We, bitcoiners, should buy a bank

[shoreno]

early bitcoiners are pro and know that banks are the enemy of btc and they also know what to do , they take profit and they are calm because they already know that btc is not a bubble .

its the recent and new bitcoiners that are saying bad stuffs to btc and always claims that btc is a bubble and going to crash soon  . if they are scared then they are welcome to buy a bank to convert btc funds instantly to fiat to avoid fluctuations  . i  like the idea actually but for me , no need anymore for that because to me btc is already a bank  .

[iv4n]

From my perspective buying a bank would be a waste of money, banks are going down!
I strongly believe there're better investments, that can be profitable in the long run, and what's more important there're projects that can really help in improving the entire society! Starting from food to renewable energy, the things we all need, and the things that many people still don't have...
We, bitcoiners, we are changing the economy and monetary system, and after that other industries will come. For a better world for all of us, and for a better tomorrow for our kids! Of course if we don't destroy everything with some f. nukes in the meantime...

[jubalix]

Thought about this, good idea, could start with a credit union or something.

the Banking licence is the key.

we need about 100M capital to look reasonable.

We can piggyback off existing banking infrastructure which is common for a credit union, and set out our constitution to be BTC friendly.

However, we have to consider the 3 hardest parts of the banking issues

[1] overhead costs
[2] compliance costs
[3] custody costs

This last one is quite expensive and hard to do. Custody of BTC if we go that path is not trivial. maybe we just openly DONT discriminate against BTC/Crypto source funds which means [1] and [2] are the issues.

how to fund it.

Banks rely on loan issuance and being a large enough loan issue to exist. with FRB, you can loan out about 10x, so 100M means we could execute about 1B worth of loans.

At 1~2% interest rate if that in repayments that's only $10 ~ $20 Million a year to keep the lights on, which is not really that much to manage everything.

If you went the exchange route, then yes you could collect the trading fees or better yet partner with say binance and take a cut, on the basis you are constitutionally crypto-friendly.

BTC custody is expensive though. Think through the safety, backups, the tech behind it to manage everything, plus make sure your own staff can't get hold of the private keys and run, this last point is very hard to do inmho.

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

[stadus]

I still see many people being puzzled by BTC, saying it's a bubble, that it's going to crash, etc...
Taking advantage of the huge price rise, I think some early believers should team and buy an existing bank. Not Barclays, nor JP Morgan of course, but there are small banks out there. Imagine a bank owned by bitcoiners, for bitcoiners. It would become an exchange, and it would be the best exchange in the world with the full ability to make Swift and SEPA transfers without the need to use the service of a third party.

Nice plan, but let's make it realistic.. everything relies on the approval of the regulators, you can't run a banking institution without following the guidelines of the regulators, hence, you should no deviate with the standard that is being adopted by the banks, regardless of their size.

[Ucy]

I prefer Bitcoin to the way it is today, because without a bank Bitcoin can grow rapidly. So in my opinion it is enough just exchanges for
Bitcoin transactions, because if Bitcoin transactions are in banks, the same thing as Bitcoin transactions on the Paypal platform. Which
will be limited in making transactions, after all, the government will not allow a bank for Bitcoin transactions exist. Because it can threaten
the existence of fiat.

Banks are not the ways of bitcoin could grow bigger, it is centralized and it is not really something we should be looking for because of it. However if we want to we are our own bank anyway, why would we want to give away that type of power to someone else?

I personally think even exchanges are not going to be standing for too long, obviously binance is doing everything in their power to be not just a trading place but to add a lot more stuff to their system, which is probably going to be their path in the future, however I believe all those centralized exchanges are going to end, let alone a bank to start. Why are moving a lot more decentralized in crypto, one of the main reasons why we moved from traditional markets was the fact that we wanted to be decentralized, and we want more decentralization in crypto every single day,so a bank is out of question.

Ofcourse.
Bitcoin is attractive to lots of people because of it's uniqueness. If it remains unique and avoid trying to be alot like fiat, it probably will continue to make sense why we have it in the first place.
 
