Kansattica (OP)
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August 30, 2011, 01:00:26 AM |
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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?
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The grue lurks in the darkest places of the earth. Its favorite diet is adventurers, but its insatiable appetite is tempered by its fear of light. No grue has ever been seen by the light of day, and few have survived its fearsome jaws to tell the tale.
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nmat
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August 30, 2011, 01:05:04 AM |
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Yes: www.flexcoin.com  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. |
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Kansattica (OP)
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Don't get eaten by wolves!
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August 30, 2011, 01:21:52 AM |
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That's what I thought, thanks. I suppose I could lend out my BTC at the lending forum.
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Ricochet
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August 30, 2011, 01:47:45 AM |
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"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.
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Kansattica (OP)
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Don't get eaten by wolves!
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August 30, 2011, 01:54:55 AM |
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Flexcoin gives 'interest' in the form of discounts on their transaction fees. Far from what I actually want.
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nmat
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August 30, 2011, 02:15:10 AM |
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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. |
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Kansattica (OP)
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Don't get eaten by wolves!
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August 30, 2011, 03:06:14 AM |
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So my account will (slowly) accrue BTC every month?
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nmat
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August 30, 2011, 03:16:57 AM |
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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. |
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Kansattica (OP)
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August 30, 2011, 03:18:09 AM |
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Thanks for the help!
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NothinG
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August 30, 2011, 03:37:32 AM |
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I'd be interested in hosting a site like this. Wouldn't be able to pay much, maybe like 0.01% interest.  |
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Kansattica (OP)
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Don't get eaten by wolves!
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August 30, 2011, 04:09:34 AM |
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I guess you could use the deposited money to buy mining equipment, just as a traditional bank uses money to make loans.
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NothinG
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August 30, 2011, 04:11:09 AM |
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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? |
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NothinG
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August 30, 2011, 04:25:39 AM |
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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. |
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Kansattica (OP)
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August 30, 2011, 04:48:53 AM |
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I'd offer some capital, but I don't want to bankrupt myself. I've got 3 BTC now with another 4 coming soon.
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NothinG
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August 30, 2011, 04:50:26 AM |
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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. |
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Kansattica (OP)
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August 30, 2011, 05:05:59 AM |
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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.
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MollyR
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August 30, 2011, 11:17:58 PM |
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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.
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NothinG
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August 30, 2011, 11:49:26 PM |
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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. |
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MollyR
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August 31, 2011, 12:16:49 AM |
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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.
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NothinG
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August 31, 2011, 12:30:18 AM |
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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. |
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