27 votes

F.U.C.U. - Freedom United Credit Union

I had this epiphany as I woke up this morning.

F.U.C.U. - Freedom United Credit Union
The First 100% Privacy Protected Online Bank

There's a lot of different directions to take this concept of financial privacy. Here are a few features I had in mind:

1. Imagine what Cody Wilson is doing with DEFCAD, Defense Distributed, and his no-takedown search engine. Now apply that to finance.
2. Imagine how startpage.com's software doesn't collect or store any personal information. They're also working on private email. Now apply that to finance. We simply do not keep records. Like theirs, our software is not set up to store information. We only use your info as long as necessary, and then destroy it, or make it so that we don't know who's who or what's what.
3. Imagine open-source, online community banking, people could make useful plugins.
4. Imagine a new payment method that combined the sleekness of WePay.com and GumRoad.com, the name recognition of PayPal, the privacy of Bitcoin, with the ease of purchase like the Facebook like.
5. Imagine a payment go between to mask our transactions. You buy your products through F.U.C.U's system, and we pay for the item, mask and delete the record of the transaction. You still use your existing bank account, but all they see is a random transaction number. Our system deletes these.
6. Imagine localized (go to 49:28) or commodity backing options.
7. Imagine if Amazon and Ebay had private money? Imagine if F.U.C.U. simply matched buyers and sellers, accounted for, and facilitated all the transactions.

Do you see what I see?

Then you see F.U.C.U. - Freedom United Credit Union

I think the only way we're going to be able to escape the bankers, is to start our own bank and our own payment transaction systems.

We need to bypass Mastercard and Visa somehow too.

I've been looking for a place to make my mark in the liberty movement on the scale of something like Defense Distributed or Bitcoin. Could the first privacy-oriented online bank be it?

It sounds like a perfect Kickstarter project, but it just seems like there would be SO many hurdles to pull off a project of this magnitude, and the start-up costs sound extremely high. You'd probably have to have servers in another country. You'd have to develop your own custom software, and it would have to be extremely secure and hack-proof.

What are y'alls thoughts on something this? I think we need to tell all the banks, F.U.C.U.!

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I'm all in favor of this but

I'm all in favor of this but you must be aware that the federal government will take it down at the first opportunity for "money laundering" or "tax evasion". Our government hates financial privacy, and not only does not want it here, it uses its power and influence to force other countries like Switzerland to give up theirs.

What I would think they'd do...

...is set up fraudulent and laundering transactions themselves, so as to come back later to try to bust the business....for said fraud and laundering. :/

That's what I'm worried (well not necessarily worried, but on the look out) about with my Revolution Car Badge business, and all these loose definitions of associated forces.

I mean, just imagine, all they'd have to do to screw me over is have some patsy buy a car badge, and boom, I'm an associated force now, and they could prove that money was transferred to me.

:/

I'm referring to creating technology that is out of the reach and scope of their laws.

I'm a serial entrepreneur and liberty activist from Texas!

www.RevolutionCarBadges.com
www.NonNetwork.com

Think bitcoin... the feds

Think bitcoin... the feds can't do jack shit about bitcoin... it simply needs that kind of privacy and anonymity.

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

I'd love to work on this

This is an interesting technology problem. It sounds doable if you can get through the legal stuff.

I love it! Don't let anyone

I love it! The acronym is priceless! Don't let anyone tell you it can't be done! Every great idea that has succeeded did so because the initiator/s ignored the naysayers and saw the hurdles as just problems to be solved instead of insurmountable.

Do you know what a mastermind group is? The kind Napoleon Hill taught so many people about.

http://www.youtube.com/watch?v=2hA-7aq6OXI

http://www.youtube.com/watch?v=J4mo0pz8oi4

Watch these two at least but all the Napoleon Hill videos and books are excellent!

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

Thank you for this comment...

...no seriously, thank you very much.

This is just what I needed. I will most definitely finish the series now! But please do tell me, what is the trait he's referring to about Ford?!

