Bitcoin Forum
December 08, 2016, 12:09:42 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2  All
  Print  
Author Topic: Intrest-bearing Bitcoin Bank.  (Read 2609 times)
Kansattica
Member
**
Offline Offline

Activity: 112


Don't get eaten by wolves!


View Profile WWW
August 30, 2011, 01:00:26 AM
 #1

I know about Bitcoin banks like Flexcoin, which does something similar to what I want.  I want a place where I can send my Bitcoins, and they will be stored in something like a bank account that would pay interest on my deposited Bitcoins. Is there anything like that?

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
1481198982
Hero Member
*
Offline Offline

Posts: 1481198982

View Profile Personal Message (Offline)

Ignore
1481198982
Reply with quote  #2

1481198982
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481198982
Hero Member
*
Offline Offline

Posts: 1481198982

View Profile Personal Message (Offline)

Ignore
1481198982
Reply with quote  #2

1481198982
Report to moderator
1481198982
Hero Member
*
Offline Offline

Posts: 1481198982

View Profile Personal Message (Offline)

Ignore
1481198982
Reply with quote  #2

1481198982
Report to moderator
1481198982
Hero Member
*
Offline Offline

Posts: 1481198982

View Profile Personal Message (Offline)

Ignore
1481198982
Reply with quote  #2

1481198982
Report to moderator
nmat
Hero Member
*****
Offline Offline

Activity: 602


View Profile
August 30, 2011, 01:05:04 AM
 #2

Yes: www.flexcoin.com Tongue It's the only one that does that right now (they call it discount instead of interest). There are other online wallets, but none generates any interest.
Kansattica
Member
**
Offline Offline

Activity: 112


Don't get eaten by wolves!


View Profile WWW
August 30, 2011, 01:21:52 AM
 #3

That's what I thought, thanks. I suppose I could lend out my BTC at the lending forum.

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
Ricochet
Sr. Member
****
Offline Offline

Activity: 373



View Profile
August 30, 2011, 01:47:45 AM
 #4

"Real" banks are able to pay interest by using your deposited money to make loans to other people, paid back with interest.  I'm not sure if the Bitcoin market is deep enough to fully support such a loan system, though I'll be honest in saying that I have not checked out FlexCoin in the slightest.
Kansattica
Member
**
Offline Offline

Activity: 112


Don't get eaten by wolves!


View Profile WWW
August 30, 2011, 01:54:55 AM
 #5

Flexcoin gives 'interest' in the form of discounts on their transaction fees. Far from what I actually want.

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
nmat
Hero Member
*****
Offline Offline

Activity: 602


View Profile
August 30, 2011, 02:15:10 AM
 #6

Flexcoin gives 'interest' in the form of discounts on their transaction fees. Far from what I actually want.

Hum... Not exactly. Flexcoin charges a fee for withdrawals. 30% of that fee is used to keep the site running. 70% of the fee minus miner fees is distributed among the users of Flexcoin. It is interest, but it isn't a fixed amount. It depends on how many people withdrew money from Flexcoin during the past month.
Kansattica
Member
**
Offline Offline

Activity: 112


Don't get eaten by wolves!


View Profile WWW
August 30, 2011, 03:06:14 AM
 #7

So my account will (slowly) accrue BTC every month?

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
nmat
Hero Member
*****
Offline Offline

Activity: 602


View Profile
August 30, 2011, 03:16:57 AM
 #8

So my account will (slowly) accrue BTC every month?

Yes. And you will earn more if you store more. There is a formula somewhere on their website.

Slowly or not, we are yet to see. They publicly opened on August 10th. I think there was a private testing period before that, but I don't know how much people earned.
Kansattica
Member
**
Offline Offline

Activity: 112


Don't get eaten by wolves!


View Profile WWW
August 30, 2011, 03:18:09 AM
 #9

Thanks for the help!

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
NothinG
Hero Member
*****
Offline Offline

Activity: 560



View Profile
August 30, 2011, 03:37:32 AM
 #10

I'd be interested in hosting a site like this.
Wouldn't be able to pay much, maybe like 0.01% interest. Grin

Kansattica
Member
**
Offline Offline

Activity: 112


Don't get eaten by wolves!


