Bitcoin Forum

When HaoBTC (https://haobtc.com) launched its first BTC mining investment instrument, which is probably best known for the slightly quirky feature of hourly interest, it soon became enormously popular among users for having no lock-up period allowing users to make withdrawals anytime.
Bearing that in mind, when we designed our next product, named Finance, we decided to retain the popular feature of flexible withdrawal but offering the chance for investors to earn a higher interest rate.
The downside?
Hardly any, except:
1. A minimum deposit requirement of 10BTC. If you have less than that amount of BTC, you are still welcome to use the older product, which will continue to be available and pays an interest of 8% p.a.
2. If the user decide to redeem his or her fund prematurely, that is to say, before the time of investment reaches a full month or a number of months, the person will have to forgo the interest payment of the month or the last month if he or she has invested more than one month.

Best regards,
Eric Mu
https://i.imgur.com/Vp9Z4zC.png?1
For further inquiries, PM me or contact me by:
E: eric.mu@haobtc.com
T: @muxiaoliang
S: ericmuxl
https://i.imgur.com/LVwfXUH.png?1

Interesting.. So you are now offering a time-locked investment.
Risky, being held in BTC. But we'll see what happens.

It is not time-locked per se. You can still withdraw anytime if you are willing to forgo some interest income.

Oh. even better I guess.

Good luck once again.

following ...

eric pls clarify, the user have to forgo "some" of the interest or the total interest if funds were withdrew prematurely

e.g:

1 month 10 btc but user withdrew 3rd week so he gets 3 weeks interest or some interest or NO interest at all ?

No interest at all - a calendar month is the smallest unit of time used to calculate interest here.

But if he withdraw 3rd week of the second month, then he will get the interest for the first month, which is 12% p.a

Fixed deposits with 12% interest per annum is very good if this is a fiat investment product at an established bank. For bitcoin, this seems very risky especially the minimum amount is 10btc. I check OP's profile on the internet. He has worked with a few well known companies, but HaoBTC is not very well known outside China. If investor deposits 10btc, he will only get 0.1btc after a month. 30 days is a long time to entrust someone with 10btc.

You misunderstood "fixed term" - you can make withdrawal ANYTIME as long as you are wiling to forgo the interest of the last month.

No, I did not misunderstand "fixed term". Read the example at the end of my post, I used 1 month and 0.1btc interest. Allow withdrawals anytime do not affect risk/reward assessments.

12% is just as risky as 8%, as long as we are around, we will honor our obligations. Risk is everywhere. Don't sell your house for 12% p.a or something even better.

I like this statement :)

Many time we hear about regulatory problems in China regarding bitcoin. As you are operating from China, can you please enlighten us regarding the current situation ? Is there any remotest possibility in future that authorities force your business to go down with customer's fund ?

Yes, we are based in China.
All governments like secrecy, the Chinese government is no exception. We are not privy to what the top leaders and central bankers think of Bitcoin and BTC businesses. But China has some BTC businesses, and some of them are quite large and doing all right. This leads some to argue that China is one of the most BTC-friendly countries. Also, a lot of Chinese fintech startups started operating in a legally grey area, only to be recognized by the government much later - one example is P2P lending, one sector that achieved exponential growth in the past few years. Years ago, when I made my first loan on a P2P site, I did wonder if it was legal and the government didn't take a clear stance until very recently.
So my two cents is that as much as the government hates a nation-scale speculative bubble, so as long as Bitcoin stays small, it doesn't have time for it.

can you calculate 12% from 10BTC is not 0,1BTC that 1,2BTC
i think this is better than CLoudminig where he run Ponzi scheme

but i'm confused about 8% with  Annualised interest rate 8%
if i deposit when i get 8% ? are 8% /year /month or /hour ???

if i deposit 5BTC and i not use it for 1day (24hours) how many i get ?

and from where you get profit from my Bank

#sory if my english bad

If I invest in financing halfway through the month, will I earn half a month's interest, a full month's interest, or no interest?

if 8% per hour when is hyip
if 8% per month then is peer to peer loan
if 8% per year then is a bank

:)

No interest.

