Testing a change - new minimum deposit size.  Edit: additional transactions also 1BTC minimum - I don't want to be adding single santoshi's to peoples balances each day.


Deposits
PM me for a deposit address - this will be your unique account address.

Currently deposits paying 1.5% per week.  Calculation is 1.015^(#days/7)  To maintain adequate reserves, I may limit deposits, and you’ll need to contact me ahead of time before sending your coins so I can set up a unique deposit address for you.
Terms are generally on-call and a 1 BTC minimum.  While I try to accommodate at-call withdrawals, it can be delayed.
By default, accounts are compounding.  For accounts greater than 10 BTC a weekly interest payout option is available.
The current 1.5% per week will be maintained until further notice.

Most people have a minimum because there is transaction cost.

If you look at some of the larger holdings, there are many (enough) people with 20k+ that they have tied up in single places (like trading on Gox or in BS&T) so total individual holdings would be much larger.

If I am to provide a sensible service to a sufficiently wide range of people, then holding very large accounts could dominate available resources to the detriment of the wider community.  Also, having a larger number of accounts and transactions helps with the risk and diversity which is why a conventional bank with 100,000 accounts can carry such low operating liquidity.

As an example, for Starfish, there are currently 30 active deposit accounts and over the last month I have returned eight as people have chosen to reinvest or sell coins with the price rise.  Balancing the on-call nature of deposits and the fixed term nature of loans goes straight to the level of float required (and inactive coins).  Having a lot of smaller accounts helps, and conversely a few large ones doesn't.

Putting it another way, I would simply be uncomfortable having $1M tied up in bitcoins and being exposed to someone for $100k.

Prompted by comments, I'm going to trial 1BTC minimum deposits.

Thought I would start a new thread for this topic rather than placing on page six of Starfish BCB.  What I'm looking for is feedback and ideas because while I am very good at some things, I am less good at dreaming up ideas and working out what the community wants. 

Starfish BCB provides some pretty basic services.  It runs deposit accounts, provides PPT if people really want it, does lending and financing.  Pretty simple - money in and money out.  It is a little unusual as it appears to be one of the few "banks" that is still active on both sides without relying on BS&T and that was a deliberate decision from January.

Most people also know that I have a BS&T account from 2011, have invested in many GLBSE companies, some non-GLBSE companies and do the occasional trading arbitrage on my own account.

I have also (as informal services) acted as escrow on a reasonably sized transaction, provided a non-domiciled purchase for someone, and also provided approx USD$10k for someone that needed a quick international payment while Gox was holding their funds (needless to say - trusted client).  I have also been asked to provide lines of credit (overdraft) facilities and underwriting for different ventures.  However, currently these tend to be one-off, favours or for some other reason. 

So, for the creative types, what actual banking services would you like to see?  To start you off, here's a few things I actually think would work (with a bit of implementation effort or possibly huge angst):
1: A BTC virtual credit/debit card - essentially an online line of credit that you could draw on and then make payments off the balance (and no, I don't necessarily need to know how it works yet)
2: FX payments - not sure if the major exchanges are handling this really well or not, and I'd probably get caught up in the AML stuff quite quickly.  But there are some stiff margins charged by conventional banks around the world.

so

3: What else drives you crazy in bitcoin land that would be valuable.


Other important things.
1: If I'm extending credit or transferring cash these are not anonymous service offerings I'm talking about, so if you think this is for hiding below some radar forget it - I need to know who I'm dealing with and too bad if you don't like it.  (deposits are less onerous)
2: Currently I have been doing this as an individual.  I can put it all under a properly regulated company structure if required (I have a spare one already) if customers would prefer that.
3: All this stuff takes time and effort.  Services are not free, and that's why I take a margin between loans and deposits.
4: I might have a reasonable amount tied up in bitcoin land, but I know there are people with much more invested than I have.  I don't need to be swamped by someone wanting to shift 100,000BTC from A to B ten times a day when that would defeat the point of providing services to a range of people.

Not as far as I know - all the ones listed are pass-through in one form or another.  As I said in the OP, it's based on research and that might be wrong.

You're not confusing the GLBSE section (#4) as that has a mix.

Bump - OP updated.  Interesting adding in the other pieces, but took a long time so not keen to build this from scratch again.  Most of the data is now in a handy spreadsheet that I can update and cut/paste into the OP when changes occur.

And the best value non-Pirate fixed interest thing today appears to be TEEK.B at 2.9% per week.

The worst I've ever seen was at Brisbane Airport where the AUD/USD buy/sell spread was 30%.  It's cheaper for me to buy Australian cash outside of Australia than doing so locally.  Similarly, for the money I have in my AUD account in Aus, it's too expensive to send back to my local account, so I'll wait until I pass through an airport and visit the closest ATM and extract it.

As for the back on topic - other than a trading glitch I saw on the BTC/USD screens a few days ago, have not seen any other problems with CryptoX or them being taken out of circulation by the OP's actions.

You asked for compounding so that is what it is doing.  Otherwise payment would have been this morning (about 9 hours ago).

You can also check your balance in the occasionally updated post (above) or pm me.

It would mess up the OP somewhat, and hiding as post #97 had some appeal.  Happy to change depending on customer wishes/feedback.

I decided to capture the last sixteen characters of the deposit address as that is harder to trace, and anyone may request their address/information be removed.  I'm also likely to simply edit/update this particular message than clutter the thread.

 2-Nov-12 9:30 a.m.  (UTC+13)

2% is eminently sustainable.  ciuciu has taken on a level of risk that he feels comfortable with, and has personal resources to cover all of the liabilities that he is taking on.

Typically, the "guaranteed" term is applied where someone has the ability to cover all of their obligations even if their investments turn sour.

I think I've mentioned my position directly - but might be interested in buying some more (or selling if the price is good).

Yes he did. 

I think I had better sub to this one.

[Starfish waves at DB and imsa]

I was thinking about requests for balance updates and wanted to know if having the unique deposit address and the balance in a table would be useful (with a time stamp).  A sample table would look like this (not real addresses or balances, but linked to my current data with a simple cut/paste):

I have a few new opportunities that will continue to provide reasonable income/backing for deposits, so I am continuing the 1.5%/week until further notice. 

Actually, while I have other ideas for fee-for-service in the banking services arena to run via Starfish, I would prefer not to accept donations or payments for the time I put into this - it would give me a potential conflict of interest.

Now you're making me feel bad I haven't had time to update it.  My lame excuse is that I'm doing paid work/day job instead of this.

I saw someone use a table in a pm, so while cumbersome, I think I can set it up externally before importing it.

Yes, links are going to need to be added, as well as a section for GLBSE offerings (like BDK's 1% bond) and those with some restrictions too (especially those with restricted capacity).

The basic structure I started with was posting approximate monthly rates for:
1: The big board: established deposit takers without restrictions on deposits.
2: The small board: For those that are new to deposit taking, less than 2 months and without history of paying back.

So now it will need:
3: Restricted schemes: limited availability like EIEIO.
4: GLBSE offerings: Bonds/deposit instruments like PPT.x or BDK.BND