[2014-05-01] The World's First Bitcoin Bank Will Open This Summer

[BillieGin]

And what about the bank I don't like it.

Looks like if xbt/euro goes up, neobee makes money and customers are happy.

If xbt/euro goes down, neobee can't pay customers, there's a run on the bank, and bitcoin gets a bad reputation.

There is no currency hedging strategy other than "we can't talk about the hedging, it's proprietary."

I can't see how this could end well, other than they get lucky and btc/euro does what they want.

[1715156196]

1715156196

[medUSA]

It will not a be a "bank", it will only be a machine to buy and sell bitcoin in local currency, a front for an exchange with a high fee. It will never be a bank until it does lending, off chain micro transactions, or bitcoin credit cards. It is only calling itself a "bank" to sound like we need it.

[hilariousandco]

It will not a be a "bank", it will only be a machine to buy and sell bitcoin in local currency, a front for an exchange with a high fee. It will never be a bank until it does lending, off chain micro transactions, or bitcoin credit cards. It is only calling itself a "bank" to sound like we need it.

Yeah, I wish people would actually read that article, but I guess that headline is pretty sensationalist. Maybe Company Rebrands ATMs would be more apt  .

[Robin_Good]

Kelley said his company has not yet figured out a revenue stream for its bank, and will instead "fine-tune" that detail as the business grows.

IMO, I would have found out a revenue stream in the first place to ensure  the investment attractiveness of my 'project'

[bryant.coleman]

Maybe Company Rebrands ATMs would be more apt  .

Agreed. They are just offering a fiat-to-Bitcoin and Bticoin-to-fiat exchange service. That is all. Unlike the regular banks, they are not offering any bonds, fixed-deposit schemes, loans.etc.

[Captain America]

Maybe Company Rebrands ATMs would be more apt  .

Agreed. They are just offering a fiat-to-Bitcoin and Bticoin-to-fiat exchange service. That is all. Unlike the regular banks, they are not offering any bonds, fixed-deposit schemes, loans.etc.

I would offered to change the name of a "bank" to something else

[tianrui81317]

neo New&bee? just a joke.

[muxxxamed]

Is it Win or Fail. As I understand the idea of bitcoin is to made banks unusefull? nor becoming the bank itself. 

[hilariousandco]

Is it Win or Fail. As I understand the idea of bitcoin is to made banks unusefull? nor becoming the bank itself. 

Read the article or the above comments. It's not actually a bank at all. They're just confusingly calling their ATM machines 'banks'.