8% is definitely per year. We can't afford 8% per hour or per month.

8% is per year. There is no way that someone can consistently pay 8% per month or per hour. Someone may pay 800% when he has a life-threatening condition and needs a brain surgery immediately, but it won't be sustainable.
The amount that you deposit 5BTC for one day should be about 5*8%/365 ≈ 0.0011.

Lol if it was 8% per hour or even day I would be extremely concerned and definitely say this was a ponzi. 8%-10% per year is definitely fair and doable considering the proof haobtc has provided. I am a new customer but so far its working out great :)

So, if I invest today, I will not earn any interest for June.  Therefore, I should leave my money in the "Banking" wallet earning 8% and wait to "Buy Financing" until the last day of the month.

Is that the right way to look at it?

Thank's for your answer :)

now i can take action

No, you'd earn 1 day's worth of the higher interest if you did that, which would be silly.

If you don't need the funds for 4/5/6/7/etc. weeks, put it in the financing.  If you want liquidity, use the banking.

I interpret "No interest [for mid-month investments]" to mean that if I invest today, I will earn zero interest between now and the end of the month.  Whereas, if I leave my money in the banking wallet I will earn interest hourly.

Please clarify eric@haobtc.  Thanks in advance.

That is correct.

I would like to invest in financing on the last hour of the last day of this month so that I can make sure that I get paid for July and also don't miss out on the 8% interest between now and the end of June.  So, I would like to make a feature request for the website to allow me to specify ahead of time how many bitcoins I want to move to financing on the last minute of the month and then have the website auto move my money from "Banking" to "Financing" at the appropriate time.

I was not very clear in a previous post saying that a calendar month is the smallest unit.
It is slightly more nuanced than that.
If you invest in "financing" today, and you withdraw after your money with us for 31 days (depending the number of days in that specific month, this number of days can be 31, 30, 29 or 28), then you should get 12% p.a interest rate.

do i still get referral bonus from my friend if he is using financing options ?

banking options is every hour he get paid interest & i get some bonus too every hour.

but banking ? wait after 1 month or whichever options he chooses & when he completes the term ?

Eric,

Thanks for the neat offering, I look forward to using it.  That said, I'm concerned about the security of banking deposits--not concerning the integrity of your business, but of any unknown security vectors from outside attackers.  Can you describe how our banking or financing funds are stored?

Is there anyway we can store those funds in a multisig vault and still provide you with the capital you need while providing depositors with extra security?

Cheers!

You do not understand how monthly interest rates work.  You don't get a month's worth of interest if your money has only been there 1 hour.  You leave it there for a month, you get the monthly interest rate.

I wasn't trying to earn an hour's worth of interest.  If you read the exchange, I thought he was saying that interest was paid at the end of every calendar month and if you were not invested at the start of that month you would not receive any interest.  So, I was saying I wanted to invest one instant before the month of July begins to make sure that I earn interest for JULY (not June).  Eric has since cleared it up -- the month begins when you invest, not when the calendar rolls over.

I understand how monthly interest rates work; you didn't understand what I didn't understand. :-P

Edit: FWIW, the hourly interest is paid at the top of the hour based on what you had at the top of the previous hour.  If you invest at 5:30, you will receive no interest at 6:01.  At 7:01, you will earn one hour's worth of interest (not 1.5 hours).  At least that's what it looks like from my experience on the site.

it does not matter when u deposit, it does not follow calendar month if i'm not mistaken.

it follows the date u deposit into financing.

i tried it & the system shows 6/11 deposit & matures on 7/11. put 10 btc in & get 0.1 btc for 1 month financing is what i saw.

looks like 30 days then it matures. not sure about other months though.

but my question is ... my referral bonus pays me hourly atm, but if it;s in financing then most likely i will only get the bonus ???

appreciate if there's anyone signing up to use my ref http://haobtc.com/?ref=85c51c9f

thx in advance ;)

Got it, clear as mud now. :)

I always have my doubts, but I may let a little coin ride here for a bit and see what happens.

so far so good for me ...

hope you can use my ref http://haobtc.com/?ref=85c51c9f

thx ;)

The referral link doesn't work for "financing" for now - but I was told that eventually it will.