I'm a serial entrepreneur and liberty activist from Texas!

www.RevolutionCarBadges.com
www.NonNetwork.com

ha ha he talks a lot about

ha ha he talks a lot about Ford at times. I believe the trait he is talking about is once ford Decided to do something he would not even entertain the idea it not could not be done or anyone even suggesting it could not. It could possibly be Fords famous ability to use the knowledge and experience of others too as Ford once said when challenged by a lawyer trying to discredit him if he knew some scientific trivia or data (I don't remember specifically) Ford responded (paraphrase) why should I fill my head with that kind of data when I can push a button and have an expert give me all I need to know on it in a matter of minutes...

Most likely the first though Believe nothing doubting and it will happen

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

Thanks for inspiring my new thread!

http://www.dailypaul.com/278217/i-ask-not-for-divine-provide...

I haven't finished all the videos yet, but hopefully tonight I can!

Thanks again!

Rob

I'm a serial entrepreneur and liberty activist from Texas!

www.RevolutionCarBadges.com
www.NonNetwork.com

Welcome and good job on the

Welcome and good job on the thread. I was actually thinking of doing a similar thread but you beat me to it. People need this knowledge big time...

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

Posts like this are why

I love the DP, and Texas.

Great idea.

This is a heck of a seed you've planted. The demand (vacuum) is absolutely there. Of course it won't be easy and there are many seemingly insurmountable hurdles to overcome, but this is what triggers innovation. Life is too short for us to standby and wait for "authority" to create the reality we desire. It is our responsibility to build it ourselves and to operate freely and peacefully according to our own philosophy. If others deem our actions to be beneficial then they may choose to imitate or follow. I offer my support and encouragement.

You've got a ton of legal hurdles there... hence

why it hasn't happened yet.

Have you heard of this yet Rob? To my knowledge there is not legal/lawful issues with it whatsoever and it can be start up by a small group in a local community (5-6 people) and quickly grow to be the trading post of your local community:

http://www.bart-mart.com/how.mp3
http://www.bart-mart.com/how.pdf

Benefit is - You create and control your own private credit.

In fact someone could right now start a Daily Paul account as the dealer and we could all use their credits as vendors... blam brainstorm...

(Hence the political center if you want it to be.)

A couple of books developing similar ideas

are available for free reading online. Both are novels. I've read one, and am currently reading the other on my Kindle.

The first is #agora. Several other sources of pertinent information are cited in the book. For instance, the very first chapter gets right into Bitcoin.

The book I haven't finished yet is A Lodging of Wayfaring Men, by Paul Rosenberg.

Both books are worth reading, not only to suggest ways in which such e-commerce systems might work, but to suggest probable government responses (and how those might be defeated.) And they're both pretty good, as novels, fun reading.

Recommended reading: The Most Dangerous Superstition, http://www.amazon.com/Most-Dangerous-Superstition-Larken-Ros...

Interesting Idea

I understand what you're trying to accomplish here. I am most definitely interested, as I am a web developer/web programmer. I can also build new computers/servers from purchased parts and install necessary software. I would be more than happy to do what I love to do(web programming) and apply it to my other love(liberty). Now that I got that out of my system, I can make some recommendations. As a web programmer, this is a big undertaking that will require a team of 4 or more mid-level(maybe 1 junior) programmers, 1 or more senior programmers, 1 or more web graphic designers. This will be the minimal requirement. Adding more to the team can be a double-edged sword at times, since not all programmers have the same coding technique. Should be fine if you set a standard technique that they all use. It might be cheaper for you at first to find a cloud-based web host. I highly recommend a web host in Iceland. Between the hosting options available I recommend a virtual private server, since your basically given a type of remote desktop right into the server and you install what you want from there. I also recommend a windows server, why you ask? Because there are a lot more web programmers that use ASP.NET/C#, compared to all other languages.

Agreed with you wholehearted up until the end.

Use LAMP, unless you want to pay endless expensive license fees. Use a php framework like Symfony2. When it comes to web development, PHP dwarfs anything Windows (asp, .net) including number of programmers. Research for yourself.

Ya what the hell was I saying there

What I meant to say is that there are more jobs(at least in my area) that use ASP.NET/C#, which is the only reason why I learned it. PHP is my first and favorite language. Sorry it was a sad assumption only based on my own locality.

Would you...

Fractionally lend? Be a member of the federal reserve system? Accept federal reserve notes, allow endorsement of private credit? Allow the IRS access to your shareholders?

