Hi! BitCoin Fully Decentralized Hard Asset Backed Bank!

[laffenlarry]

HI! Well, I have some people put together, non of us are bankers, we do not come from or work with anyone from Wall Street Or London, and have figured out a basic framework for putting together a Full Decentralized Bank Structure, where you can preserve BitCoin value in Any Global Currency or Keep Them in BitCoins, and you can Earn INTEREST!

If This Is something you'd like us to keep work on please VOTE IN THE POLL!

I'm new here, so I hope this will be an ok post to introduce myself, with a poll that. I'd like to see what everyone thinks!

A test bank will be started soon! It is already running (VERY PRIVATELY) - to get some of the details worked out!

If you vote it will let us know when we should roll out publicly and GO HARD AGAINST THE CORPORATIST Commercial and Retail Central and Federal Banking System! Taking the money out of the Economy, letting you decide how and where to spend it, and Resetting how Banking and Finance are run! The Dollar is Dead, the Euro is Dying, and the GBP is about to IMPLODE! BitCoin provides a massive amount of solutions!

We have been consulting with clients for the past 15 years on Alternative Investment and Saving Strategies to keep them afloat! We despise the current banking system, We loathe the Greedy Mortgage Rip Off Schemes! WE want to make things better - and Give Wall Street a Fight that they Can't Ignore!

If we only take 3% of the Deposits out to the Global Centralized Banking System, and used the BitCoin - in 18 Months we`d have a entirely new planet - and Wall Street will lay in ruins!

HELP THE PROJECT! DONATE TODAY! If we can get just $10'000.00 together we can LAUNCH PUBLICLY! Globally! So anyone, anywhere, can bank, anonymously or not! MONEY WITH NO LIMITS OR BOUNDARIES! Taking Back Control - And saying NO To Financial Slavery! Will you stand with us?

PLEASE HELP US WIN OUR FREEDOM BACK! Send Donations To Bitcoin Address: 13cLbzJwSzSFGLDguTtk5xvYUBasmqVAie

Thank you!

PS: BGMCO is helping us FOR FREE to set up this project! They have been awesome - Please visit their website at (www.bgmco.info) (Send Email to: BBProject@bgmco.info)

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[Mike Christ]

Forgive me, for I am a fool and do not understand banking: what are the end-user pros for your bank's existence?  Will I be able to trade my BTC for USD easily?

[laffenlarry]

Yes:
Benefits Are This:

1) You choose your any Currency to Deposit Into: USD, Yen, Rubbles, GBP, any valid Global Currency.
2) Because of the nature of Bitcoin you can either Choose: A- Anonymous Banking (No ID's 100% Private - 100% Confidential - Entirely under your Control), or B- Identified Banking (With ID and Verification of you as a real person)
3) All Deposits are then stored in a Hard Assets, as proportional Allocations to their REAL VALUE, this is how we preserve the Value Of the BitCoin; So we own real estate, which backs up your deposit, we own commodities like Wheat, Corn, Oil, Gold, Silver, Copper, and we have land holding; all deposits backed up by Real Value Tangible Inventories - Not Debts like Normal/Traditional Banks.
4) We pay Interest at 4% on all deposits; regardless of currency denomination.
5) No Foreign Exchange Rates - you deposit your Coins to your Designated Currency Holding Account, and when you want to withdraw fund we convert to BitCoin and send directly to your wallet - that means you can Cash Out Locally, or online, or via an exchange into any currency you want!

An Example would be Cyprus or Greece. The banks were going on holiday. A person could have bought bitcoins, deposited those bitcoins to our US, or GBP, (or any currency) account for preservation - the bank can crash - the economy can crumble, BUT the Value is SAFELY Tucked Away. Even with a closed bank - you could access the account and be paid out in BitCoin - then continue on with life as normal by buying things, trading them, selling them, or cashing them out into Cold Hard Cash.

I hope this answered your question, and thanks for asking!

[Mike Christ]

That sounds pretty handy.  The biggest issue I have with fiat at the moment is moving money around; a wire transfer shouldn't take 5 days to clear.  Really, anything which can securely hold my assets and swap them from one and the other on the fly has my full support.

Does this proposed bank have a name?  A website?  Any further info besides this post?

[laffenlarry]

We Sure Do! Of course we cannot release that while we are in testing as we DO NOT WANT it to get into the wrong hands. However, there is a website ready to go, a name ready to for branding, a logo is ready.

