
Ask HN: Need help with this startup idea regarding decentralized/blockchain bank - hammadnasir
PMC bank: https:&#x2F;&#x2F;en.wikipedia.org&#x2F;wiki&#x2F;Punjab_%26_Maharashtra_Co-operative_Bank got sort of bankrupt leaving people with the option to withdraw only around INR 10,000 monthly or so causing a huge outrage and making life really hard for the account holders.<p>So I came up with this idea to develop a bank on blockchain or a decentralized bank over which nobody has complete authority thus making people&#x27;s money safe and under their control.<p>Could you please help me with this? Like how to proceed &amp; what to keep in mind?
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gus_massa
Banks don't store the cash, they lend most of the cash to other people. If the
other people don't pay back or the other people don't exist because the bank
is a scam, there is no cash to give to the people that put money in the bank.

You can create a 100% reserve bank that doesn't lend money, it can be created
in real life or in the blockchain. (There are a
looooooooooooo...ooooooooooooot of regulations.) But this bank will not pay
interest, and must have fees to get money to pay the employees, buildings, ...
So people will not put the money in this bank.

Most internet exchanges work like this with a 100% reserve, but we all know
the story of MtGox.

[Hi from Argentina! We have a global bank run every 10 years.]

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xhgdvjky
In the US (where I am), this would be very difficult because of regulation.
But maybe where you are it's easier?

It would be easy to simply make a nice UI around Bitcoin and speed up the
transactions where possible with cash

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PixelPaul
Why would anyone trust you with their money? Specially when your asking for
help

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PixelPaul
And what about all the crptyo currencies trying to do the same idea?