Not discouraging, just things to think about, credit unions for the most part to be considered as such must allow all the above.

Instead of starting one, it might be easier buying out a smaller community credit union. Now that eould be a good kickstarter...

The name was mainly to give a visualizaton of the concept...

...of moving away from the Fed and emphasizing community.

The concept is still being developed, but the goal would be to make an institution that will compete with the Fed, be a bank of some sort, somehow find a way to provide 100% from all our customers and shareholders.

I do like your idea of just buying a small bank. I thought about that too. I think there is also demand for just a really good, smart and safe bank that also stores gold and silver.

I'm a serial entrepreneur and liberty activist from Texas!

www.RevolutionCarBadges.com
www.NonNetwork.com

Utah is the place to look...

Utah HB317

http://www.dailyfinance.com/2011/05/26/u-s-currency-backed-b...

From the article...

Craig Franco, CEO and president of Pacific Rarities, specializes in the evaluation, purchase and resale of rare U.S. coins and collectibles, and plans to open the Utah Gold and Silver Depository on June 1. His business model, according to the Associated Press: "Store your gold and silver coins in a vault, and Franco issues a debit-like card to make purchases backed by your holdings."

It's called a coin depository. In Utah, gold is used as legal tender, to my understanding. There is an idea starting there that your deposits with a "bank" instead of being deposited in dollars, can be deposited in gold. You receive all the benefits of inflation by having your money stored this way.

If I were looking into this, I would start there. Really, the reason people own banks it's because they make you lots of federal reserve notes. The problem with 100% capital based lending, it doesn't make as much money. Your plan though is in volume, or a passion of sorts (which by the way I am with you, if I could put my savings in a bank like this, I would in a second, my second best option right now is bitcoin, which is still a little shaky)

Seriously, Utah. Also, the reason I said buy a small bank, they have all the reg.'s that will be grandfathered in, the problem with starting a new bank is RED TAPE. Peter Schiff is a perfect example, stating if he tried to start what he started 10-15 years ago, he wouldn't even get off the ground with all the crap and expenses the feds require. Any help you may need, I can throw in my 2 cents...

First I think all Credit

First I think all Credit Unions are Federal -just saying. Two, if your system is kind-of like bitcoin then you will have a hard time getting users -seeing as how the masses believe that FDIC actually means anything. Also, as they are proposing with the bitcoin exchange which is going to be linked to an actually physical entity in the real world -all of those transactions will then be monitored by the Feds.

Bitcoin works for now because it is not actually money; but as it gets tied to money via real world institutions it will be monitored all the same.

If you are trying to create a currency you will have a myriad of problems with the Feds. If you create a bitcoin-type thing, then you won't have many users due to the nature itself. If you just want a go-between, then you will still have Federal Finance and Banking laws which you will have to abide by: meaning the Feds will watch every transaction.

Also, I think it is a bad idea to continually move to a cashless society. Being cashless is all that much more easier for the Feds to control the population. I see bitcoin and every-other digital transaction method as moving everybody away from physical money and therefore, the Feds will just control the flow of bits and they control the population.

I personally would not use it, unless I had no other alternative. However, I think you would have a hell of a time trying to get it functioning because depending on what you wanted it to do or be, it might have to follow the Feds' laws. Unless you created a not money unit of exchange, but then it would be hard to catch on, and it would probably have to be backed by something for most people to use it. If it is not backed by physical metals, then it would need to be backed by Government for the vast majority of people to use it.

I really don't see it happening, but if it is something which you want to pursue then by all means, I hope that you are successful.

Digital Money

I see bitcoin and every-other digital transaction method as moving everybody away from physical money and therefore the Feds will just control the flow of bits and they control the population.

Same here, except it's not so much the feds as it is the feds are a part of a network worldwide. If someone wants to evaluate reality, he'll recognize that there is no one day that comes to pass where everyone then on must have "the mark" to buy and sell but that mankind is in that "day" today and has been since technology has entered our lives and, because of central planning, positioned us to depend on it. To depend on it -- the condition whose reach grows daily, ensnaring more and more people everywhere.

