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Author Topic: Bitcoin BANKS  (Read 843 times)
GeniuSxBoY
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June 27, 2011, 09:39:00 PM
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There are many Bitcoin wallets out there but none of them can be considered banks because nothing is insured from theft or security fraud.

Banks usually accept responsibility for loses pertaining to security hacks and fraud.

I think Mt. Gox could make the first bitcoin bank and have a "FDIC"-type guarentee because they are able to make money through other means such as trading fees on the market.

Eventually they'd be able to make money from merchant fees.

Of course, this isn't ANONYMOUS.

but neither is cash when you deposit into banks and make transactions.


If someone that stole bitcoins ever uses the bank or any other banks that communicate as a community, the bank can put a hold on those bitcoins and transfer them back to the original owner.



This solution is for the non-shady, don't care about anonymity, everyday money transactions.
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mandros
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June 27, 2011, 09:54:39 PM
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Flexcoin already claims to be the first bitcoin bank: http://www.flexcoin.com

Maybe this opens the door to credit and debit cards based on bitcoins.

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June 27, 2011, 10:49:02 PM
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I skimmed over flexcoin.com and couldn't find an explanation of where the interest they pay on a positive balance come from. Did I miss it? If not, does anyone know?

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June 27, 2011, 10:51:23 PM
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According to this thread:

http://forum.bitcoin.org/index.php?topic=21615.0

They are planning on mining to create bitcoins that will be distributed as "interest"

What I don't understand is what is in it for them. I don't get their business model. How will they make money?

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June 27, 2011, 11:04:26 PM
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According to this thread:

http://forum.bitcoin.org/index.php?topic=21615.0

They are planning on mining to create bitcoins that will be distributed as "interest"

What I don't understand is what is in it for them. I don't get their business model. How will they make money?
The guy claims not to be in it for the money but to support the growth of BitCoin.
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June 27, 2011, 11:15:05 PM
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According to this thread:

http://forum.bitcoin.org/index.php?topic=21615.0

They are planning on mining to create bitcoins that will be distributed as "interest"

What I don't understand is what is in it for them. I don't get their business model. How will they make money?

Whats in it for them is that they will run away with the money.
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June 27, 2011, 11:19:18 PM
 #7

Honestly the reason I am doing it is because I think it will help stablize and increase the usage of bitcoins.  

We'll be mining and distribute the earnings to the accounts with positive balances.

What's in it for us?   Honestly we just want to build a good product now,  I always felt that if we do something good,  we'll get rewarded.  

No we're not going to run away with the money... if that was the case I wouldn't be throwing my company under the bus doing it...

I already had the new york times call me regarding an article they are running regarding it...

If you guys feel it's a scam,  then don't use it... if you feel it's real than do...  I'll be using it.. I built it.



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