Decentralization, immutablity, censorship resistant, transparency, permissionless/trustless, privacy, deflation, etc makes it unique and useful. It should continue to stick to its important ideals as much as possible in order not to derail.

[dimonstration]

early bitcoiners are pro and know that banks are the enemy of btc and they also know what to do , they take profit and they are calm because they already know that btc is not a bubble .

its the recent and new bitcoiners that are saying bad stuffs to btc and always claims that btc is a bubble and going to crash soon  . if they are scared then they are welcome to buy a bank to convert btc funds instantly to fiat to avoid fluctuations  . i  like the idea actually but for me , no need anymore for that because to me btc is already a bank  .

It's been long that I don't save in my bank. I usually just use it for withdrawal purpose but not to save. I prefer to buy btc and just hold it. The problem only is when we do withdraw alot in banks now they will question where the money came from especially if it comes from trading, there is a need to have a hard asset or proof to make them believe that we're capable of having money in our bank since they are not used in seeing my bank have money.

[Karartma1]

Thought about this, good idea, could start with a credit union or something.

the Banking licence is the key.

Let's say your plan is successful and you are able to get a license and start this bank are you ready to not be included in the corresponding banks payment system? No matter how hard you try your bank will have to comply to the very old shit we were here to dissolve and, in the end, you would bow to your masters and become yet another bank.
I don't see it working, sorry.

[Wawa2013]

Why do we have to spend large funds to buy banks, because bitcoiners don't need a bank to make transactions. I think it is more effective to use
exchanges like now, because buying a bank will inevitably be more regulated by the government. Bitcoiners cannot run a bank according to their
own will, there must be control from the government and there is no freedom.

[bitbollo]

it seems that in India there is the first crypto bank opened in physical location. https://cointelegraph.com/news/indian-crypto-bank-opens-physical-location-eyes-100-branches-by-2022. 

The physical crypto bank branch in Jaipur is part of an initial rollout in 14 locations across three states before the end of January 2021, according to a Cashaa blog post on Dec. 28. Unicas is looking to open 100 branches by 2022.

It's a new kind of business but as we have seen with LIBRA (facebook coin), any project that could interfere with real world financial system has serious difficult to get regulated.

[CryptoLogo]

You cant do anything that you want if we will buy the bank. There are strong regulation about transaction and to be a CEO of bank dont give you super power

It looks much more realistic that a certain bank can buy itself a certain amount of cryptocurrency in order to have expanded opportunities for lending and other banking things, but with the help of cryptocurrency.
Thus, the likelihood that all the conditions of the regulators will be met will be higher.

[bryant.coleman]

it seems that in India there is the first crypto bank opened in physical location. https://cointelegraph.com/news/indian-crypto-bank-opens-physical-location-eyes-100-branches-by-2022. 

The physical crypto bank branch in Jaipur is part of an initial rollout in 14 locations across three states before the end of January 2021, according to a Cashaa blog post on Dec. 28. Unicas is looking to open 100 branches by 2022.

It's a new kind of business but as we have seen with LIBRA (facebook coin), any project that could interfere with real world financial system has serious difficult to get regulated.

Cointelegraph is one of the most unreliable news sites in the cryptocurrency sector. They have a habit of publishing clickbait articles, which doesn't contain an iota of truth. Here we are talking about a country, where an individual was arrested for trying to install a Bitcoin ATM. Cryptocurrencies are not yet 100% legal there. And now some media outlet claims that Crypto Bank is going to start operations.

[Princejebs]

Buying a bank I don't think is necessary because to make withdrawals and deposits to bitcoin a bank is no longer needed so today's banks will only be outdated if they don't make developments to digital currencies such as cryptocurrency then the bank will experience a decrease in usage because many customers run to cryptocurrency which can be used to save money and can get more profit.

