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TheBitMan (OP)
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June 25, 2011, 11:07:52 PM |
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I have seen more and more of these pop up I thought of this about a week ago I think it's a really good idea and there aren't really any up and running right now just getting worked on.
My ideal bank would give out loans...but how would the people give the money back...what if they don't??
Also the bank pays to hold your money (interest) but I don't mine but I think I could pay interest due to me making 20% off 36 referrals I have for freebitcoin.org and counting...
The main thing is I don't have any coding skills at all...but I have some great ideas...
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BitcoinPorn
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June 25, 2011, 11:22:57 PM |
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Nice commercial for FreeBitCoin lol
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TheBitMan (OP)
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June 25, 2011, 11:50:37 PM |
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Nice commercial for FreeBitCoin lol
I should get paid lol but really we need banks! |
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triforcelink
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Activity: 112
Merit: 10
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June 26, 2011, 06:55:12 AM |
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Banks make money off the loans.
I would imagine that the initial banks will simply offer to keep our coins safe. As they start competing with each other, that's when interest will come into play.
I guess it won't be long before we start seeing fractional reserve banking.
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jamesb
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June 26, 2011, 08:45:03 AM |
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The main thing is I don't have any coding skills at all...but I have some great ideas...
I'm searching for project very soon as you can see. Maybe I could join you to make your idea reality? Maybe we can contact us in PM? |
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triforcelink
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June 26, 2011, 10:33:29 AM |
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The main thing is I don't have any coding skills at all...but I have some great ideas...
I'm searching for project very soon as you can see. Maybe I could join you to make your idea reality? Maybe we can contact us in PM? If you guys are interested in creating a bitcoin bank, I would like to try and contribute. I enjoy learning about the inner workings of money, and I have an endless supply of ideas. |
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TheBitMan (OP)
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June 26, 2011, 01:00:19 PM |
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Alright we can work together the both of you who asked we can have some good ideas
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Fireball
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June 26, 2011, 10:18:46 PM |
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Bank idea requires some kind of authentication. Anonymous just can't get a loan, because it won't be returned if there is no real need to return. A "donation"-based bank (where it's up to one's social responsibility to return loan + interest) won't work, I'm afraid.
An idea would be to create a loan exchange (like it's done in WebMoney), but again it faces the anonymousity. How can I see that 0af6... is going to return a loan+interest and 486d... won't?
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nhodges
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June 27, 2011, 03:24:04 AM |
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I think the very notion of banking goes against the ideologies of the Bitcoin project simply for the fact that most banks report to a centralized authority for their country and currency. Banking would have to be integrated into the system itself (contracts to repay at certain thresholds and with certain granularity) otherwise the "trust factor" comes from an external, manipulatable source.
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Fireball
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June 27, 2011, 08:46:22 AM |
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Yes, absolutely. Thinking of that, in WebMoney, loan exchange works based on the
a. User's rating of trust (so-called "credit rating")
b. Every wallet has a "certificate". With the lowest being anonymous ("formal"), next one with the verified ID data of a person, next with a verified data of a company, etc etc. Lower-level certificates are issued by higher-level certificates owners.
So maybe something like this could be implemented for the loan exchange/"banking" service.
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seeARMS @ Bit-Bank
Copper Member
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June 27, 2011, 03:31:35 PM |
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I considered loans in my new banking website ( http://bit-bank.org) but I came to the conclusion not to implement it for the very reasons discussed here. The majority of Bitcoin-related transactions are based entirely on trust, and loans are no different. Eh, who knows, maybe we'll come up with a way to add very small loans successfully. I'm just afraid someone will take advantage of the system and someone else could be out a lot of money.  |
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Fireball
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June 27, 2011, 05:11:45 PM |
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I honestly don't understand the need for a bit-bank. Electronic money don't need some extraordinary storage or something. And if you need them with you, just get a wallet.dat with you on a smartphone, flash storage, camera, laptop, netbook, whatever else.
I always judge by myself: would I keep my own money in my own wallet, or transfer them to a personal wallet of Colin Armstrong in Canada which is called "bit-bank"? My answer is that I rather keep it.
BTW, no offence, I highly respect the fact that you decided not to use anonymizers and registered the domain to your own name. I also clearly understand people will treat my new exchange project same way, but the difference is that my service will indeed have specific needed features which other don't have.
