Bitcoin Forum
December 11, 2016, 02:44:48 AM *
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: When will a real BANK accept Bitcoin ?  (Read 3554 times)
the founder
Sr. Member
****
Offline Offline

Activity: 448


Bitcoin


View Profile WWW
November 07, 2011, 02:11:14 PM
 #21

I think it is more likely that an existing Bitcoin exchange will become a government licensed bank rather than the other way around.

do you ever think mtgox would go this route?

I think it is possible that any of the exchanges could do this,  but it takes A LOT of money.
At this time,  I doubt any of the exchanges have enough money to do this.

Roger,

My problem with that is that the system is somewhat rigged.   I believe that no matter if an exchange or a bitcoin bank did meet the qualifications it still would be denied...  they are not going to allow Mt.Gox or Flexcoin to become an "FDIC member bank"

Best regards,
Roger


Bitcoin RSS App / Bitcoin Android App / Bitcoin Webapp http://www.ounce.me  Say thank you here:  1HByHZQ44LUCxxpnqtXDuJVmrSdrGK6Q2f
1481424288
Hero Member
*
Offline Offline

Posts: 1481424288

View Profile Personal Message (Offline)

Ignore
1481424288
Reply with quote  #2

1481424288
Report to moderator
1481424288
Hero Member
*
Offline Offline

Posts: 1481424288

View Profile Personal Message (Offline)

Ignore
1481424288
Reply with quote  #2

1481424288
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481424288
Hero Member
*
Offline Offline

Posts: 1481424288

View Profile Personal Message (Offline)

Ignore
1481424288
Reply with quote  #2

1481424288
Report to moderator
1481424288
Hero Member
*
Offline Offline

Posts: 1481424288

View Profile Personal Message (Offline)

Ignore
1481424288
Reply with quote  #2

1481424288
Report to moderator
1481424288
Hero Member
*
Offline Offline

Posts: 1481424288

View Profile Personal Message (Offline)

Ignore
1481424288
Reply with quote  #2

1481424288
Report to moderator
ShadowOfHarbringer
Legendary
*
Offline Offline

Activity: 1470


Bringing Legendary Har® to you since 1952


View Profile
November 07, 2011, 02:29:23 PM
 #22

I think it is more likely that an existing Bitcoin exchange will become a government licensed bank rather than the other way around.

do you ever think mtgox would go this route?

I think it is possible that any of the exchanges could do this,  but it takes A LOT of money.
At this time,  I doubt any of the exchanges have enough money to do this.

Roger,

My problem with that is that the system is somewhat rigged.   I believe that no matter if an exchange or a bitcoin bank did meet the qualifications it still would be denied...  they are not going to allow Mt.Gox or Flexcoin to become an "FDIC member bank"

Best regards,
Roger

+1

We have to fight our way through, there is a very high probability that it will not be possible to cooperate with the establishment.
Bitcoin is the new gold standard. Establishment hates gold, because it is harder to manipulate it and steal from general public using inflation.

crawdaddy
Member
**
Offline Offline

Activity: 62



View Profile
November 07, 2011, 03:05:59 PM
 #23

I think it is more likely that an existing Bitcoin exchange will become a government licensed bank rather than the other way around.

do you ever think mtgox would go this route?

I think it is possible that any of the exchanges could do this,  but it takes A LOT of money.
At this time,  I doubt any of the exchanges have enough money to do this.

Roger,

My problem with that is that the system is somewhat rigged.   I believe that no matter if an exchange or a bitcoin bank did meet the qualifications it still would be denied...  they are not going to allow Mt.Gox or Flexcoin to become an "FDIC member bank"

Best regards,
Roger


I think it is good that flexcoin could never become a FED back (if it was going to I would more my coins out). I think the bitcoin community holds business owners to a high standard, than the government ever could.
As a community we need to look within ourselves to solve problems that we see around us. This idea of running to the “STATE”, the entity that is the reason why bitcoin was created, is dangerous to bitcoin.
The need for money transfers, without the “STATE”, can be solved by ingenuity.

