Quote from: FlyingFlapjack on July 30, 2011, 01:00:38 AM

Quote from: the founder (FlexCoin) on July 30, 2011, 12:18:51 AM

yep we're the first bitcoin bank... now I am not sure where to find the legal documents in Washington surrounding a bitcoin bank. Honestly if you can find that let me know.

Well you can be a federally chartered bank, or a state chartered bank. It costs millions in capital either way.

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But can you be a federally or state charted Bitcoin bank? Seriously Washington moves fast!

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Do you have lawyers?
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yep at $300/ hour two of them...
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I'm not a lawyer, but you don't even seem to have a legal disclaimer anywhere about you not legally being an actual bank, unless I'm missing that link.

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You're not missing the link. It's just that it's not needed. Yes our company lawyer (and we had a second opinion as well) said that the term bank can apply to the side of a road, a sharp turn, a storage facility, or a financial institution.

On a second note, I used to work for a company called DomainBank.com for 10 years.. I don't recall a "charter on their front door" either.. considering you couldn't deposit USD there... nor can you at Flexcoin ...

I understand your concern, but we already hashed this out months ago when we were building the bitcoin bank. But i'll put a note on the TOS regarding it to ensure that everyone feels better about it.