there is only ONE thing we really need

[grondilu]

I have already said it but I'd like to insist a bit and to repeat it.   Bitcoin doesn't need to go mainstream to be efficient and to fullfill its purpose.    Currently the bitcoin project only needs one thing:  an efficient bridge towards the current financiary system.


We need a "bitcoin friendly" bank.   Basically a conventional bank that would be aware of bitcoins and would offer  automatic conversion via exchange market, using nothing but your VISA card (possibly in conjonction with a smartphone).



In such a bank you could, if you want, not store any significative amount of national currency, nor bitcoins.   When you want to buy something in a store, you use your bank smartcard, and during the transaction process, your bank automatically converts some bitcoins you've just sent into the necessary amount of national currency you need.



With this, we don't even need to promote bitcoin and to convince millions of non-geeky people to use bitcoins.   And it's a good thing, because otherwise it would be hopeless.

We should never rely on other people's smartness to do things.


IMHO



PS.  I think the guys from MtGox are currently working on something like that.

[kungla]

That is what I thinked today also. An open, independent, non-profit bitcoins accsepting bank. A really good quality e-bank at first - that would attract people and almost free international transactions is a silver bullet.

[grondilu]

That is what I thinked today also. An open, independent, non-profit bitcoins accsepting bank. A really good quality e-bank at first - that would attract people and almost free international transactions is a silver bullet.

I really don't mind if they try to make some profit.   Bitcoin is all about free market, after all.

[kiba]

What we really need is a bootstrapping mechanism to ease of exchange.

[silvercardbank]

Hi, i have just discovered bitcoin through searching out for a ways to back a digital currency with the tangible asset of silver, as well as link it to a pre paid mastercard or visa so that it would be instantly inter changeble with the fiat currency system. i am thinking of creating a co operative bank where all members will own an equal share in it and all digital currency issued would also be backed by silver.

[grondilu]

I am thinking of creating a co operative bank where all members will own an equal share in it and all digital currency issued would also be backed by silver.

Does that mean that buying shares from others would be forbidden?   

[silvercardbank]

i don't know if buying shares from others should be forbidden or not . i am looking to brainstorm the idea for the benefit of local community currency and the advancement of a fair system. just discovered bitcoin and looks like a good fit. anyone with ideas to bounce around would be helpful.

[kungla]

Buying/selling shares should be not possible at first place (it makes things more compilcated too). If bank grows stronger, shareholders (all bank clients) could decide if it is needed or not. Some voting system wolud be needed for that bank too

of corese that is IMHO 

[grondilu]

Buying/selling shares should be not possible at first place (it makes things more compilcated too). If bank grows stronger, shareholders (all bank clients) could decide if it is needed or not. Some voting system wolud be needed for that bank too

Well yeah, it wouldn't be different from the way most companies work, you know.

[hazek]

What we really need is a bootstrapping mechanism to ease of exchange.

That's what the OP is talking about...

[kungla]

How many of you are willing to put money(bitcoins)/time on thist?
Does anybody know bitcoin founders - maybe they are willing to invest a bitcoins to this development?

[tomcollins]

How many of you are willing to put money(bitcoins)/time on thist?
Does anybody know bitcoin founders - maybe they are willing to invest a bitcoins to this development?

This is going to require a huge, huge investment.  Just getting past regulations is going to be super expensive.  Probably more investment than the entire bitcoin economy just to get going.  Right now it's not worth it for anyone to do this, even if they had the funding.

[silvercardbank]

Who said anything about regulations. we just do it !
 each member holds silver at home to back project, so the bit coins issued are bomb proof.if internet goes down these particular bitcoins are backed by silver . just as geeks trust bitcoin and have a de centralized system, so think the silver bugs that collect silver for the same reasons. why not combine the two groups to form an online bank that no government or individual can control or seize.the value is stored collectively among the members . the bitcoin become the play money you trade with to increase holdings/profits of bank.
all members have a vested interest in it as tangible assets build, all having an equal share in it,s success..

[deadlizard]

re:there is only ONE thing we really need
is it LOVE ? 

[grondilu]

Who said anything about regulations. we just do it !
 each member holds silver at home to back project, so the bit coins issued are bomb proof.

 


That's a funny one.  What exactly relates the hypothetically stored silver to the cryptocurrency?


I think you haven't thought this through.

[Steve]

Maybe the best approach would be to find a small local bank to partner with to issue a bitcoin backed debit card.  If someone knows an executive at such a bank, it might be worth talking to them about it.  I imagine you could issue at least a few hundred such cards right off the bat.

[silvercardbank]

What exactly relates the hypothetically stored silver to the cryptocurrency?

It depends on your perspective relative to your own personal values. for instance if i put aside and save an equal value amount of silver , to every fiat dollar i load on my mastercard for tading purposes. i know that whatever happens to the fiat dollar, whether i gain or lose on the trades i make, i still have MY true value stored safely. I send fiat play money out into the world to bring a return. part of which i then convert into a real asset.in my case silver .what exactly relates the cryptocurrency to silver is ME . as my labour relates to my taxes and fiat currency. whatever currency you use, if you have more going out than you have coming in, it,s not a lot of good as in the end you become broke. if a person can organise to have more currency coming in than he it pays out, then so can a group, company or bank dealing in any currency they like.

[matonis]

We need a "bitcoin friendly" bank.   Basically a conventional bank that would be aware of bitcoins and would offer  automatic conversion via exchange market, using nothing but your VISA card (possibly in conjonction with a smartphone).

grondilu, please stay out of the banking system. If exchange is the issue, I think what we need more is a p2p distributed exchange client.

Regarding the confused statements of precious metals partnering with bitcoin, you people miss the entire point of bitcoin.  I am a gold/silver bug myself and a Dec 2010 long position in BTC would have outperformed gold. In the long run, it should keep pace with gold and silver.

[kiba]

We need a "bitcoin friendly" bank.   Basically a conventional bank that would be aware of bitcoins and would offer  automatic conversion via exchange market, using nothing but your VISA card (possibly in conjonction with a smartphone).

grondilu, please stay out of the banking system. If exchange is the issue, I think what we need more is a p2p distributed exchange client.

You need bitcoin dealers who deal with national currencies and can transmit money to other countries. The problem is, we're very dispersed so it's actually hard to setup a network of bitcoin cash dealers so it is hard to set up these kind of things. That way you can set up a peer to peer network of currency exchangers.

[grondilu]

grondilu, please stay out of the banking system. If exchange is the issue, I think what we need more is a p2p distributed exchange client.

A p2p distributed exchange client is an idea that is much easier said than done.


Some people like the current banking system.  You might regret it, but it's a fact.  I won't try too hard to convince them that bitcoin is a better currency.

Plus, if we trully believe in free market and economic freedom, then we must see the current financial system just as an other system.

If a marchand accepts only national currencies, I can't force him to accept bitcoins.  That's why we need a compatibility layer that allows me to convert my bitcoins into national currencies whenever I need to to buy stuffs from people who don't like bitcoins.

It doesn't defeat the purpose of bitcoins, since I can express my preference towards bitcoins by NOT storing any national currencies in a bank account for more than a few minutes time.