I'm dumbfounded about the number of people who promote bit coins. It's obvious bit coin is a scam. No dissertation from me or anyone is going to sway someone bent on bit coin to recognize it for what it is, a control mechanism and, probably, is the prototype of a multitude of such currencies and, if it exists with them, will be the barometer they'll be measured against. Digital money necessitates amorphous living, a perverted division, among people and consumption of life to the point of living the characteristic of the game whack-a-mole: being a re-actor, a person watching money move here, move there, do this, do that. Amazing, isn't it -- watching money move, an in-your-face evidence that all along the transactor of such money is a reactor, really, a pawn.

Digital money is a predictable offshoot of tangible decreed money that's going down because it is the tool to move trading to the final frontier of monitoring, the world. Digital money creates a mirage of decentralization whose controller, the caster of the mirage, not merely retains control of trade and its predecessor value application but completes their transference from the individual to him (the caster, the controller), an insidious, cruel recognition the individual will experience when he's unplugged from the network because he cannot or will not adhere to what controls money, trade and what applies value.

Someday some of these currency promoters and users will understand logic and language. Someday they'll be able to recognize patterns, formations -- things for what they are, therefore for what they aren't -- and understand that logic and language are what they've been since man's existence: descriptors of relationships. People who appeal to authority -- authority being Schiff, Woods, von Mises, Rothbard, Ron Paul and others -- either are dupes or they know better, that they're climbing the great centrality, the financial pyramid, to retain living comfortably numb or to slow their slide into destitution.

Bit coin, gold, silver and any other currency promoted worldwide is what it is regardless its name. Nature is nature: It can't fool the individual and he can't fool it, but he does read it -- correctly or wrongly.

School's fine. Just don't let it get in the way of thinking. -Me

Study nature, not books. -Walton Forest Dutton, MD, in his 1916 book whose subject is origin (therefore what all healing methods involve and count on), simple and powerful.

Some very troubling points I've also been contemplating...

Freedom United Federal Credit Union already exists, and I wanted it to be local, rather than Federal, though it would probably have to be overseas wherever MegaUpload went or perhaps Iceland or some place like that, that might welcome the financial venture.

I purposely didn't choose "Federal", though I know little to nothing about banking, and little to nothing about software development.

Clearly I haven't even begun to hash out all the hurdles...or walls...or mountains rather, and I don't think this is a simple task, but I'd like to mull this out with other people who might have ideas where to even begin determining the feasibility of such a project.

There would be no record for the Fed to watch is the point. Are you familiar with Startpage.com, the search engine that doesn't track anything what so ever?

The point is, we need financial privacy. There's a HUGE demand for it. We're a creative and resourceful bunch. There's got to be a solution....

I'm a serial entrepreneur and liberty activist from Texas!

www.RevolutionCarBadges.com
www.NonNetwork.com

GREAT

idea, Rob!

Predictions in due Time...
http://www.youtube.com/watch?v=zGDisyWkIBM

"Let it not be said that no one cared, that no one objected once it's realized that our liberties and wealth are in jeopardy." - Dr. Ronald Ernest Paul

LMAO

I love the hidden message in the acronym!!

I'm game!

Ron Paul convert from the Heart of Dixie

;)

Glad you liked the idea! Now, where to even begin dealing with a monster like this?

I'm a serial entrepreneur and liberty activist from Texas!

www.RevolutionCarBadges.com
www.NonNetwork.com

I see the biggest problem

Being that there are so many scams out there people are going to be hesitant to go with anything *new*. Additionally, there's going to fierce opposition if it does start to gain traction with the goal of convincing people this is a scam/illegal/etc. So yeah, I think it's going to be an uphill battle.

Have you thought about how you would want to cover overhead? Similar to the paypal set up maybe?

Give me a little bit to read your links and think about it. I have a little bit of banking background and my husband works in IT so I'll run it by him, too and see what he thinks from a programming POV.

Ron Paul convert from the Heart of Dixie

Thanks!

That'd be cool. Obviously this is in its infancy, and may never go anywhere, but if the right players could be assembled, who knows what could happen.

There's definitely a market of dissatisfaction.

I'm a serial entrepreneur and liberty activist from Texas!

www.RevolutionCarBadges.com
www.NonNetwork.com