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Author Topic: But we can't neglect the benefits of the banks right?  (Read 1452 times)
wesk1212
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May 28, 2014, 11:29:26 PM
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Bitcoin ,The transaction process and the fee, the idea of money being transfered freely, its great.
but Bank's loans,mortgage, stock advices, watching our back for us when we lose our debit card or when theres a fraud ... these are some good services from the bank we cannot neglect. right?

Just saying because in that bitcoin trailer I heard somebody say about bitcoin, " it's like having a bank inside your pocket"
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Keep it dense, yeah?


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May 29, 2014, 12:05:50 AM
 #2

Bitcoin ,The transaction process and the fee, the idea of money being transfered freely, its great.
but Bank's loans,mortgage, stock advices, watching our back for us when we lose our debit card or when theres a fraud ... these are some good services from the bank we cannot neglect. right?

Just saying because in that bitcoin trailer I heard somebody say about bitcoin, " it's like having a bank inside your pocket"


Bitcoin is there to be used alongside these services, at least for the foreseeable future. A lot of people talk about how Bitcoin can help solve some of the problems that we, in many countries, take for granted. Some countries have restrictions or fees that make banking infeasible to use - Bitcoin goes some way to provide a solution.

For me, right now, Bitcoin is all about the owning it side-by-side with fiat, there's no way you're going to transfer all of your money into Bitcoin and live exclusively using it (realistically).

beatljuice
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May 29, 2014, 12:07:33 AM
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I don't think most people here will argue that banks will be replaced, just made more accountable.
beatljuice
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May 29, 2014, 12:08:41 AM
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I don't think most people here will argue that banks will be replaced, just made more accountable.

Get it? "Accountable" hehe
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May 29, 2014, 12:09:05 AM
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The competition will force banks to lower their fees and provide a better service overall.
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May 29, 2014, 01:26:27 AM
 #6

 Cheesy No fking benefits from bankers , we are all damn slaves .
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Satan666
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May 29, 2014, 01:44:02 AM
 #7

Bitcoin ,The transaction process and the fee, the idea of money being transfered freely, its great.
but Bank's loans,mortgage, stock advices, watching our back for us when we lose our debit card or when theres a fraud ... these are some good services from the bank we cannot neglect. right?

Just saying because in that bitcoin trailer I heard somebody say about bitcoin, " it's like having a bank inside your pocket"

Absolutely right.  Banks have done a great deal to improve people's standard of living and have made their lives so much more enjoyable.  Considering how chaotic things have been with Bitcoin, life is much better with banking.
bitcoinforhelp
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May 29, 2014, 01:44:28 AM
 #8

we dont need to neglect it, i was at aiport in gambia (africa), couldn't buy a drink for 1 eur coz didnt have any eur left
but i got telephone... if they could accept bitcoin, buying at trips around world would be so much easier
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May 29, 2014, 01:46:05 AM
 #9

I pretty much assumed I would open a joke topic. Turns out OP is serious.  Roll Eyes

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May 29, 2014, 01:51:20 AM
 #10

Bitcoin ,The transaction process and the fee, the idea of money being transfered freely, its great.
but Bank's loans,mortgage, stock advices, watching our back for us when we lose our debit card or when theres a fraud ... these are some good services from the bank we cannot neglect. right?

Just saying because in that bitcoin trailer I heard somebody say about bitcoin, " it's like having a bank inside your pocket"


bank loans = wishing money into existance from no where. then forcing you to work hard to give them back real value plus interest
mortgages = same as above
stock advice= they make their orders first, then advice you its time to buy when its them with the sell orders... leaving you waiting for your profits while they have already made theirs
replacement debit card= holding your value and you cant get it back without the physical card. so ofcourse they will resupply a new on. just like email resupply you with new passwords when you lose your old passwords.. its not backing you up, its ensuring rightful access.

seriously if you think banks are doing you a favour then you have been eating out of the sheeps grass feeder for too long

if a third party has your funds. do not think that its a privilege id they offer you security.. or replacement access to your funds.. its your right not a privilege  

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May 29, 2014, 01:55:35 AM
 #11

Banks can still exist in a world with bitcoin, and they will probably be just as dirty, but it will at least stop them for totally devaluing a currency while they are at it.

[Insert E-peen here]
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May 29, 2014, 02:02:14 AM
 #12

but Bank's loans,mortgage, stock advices, watching our back for us when we lose our debit card or when theres a fraud ... these are some good services from the bank we cannot neglect. right?

Loans and mortgages can be supported under the use of Bitcoins simply by signing an agreement such that an individual's assets can be used as collateral. No problems with 'banks' loaning people.

The big thing I have is theft and fraud. Right now if you lose your wallet you lose everything and there is no recourse. No one offers any kind of insurance should it be lost or stolen. There isn't even a means to verify if coins have truly been stolen.
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May 29, 2014, 02:07:53 AM
 #13

but Bank's loans,mortgage, stock advices, watching our back for us when we lose our debit card or when theres a fraud ... these are some good services from the bank we cannot neglect. right?

Loans and mortgages can be supported under the use of Bitcoins simply by signing an agreement such that an individual's assets can be used as collateral. No problems with 'banks' loaning people.