This sounds a lot like CoinLenders or whatever it was (run by TF). We saw what happened with that one.

How public is your identity, OP? How can we verify who you are, and what you've done in the past? It's risky enough as it is. Even more so if we don't know you, :).

My bio is pretty simple:
I worked seven years for a media startup called Danwei, which is an English language media website and consulting firm founded by Jeremy Goldkorn (https://en.wikipedia.org/wiki/Jeremy_Goldkorn ).
The company was sold to Financial Times in early 2013.
I worked at Financial Times' Beijing office for a little more than a year as a researcher and left the company in May, 2014.
I subsequently joined a few Bitcoin companies, including a brief stint at OKCoin (worked as a member of the overseas team responsible for media communications), Coinarch, an Australian exchange. HaoBTC is the third BTC company that I work for.  
I translated a few books as a hobby - still doing translation when I have time.
I am a contributor to CoinDesk and Forbes.
Can't think of anything to add.
Most info can be found on my Linkedin page.

Thanks for this information.  Can you briefly describe how deposits are secured internally?  I understand the need to keep somethings closer to the vest than others, but it would ease my mind knowing that two or three digit deposits are secure.

Thanks a million!

Eric, I cannot find your Linkedin page.

You didn't try very hard, it is literally the first link that comes up if you google "linkedin eric mu".

Hey Eric!

So after doing some research, I decided to entrust some BTC with HaoBTC!

I do have a couple of concerns I'd like to voice, though, publicly so others can see the answers as well:

1) If the mining business goes down or otherwise becomes unprofitable (such is the case with this largely unknown variable), would you just drop the APY to 0%? Are there any other ways you're earning money off deposits right now?

2) Are the funds somehow guaranteed? I find this hard to fathom when depositors can withdraw at any minute (meaning that the funds can't all be tied up, otherwise people couldn't all withdraw). So can you please give a bit more information on how all of this works out in terms of risk involved?

Hi,
Our pleasure to have you!
I feel that I don't have all the answers ready but will try to address your concerns as much as I can:
While at the moment we make money mostly through mining, we are exploring alternatives that can potentially generate non-mining revenue. For example, we recently launched a service allowing users (right now only Chinese banks supported) to trade bitcoins and we charge a 0.1% commission. This has generated a small but growing income.
If the mining profitability diminishes but we manage to find replacements, we will continue to operate our Banking service and pay out interest.
The interest rate is pretty much dependent on market competition and that we drop it to 0 is extremely low.
If the company fails, the plan - not sure how official it is, but the CEO suggested at one point that all partners should take jobs and pay back the debt using their future income - I personally have no objections and think all the big name investment banks should do the same.
HaoBTC pretty much operates like a fractional-reserve bank (FRB) at the moment, and like all FRBs, it works on the assumption that all depositors won't withdraw at the same time. If we run out of reserve in a bank run scenario, one alternative is to borrow from the big exchanges, which have been giving loans for about 30 percent p.a.
Are the funds somehow guaranteed? Yes and no. It is not guaranteed by the law or state institutions, because there is little to no legislation in the space - not in China and not that I am aware of. It is guaranteed by our reputation and the scrutiny of users, esp. the Chinese ones. We make the commitment to our users that as long as the company exist, we will honor our obligations - this is true for the Chinese users and foreigners alike. If some unforeseeable events struck and the worst happened, in principle we will try to pay back the debt to the best of our ability - we don't have a specific plan but will publicize it once we do.
We have been considering bringing a third-party insurer onboard, but to be honest, it is hard to find one willing to provide such service and I don't think this is likely to happen soon.

Great answers! Thanks, :).