What we need now are:

1) Banks and Lenders have not been "willing" to discuss financing because the do not 'see the value in bitcoin' - this is of course nothing but Propaganda because they can't control a decentralized system, won't be making massive fees from us since we DO NOT USE their Banks, and because they fear the competition (everyone know what the value of having a BitCoin Bank would be - and they don't want that kind of war on their hands). Needless to say finding funds has been very challenging!

2) We need to know what the BitCoin community thinks! That includes, a) about a bank where they could be fully in control over their money, b) what they would need in the line of services, that's why we have started this discussion topic, c) to generate awareness - through these kinds of discussions, so people know what we are about and what we'd like to do, and of course d) TO SEE IF YOU GUYS WANT IT - And that's why there 's a poll running on this topic line.

This New Money. It needs new systems! And we need to develop them before the centralized cronies get their wretched little hands wrapped around BitCoin and try to destroy it!

I hope this has helped, and thanks for the question!

[Mike Christ]

It's definitely something a lot of folks here would like to see.  However, until it comes out of private testing, I cannot donate; for reasons I'm certain you could understand.  There's a lot of scams going around on this board, so it's tough to donate to anything without more info.  Anyway, let us know when the site goes up and I'll take another look. 

[laffenlarry]

I Completely Understand!

All donations are taken in by (www.bgmco.info) their website is up for you to look at.

We choose BGMCO (and if you check their URL history they are not BRAND new, they've been around awhile) because we found them credible, and we hope you will to.

All Donations are managed by them, and if you'd like you can email them about the project to confirm that it exists, and is in the works of coming out this year.

I hope this help! And again thanks for your questions and comments!

[dflatline]

So let me see if I've got this right, someone opens an account and deposits money with you. You then use that money to buy assets that you hope will appreciate in value in order to pay interest, running costs and make a profit. If someone wants to withdraw their money, they get paid in bitcoin. Where do the bitcoins you pay people with come from?

[laffenlarry]

You Are Close, but there are an infinite number of details. But let's set down the basic frame work so it's easy to understand for everyone reading this.

My name is Rob Chamberlain by the way, you can find my profile on Linked In (here: http://www.linkedin.com/in/mrrobchamberlain ). One of my friends informed me he started a thread here, and that it was getting responded to. Something he had not counted on happening right away, as I was going to actually start this thread next week - but it never hurts to be early!

So, I have numerous degrees in various fields of study, not the least of which is Anthropology, Sociology, Law, and Economics (yes, I am educated). But what does this mean? Well first it means I have a good grasp and good understand of people, money, economics, legal aspects of money and use by the people of common units of value, these units today being the standard paper money (or Fiat Currency) that we see around us.

But you see, this is not about us. It's not about investing. It's about you. And about helping you save and give you the tools to actually get ahead. A way to save earnings or incomes, and to let them grow under a managed Plan. What you do is entirely up to you. What we do is not so much up for debate.

Do we invest YOUR MONEY - ABSOLUTELY NOT. We Do Not Touch One Red Penny! EVER! We charge, as there is obviously a need for a fee structure, and THAT MONEY, the fees that we collect WE use to INVEST in things OF VALUE.

You see - we do not lend. We do not offer loans. We offer no credit. We do not lend your money out, or use your money. And that's ONE HUGE Difference.

What this turns into then is 2 groups working for 1 goal. You want things of value (earnings preservation), so you can buy and save for what you would like to have. We want you to do that. And we want to pay you to do that! JUST LIKE THE BANKS SHOULD BE DOING RIGHT NOW but are not.

So, let's give a very small example of how it works (at this point as we'd like community input so we can develop a system that is fair for all of us! You see - We are at equal Risk). The risk is shared this way: 1) We Put Up our Assets to start the Bank, which we have done - so far there are $100'000.00 in Cold Hard Assets, including land, and commodities, and other such thigns - BUT WE OWN IT OUTRIGHT. It's FULLY Paid. This provides us the ability to do what many banks cannot. We can guarantee your deposits against loss - without charging you through RIDICULOUS rates and monthly service fees.

Also, we make money from transactions. Right now we are thinking of this kind of setup:

1) An application fee of between 0.05 BTC (Approximately $5.00 US).
2) No Other Fees - Except 1 Flat Rate Withdrawl fee of between 1.99% and 2.99% (we're actually coming together on a rate of 2.25% - IS THAT FAIR FOLKS? What do YOU think?!)

