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Author Topic: Introducing CoinReserve  (Read 2076 times)
zen862
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May 17, 2011, 12:25:41 PM
 #1

The current system of global finance capitalism is fundamentally broken: whether you are a socialist, communist, fascist, liberatarian or whatever, you will have realised this, or are on the path to doing so. Meanwhile, currency is undoubtedly the most efficient way of producing goods and services relevant to the supply and demand of the market (otherwise, why are you here  Wink) What corrupts this system are financial institutions acculmulating wealth as middle-men on the macro level; and on the micro level middle-men socialised with notions of cut-throat, 'dog-eat-dog' capitalism.

This is why we have BitCoin: a decentralised p2p currency. However, crucial to the currency's continual development is the development of (trusted) financial reserves in multiple locales. This is to ensure peace of mind for individual consumers: if your computer breaks your wallet is GONE. Bigger players would find the attraction of a currency reserve in investment opportunities or market speculation. It also offers some safety for the BitCoin market in general if in 18 months, governments start arresting individual users of BitCoins.

I'm in the attractive position of having ties with a 3rd world country which has to date not really attracted the attention of Western governments; this is why I'm looking at starting a centralised reserve. Because of my location and position in this society my family has certain leverages if the hounds came knocking.

1% charge for every transaction you make with me; perhaps those with deeper wallets will try my service and in say a month, try to get their money out... Other than that I'm not sure how I can make you trust me, save for the providence of time.

Feel free to message me with whatever questions or queries you may have Smiley

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Anonymous
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May 17, 2011, 12:30:54 PM
 #2

Im guessing its in Nigeria .  Cheesy
sandos
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May 17, 2011, 12:56:09 PM
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I'm in the attractive position of having ties with a 3rd world country which has to date not really attracted the attention of Western governments

Cant stop laughing.
zen862
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May 17, 2011, 01:18:45 PM
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Well obviously the first step I have to over-come is to prove I'm not a scammer who would walk away with all of your money.

On the other hand, I could be a scammer who simply writes well.

That said, I'm not going to make shill accounts or what have you to try and big myself up, so if you're not interested and can't offer serious feedback then GTFO.

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rebuilder
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May 17, 2011, 03:21:46 PM
 #5

So basically, trust issues aside, you're proposing to hold my coins for me and charge me 1% for each withdrawal and deposit?

I'm not sure I see why I'd want this service.

Selling out to advertisers shows you respect neither yourself nor the rest of us.
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theboos
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May 17, 2011, 03:36:42 PM
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Bitcoin is great because "all your bitcoins are belong to you". Trust issues aside, you have little motivation to protect our bitcoins. I, on the other hand, do, because they are MY bitcoins. Why should I give my bitcoins to someone who has less incentive to protect them than myself? Moreover, there is literally nothing to stop you from simply taking our bitcoins and running.
luv2drnkbr
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May 17, 2011, 06:16:10 PM
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Please do not feed the trolls...

djex
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May 17, 2011, 06:34:27 PM
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Please do not feed the trolls...

But they're so hungry.

Smiley  : 1LbvSEJwtQZKLSQQVYxQJes8YneQk2yhE3
acidp
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May 17, 2011, 08:47:52 PM
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I'm in the attractive position of having ties with a 3rd world country which has to date not really attracted the attention of Western governments
So if he gets all the coins he may well be a wealthy Nigerian banker?
zen862
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May 17, 2011, 10:25:46 PM
 #10

The purpose of the service is to:

i) Provide a safe place for individuals to store their BitCoins without fear of theft, or loss through fire, physical damage etc (as would happen if your computer broke)
ii) Provide investment opportunities for larger stakeholders with long term growth in mind

CoinReserve is similar to a Bank in the sense you deposit BitCoins, but it is aimed more at people wishing to store away their BitCoins for the long-haul, and those looking to spread their portfolio.

The charge incidentally is 1% on every deposit you make, my motivation isn't greed so I don't see why I need to charge exceptional amounts.


 

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Nesetalis
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May 17, 2011, 10:42:08 PM
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and 1% on every deposit isnt an exceptional ammount? :p
banks generally pay INTEREST to people holding money there.. not the other way around.

ZOMG Moo!
FooDSt4mP
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May 17, 2011, 10:46:19 PM
 #12

The purpose of the service is to:

i) Provide a safe place for individuals to store their BitCoins without fear of theft, or loss through fire, physical damage etc (as would happen if your computer broke)
ii) Provide investment opportunities for larger stakeholders with long term growth in mind

CoinReserve is similar to a Bank in the sense you deposit BitCoins, but it is aimed more at people wishing to store away their BitCoins for the long-haul, and those looking to spread their portfolio.

The charge incidentally is 1% on every deposit you make, my motivation isn't greed so I don't see why I need to charge exceptional amounts.  

1% is a lot for backing up a file, but I'll play along.  How do you plan to secure the bitcoins?  What encryption method will you use, and who will have the password?  Will there be one master password, or one password for each account to minimize losses in the event of a breach?  Will there be 100% reserves except for the "larger stakeholders" who choose to participate in an investment?  If there isn't 100% reserves, you should really be paying some kind of interest.  If there is 100% reserves, why why do you need access to my bitcoins?  I could just give you encrypted copy of my wallet.dat for you to backup for me.  Finally, if something were to happen to you, how will anyone withdraw the bitcoins.  You need to have at least one secondary contact point with access, just in case.

As we slide down the banister of life, this is just another splinter in our ass.
TradersEdgeDice
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May 18, 2011, 01:20:22 AM
 #13

So…  When you were brainstorming this idea, did anyone in the group have any objections?

TrueCrypt and a couple of USB keys…  Maybe a backup of a TC volume on my hard drive…  If I was more paranoid to protect my tiny stash of BTC, I'm sure I can make it more secure. Hidden volumes perhaps.

What do I need you for?

The entire point is to remove middlemen(AKA banks…  Or "reserves" if you prefer.)  taking a cut of every transaction.

Find a new business idea.

However…  If you tattoo yourself with "me can haz bitcoin?", I and many others will be willing to toss a few cents your way.  :-)

Like what I posted?

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zen862
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May 18, 2011, 08:02:55 PM
 #14

The reserve computer will itself be protected by all of the various measures afforded to a machine that requires longevity, to the extent it's more like a server.

E.g. RAID array to protect from single-drive failure, the drives themselves will be encrypted, the computer stored in a location with a back-up generator, in a specialised room tailored to withstand fire, floods etc.

The service is there for those who wish to store away their BitCoins with peace of mind, the service is not expensive if you consider annual banking fees in the system. Indeed, it is specifically biased towards larger deposits to discourage people from treating it like a bank.

The whole point of the idea hinges on the idea that governments will start cracking down on BitCoins, and the community needs far-flung locations at which to bury wealth.

The other point of the service is to act as a centrifuge for larger stakeholders to pool their funds into co-operative projects, I simply provide the middle-man service.

I respect that a lot of the community, by the very nature of BitCoins, are suspicious but I am as sick of society as you all are and simply wish to offer my help in the co-ordination and organisation of exciting projects which are only feasible on a macro-level with co-operation and commitment from all parties.

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