I also wanted to point out that some information on the site should ideally be translated to English as well, such as the questions page. I used Google Translate to read what it said, but translating it properly may help give ease of mind to English speakers.

Thanks. Translation is definite one thing we can improve. Actually it is one of the first suggestions I made when I joined the company but was not taken on the ground that we were doing a new UI design, it would be a waste of time improving something that has no future. Then the new UI got delayed.

+1, could you explain how your assets are secured?

So let me get this right.

If I invest 40btc, 12% p.a = 4.8 (I know it rises over time)
So for 1 whole year I get 4.8bt out of 40.
Means monthly I should earn 0.4btc profit.

Seems a big risk for little reward...

The 12% is only for the first month.
The interest rate increases progressively with a monthly increment added to the 12% base if your deposit is with us for over one month.

Out of curiosity, what kind of interest rate do you think will justify the risk?

Hi,

I replied to a similar question here: https://bitcointalk.org/index.php?topic=1023187.msg11649981#msg11649981

That's a pretty heated question, and it's really tough. It's really a balance between what's viable and what's worth risking, and it's hard to see what that amount is. It's important to keep in mind that cryptos are still young, and the majority of sites don't even last a year. This puts anything crypto-related in a high-risk category. The problem is paying out too much would put the business at risk.

I'm personally happy with whatever keeps the business going. To me, 1% of something is better than 100% of nothing.

For us, it is a matter of balancing between staying competitive and maximizing margin.
Ideally we would like to pay users zero interest rate, but since the other guys out there pay something so we have to keep up with their offering to get a market share.
But we don't want to bankrupt ourselves by paying users rates unsustainablly high.
So the interest rate is pretty much determined by the market and our competitiveness.

What I'm trying to get at is I would get more at Hashnest with mining.
Why pay for your mining if I dont get good returns.

Even at 16% - 40btc x 16% = 6.4btc per year.
So my monthly is = 0.53 per month.

This is after investing for a whole year, and hoping that you guys dont run into any issues.

I could earn more @ hashnest with my funds.
So what incentives do I get for putting my money with you guys?

Can you resell GHash with hashnest?

With hashnest your principal is invested and not easily withdrawn, isn't it?

You can redeem your fund anytime?

Yes you can sell your GH/s anytime on the market.
Market prices are also very stable and dont move much at the moment.

We launched the new product for a little more than a week, and we are happy with the numbers. I have no problem that some users opt for Hashnest. Diversity is good.

P.S - Our model requires us to keep some fund as reserve so we can't invest 100% of the deposited money, this means in theory we can't pay as high a rate as those selling mining contracts even if we have same profitability and willingness to share our profit with investors. The original concept of HaoBTC is a combination of the convenience and security of a wallet service and steady (not necessarily the highest) investment return that to the greatest extent eliminates the risk of market fluctuation that is usually shouldered by investors.  

are you want to say Bit-X is best of investment in this moment ? because in Bit-X you can sell your GHS also you can earn everyday from GHS

At the moment.  Wait a year and the prices will be so low, due to the introduction of better, and stronger miners. ;)
I'm wondering, why is the banking interest so high at 8%?  How can you guarantee an interest that high??? Here in Canada, savings accounts offer interests of ~1%...

The interest rate for the HaoBTC Bank is adjusted according to multiple variables, chief of them all our profitability level and competitor offerings. It may drop to 1% one day (highly probable given the Bitcoin's diminishing return design ), but now we decide 8% is something that we can afford and makes us competitive enough.
I notice that I get polarized responses when I ask people what do they think of our interest rate - they either think it is too high - so we must be running a Ponzi, or too low - that we are exploiting people and the risk is too much for the tiny gain.