So, then from those fees we make investments for This Bank that we run, which earns us money on the FEES we have invested. So you see - your money is safe. Secure. And under your control. Fully payable at any time you want it (so far we have estimated with anonymous transactions that withdrawl will take about 1-2 days, due to the secrecy of such a transaction, and that most Identified Persons Transactions should complete in about 24 to 36 Hours).

Now - you have an account. You have made a little deposit, say 0.5 BTC. For the first 6 Mohths you earn No Interest. This is what we call the Incubation Period. Then from month 6 to 12 you will earn 1% on your averaged daily balance. And, ON THE ANNIVERSARY of your account, the First Full Year, so day 366, you start earning Our Standard Interest Rate of 4.0% Per Year, on EVERYTHING you Save. Forever, or until you close your account.

We're still working out details and technicalities, but I really hope this has helped - and please feel free to ask any questions. I have updated the email and website address on this profile to redirect you to BGMCO (the Business Guidance and Management Company) which houses the project.

Our name will be changing to: BITCoin Global Currency and Money Outfitters, and has already be registered.

Thanks for questions and comments!

[laffenlarry]

I'll just make a little comment here in case there is any confusion about who's posting by the way.

Since a group of us has gotten together to start this project, we have decided it's probably best just to use one account here on bitcointalk.org to ensure there are no lost messages and that all the conversations stay together and can be easily found.

This then is Rob, and I'm the designated 'manager' of the project. From time to time my project group (consisting of 3 people) will come on to this account to keep the discussion going, answer questions, and make updates.

I hope this will be ok with everyone.

Thanks again! And I look forward to getting to know you all on bitcointalk.org.

[DeathAndTaxes]

$10,000 to launch a multi-national bank?  LOLZ.  Scammer gonna scam.  Anyone who "donates" should expect to never see their coins again.

[gweedo]

Wait is this a bank or an exchange? Cause a bank to me is I deposit currency into a bank. That bank then invest it three ways into loans, stock market, or acquiring companies. So what is this exactly?

[dflatline]

The important question then: if you're not investing the capital you accrue via deposits into assets then in what form are you holding people's deposits?

Futhermore, how is it relevant to any of your account holders what you do with the fee money they pay? There is no need to guarantee people's deposits against loss if you are not investing them.

[laffenlarry]

You may find it awkward that it takes $10'000 to start this up - but it does. The first thing we need to is obtain Software and Hardware for testing. We are not rich - and we have a lot tied up in this already. Donations help us move forward and allow us to scale the project according to targets.

A new system takes time to set up and to figure out the glitches so we can roll out a strong foundation from which to build up from.

There are stages to the project, just like in any Project Management time line. Because we use our assets as a security base from which to ensure we can guarantee deposits, these cannot be liquidated to start the project.

Donations are by choice and entirely voluntary, so please do not donate if you are not comfortable with doing so.

As to the suggestion about a Multinational Operation it must be understood that without Brick and Mortars (Buildings, Offices, Kiosks, etc etc) and staying 100% digital through a virtual banking setup does one HUGE thing - IT REDUCES OVERHEADS. This means that our costs do NOT include running 5000 offices, but rather 1 office at this point. And As we grow, the project grows. When we can open another Office, we will. And then we'll need people to come work with us - which will provide another positive return from our setup.

It's not about rolling it out all at once. It's about baby steps. In a new age, we must tread slowly and carefully these waters so we don't screw up anything along the way, and so that when we hit a glitch (because we will) that we can fix it - and prevent it from becoming systemic.

I hope this provides you some clarification, and thanks for your comment.

[and0r]

cool scam bro

[laffenlarry]

Wait is this a bank or an exchange? Cause a bank to me is I deposit currency into a bank. That bank then invest it three ways into loans, stock market, or acquiring companies. So what is this exactly?

Our Project is Best Described: as a Global MutiCurrency Exchange Counting House.

We take your deposit. Enter it in a Ledger (in a currency of your choosing - let's assume a Euro) ... so you deposit EU20.00 Euro worth of BitCoins. We enter it on OUR EURO Ledger as EU20.00; and apportion it to a physical asset. The cash is right there, but it's now tied to something physical!

So if you want your cash - you put in a withdrawl request, and we conver that EU20.00 Ledger Value for your Deposit, into the Then Current Exchange for Bitcoins, and pay it directly to your wallet.

You can then use them to pay for Good or Services, Cash them out into Currency via Mt.Gox, CaVirtex.com, Bitinstant, or at a Local Bitcoin Trader, or even on Ebay, for whatever currency you need, or want.

