Timeline for Have I correctly understood the logic of lending money to a bank? [closed]
Current License: CC BY-SA 4.0
24 events
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| Mar 16, 2021 at 2:07 | history | closed |
Fattie Chris W. Rea Bob Baerker JTP - Apologise to Monica♦ |
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| Mar 16, 2021 at 0:26 | comment | added | jamesqf | Downvoted because your title is about lending money, but the question body is about bitcoin. Bitcoins are not money. At best it's a speculative investment: at worst, it's another Dutch tulip bubble. Why not ask about say buying a $10K CD? | |
| S Mar 15, 2021 at 15:59 | history | suggested | Andrew Leach | CC BY-SA 4.0 |
Someone loans what someone else borrows. Here, it's the bank doing the borrowing and having to pay back.
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| Mar 15, 2021 at 15:21 | review | Close votes | |||
| Mar 16, 2021 at 2:07 | |||||
| Mar 15, 2021 at 15:00 | comment | added | Fattie | I’m voting to close this question because while an interesting discussion, the actual questions asked, are about a situation which absolutely does not exist in any way; in other words the questions posed are completely moot/unanswerable. | |
| Mar 15, 2021 at 14:21 | comment | added | SJuan76 | Since you seem to have trouble with some basic concepts, let me state this: A bitcoin is not money. A bitcoin may be exchanged for money, but for the bank it is not, unless the bank has accounts in bitcoins. | |
| Mar 15, 2021 at 14:10 | comment | added | Grade 'Eh' Bacon | @T.berkness "Why wouldn't they want a digital gold bar" - let's assume this analogy is correct - why would a bank actually want your digital gold bar? How will they make money off of it? If they won't make money off of it, why would they pay you to hold it for a period of time? | |
| Mar 15, 2021 at 11:39 | comment | added | Fattie | Welcome new user. @T.Berkness , your question is quite confusing because .. (1) it is very theoretical (2) no "banks" do anything like you are talking about so it's hard to know what is really in your mind here (3) you ask things like "would this happen" but, "anything you say" can happen. Just say we were friends and you loaned me $20 at lunch time. If you ask questions like "When would fattie repay?!" it is quite confusing because .. it could be anything you agree to. Your question is confusing on many levels I'm afraid. | |
| Mar 15, 2021 at 11:39 | review | Suggested edits | |||
| S Mar 15, 2021 at 15:59 | |||||
| Mar 15, 2021 at 11:20 | comment | added | Sophie Swett | The bank isn't going to agree to this unless they can benefit from it, and it's hard for me to imagine how the bank could benefit from it. Usually, the way banks profit from holding money is by lending it out to people who want to borrow it. Are there a lot of people who want to borrow bitcoin? My guess would be no, because of the risk that the price will go up dramatically. | |
| Mar 15, 2021 at 10:29 | answer | added | mhoran_psprep | timeline score: 3 | |
| Mar 15, 2021 at 10:22 | comment | added | Philipp | @T.Berkness And you think they are going to create a whole new business process just because of you? | |
| Mar 15, 2021 at 10:22 | comment | added | Criticizing Israel not allowed | @T.Berkness because they have to pay you interest for it? Why would they want to pay interest? | |
| Mar 15, 2021 at 10:21 | comment | added | T. Berkness | @user253751 Why would they not want a digital gold bar? | |
| Mar 15, 2021 at 10:21 | comment | added | T. Berkness | @Philipp Well, they say nothing about it, but that's why I'm going to ask them about this. | |
| Mar 15, 2021 at 10:21 | comment | added | Criticizing Israel not allowed | Trick question. The bank doesn't want your bitcoin. | |
| Mar 15, 2021 at 10:13 | comment | added | Philipp | Are there actually banks which manage bitcoin accounts and give people interest in official currency? Or is this a theoretical question? | |
| Mar 15, 2021 at 7:54 | comment | added | T. Berkness | @RobertLongson Well, yeah, but they have my 1 Bitcoin, so they still have its "purchasing power"? | |
| Mar 15, 2021 at 7:42 | comment | added | Robert Longson | If the Bitcoin price plummets, I expect that my monthly sum will go down to near-zero or even full-zero, but never "negative". is the part I'm referring to in my prior comment. | |
| Mar 15, 2021 at 7:32 | comment | added | T. Berkness | @RobertLongson What on Earth...? I am the one taking all the risk. Did you even read my question? | |
| Mar 15, 2021 at 7:31 | comment | added | Robert Longson | You're wanting the bank (or whoever you lend your bitcoin to) to take all the risk here. What if the bitcoin price plummets and never returns. I doubt any entity would agree to do what you're looking for. Compare with a margin account where the share price falls and you get a margin call i.e. you're on the hook to make good any losses. | |
| Mar 15, 2021 at 7:02 | answer | added | Mike Scott | timeline score: 5 | |
| Mar 15, 2021 at 6:58 | review | First posts | |||
| Mar 15, 2021 at 15:41 | |||||
| Mar 15, 2021 at 6:54 | history | asked | T. Berkness | CC BY-SA 4.0 |