Well, the interest is unheard of for a "bank'.  I'm wondering, how are you guys on legal terms with the Chinese government?  It seems that you guys are a registered company but I can't read the Chinese text so... Could you please tell me what you guys are registered as (like, description of the company provided)

Everything is sort of made up in the Bitcoin space. The currency is not a currency and a smart contract is not a contract, not the type you always thought you knew, at least. The same goes for our bank.
We are definitely not registered as a bank, which would be near impossible in this environment.
All China-based Bitcoin companies, HaoBTC included, were registered as general Internet technology companies.

Alright, well I think I'll deposit some bitcoin in here (just to diversify my investments :)).  What do you do with the funds deposited by your clients, to generate more than 8% annual interest for the client while still retaining profit for yourselves?

We operate a large mining facility that achieves high ROI by using cheap hydropower and other cost-control measures.
For more detail:
https://bitcointalk.org/index.php?topic=1072474.0;all

Cool, I will be following your story there!  But because this basically is a cloud mining service you are providing (without the stats, just payments with interest).  Just to confirm, the interest for the bitcoin bank feature is subject to change at anytime, correct?  Additionally, what will our deposited funds be used for?  To expand the mining facility?  To cover the fees and payments?  I just don't see why you would need our money when you already have everything! :P

Yes, we are still expanding and on the lookout for other locations. We may upgrade the current miners if we decide the new ones are priced reasonably.
We intend to keep the 8% rate stable for at least several months.

May i know the investment plans, like how much is the minimum that you're going to accept in the site?

We have two types of accounts - a flexible term account and a fixed term account.
For the flexible term one, you will receive the first interest payment after the first hour your deposit is confirmed.
For the fixed term one, you will receive the first interest payment one month after your deposit is confirmed.
You can withdraw ur money anytime in both cases, though for the later, you won't have interest if your money hasn't been invested for a full month.

There is no minimum amount requirement for Bank, while for Financing, it is 10 BTC.

Someone compared HaoBTC with cloud mining platforms such as Hashnest, wondering what are our advantages. I would tentatively suggest here that the biggest advantage is that we remove uncertainty from users - With HaoBTC, you don't need to worry about if we just had a power failure, or Internet outage (we just had one yesterday but interest payment is not going to be discounted for that reason ) You don't need to worry if we mine more than we report either. All you need to do is to check the interest payment history and see if we delivered on our promise. Like all great products, HaoBTC makes things easier.
https://i.imgur.com/Ck0B4i9.png
https://i.imgur.com/9olyPPO.png

Statement:
1. Due to popular demand, I decided to produce a series of short vid to show activities inside our BTC mine. Here is the first one filmed this morning.
Link: https://youtu.be/jtp4gNeGTSw

2. Due to increasing amount of user inquiries, I decided to build a support group for international users - If you haven't heard of WeCaht, it is the go-to messaging app in China. I am not on this forum 24 hours a day, so if you have something urgent, please download WeChat app, scan the QR code and post your questions there. I will reply ASAP.
https://i.imgur.com/75J42yN.jpg

Hey all! So I wanted to report on my experience!

*I made a deposit on 06/14/2015, and a couple more after that
*Interest has always been paid every hour (and you can see interest history as well, on the site)
*Today I made a withdrawal attempt. It was processed in about 30 seconds, and they paid the fee (0.0001 BTC), so it's not charged when you withdraw

So, while I've only been with them a short while, things are looking good so far.

Also, @HaoBTC: I reviewed your site on Cryptoplace (http://cryptoplace.net/bitcoin-services/online-bitcoin-wallets/haobtc-review), :).

Question... Does interest compound?

Hourly. Yes.

Hourly in the 8% one, monthly in the higher rate one.

Ahhh, I was under the impression that both paid hourly, and the CD just locked the principal and would reduce its amount by x if you withdrew it early.

So, is this website legit? Should I invest too? Thank you for your future help :)

Everything worked as expected for me. That said, it's like anything else in the crypto world: nothing is certain. Mt. Gox was proof of that. So I really can't say whether or not anyone should invest, whether it be here, or Coinbase (a very reputable exchange), or anything else. You'll have to decide that on your own.

For now they seem on the up and up, but you know how things go with Bitcoin.  Ride the wave while you can, just be sure to bail in time.