The big thing I have is theft and fraud. Right now if you lose your wallet you lose everything and there is no recourse. No one offers any kind of insurance should it be lost or stolen. There isn't even a means to verify if coins have truly been stolen.

Take a mortgage in BTC? You suicidal?  Imagine buying a house when you believe prices will be deflationary while committing to interest.

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May 29, 2014, 03:44:49 AM
 #14

I love BTC, but I think we still needs banks just as much as we need BTC.   At the end of the day, not nearly enough people accept BTC to use it for every day life.   Sure you can buy Gyft cards and jump through hoops to survive on BTC if you really want to challenge yourself, but at least for the time being, we need banks just as much as we want to need BTC
Ron~Popeil
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May 29, 2014, 04:10:01 AM
 #15

As the bit coin economy grows we will get to choose. There will be bit coin organizations that do all of the things banks do but better and with increased accountability due to the block chain. 

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May 29, 2014, 05:11:10 AM
 #16

Bitcoin ,The transaction process and the fee, the idea of money being transfered freely, its great.
but Bank's loans,mortgage, stock advices, watching our back for us when we lose our debit card or when theres a fraud ... these are some good services from the bank we cannot neglect. right?

Just saying because in that bitcoin trailer I heard somebody say about bitcoin, " it's like having a bank inside your pocket"


bank loans = wishing money into existance from no where. then forcing you to work hard to give them back real value plus interest
mortgages = same as above
stock advice= they make their orders first, then advice you its time to buy when its them with the sell orders... leaving you waiting for your profits while they have already made theirs
replacement debit card= holding your value and you cant get it back without the physical card. so ofcourse they will resupply a new on. just like email resupply you with new passwords when you lose your old passwords.. its not backing you up, its ensuring rightful access.

seriously if you think banks are doing you a favour then you have been eating out of the sheeps grass feeder for too long

if a third party has your funds. do not think that its a privilege id they offer you security.. or replacement access to your funds.. its your right not a privilege  

People can go on the anti bank wagon and bitch about how evil banks are all they want. But without banks many people wouldn't be as successful as they are today.  If it wasn't for my bank 15 years ago or so I would have been homeless.  I was able to borrow $20,000 and keep a roof over my head.

Without my bank I wouldn't own a home today.  People can call it non existent money all they want but the roof over my head sure looks and feels real.  In a few years time when the area gets developed, I will be able to sell for a pretty good profit.

Without the bank I would be renting and paying off someones mortgage. At least now a lot of that mortgage payment is going into the equity of my home. Sure, the bank makes interest off of it, but they did lend me a large sum of money.
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May 29, 2014, 05:14:20 AM
 #17

you got point, yin yang

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May 29, 2014, 05:17:37 AM
 #18

Cryptocurrency will do for banking and finance what the Printing Press did for religion and literacy. Democratization.

This is a good thing for anyone who is not an executive for a bank or Wall Street parasite.


Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
hilariousandco
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May 29, 2014, 05:27:22 AM
 #19

I seriously doubt banks will be going anywhere anytime soon, but hopefully Bitcoin will take away a bit of their power and hopefully enough of their business to make them rethink their practises and/or extortionate fees etc. It doesn't have to replace the banks entirely but the option/alternative is there if you want it. You must also remember that there are millions and millions of people who don't even have access to a bank, and Bitcoin will liberate them greatly.

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May 29, 2014, 05:31:24 AM
 #20

Bitcoin ,The transaction process and the fee, the idea of money being transfered freely, its great.
but Bank's loans,mortgage, stock advices, watching our back for us when we lose our debit card or when theres a fraud ... these are some good services from the bank we cannot neglect. right?

Just saying because in that bitcoin trailer I heard somebody say about bitcoin, " it's like having a bank inside your pocket"


bank loans = wishing money into existance from no where. then forcing you to work hard to give them back real value plus interest
mortgages = same as above
stock advice= they make their orders first, then advice you its time to buy when its them with the sell orders... leaving you waiting for your profits while they have already made theirs
replacement debit card= holding your value and you cant get it back without the physical card. so ofcourse they will resupply a new on. just like email resupply you with new passwords when you lose your old passwords.. its not backing you up, its ensuring rightful access.

seriously if you think banks are doing you a favour then you have been eating out of the sheeps grass feeder for too long

if a third party has your funds. do not think that its a privilege id they offer you security.. or replacement access to your funds.. its your right not a privilege  

People can go on the anti bank wagon and bitch about how evil banks are all they want. But without banks many people wouldn't be as successful as they are today.  If it wasn't for my bank 15 years ago or so I would have been homeless.  I was able to borrow $20,000 and keep a roof over my head.

Without my bank I wouldn't own a home today.  People can call it non existent money all they want but the roof over my head sure looks and feels real.  In a few years time when the area gets developed, I will be able to sell for a pretty good profit.

Without the bank I would be renting and paying off someones mortgage. At least now a lot of that mortgage payment is going into the equity of my home. Sure, the bank makes interest off of it, but they did lend me a large sum of money.

Lending is an important part of a healthy economy. The problem with banks is the fractional reserve lending. You can still have lending without creating more and more money. The current system erodes our purchasing power.

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