View Profile WWW
August 30, 2011, 04:09:34 AM
 #11

I guess you could use the deposited money to buy mining equipment, just as a traditional bank uses money to make loans.

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
NothinG
Hero Member
*****
Offline Offline

Activity: 560



View Profile
August 30, 2011, 04:11:09 AM
 #12

I guess you could use the deposited money to buy mining equipment, just as a traditional bank uses money to make loans.
Isn't that what GLBSE is for?

NothinG
Hero Member
*****
Offline Offline

Activity: 560



View Profile
August 30, 2011, 04:25:39 AM
 #13

I guess you could use the deposited money to buy mining equipment, just as a traditional bank uses money to make loans.
Isn't that what GLBSE is for?

GLBSE is far superior for that.
I was thinking about getting a few FGPA boards to mine with.
Would need some money to start as they aren't the cheapest start.

Kansattica
Member
**
Offline Offline

Activity: 112


Don't get eaten by wolves!


View Profile WWW
August 30, 2011, 04:48:53 AM
 #14

I'd offer some capital, but I don't want to bankrupt myself. I've got 3 BTC now with another 4 coming soon.

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
NothinG
Hero Member
*****
Offline Offline

Activity: 560



View Profile
August 30, 2011, 04:50:26 AM
 #15

I'd offer some capital, but I don't want to bankrupt myself. I've got 3 BTC now with another 4 coming soon.
I've got 50 in cold storage, but I'm in the same boat as you. I don't want to loose everything and gamble on one board.

Kansattica
Member
**
Offline Offline

Activity: 112


Don't get eaten by wolves!


View Profile WWW
August 30, 2011, 05:05:59 AM
 #16

I bet we could gather buy-in from other users. Not donations, mind you. Early adopters might get early access/special perks. Larger donators might get some kind of administrative privilege.

Shocking, obligatory charity code:
1Gimmiec4KSrcKR3t6xoReJd4rNGt8zM58

Free BTC every hour:
http://mycryptcoin.com/?rid=1CccBJE7BCTJEvRN9Uxfgwbr11fSaUvjFe

And why not free Bitcoins?
https://bitcointalk.org/index.php?topic=83057

Great (read: best) old computer games for BTC:
https://bitcointalk.org/index.php?topic=85347.0
MollyR
Newbie
*
Offline Offline

Activity: 14


View Profile
August 30, 2011, 11:17:58 PM
 #17

How would you tackle the fraud issue? I wouldnt let anyone touch my btc after the Mybitcoin wallet thing, and now we hear Bruce our biggest spokesperson is very likely a long time fraudster, seems like everywhere you turn someone wants to steal your coins.
NothinG
Hero Member
*****
Offline Offline

Activity: 560



View Profile
August 30, 2011, 11:49:26 PM
 #18

How would you tackle the fraud issue? I wouldnt let anyone touch my btc after the Mybitcoin wallet thing, and now we hear Bruce our biggest spokesperson is very likely a long time fraudster, seems like everywhere you turn someone wants to steal your coins.
Nothing new there...
Look at all the scams that have been attempted over time through all currencies.

MollyR
Newbie
*
Offline Offline

Activity: 14


View Profile
August 31, 2011, 12:16:49 AM
 #19

Yeah I guess you're correct, but when we uncover fraudsters nothing is done about them, IRL there is usually a governing body you can go to for help.  Look at the Bruce issue thats forming, people are white-knighting him without looking at any of the information.  Its almost like bitcoin users have their head in the sand when it comes to anything negative about the currency.
NothinG
Hero Member
*****
Offline Offline

Activity: 560



View Profile
August 31, 2011, 12:30:18 AM
 #20

Yeah I guess you're correct, but when we uncover fraudsters nothing is done about them, IRL there is usually a governing body you can go to for help.  Look at the Bruce issue thats forming, people are white-knighting him without looking at any of the information.  Its almost like bitcoin users have their head in the sand when it comes to anything negative about the currency.
Each person spends LOADS of time learning a specific skills.
Not everyone has the knowledge to keep their data secure, know how stocks work...etc.

With having a government, you can keep your life as simple as you want. Go to work, make money, go home.
Don't have to worry about how much money your currency is worth.

Pages: [1] 2  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!