Got around the site and checked it. So, the minimum investment is 10BTC?
Where can i see the hourly? It only says in the bank is 8% Annualised interest rate.

Bank with 8% is no minimum.  It is the higher rates "financing" I think they call it that is 10BTC min.

Correct.

No... I believe that there is a 10 BTC maximum in which you will receive interest for.  The financing option can still be active if you have less BTC, it's just that the BTC must be held in that "bank" for a certain amount of months.

Everything you wrote is incorrect.  10BTC min for "financing" (they just did this a while ago, if you got in before you could have less than 10 coins in financing).  There is no maximum to invest, there is a max to withdraw at once.  There is no requirement than any be held in the bank.  Where are you getting your info, just making it up?  Read Eric's posts and you will see.

+1. Or just use the site... site itself even says 10 BTC minimum for financing and won't let you finance for any less.

whoops, sorry!  I was confusing HaoBTC with magnr.com, lol.


Sorry!

If the interest is paid to your bitcoin address hourly, how can it compound?

What do you mean? Compounding is when you take the base, add interest, then add interest to the new amount. Interest here is paid hourly. So let's use 24%/day for ease of math:

Hour 1: 1 BTC * 1.01
Hour 2: 1.01 BTC * 1.01
Hour 3: 1.0201 BTC * 1.01
Hour 4: 1.030301 BTC * 1.01
...

I mean if the hourly "interest" is paid out diretly to your original bitcoin address. If it is, then there will be many dust transactions.

Maybe it is paid out to you in your deposit in HaoBTC and you can withdraw later.

It's a deposit account, not a HYIP-type site. You hold your balance in the account just like a bank, and then withdraw it when you wish. Here's an image to help understand:

https://i.imgur.com/PnyBpjl.jpg

I blurred out some stuff but that's what it looks on the back end. Your balance is what will determine the interest (and you can always see the next interest payment ahead of time). It also keeps a log (Interest History) of every single hourly payment made as well.

If you have any questions, feel free to keep sending them over and I'll answer what I can, :). And if you decide to join, it'd be awesome if you would use my ref link (http://haobtc.com/?ref=2a5ba707).

What is "your original bitcoin address"?  You don't input one until you withdraw.  Interest is paid into your account, just like any other interest earning account.

Exactly.

https://i.imgur.com/Rj32oqH.png
This is to show you how much you can earn for investing 50 BTC in HaoBTC's Financing for one month:
A little less than 0.5 BTC.
As of today, that can buy you 35 kg of pork, or a pair of really good New Balance running shoes.
Good luck investing!

requested a withdrawal more than 1 hour + ago but still pending ...

withdrawal guy is sleeping ?

BTC never sleeps.

I find that it could be a little unfair for the customers as the BTC is still with haobtc & have not been sent to the withdrawal address but customers on the losing end earning lesser interest.

not customers fault, could be haobtc's fault due to long delay (1 hour or more), or probably under ddos, or any other various reasons but customers are on the losing end.

At least haobtc could send an auto email notification due to delay or using other means to inform customer & also prolly work something out eg if delay is more than "x" number of hours the interest will still be paid till btc is successfully withdrawn ?

this is not the 1st time it has happened to me. it is not a big amount, but imo it has to be fair.

i think 1 guy (few posts back or on the other thread) had a 7 hour delay which is way too long & by right he should still be earning interest until the btc have been successfully withdrawn or appear on the blockchain?

i could be wrong but a solution, ideas, comments, answers are most welcomed . . .

Mine was pending like 30-35m before it was sent. I believe it's automated, but it may depend on withdrawal amount as well.

Well, I've read into this about as much as I can, and created an account.  Now to just decide what amount to deposit to try out the features.

No, all withdraws are processed by a real live human.

I'm the guy with the 7-8hr wait.  I was a little peeved because I was trying to take advantage of the price of BTC (hit $278 that day I believe) and couldn't pull the trigger due to the delay. 

