Bitcoin Bank?

[schnell]

If I had rep I would actually do this.
Basically, you give a website 10 btc for example, then in 3 months you get paid back 10 percent more, that's at least 8 percent more than banks pay in a year!
To keep your money safe, I would take these precautions.
Only lend to people with 3 stars on the forum, or people I see as trustable.
Make every lending public, and the status of it(whether they ran away with the money, or they paid it.).
The first lending has a maximum term of one month and 5 btc.
The interest rate is 1 percent a week, so borrowing  10 btc for a month would make you pay 10.4btc back.
If anyone wants to start this with me, I have a lot of expertees in this area, despite my amount of posts XD I signed up today.
What are everyones views?

[kinlo]

Trust is not enough.  As long as there is no way to enforce people to pay back, the system is doomed to fail.

Regular banks have laws and can obtain their money in various ways, this is not possible if it's just anonymously on the internet.   being "trusted" on the forum won't do it...

[schnell]

That's the only set back I thought of :/
But what I thought it that if they have 3 stars or somthing, us saying they didn't pay us would blacken their name?

[matthewh3]

Doesn't the Islamic Bank of BitCoin http://www.ib-bitcoin.com/ already offer interest free low value short term loans?

[Retard]

It was a intressted Idea ... but i dindt think it is works.

What can i do with you btc ? i can trade with them and hope that i get more than you 10 % ....
But what happen if i lost 10 % ?

[Nicolai Larsen]

flexcoin does this.

[matthewh3]

flexcoin does this.

I don't think Flecoin does loans or invests your money.  They make their BitCoins through charging fees on transactions I think.

[Nicolai Larsen]

flexcoin does this.

I don't think Flecoin does loans or invests your money.  They make their BitCoins through charging fees on transactions I think.

It's the closest you get to a Bitcoin bank as far as I know. They pay you interest.

Another thing could be https://glbse.com where you invest in stuff?

[matthewh3]

flexcoin does this.

I don't think Flecoin does loans or invests your money.  They make their BitCoins through charging fees on transactions I think.

It's the closest you get to a Bitcoin bank as far as I know. They pay you interest.

Another thing could be https://glbse.com where you invest in stuff?

Not sure if they pay you interest.  I think they just pay a sort of interest in the form of discounts off fees for withdrawals and transactions.

[Nicolai Larsen]

flexcoin does this.

I don't think Flecoin does loans or invests your money.  They make their BitCoins through charging fees on transactions I think.

It's the closest you get to a Bitcoin bank as far as I know. They pay you interest.

Another thing could be https://glbse.com where you invest in stuff?

Not sure if they pay you interest.  I think they just pay a sort of interest in the form of discounts off fees for withdrawals and transactions.

Yea, my bad. All you get is a discount when you wanna send Bitcoins outside of Flexcoin...

[joest]

New to the world of bitcoins, but as others mentioned, I'm not so sure I'd trust a bitcoin "bank" of sorts. If I deposit money into my Bank of America account (for example), there are 1) laws that protect me from them running away with my money, and 2) Insurance, like the FDIC $250,000, that most governments have in place to help protect people that use these banks.

There are neither of those on the internet. You could have the most reputable member, but if they decided they wanted to pack up shop and take off with a boat load of bitcoins, since hey, temptation get's the best of us, then there's nothing that's really stopping them.

[defenestra]

New to the world of bitcoins, but as others mentioned, I'm not so sure I'd trust a bitcoin "bank" of sorts. If I deposit money into my Bank of America account (for example), there are 1) laws that protect me from them running away with my money, and 2) Insurance, like the FDIC $250,000, that most governments have in place to help protect people that use these banks.

And what will protect people from a government "sanctioned" failures?
(like mindless government overspending resulting in debasing of a currency to dupe its own creditors?)

There is always risk. Only you can protect your assets. That is the idea behind bitcoin: a digital commodity which we can actually control by ourselves.
(at least to much higher degree than anything else)

There are neither of those on the internet. You could have the most reputable member, but if they decided they wanted to pack up shop and take off with a boat load of bitcoins, since hey, temptation get's the best of us, then there's nothing that's really stopping them.

Then don't get involved in btc banks or third parties. Bitcoin is self sufficient to function on its own merits (not unlike gold). If you want to make a loan then demand a sensible collateral first.

[matthewh3]

New to the world of bitcoins, but as others mentioned, I'm not so sure I'd trust a bitcoin "bank" of sorts. If I deposit money into my Bank of America account (for example), there are 1) laws that protect me from them running away with my money, and 2) Insurance, like the FDIC $250,000, that most governments have in place to help protect people that use these banks.

There are neither of those on the internet. You could have the most reputable member, but if they decided they wanted to pack up shop and take off with a boat load of bitcoins, since hey, temptation get's the best of us, then there's nothing that's really stopping them.

You could always use http://printcoins.com/ I think they print them on cotton paper like real bank notes not sure if it's them doing them on cotton paper but I could find out who it was if you were interested.  Also you can get them stamped to brass coins too https://www.casascius.com/ with the BTC address stored under a hologram.

[softwareseller]

Trust is not enough.  As long as there is no way to enforce people to pay back, the system is doomed to fail.

Regular banks have laws and can obtain their money in various ways, this is not possible if it's just anonymously on the internet.   being "trusted" on the forum won't do it...

that's the advantage and disadvantage of bitcoin~

[bin4ry]

It would be difficult to work because of the anonymity associated with Bitcoins, there's nothing stopping someone from taking out a loan and simply never repaying it, nor is there any insurance that the bank doesn't go bankrupt.