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Author Topic: Bitcoin Credit Union  (Read 8466 times)
evoorhees
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May 17, 2011, 02:02:34 AM
 #21

Just speculating as any capitalist ought   Roll Eyes   Wasn't trying to be "helpful" per se, but if someone does start a credit union I'll be happy to invest in the project.
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Nesetalis
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May 17, 2011, 02:05:51 AM
 #22

hehe. Anyway, I'm sure there are better names for a credit union Tongue than bitcoin credit union...
First Coin of the Bittans!
or something....

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sentry
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May 17, 2011, 04:58:13 AM
 #23

Luckily, I have already acquired the name I wanted. BEHOLD, bitcoincu.org

Nice try though...

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speeder
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May 17, 2011, 12:40:35 PM
 #24

Your site took about 8 hours to send the registration e-mail...

I am still to figure if it work or not.

Btw: Domain name speculators are annoying. Specially when they act as squatters and end forcing more domain speculation (ie: some years ago, I usually bought only a single domain for a site I wanted... After I noticed that after buying that domain, all possibly related domains got bought too and used against me, I now get forced to buy domains in huge batches only to protect myself... And sometimes that still do not work, someone bought the .com domain with the name of my father company before he could buy, and now wants 2 times the value of the whole company to hand the domain back O.o And the site is not even for profit, it is purely informative, a collection of technical sheets...)

carbonpenguin
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May 17, 2011, 12:50:45 PM
 #25

I'm the author of the CU History piece, and am excited to see folks are making a go of this! One suggest I'd have is that, rather than setting an interest rate up front, it might make more sense to simply distribute the surplus earnings after expenses at the end of each month/quarter/year pro-rated by how much is deposited. Thus, the organization will operate on a not-for-profit basis for its members.

Something else that's important to consider is the balance between net-borrowers and net-creditors - in a credit union, you have to be a member to borrow, and its good practice to evenly distribute the surplus between reducing or rebating the interest paid on loans and the dividend paid to savers.

In any case, I'm curious to see how this project shakes out Smiley. Good going so far!
Garrett Burgwardt
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May 17, 2011, 01:50:21 PM
 #26

I'm very interested as well, and I think that any businesses that get into bitcoins will want to use a service similar to this.
allinvain
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May 17, 2011, 03:25:30 PM
 #27

I think a number of these credit unions will be created over the next year, primarily enabling venture capital to go to new bitcoin startups. If trust can be earned by members then these resource pools will be wildly successful.

And that's why I bought BitcoinCreditUnion.com... happy to sell it for the right amount of Btc =)


And what exactly is "the right amount of btc" to you Smiley?

FooDSt4mP
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May 17, 2011, 10:29:25 PM
 #28

I've requested a 3 month loan of 0.1 BTC for testing purposes.  If you want to make a tiny profit for a tiny investment, please fund me.  I will maintain a balance of 1 BTC with the credit union for the duration of the loan.

As we slide down the banister of life, this is just another splinter in our ass.
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May 17, 2011, 10:53:17 PM
 #29

I've requested a 3 month loan of 0.1 BTC for testing purposes.  If you want to make a tiny profit for a tiny investment, please fund me.  I will maintain a balance of 1 BTC with the credit union for the duration of the loan.

You should know I found problem with my current formula for determining an investors return. This is high priority for me, I will post back once this is fixed.

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nereer
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Why settle for the lesser evil?


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May 17, 2011, 11:35:59 PM
 #30

I really think you should have shorter term loans than the minimum 3 months. I would like to make a test loan like above of .1 btc but wouldn't like to wait three months to see how it worked out. these are fast times man! Smiley

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May 18, 2011, 04:35:06 AM
 #31

I really think you should have shorter term loans than the minimum 3 months. I would like to make a test loan like above of .1 btc but wouldn't like to wait three months to see how it worked out. these are fast times man! Smiley

You can always pay it off early, though you do not gain much "trust" (credit) for doing so.

You should know I found problem with my current formula for determining an investors return. This is high priority for me, I will post back once this is fixed.

I believe this issue is resolved, feel free to make investments.

Donations @ http://www.bitcoinplus.com/generate?for=533592
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evoorhees
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Democracy is the original 51% attack


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May 18, 2011, 05:25:41 AM
 #32

I think a number of these credit unions will be created over the next year, primarily enabling venture capital to go to new bitcoin startups. If trust can be earned by members then these resource pools will be wildly successful.

And that's why I bought BitcoinCreditUnion.com... happy to sell it for the right amount of Btc =)


And what exactly is "the right amount of btc" to you Smiley?

Probably like 50 Bitcoins. I'd like to hold it a while but I'm cash-poor and needing-groceries-rich!
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May 18, 2011, 05:52:18 AM
 #33

I think a number of these credit unions will be created over the next year, primarily enabling venture capital to go to new bitcoin startups. If trust can be earned by members then these resource pools will be wildly successful.

And that's why I bought BitcoinCreditUnion.com... happy to sell it for the right amount of Btc =)


And what exactly is "the right amount of btc" to you Smiley?

Probably like 50 Bitcoins. I'd like to hold it a while but I'm cash-poor and needing-groceries-rich!

Shouldn't the lenders get credit for the lent shares?  Or do you intend for me to be able to borrow all the funds and get all the dividends?

As we slide down the banister of life, this is just another splinter in our ass.
nereer
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Why settle for the lesser evil?


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May 18, 2011, 11:02:35 AM
 #34

I think a number of these credit unions will be created over the next year, primarily enabling venture capital to go to new bitcoin startups. If trust can be earned by members then these resource pools will be wildly successful.