Overall, I like the idea of the service and understand what they're trying to do.  My 3 concerns are:

A: The delay in withdrawals.  Every minute of delay increases my anxiety that my money is lost forever in a black hole.  Such is the nature of BTC I would argue.  This issue needs to be addressed.
B: Fractional reserve banking model makes HaoBTC susceptible to a "run on the bank" which could render the company insolvent.  I'm not sure how they can allay this concern.  They need to have sufficient reserves on hand to deal with a panic type of situation where a lot of people want their Bitcoins right away.
C: China - enough said.

I'm going to hold off on using this service for now, at least until A is fixed.  B and C will be difficult for them to address, but I may be able to accept the inherent risks.

this is interesting but 50BTC as initial investment is quite too high but the interest rate is good and competitive compared to traditional bank products

You gain interest on ANY amount. You gain MORE interest if you invest 10+ (the 50 BTC was just his example, not a minimum).

I think the interest is the same for 10 or 20 btc.

Statement:
Going forward, anyone who has a legitimate claim that loss has been caused by withdrawal delay due to our fault can send the proof either to my email address eric.mu@haobtc.com or WeChat and get a compensation no less than the loss. The money will be paid using my personal fund, as the company doesn't have such policy for the time being. I just want to show people that we do care about fairness.

thx so much eric for understanding ... this issue is being sorted out as i'm typing this out & i'm being compensated.

like i mentioned earlier, it's not a matter of big or small amount, it;s fairness & transparency. good job eric !

i hope haobtc can/will find a solution to this matter not eric paying from his personal funds. have to be fair to everyone.

looking fwd to further improvements.

Huge +1 to Eric, but I'm with you on this: the company itself should have a policy; an individual shouldn't have to pay this out of pocket.

Yes, you get a higher rate in financing by investing for a loner term, not a larger amount.

Now that's putting your best foot forward, hopefully HaoBTC will follow your lead and develop a company policy so you don't have to cover these losses on your own.

I think so. It is Haobtc's responsibility

I am trying out HaoBTC with a small deposit to test the banking system.  Is there any interest in joining funds so that we can get to at least 10 btc to get the financing rate for those who don't want to put that much btc onto the site?

This is risky. Then you're introducing a third failure point:

1) Bitcoin itself
2) HaoBTC
3) The partner

The normal interest would be much better in this situation, I believe.

Yea, I am just putting a little into this, its still a very new service.  And I understand your concerns, was just curious.

I get ya. And it wasn't against you, it's against anyone, really (including your own protection). It's a lot like alts and exchanges. They introduce so many failure points that you end up in a high-risk low-reward situation. Highly advise against that.

Important Announcement:

Dear HaoBTC users,

Due to product structure adjustment, HaoBTC has decided to drop the interest rate for its flexible-term investment service, aka Banking from the current 8% per annum to 6% p.a. This will be effective starting 2:00 am GMT. HaoBTC's fixed term deposit product, or Financing, will not be affected.

Eric Mu

https://i.imgur.com/m5d64yX.jpg

why you do this?
this is very bad!

Dropping the banking interest rate from 8% to 6% was unfortunate. I hope you reconsider and bring back the 8% rate. At only 6% return I think you will see bitcoin moving from HaoBTC to Hashnest PACMiC v2.

The issue is with Hashnest, you're tying up those funds and may or may not get back the principal (depending on mining difficulty). With HaoBTC, you can pull them out at any time, never losing any principal and getting free funds on top of that.

No offense to HaoBTC on this point, but Hashnest has been around a lot longer and is more trustworthy IMO.  I am not calling anyone anything, but this is still a very new company.  Honestly, I am on the edge about what to do with my deposits.  6% seems just too low to justify the risk, but I haven't withdrawn yet.  On the other hand, dropping the interest rate shows a level of trustworthiness instead of just paying out dividends that are very high and unsustainable to try to lure more people in.

Again, the issue is that with one, you're buying something that most likely will never ROI. So you're going into an almost guaranteed loss from the get-go, no matter who you're purchasing it from.