"The only security men can have for their political liberty, consists in keeping their money in their own pockets".
Lysander Spooner
genjix
Legendary
*
Offline Offline

Activity: 1232


View Profile
November 07, 2011, 03:17:34 PM
 #24

I think it is good that flexcoin could never become a FED back (if it was going to I would more my coins out). I think the bitcoin community holds business owners to a high standard, than the government ever could.
As a community we need to look within ourselves to solve problems that we see around us. This idea of running to the “STATE”, the entity that is the reason why bitcoin was created, is dangerous to bitcoin.
The need for money transfers, without the “STATE”, can be solved by ingenuity.

Incidents at mtgox:
- No password brute force protection. People weren't recompensated.
- SQL injection.
- Leak of entire database.
- Using floats internally for orders.
- CSRF exploit. People weren't recompensated.
- Trying to partially blame us for discovering it after we spent all of 3 days trying to contact him (even rung a friend of his in France) before privately disclosing it to a trusted forum member to confirm.
- Intrusion and stealing of funds.
- Losing funds through using alpha bitcoin software.
- Not responding to reporters questions leaving the media to speculate.
... And more!

Mtgox is still the biggest exchange, and they kept their site up through these incidents when it should've been taken down until the problems were fixed.

when bitcoin.pl lost all their funds, they were up the next day and trading at 3/4 their previous volume.

Point is that people don't do shit. They will always keep using untrustworthy shoddy services. This posturing is all very well and nice, but a monopoly will keep dominating a market through either holding a first-entrant advantage (like bitcoin vs other future cryptocurrencies) or anti-competitve practices. Julian Assange (a guy that has read through thousands of leaked documents) agrees with me:

Quote
It’s not correct to put me in any one philosophical or economic camp, because I’ve learned from many. But one is American libertarianism, market libertarianism. So as far as markets are concerned I’m a libertarian, but I have enough expertise in politics and history to understand that a free market ends up as monopoly unless you force them to be free.
beckspace
Sr. Member
****
Offline Offline

Activity: 385


Aimed at Jupiter


View Profile
November 07, 2011, 07:16:40 PM
 #25

Julian Assange (a guy that has read through thousands of leaked documents) agrees with me:

Quote
It’s not correct to put me in any one philosophical or economic camp, because I’ve learned from many. But one is American libertarianism, market libertarianism. So as far as markets are concerned I’m a libertarian, but I have enough expertise in politics and history to understand that a free market ends up as monopoly unless you force them to be free.


"Why is it necessarily a bad thing if there is only one efficient company in a particular sector?"

http://www.fff.org/freedom/fd0609e.asp

You guys have really come up with somethin'
finway
Hero Member
*****
Offline Offline

Activity: 714


View Profile
November 10, 2011, 12:23:50 PM
 #26

A BANK CALLed  OKPAY is accepting Bitcoins now!

https://bitcointalk.org/index.php?topic=51403.0;topicseen

DeathAndTaxes
Donator
Legendary
*
Offline Offline

Activity: 1218


Gerald Davis


View Profile
November 10, 2011, 01:25:02 PM
 #27

A BANK CALLed  OKPAY is accepting Bitcoins now!

https://bitcointalk.org/index.php?topic=51403.0;topicseen


Good to see more companies using Bitcoin but OKPAY isn't a bank.  They are more like Dwolla or Paypal or more distantly VISA/MC.
ShadowOfHarbringer
Legendary
*
Offline Offline

Activity: 1470


Bringing Legendary Har® to you since 1952


View Profile
November 10, 2011, 09:38:11 PM
 #28

when bitcoin.pl lost all their funds, they were up the next day and trading at 3/4 their previous volume.

Just a small correction, that was bitomat.pl you are talking about.

Point is that people don't do shit. They will always keep using untrustworthy shoddy services.

Unfortunately that is soooooo correct. Sad
This is the direct reason of why monopolies & shady buisnesses exist. Because they gained critical mass required for network effect.
And when "everybody" uses something, people just don't give a duck about the risks. Typical herd behavior.

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!