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seeARMS @ Bit-Bank
Copper Member
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June 27, 2011, 09:45:17 PM |
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I honestly don't understand the need for a bit-bank. Electronic money don't need some extraordinary storage or something. And if you need them with you, just get a wallet.dat with you on a smartphone, flash storage, camera, laptop, netbook, whatever else.
I always judge by myself: would I keep my own money in my own wallet, or transfer them to a personal wallet of Colin Armstrong in Canada which is called "bit-bank"? My answer is that I rather keep it.
BTW, no offence, I highly respect the fact that you decided not to use anonymizers and registered the domain to your own name. I also clearly understand people will treat my new exchange project same way, but the difference is that my service will indeed have specific needed features which other don't have.
Clearly your opinion represents that of the minority, if services such as mybitcoin.com are so popular. I would much prefer transferring bitcoins to one location rather than tediously copying a wallet.dat to everything I bring with me... Also, I have a tendency to lose things, so that's a perfect opportunity for disaster. By all means judge by yourself - however, your opinion does not hold true for everyone. I honestly don't understand the need for a new exchange. We already have Tradehill and Mt.Gox, why would people migrate to yours? Also, you've prompted me to enable whoisguard on my domain, so people like you are unable to get my contact information. Thank you.  |
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Fireball
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July 30, 2011, 06:50:50 PM |
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By all means judge by yourself - however, your opinion does not hold true for everyone.
Sure, that's why I made an accent it's purely my opinion. As for majority or minority, I'm afraid it's hard to tell. I see majority people like keeping their cash in their own wallets and guard them as much as they can. It's not so easy to come to someone and tell him "hey, give me your money, I will keep them in a safe place, and will leave some bucks for myself for doing this service for you" unless that's your relative or very close friend. I honestly don't understand the need for a new exchange. We already have Tradehill and Mt.Gox, why would people migrate to yours?
Clearly because I can offer something better. I'm totally not a fan of "riding the wave" (offering same version of an already popular service), it's not for me at all because I don't like always being nr. 2. Also, you've prompted me to enable whoisguard on my domain, so people like you are unable to get my contact information. Thank you. oh, it was almost the only thing which I found as an advantage in my reply about your project. Anyway, good luck, we all should try something and see if it works |
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MatthewLM
Legendary
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Activity: 1190
Merit: 1004
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July 30, 2011, 07:21:54 PM |
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An idea would be to create a loan exchange (like it's done in WebMoney), but again it faces the anonymousity. How can I see that 0af6... is going to return a loan+interest and 486d... won't?
I came up with this idea. Shame the idea seems to have been thought about quite a lot. I have ideas for a bitcoin bank and that was one of them. Question is, could a bitcoin bank make money as it is now? There is tens of thousands of bitcoin users but how hard would it be to get those people on board. I would have thought you'd need a rather large amount of people before it would be worth it. |
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Fireball
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July 30, 2011, 10:14:37 PM |
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Question is, could a bitcoin bank make money as it is now? I think it would be more correct to put it this way: what services a bitcoin bank would need to provide in order to be profitable? I can't think of any right now. Loan exchange needs a lot more thinking, it's an interesting concept, but definitily not for anonymous currencies. |
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MatthewLM
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July 30, 2011, 11:39:46 PM |
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But the bank accounts don't need to be anonymous. You can link credit profiles to them and credit histories (Under permission to help get credit).
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BitMofo
Member
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Activity: 112
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July 31, 2011, 01:01:59 AM |
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Hi guys, Bank opened yesterday... http://www.flexcoin.com/ It provides interest by charging fees for some transactions... Have a read, quite interesting! |
1HNffyHktcD2iB6WJhPxKbALJdg4dwerTG
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MatthewLM
Legendary
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Activity: 1190
Merit: 1004
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July 31, 2011, 01:30:36 AM |
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It says it is the first bank which can't be right if it was opened yesterday. I guess they didn't really do their research.
They take fees from transactions and and then give "most" of it back in interest payments. I don't get that at all. What the heck is the point in that?
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qikaifu
Full Member
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Activity: 168
Merit: 100
God creats math and math creats bitcoin.
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July 31, 2011, 03:44:23 PM |
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It says it is the first bank which can't be right if it was opened yesterday. I guess they didn't really do their research.
They take fees from transactions and and then give "most" of it back in interest payments. I don't get that at all. What the heck is the point in that?
Mr. Ponzi is telling you now that he has got an profitable stamp arbitrage business... |
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