And that's why I bought BitcoinCreditUnion.com... happy to sell it for the right amount of Btc =)


And what exactly is "the right amount of btc" to you Smiley?

Probably like 50 Bitcoins. I'd like to hold it a while but I'm cash-poor and needing-groceries-rich!

50 x $7.20 = $360

dude, you are an ass. there is a guy on this forum raising capital for his company, the whole of which (including the domain name) he has valued at $490.

you really think that domain is worth 360 dollars? I certainly don't.

build something with it or give it to the dude for a nominal fee. I hate cybersquatters.

If you agree that Bitcoin needs a dedicated Q & A site please sign up for the Bitcoin StackExchange site!
speeder
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May 18, 2011, 11:07:53 AM
 #35

I think a number of these credit unions will be created over the next year, primarily enabling venture capital to go to new bitcoin startups. If trust can be earned by members then these resource pools will be wildly successful.

And that's why I bought BitcoinCreditUnion.com... happy to sell it for the right amount of Btc =)


And what exactly is "the right amount of btc" to you Smiley?

Probably like 50 Bitcoins. I'd like to hold it a while but I'm cash-poor and needing-groceries-rich!

50 x $7.20 = $360

dude, you are an ass. there is a guy on this forum raising capital for his company, the whole of which (including the domain name) he has valued at $490.

you really think that domain is worth 360 dollars? I certainly don't.

build something with it or give it to the dude for a nominal fee. I hate cybersquatters.


That.

FatherMcGruder
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May 18, 2011, 12:40:04 PM
 #36

build something with it or give it to the dude for a nominal fee. I hate cybersquatters.
As I said elsewhere:

They're not really squatters. They bought the rights to the domain name from a governing registrar. Squatters occupy spaces for which they do not have the legal right to occupy. But, as far as I know, you can only use a domain name by buying the legal right to do so. Therefore, squatting domain names seems impossible.
I don't really care what you call them, we're all talking about the same thing here.  Squatting is a nickname for it, whether it is the proper "technical" definition of the word or not.
It's a miserable nickname. Domain name "squatters" are essentially the opposite of meatspace squatters. The former operates in accordance with authority, the latter operates against it. Domain-lord would make more sense as a nickname.

EDIT: An even better nick name is domain-troll. It works like patent-troll or copyright-troll.
Evoorhees isn't a squatter of any sort. He's a troll. This discussion belongs in the thread from which I quoted myself, but I thought I should bring it up here.

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evoorhees
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Democracy is the original 51% attack


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May 18, 2011, 02:46:37 PM
 #37


50 x $7.20 = $360

dude, you are an ass. there is a guy on this forum raising capital for his company, the whole of which (including the domain name) he has valued at $490.

you really think that domain is worth 360 dollars? I certainly don't.

build something with it or give it to the dude for a nominal fee. I hate cybersquatters.

Don't get your panties in a bunch. I purchased the domain, along with a dozen others, because I thought their current market price of $11 on GoDaddy was lower than their true market price. This is called speculation, or arbitrage, or investment. I had no "unfair" or corrupt advantage in acquiring the domain - anyone could purchase it as easily as I. Nor do I have intentions of "gauging" anyone who needed the domain to operate their business. It's a generic name that I thought may be valuable, so I purchased it.

If that makes me a "cyber-squatter" then I'm also a stock-equity squatter, a car-squatter, a currency squatter, a business-squatter (since I've bought a small business on the same arbitraging principle) and a squatter in precious metals. I guess I'm a Bitcoin squatter as well. Of course the crucial definition of a "squatter" is someone who uses property not belonging to them.

Before you called me an "ass" for engaging in a voluntary market-based transaction which you didn't approve of, I was going to post here that I'll offer to do the brand identity design for the domain/credit union if someone was interested. I build brands professionally and usually charge much more than what amounts to 50 btc. However, I love the Bitcoin concept and am happy to work with others to help build it. I'm still happy to build the brand if approached for such.

But please don't call me an "ass" or a "troll," if for no other reason than that it degrades these forums. And do trolls typically use their real names or hide behind pseudonyms? My name is Erik Voorhees, I'm not an ass nor a troll, and if you'd like to discuss with my why purchasing domain names is illegitimate, please do so without devolving into personal insults.
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May 18, 2011, 03:17:51 PM
 #38

But please don't call me an "ass" or a "troll," if for no other reason than that it degrades these forums.
I can understand why you might feel that way about the term ass, but "troll" accurately describes your occupation, to the extent that it involves you extorting people for things you have no other use for.

Quote
And do trolls typically use their real names or hide behind pseudonyms? My name is Erik Voorhees, I'm not an ass nor a troll, and if you'd like to discuss with my why purchasing domain names is illegitimate, please do so without devolving into personal insults.
Why would property-trolls hide their names? They have the authority to do what they do.

Use my Trade Hill referral code: TH-R11519

Check out bitcoinity.org and Ripple.

Shameless display of my bitcoin address:
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carbonpenguin
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May 18, 2011, 03:26:17 PM
 #39

Well it seems like our social entrepreneurial friend already picked up a good domain, so this whole conversation seems OT and moot... Additionally, if anyone else is thinking of starting a coop website, the .coop domain is available for that purpose Smiley
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May 18, 2011, 03:55:37 PM
 #40

Well it seems like our social entrepreneurial friend already picked up a good domain, so this whole conversation seems OT and moot... Additionally, if anyone else is thinking of starting a coop website, the .coop domain is available for that purpose Smiley

+1

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
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