Would you use this service?

[Maverick77]

Good evening,

I'm interested to know whether you guys would use this service, described below.
If not, why not.

A banking service based on blockchain with the following features:

For individuals:

1. Bank account with associated sort code and account number that can take custody of fiat and ****** currencies.
Account earning 4% interest on deposits.

2. A debit card and phone based payment system that allows you to spend your fiat or ****** anywhere, even at places that don't accept ******.

For businesses:

1. As above; accounts that hold fiat and ****** earning 4% interest on deposits.

2. Business debit card, as above.

3. Payment gateway that can be used on your website, with instant settlement (money into your account in seconds, rather than hours or days).

Additional features:

Easy onboarding and identity checking - open a fully functional account in minutes.

****** brokerage - switch between fiat and ****** at will, using true market rates.

I would appreciate your feedback and thoughts.
Bear in mind that this service would not be targeted at old-fashioned, conservative types who are slow to adopt new tech and processes.

 

[Dillon Lawrence Ltd]

Everything and everyone seems obsessed with blockchain lately. Hasn’t the above already been done with services similar to ******.com?

 

[JEREMY HAWKE]

I have a block chain and by all accounts on here I am the first in the country to own one .

It has a safe weight limit of 3 tonnes but I would only trust it with 2

 

[Mark T Jones]

I'm not your target customer being old, crusty and completely uninterested in adapting to ******.

From a banking perspective, everybody would be interested in 4% interest, obviously subject to T & Cs and validity/ security of the bank in question

 

[WaveJumper]

Already out there is it not

 

[fisicx]

4% interest is useful. Not interested in the ****** bit.

 

[japancool]

Are the funds protected by the FCA?

 

[Mark T Jones]

Are the funds protected by the FCA?

If its a UK bank, the PRA will take precedence, and funds up to £85k will be covered under FSCS

 

[Paul Norman]

I would consider it. I would need to so some research, particularly around how regulated it is.

 

[mattk]

Where are you getting the 4% from to pay that interest rates? As the saying goes, if it sounds too good to be true, it usually is.

 

[japancool]

If its a UK bank, the PRA will take precedence, and funds up to £85k will be covered under FSCS

Sorry, my bad. I meant the FSCS of course.

But I reckon I know the answer to the question.

 

[Maverick77]

Are the funds protected by the FCA?

We anticipate that deposits will be protected by the deposit insurance fund of the Federation of German Banks up to the value of 100,000 Euro.

Already out there is it not

Not exactly and certainly not in the mainstream.

 

[Financial-Modeller]

Does the German version of FSCS cover UK-based customers?

 

[TBLZ]

4% interest is useful. Not interested in the ****** bit.

Same for me.

There is also the fact that Bitcoin is the currency of organised crime. Could people who invest in ethical funds invest in this? There aren't that many things that can produce a guaranteed 4% interest on deposits these days. I think you should be prepared to either answer questions from ethical investors, or be tainted by suspicion.

 

[Maverick77]

Same for me.

There is also the fact that Bitcoin is the currency of organised crime. Could people who invest in ethical funds invest in this? There aren't that many things that can produce a guaranteed 4% interest on deposits these days. I think you should be prepared to either answer questions from ethical investors, or be tainted by suspicion.

Hi,

I think that is a red herring, to be honest.
What you're basically implying is that because some criminals use cryptocurrency, everyone who uses cryptocurrency is a criminal. It doesn't follow.
It's like saying that criminals in the UK use GBP, therefore every person who uses GBP is the UK is a criminal.

We will be compliant with KYC and AML legislation and nobody who uses our service will be able to use it anonymously, just like a bank.

 

[japancool]

Nonetheless, to bring a level of comfort to UK customers, you would need to be regulated by the FCA (so customers can bring a case before the ombudsman in the event of any dispute, at the very least).

If you were, and the deposit guarantee covers non-EU customers, then yes, I would consider it. Like most others here, I'm not interested in ******, just the 4% interest. And I too would like to know how you would generate the funds to pay this interest.

 

[fisicx]

How are you able to offer 4% interest? What do you have that none of the other banks can match?

 

[Maverick77]

How are you able to offer 4% interest? What do you have that none of the other banks can match?

Now that would be telling
We would wish to maintain our competitive advantage over other financial institutions and this involves not publishing details of our operating plan on business forums.

 

[simon field]

Another one here who’s up for 4% but no interest in ******.

 

[Nico Albrecht]

You only give 4% for staking and pooling ****** that seems to be a quite low offer. I would expect 6% - 200% depending on the flavour of the coin and risks.

What are the true market rates you talking how are they provided?

As mentioned before all of this is already done and with better rates.

 

[Maverick77]

You only give 4% for staking and pooling ****** that seems to be a quite low offer. I would expect 6% - 200% depending on the flavour of the coin and risks.

What are the true market rates you talking how are they provided?

As mentioned before all of this is already done and with better rates.

No 4% is with fiat, without any of the complexities of ******.

