to put many Bitcoins in centralized institutions.

And why Bitcoin should be used differently than fiat?

Also, how exactly should it be used that would make it different from fiat? After all, Bitcoin is considered to be money in its own right, but any money is used essentially in the same way, i.e. as a means of storing value as well as a means of exchange. It is thought as well that expanding Bitcoin adoption ultimately comes down to using it instead of fiat (through wider acceptance by merchants). Obviously, in that very case it will be used in the same role and way as fiat is being used now

I agree totally, we need to treat BTC as a currency.

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February 06, 2017, 04:58:00 PM
 #1175

It's ironic because bitcoin Core is trying to turn bitcoin into some kind of bank with bitcoin Core being the bank and LN being some kind of SWIFT system.   

And a lot of people seem to support it

But what's wrong with that?

After all, isn't all folks here are saying and then continuously repeating that you should be "your own, personal bank"? With LN, that would be like a distributed decentralized banking system, and the true irony is that implementing this idea would actually mean creating "you own banks" in the literal sense of the word. Further, if LN gets activated, no one could force you to use the payment channels that this system should provide, right?

I guess so. The risks of people accepting those kinds of ideas probably have advantages and disadvantages. What do you think can happen when that thing comes? It would be just another bank that BITCOIN was not made for. It was to prevent intermediaries in transactions. We would see if that happens

Who is to define what Bitcoin was made for?

If you think Satoshi defined that, I doubt he would ever claim something to this tune. If you don't like this idea (which includes but is not limited to instant payments), no one can make you use it. On the other hand, if someone was out there to strictly draw the borders along which Bitcoin should be used, I don't think we would be able to get where we are now. Really, how can you foresee all possible uses of something which is entirely new. Limiting it to some written in stone canons is not a very good idea overall (since that would obviously hinder its evolution)

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February 06, 2017, 08:38:43 PM
 #1176

Banks for bitcoin is not possible because to setup a bank it is not small process. Once banks are controlling bitcoin the price of the bitcoin will not reach to higher value may be. But bitcoin is operating world widely than how can bitcoin bank will operate with all the transactions.
i think banks have no concern with the price of  bitcoin. banks can only facilitate bitcoins.  but i think currently we do not need for any bitcoin banks because online wallet is the best option of deposing and withdrawal of bitcoin. may be in future when the price of bitcoin will increase then we feel the need for bitcoin.
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February 06, 2017, 10:18:09 PM
 #1177

Bitcoin was created to be a decentralised currency that is opposite to bank system. I don't think that we need Bitcoin bank, because it can destroy the main idea of Bitcoin.
yeah you are right that we do not bitcoin bank because bitcoin already have a stable system than bank and you are right that it can really destroy the aim and idea of bitcoin so we do not need any bank of bitcoin.

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February 06, 2017, 10:40:50 PM
 #1178

I have already formed the Bitcoin Reserve Bank. I will publish the Press Release soon.
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February 07, 2017, 12:13:05 AM
 #1179

Bitcoin was created to be a decentralised currency that is opposite to bank system. I don't think that we need Bitcoin bank, because it can destroy the main idea of Bitcoin.
yeah you are right that we do not bitcoin bank because bitcoin already have a stable system than bank and you are right that it can really destroy the aim and idea of bitcoin so we do not need any bank of bitcoin.
using bitcoin bitcoin bank then properties such as decentralization and anonymity will disappear because of the nature of bank centralization. but it's up to you to use bitcoin bank or not



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February 07, 2017, 01:50:40 AM
 #1180

Bitcoin was created to be a decentralised currency that is opposite to bank system. I don't think that we need Bitcoin bank, because it can destroy the main idea of Bitcoin.
yeah you are right that we do not bitcoin bank because bitcoin already have a stable system than bank and you are right that it can really destroy the aim and idea of bitcoin so we do not need any bank of bitcoin.
using bitcoin bitcoin bank then properties such as decentralization and anonymity will disappear because of the nature of bank centralization. but it's up to you to use bitcoin bank or not
The decentralization is still there, you cannot change the system of bitcoin, it is the nature of bitcoin and that entire system has attract people to use it. It's going to be a different banking system that is going to be apply, banks in real life which are govern by the government are centralized but with bitcoin, it's the opposite but we will be more compliance with the laws that the government might impose.

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