I am a member of a credit union and support them whole-heartedly. And I think it's great that we scrutinize new wanna-be banks and make sure they aren't a pump

I am a member of a credit union and support them whole-heartedly. And I think it's great that we scrutinize new wanna-be banks and make sure they aren't a pump-and-dump fraud scheme. Because in the absence of such regulation, something like 100.0% of new banks would be pump-and-dump fraud schemes. Which one is more likely, assuming you know nothing about Kahle: that Kahle is trying to make an honest buck serving an underserved market, or that he's trying to copy what this guy is doing: http://business.financialpost.com/news/fp-street/the-russian-ex-convicts-viral-financial-scheme-that-might-be-behind-bitcoins-surge http://business.financialpost.com/news/fp-street/the-russian... "People are falling over themselves to sign up." If you aren't prepared to get your ass ridden by regulators, you aren't prepared to be a bank. You aren't good enough to offer banking services to the public.