The PACMiC is never going to ROI?

At a difficulty increase of 5%, 1 TH/s will become unprofitable in roughly 192 days.
At a difficulty increase of 5%, 1 TH/s will mine 1 btc in roughly 139 days.

That doesn't seem like a guaranteed loss from the gitgo, I agree there is a chance, but is it any higher than a new company running away with deposits?

I get what you mean. I mean, it's not like Mt. Gox was around for a that long before they ran. Or Trendon Shavers. Or TradeFortress. Or (insert many other scenarios here).

HaoBTC is pretty transparent as far as I can see, including personal information of employees and the business itself.

Dear HaoBTC customers:
HaoBTC will temporarily close its Website (haobtc.com ) to facilitate an UI upgrade. This process is estimated to last two hours - from 14:00 to 16:00 Beijing Time. We apologize for any inconveniences this may cause you and will try our best to render any assistance for the duration.

After the UI upgrade, I have an invalid phone number in my settings. I found out that it is not possible to unbind an invalid phone number from the settings.
How can someone unbind the phone setting, when they need to receive the verification code by phone (but the phone doesn't work)?

Just asked the tech on your behalf. Will let you know when reply comes

PM your registration email to me and we can unwind for you from the back end.

Hey Eric... did you all get rid of your referral system? I'm not seeing anything related to referrals anymore.

Yes, we decided to remove it after much deliberation.

It would help if you'd be a bit more open about that. Is there any way we can work out a more private deal with you? I know I've had referrals go through recently with my HaoBTC review (http://cryptoplace.net/bitcoin-services/online-bitcoin-wallets/haobtc-review).

I am personally pro-referral and the decision of canceling it was made without my knowledge. I will have a conversation with Wu Gang about it once I get back to Beijing in a few days.

Please do, and toss me a PM about it privately if you wish. And thanks!

Even by investing in new mining equipment, how is it possible that you're offering that kind of interest.
I mean you've verified everything with pictures etc. but it still seems unsustainable.

It has been mentioned it may need to drop in the future, and they already had to drop their banking interest from 8% to 6%.  What they are doing may not be sustainable at the rates they are offering, but they are at least making an effort to maximize users APR.

Announcement

HaoBTC announces that it will raise the daily withdrawal limit from 100BTC to 200BTC. This will start to be effective today.

Hi Eric,

Any chance that HaoBTC will reduce the minimum BTC for the fixed deposit . 10 BTC is a lot.

Keep in mind that you don't have to go with the COD. You can just do a normal deposit of less and you'll still earn interest.

If BTC price grows tenfold, we may consider it.  ;D

It's not that much interest, but the way I look at it is this: my coin is better served sitting in HaoBTC than in my wallet where it earns 0.  Some day in the future if bitcoin is worth 10x what it is today these small earnings will have been well worth it.

+1 to Eric about being accessible here and replying to messages....Gives me some confidence to give this a shot.

I have to complain about the website not having a fully English version though and no English phone support either but I guess we can't get it all?

Eric, can you please clear out your inbox and increase your limit? Thanks!

"Your message to <eric.mu@haobtc.com> was automatically rejected:
Quota exceeded (mailbox for user is full)"

Eric is no longer the point of contact for HaoBTC, this thread hasn't been posted to in almost a year.

Eric still works for HaoBTC so presumably still uses his work email don't you think, no?

And why wouldn't he be the point of contact anymore? It would be pretty cool if he was subscribed to this thread and responded to posts, would definitely drum up more business for them.

any reviwes about this?

Hi,

Sorry, I haven't been reading new comments and only checked the company email inbox occasionally. I would suggest you contact my colleague Tyler for any enquiries.

Because he explained it all in another thread.

Hey Eric, what is Tylers @haobtc.com email address? Is he a user on here as well?

Let me know, thanks!

That could happen in a year or two as the price of bitcoin will be around $1000 to $10000 in a few years.