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While Your Money is On Deposit, it will earn interest according to the Tier (or Aging) of your account on our Ledgers.  When you hit a Tier you trigger an Interest to be paid on your Ledger Value.  So if you have EU20.00 on your Ledger, you'd get EU20.80, assuming you are at 4%. You can keep saving, or cash out via An Exchange, A BitInstant PayCard, OKPay, or  Direct to your bank via PayPal (also care of BitInstant).

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As BitCoin ATM and BitInstant Paycards get released to the public you'd get even more use out of your money, and the added convenience of multiple points of withdrawl and direct pay use!

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I hope this helps, and thanks for the question!

[laffenlarry]

The important question then: if you're not investing the capital you accrue via deposits into assets then in what form are you holding people's deposits?

Futhermore, how is it relevant to any of your account holders what you do with the fee money they pay? There is no need to guarantee people's deposits against loss if you are not investing them.

We cannot divulge internal workings, as they are proprietary.

But thank you for your question!

[algorithmic]

OK, so you don't touch the deposits in any way and interest is paid from investing (somehow) the transaction fees?  How about this instead?  I'll save you the trouble of keeping track of my bitcoin and I'll keep it where I know it's safe (in my safe), then I'll pay you a small fee in place of the transaction fee, in exchange for which you pay me at some indefinite point in the future what I would have earned in interest on the deposit.   That should be equivalent, right?

Also, wondering how you can provide anonymous accounts that transact in fiat currency without running afoul of the anti-money laundering laws.

[laffenlarry]

OK, so you don't touch the deposits in any way and interest is paid from investing (somehow) the transaction fees?  How about this instead?  I'll save you the trouble of keeping track of my bitcoin and I'll keep it where I know it's safe (in my safe), then I'll pay you a small fee in place of the transaction fee, in exchange for which you pay me at some indefinite point in the future what I would have earned in interest on the deposit.   That should be equivalent, right?

Also, wondering how you can provide anonymous accounts that transact in fiat currency without running afoul of the anti-money laundering laws.

Great Questions - With Simple Answers!

We do not "transact or conduct business in any "REAL OR PHYSICAL Fiat Currency", no paper money ever changes hands.

Let's give an example.

Assume you were in the basement of your house.  And (most of you who are up to date will know this as Mining, or Rigging), but you sit there in your basement, and all the doors are closed. You sit in your PJ's and you are running a little piece of software called a BitMiner. It works on your computer, at home, in your house, in your basement, and all of a sudden you get a DING over your speaker. YOU Found A BitCoin!

Well that BitCoin has value. It is available to TRADE INTO any Fiat Currency, yes. But DID YOU GET IT FROM Fiat Currency NO. Tada! The magic has begun.

Now you go and spend that BitCoin. Say 1 Coin (about $120.00 USD), and you buy a little Tablet PC, a cheapo one! Now, did you pay ANYTHING Equivalent to A Fiat? Or Did the Transaction ORIGINATE FROM FIAT? No - not at all.

The BitCoin ORIGINATED from your computer at home! You did not receive any external payment for it. Thus - it's NOT FIAT, and CANNOT BE DEEMED TO RESULT from a FIAT Currency.

Suffice it to say the rest of it is very legally technical. But - IT IS LEGAL!

Now, let's say you want to have a 'common association to it' - well you can THINK of your BITCOIN in TERMS of VALUE "related" to a Fiat Currency - Yes. But that's just for Ease and Convenience of use. For your convenience.

But - If you decide that you want to store the bitcoin you got from your computer as a Euro, or a USD, or a GBP does NOT MEAN IT IS! It's simply for you to have a something that's easy to count in your own books, ledgers, or for use when thinking about how much to pay for something - IT'S YOUR CURRENCY! Not Ours.

Now - if you deposit a Virtual Cryptocurrency, to a Virtual Ledger, that is a Virtual Transaction. It has no Physical Origin. But if we tell you that we are going to give you 30 SLATOVSKIES for your 1 Bitcoin that is a LOT more complicated than saying that we'll give you $120 US Dollars, or $100 Euros.

I hope that gives you a brief explanation on Virtual Transactions. It's also why we call ourselves an Outfitter and NOT a Bank. Bank is just an easy Common Term of Reference. But we are an Counting House (much like an accounting firm), the units we use to designate accounts a Proprietary Unit Exchange Unit.

Thanks for your questions and comments!

[rusane]

... and you can Earn INTEREST!

I am curious; how do you pay interest without engaging in fractional reserve lending or otherwise debasing the currency through the money multiplier effect? Doesn't this undermine Bitcoin's raison d'etre?