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Author Topic: There is a need for a Bitcoin Bank  (Read 5377 times)
Kimowa
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November 05, 2013, 01:42:03 PM
 #41

You don't want bank to freeze your account if you are doing something illegal like gambling and stuff...

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theonewhowaskazu
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November 05, 2013, 03:48:47 PM
 #42

You don't want bank to freeze your account if you are doing something illegal like gambling and stuff...

Oh my god. I'm talking about a bank for use as a market maker in Bitcoin credit markets. How will the ability to exchange credit give them the ability to freeze your account. Its not like just because a Bitcoin bank exists suddenly wallets don't work.

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November 05, 2013, 04:02:12 PM
 #43

You don't want bank to freeze your account if you are doing something illegal like gambling and stuff...

Oh my god. I'm talking about a bank for use as a market maker in Bitcoin credit markets. How will the ability to exchange credit give them the ability to freeze your account. Its not like just because a Bitcoin bank exists suddenly wallets don't work.

Sorry about disagreeing with you before -- you were right.
I guess most people here do think that a bank is just a place that stores your money, lets you write checks, and pays you interest for the privilege of providing that service.
No wonder most here think that banks are a scam.  Banks like that *would* have to print money to be able to pay interest on deposits, pay rent & salaries -- where else would the money come from, amiright?
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November 05, 2013, 05:25:42 PM
 #44

Bitcoin presents ways for users to be WAY more clever and market responsive than archaic and scoleric traditional banks will ever adapt in to. Just look at mcxnow, etc ... Just one more reason why btc will replace banking anyways; just look how banks fail more than half of humanity as being completely useless !!!!! :

http://finance.yahoo.com/blogs/daily-ticker/cell-phones-transforming-world-microfinance-132554814.html
Karmicads
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November 07, 2013, 06:51:14 AM
 #45

I disagree.

Bitcoin "bank" implies centralization in my view. Centralization implies single-point of failure which implies regulation etc etc etc.

Bitcoin enables you to be your own central bank and to protect your own net worth without it being someone else's counter-party risk.

The problem is that some people can't be bothered to protect their own wallet and want someone else to do it, for those people the idea of a bank may be a better idea, the solution is not that their should be a bank but how can we design one that isn't evil Smiley
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What a shame huh? People can't be fucked doing the minimum required to take responsibility for their own interests. Naturally there will be greedy operators willing to exploit their laziness. Bitcoin makes banks redundant and that is good. You can never underestimate the value of decentralization. Going back to a new central service every time a little invonvinience crops up is foolish and lazy. Let them try to create bitcoin banks though; let them try to invoke primitive technology as innovative solutions. People will get burned for no good reason, other than their own laziness.
 
Nobody said a fool and their bitcoin could never be parted. Any kind of central authority/service is the wrong kind of solution because it tries solving the  wrong problem. Better that we have education facilities and tools that make security more intuitive while helping people to understand the need to take responsiblity in free-speech, democracy, safe sex, recycling/environment and yes, personal security (including by trying mitigate the risks borne of using centralised services to defer our responsibility.)
 
In summary, the market you have identified, is not in banking, but rather in security tools and education.
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November 07, 2013, 11:32:07 AM
 #46

I disagree.

Bitcoin "bank" implies centralization in my view. Centralization implies single-point of failure which implies regulation etc etc etc.

Bitcoin enables you to be your own central bank and to protect your own net worth without it being someone else's counter-party risk.

The problem is that some people can't be bothered to protect their own wallet and want someone else to do it, for those people the idea of a bank may be a better idea, the solution is not that their should be a bank but how can we design one that isn't evil Smiley
.

What a shame huh? People can't be fucked doing the minimum required to take responsibility for their own interests. Naturally there will be greedy operators willing to exploit their laziness. Bitcoin makes banks redundant and that is good. You can never underestimate the value of decentralization. Going back to a new central service every time a little invonvinience crops up is foolish and lazy. Let them try to create bitcoin banks though; let them try to invoke primitive technology as innovative solutions. People will get burned for no good reason, other than their own laziness.
 
Nobody said a fool and their bitcoin could never be parted. Any kind of central authority/service is the wrong kind of solution because it tries solving the  wrong problem. Better that we have education facilities and tools that make security more intuitive while helping people to understand the need to take responsiblity in free-speech, democracy, safe sex, recycling/environment and yes, personal security (including by trying mitigate the risks borne of using centralised services to defer our responsibility.)
 
In summary, the market you have identified, is not in banking, but rather in security tools and education.

Judging from the history of bitcoin investing, from Pirateat40 to Labcoin & friends, free speech isn't very effective -- it gets labeled as FUD & shouted down, and the enlightened money-rebels continue to ... "invest."  Without lube or condoms. Cheesy

Edit:  For further edification, please visit https://inputs.io/  Smiley
Karmicads
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November 07, 2013, 12:48:39 PM
 #47

I think you are confusing dissent with censorship. I may disagree with what you say, but I will fight to my death, for your right to say it.
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November 07, 2013, 01:27:54 PM
 #48

I think you are confusing dissent with censorship. I may disagree with what you say, but I will fight to my death, for your right to say it.

You're missing the point, that being: free speech has proven itself ineffective in stopping enterprising youngsters from parting bitcoiners from the coins they love.  Fact.
Censorship is not the issue here, so please don't fight to the death for my right to say shit that falls on deaf ears.
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November 07, 2013, 02:01:51 PM
 #49

I think you are confusing dissent with censorship. I may disagree with what you say, but I will fight to my death, for your right to say it.

You're missing the point, that being: free speech has proven itself ineffective in stopping enterprising youngsters from parting bitcoiners from the coins they love.  Fact.
Censorship is not the issue here, so please don't fight to the death for my right to say shit that falls on deaf ears.

Oh! Right then. LOL Anything else I can fight to the death for then? Just feeling a wee tad gladiatorial tonight. Grin
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November 08, 2013, 04:39:52 AM
 #50

There have been several Bitcoin banks. They've either been scams or they've been hacked.

I'd like to see a Bitcoin broker/dealer that was registered as a broker/dealer in a major country, with audits and customer insurance.
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