It seems a lot of users could benefit from a legit cryptobank/online wallet service these days. The recent Inputs.io hack/scam was certainly a wake up call.
It's hard to trust anonymous people. Their services lack checks and balances, and they will rob you an alarmingly high percentage of the time. Inputs.io may or may not have been a con job, but the fact remains that people entrusted their money to an insecure anonymous service, again
[insert Picard dafuq]
This community needs to stick to the services built by our community's legitimate entrepreneurs.
Anyways, very nice job on the interview. I like what you were saying about looking ahead 5+ years. Things are changing, you gotta stay nimble.
＋1 ， actually i don't trust any banks at all including BTC banks since inputs.io vanished . Why we need a BTC bank ?
I used to think that too, but new data has changed my opinion.
Remember that inputs.io was anonymous, and CoinKite and others are not. Many people here probably imagine anonymity as a good thing, because it protects their money from state/banking cartel seizure. But I think from the consumer perspective, anonymity amplifies the risk of losing your cash.
I'm not sure precisely why and how individuals are using cryptobanking services, but they are. I'm sure CoinKite and others are doing a lot of research to determine the needs of the eco-system.
re: Compliance and Risk
I'm Canadian and I work in the Bitcoin space, so I have my finger on pulse of the regulators here. It's not like the United States. In general, the banks have an even more obvious cartel-like monopoly here, and they are all entirely up in each other's business. But the government is friendly towards financial technology innovation, and they are up to speed on Bitcoin. So I seriously doubt there will ever be a crackdown. There will be government acceptance and new laws, and it is the banks who will need to either adapt or lose ground. My prediction is that if cryptocurrencies get bigger (and of course they will), banks will play ball. There are already bankers from the big 5 Canadian banks showing up at Bitcoin meetups in Toronto.
Since CoinKite is crypto only. They are off the government's radar, and do not require licenses. I guess that will probably change one day in the future (when Bitcoins are worth $10,000
). I'm curious what sort of licenses, if any, CoinKite does have?
