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Barry-xlovecam 05-08-2015 07:22 AM
First US Chartered Bitcoin "bank" licensed
 
Good for them. But Bitcoin Banking is an oxymoron.
Charted banks have no anonymity.
It seems this "Trust Company" may become one of the central ''depositories (or suppositories)'' of the larger Bitcoin traders. Again, a ''central Bitcoin bank'' is an oxymoron too ...

Quote:
[M]r. Lawsky has been working for more than a year to establish a regulatory procedure to deal with the unusual nature of virtual currencies and the unique security risks that they present. He has proposed a so-called BitLicense and has said he hopes to complete it later this month.

ItBit avoided the need for a BitLicense by instead applying for a trust company charter, which appears to come with even stricter regulations. It is the first trust company to be created in New York since the financial crisis. ...

New York Just Issued Its First-Ever Bitcoin Banking License

Quote:
[T]he nascent Bitcoin trading platform announced this morning that it has officially received a banking trust charter under New York State law. The groundbreaking new license makes itBit the only U.S.-chartered and supervised Bitcoin exchange compliant with New York and federal law, Techcrunch reports.

The trust company charter lends itBit ?bank-like status,? as The New York Times put it, not to mention some hefty bragging rights within the Bitcoin community. ?This is a big deal,? itBit co-founder and CEO Charles Cascarilla told the Times, ?not just for us, but for the entire Bitcoin industry.? ...

http://www.nytimes.com/2015/05/08/bu...tate.html?_r=1

xXXtesy10 05-08-2015 11:45 AM
remind me "Oxymoron Entertainment" lol

danielpbarron 05-08-2015 07:10 PM
Quote:
Originally Posted by Barry-xlovecam (Post 20469527)
Good for them. But Bitcoin Banking is an oxymoron.
Not necessarily. The bitcoin network cannot sustain a rate of transactions comparable to the traditional fiat systems. There will eventually have to be bitcoin denominated checking accounts, debit cards, and credit cards. The block chain itself will be used primarily to settle debts between the major companies. This doesn't mean that bitcoin is of no use; even in this future I describe, it is a sound money that anybody can afford to audit.

growli 05-11-2015 05:31 AM
Quote:
Originally Posted by danielpbarron (Post 20469955)
Not necessarily. The bitcoin network cannot sustain a rate of transactions comparable to the traditional fiat systems. There will eventually have to be bitcoin denominated checking accounts, debit cards, and credit cards. The block chain itself will be used primarily to settle debts between the major companies. This doesn't mean that bitcoin is of no use; even in this future I describe, it is a sound money that .

Sorry, i dont agree you. I think Bitcoins could be a real alternative in a few years.

danielpbarron 05-11-2015 01:16 PM
Quote:
Originally Posted by growli (Post 20471289)
Sorry, i dont agree you. I think Bitcoins could be a real alternative in a few years.
Well you are speaking from ignorance on the subject. It's not technically possible without ruining the decentralized nature of the block chain. And without that, the whole thing is pointless.

sandman! 05-11-2015 04:14 PM
:thumbsup:thumbsup:thumbsup:thumbsup

kazbalah 05-11-2015 09:16 PM
Quote:
Originally Posted by danielpbarron (Post 20469955)
Not necessarily. The bitcoin network cannot sustain a rate of transactions comparable to the traditional fiat systems. There will eventually have to be bitcoin denominated checking accounts, debit cards, and credit cards. The block chain itself will be used primarily to settle debts between the major companies. This doesn't mean that bitcoin is of no use; even in this future I describe, it is a sound money that anybody can afford to audit.
You are right, although they will find ways to solve this problem.

I know some alt coins, positron coin for example use POS - Proof of stake, instead of POW - Proof of work to secure the network.

People hold the coins in the wallet, and keep the wallet open. That secures the network and it uses very little power. Some people contest its security, but time will tell.

Its a smart way to do it though, i am currently "staking" positron coin, i am getting 9% interest per year paid every couple of days and its compounded.

I have 1 machine running 10 different wallets, so im earning daily payments from many different alt coins.

So the possibilities are endless :)

danielpbarron 05-11-2015 10:28 PM
Quote:
Originally Posted by kazbalah (Post 20472103)
You are right, although they will find ways to solve this problem.
There are problems with bitcoin, but that was not one of them.

Quote:
Originally Posted by kazbalah (Post 20472103)
I know some alt coins, positron coin for example use POS - Proof of stake, instead of POW - Proof of work to secure the network.

People hold the coins in the wallet, and keep the wallet open. That secures the network and it uses very little power. Some people contest its security, but time will tell.
Electricity costs of mining have nothing to do with the reason bitcoin is limited in how many transactions can take place per unit of time. Proof of stake would not alleviate the perceived problem, and time has told.

Quote:
Originally Posted by kazbalah (Post 20472103)
Its a smart way to do it though, i am currently "staking" positron coin, i am getting 9% interest per year paid every couple of days and its compounded.

I have 1 machine running 10 different wallets, so im earning daily payments from many different alt coins.

So the possibilities are endless :)
There's pretty much the one possibility. Here's a webchat link to the IRC channel referenced in a few of my links.


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