If I understand your context and point of view, you mean we don't need banks because we can now easily make deposits and withdraw. Do you mean through fiat or crypto?
The last time I check, 80% or if not every still used bank to make deposits to their wallet exchange and also withdraw. These transactions are handle through banks.
The thing is, we need bank as much as they need us too, independently.

[Sithara007]

Buying a bank will be of very little use and it can be a very expensive option. I would suggest purchasing a country. I am not joking about it. In some of the African countries, you can bribe the dictatorships and do whatever you want. Also, there are some countries with limited international recognition, such as Western Sahara and Somaliland. These states would be more open to proposals from Bitcoiners. 

[Kakmakr]

You all know how these things start.... take "Circle" as a perfect example. They started out as a "Bitcoin" solution and they grew very fast, because Bitcoiners were supporting them in their masses. Then, after they grew their client base.. the regulators took notice and they focused in on them.

The result, "Circle" dropped Bitcoin and they changed their whole business model to be a "Fiat" Bank... so they just used Bitcoiners to grow their client base and then they kicked them in the teeth.  

[fahmimajannat]

It’s a very good idea. Actually BTC needs a bank right now. Because it is gradually building itself as a common currency in the world. It needs a bank to make it more powerful and for easier transaction.
It is not a bad idea. Hopefully in next few years its would shock use if we see a BTC Bank. Maybe Elone Musk would be first person to step ahead.

[Febo]

We, bitcoiners, should buy a bank

They the ripplers bought Moneygram shares. They can also buy banks and I am sure they will. They print Rippel and have founds to do waverer they want.

There is no we Bitcoiners. Bitcoiners are random people earning money however we do. Some are shoemakers some are butchers some are shoe shiners, some are newspaper sellers. Point of using Bitcoin is that we dont need banks, so as we dont need ripple. 

[buwaytress]

We already enjoy direct instant transfers, without SEPA and SWIFT;)

Just use Bitcoin the way it was meant to be, the way we're all already using it. No need for a bank. This is as secure as it needs to be, as it'll ever get for any bank;)

It’s a very good idea. Actually BTC needs a bank right now. Because it is gradually building itself as a common currency in the world. It needs a bank to make it more powerful and for easier transaction.

How exactly? More powerful and easier transactions? I can't imagine any instance where having an intermediary simplifies my BTC transaction. Send, sign, broacast. I could do it in seconds.

[oHnK]

We already enjoy direct instant transfers, without SEPA and SWIFT;)

Just use Bitcoin the way it was meant to be, the way we're all already using it. No need for a bank. This is as secure as it needs to be, as it'll ever get for any bank;)

It’s a very good idea. Actually BTC needs a bank right now. Because it is gradually building itself as a common currency in the world. It needs a bank to make it more powerful and for easier transaction.

How exactly? More powerful and easier transactions? I can't imagine any instance where having an intermediary simplifies my BTC transaction. Send, sign, broacast. I could do it in seconds.

I can't even imagine Bitcoin having a bank.  As if it was no different from centralized fiat.  It's not that Bitcoin is unique without a bank but it has tremendous hype.  I'm so comfortable with this.  Why are many people so interested in banking even though there are places where dirty money is used and regulated.

[buwaytress]

I can't even imagine Bitcoin having a bank.  As if it was no different from centralized fiat.  It's not that Bitcoin is unique without a bank but it has tremendous hype.  I'm so comfortable with this.  Why are many people so interested in banking even though there are places where dirty money is used and regulated.

But it is that Bitcoin is unique without a bank;) Among many, many other features making it unique among money and as its own asset class. People's interest in the bank is the control. Seek to control, then dominate, then you have a say in the future and direction of the tool. The only caveat is banks and the way they're run in general aren't sustainable -- newer democratic models might emerge and prove to lengthen their numbered days but otherwise, the Bitcoin alternative is shaping up very well because of, not in spite of, not having a bank.

[bosede1]

This will really be a good option especially to some of the countries that have banne the trading of bitcoin in their countries and they are going as far as closure any bank related to the trading of cryptocurrency. Personally, I will not mind it if one would be created.