As regards your question, see this post:

Now that would be telling
We would wish to maintain our competitive advantage over other financial institutions and this involves not publishing details of our operating plan on business forums.

 

[Nico Albrecht]

fact that Bitcoin is the currency of organised

Any creditable refence to that? Happy to provide credible refences from long standing banks heavily money laundering and turning a blind eye to it. Organised large scale crimes probably use HSBC as their preferred bank
.

 

[Paul FilmMaker]

I have two, ****** challenges.

Firstly, I want more business. So will Bitcoin generate more business for me? Because if ******'s so easy to convert into real money, why not just convert it into real money and pay me that way? I'm thinking the fact I can accept ****** will make me more attractive.

Secondly, I want something I can easily use and trust. I'm in video production so have a million things to think about. I don't want a million and one. What I want is something quick, easy and I can trust it if I want to use it.

 

[japancool]

Now that would be telling
We would wish to maintain our competitive advantage over other financial institutions and this involves not publishing details of our operating plan on business forums.

Well, you would need to divulge this to the competent UK authorities for transparency. Otherwise, you could be operating a ponzi scheme for all we know.

 

[NickGrogan]

Now that would be telling
We would wish to maintain our competitive advantage over other financial institutions and this involves not publishing details of our operating plan on business forums.

Other financial institutions are borrowing money at well below 4% and see no need to attract savers by offering such high rates. Even if you can make more than the banks, which seems unlikely, 2% would already be market-leading.

All the banks know exactly what every other bank is doing, the fact that you think they don't and that you can hide something from them is not reassuring.

4% + "secret money making schemes" + ****** = dodgy.

 

[Maverick77]

Well, you would need to divulge this to the competent UK authorities for transparency. Otherwise, you could be operating a ponzi scheme for all we know.

No problem with being open with UK authorities.

 

[WaveJumper]

https://www.bloomberg.com/news/arti...rest-is-******-savings-account-worth-the-risk

https://thecollegeinvestor.com/34109/top-******-savings-accounts/

https://www.fool.com/the-ascent/buy...are-earning-25-interest-by-lending-out-coins/

 

[fisicx]

No problem with being open with UK authorities.

Who will then make this public and share with the other banks.

 

[Mark T Jones]

Now that would be telling
We would wish to maintain our competitive advantage over other financial institutions and this involves not publishing details of our operating plan on business forums.

Then it would be a flat no from me

Any intelligent investor would need some understanding of how are are able to guarantee returns way above what any bank can achieve to have faith in you

 

[The Byre]

Any intelligent investor would need some understanding of how you are able to guarantee returns way above what any bank can achieve to have faith in you

This!

4% may be just below inflation, but it is well above bank securities and T-bills. And until you actually become a proper bank, you will have to back every deposit with such securities and not with anything even slightly speculative.

 

[Maverick77]

I have two, ****** challenges.

Firstly, I want more business. So will Bitcoin generate more business for me? Because if ******'s so easy to convert into real money, why not just convert it into real money and pay me that way? I'm thinking the fact I can accept ****** will make me more attractive.

Secondly, I want something I can easily use and trust. I'm in video production so have a million things to think about. I don't want a million and one. What I want is something quick, easy and I can trust it if I want to use it.

Hi Paul,

You are exactly the type of person or business that we would want to work with: not afraid of adopting new tech.

Customers who use ****** will be able to pay you either in ****** or fiat.
If the customer and merchant are both in our ecosystem we would offer a payment gateway that you can use on your site with ultra-low fees that would blow people like Stripe out of the water.

Would love to hear what services you use currently and any pain points.

 

[NickGrogan]

If I had ****** and I believed in any of the ****** hype then I would never want to use ****** to pay for anything, unless it was more ******.

The claim of all ****** is that they are appreciating assets, fiat cash on the other hand depreciates.

Look at the guy who used Bitcoin to buy pizza.

 

[SillyBill]

Best thing to do is to send a highly targeted newsletter out to your target market: the highly gullible, preferably vulnerable and financially illiterate people and promise them returns that no bona-fide financial instiution can currently offer them. The barrier to parting fools and money may be low enough to have some fun before the pyramid collapses. Oh, cynical me...

 

[Maverick77]

Best thing to do is to send a highly targeted newsletter out to your target market: the highly gullible, preferably vulnerable and financially illiterate people and promise them returns that no bona-fide financial instiution can currently offer them. The barrier to parting fools and money may be low enough to have some fun before the pyramid collapses. Oh, cynical me...

So because I'm not willing to divulge details of our plan on an anonymous business forum, you're suggesting that our business is dodgy in some way?
Cynical indeed!

 

[NickGrogan]

No it's because everything about your plan is dodgy.

You're free to use your real name and link to your real website if you want to. That might help people think you're real.

 

[Maverick77]

No it's because everything about your plan is dodgy.

You're free to use your real name and link to your real website if you want to. That might help people think you're real.

Thank you for your input. Have a wonderful day