[ANN] HaoBTC, mining dividend paid out hourly

[Zocadas]

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

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[Mikestang]

Thanks for the clarification, Eric.

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

Zocadas, you posted incorrect information.  Eric answered this exact question 7 posts earlier.

you will still get the interest for the 29 days but you won't be able to see it until on the 30th or 31st.

You only "lose interest" on the high yield account if you withdraw early, the other account still accrues interest hourly, it's just how it is reported on the website that has changed.

[Eric Mu]

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

You won't lose it. But you will only be able to withdraw it on certain dates.

[Eric Mu]

Thanks for the clarification, Eric.

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

Zocadas, you posted incorrect information.  Eric answered this exact question 7 posts earlier.

you will still get the interest for the 29 days but you won't be able to see it until on the 30th or 31st.

You only "lose interest" on the high yield account if you withdraw early, the other account still accrues interest hourly, it's just how it is reported on the website that has changed.

That's correct.

[ranlo]

Thanks for the clarification, Eric.

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

Zocadas, you posted incorrect information.  Eric answered this exact question 7 posts earlier.

you will still get the interest for the 29 days but you won't be able to see it until on the 30th or 31st.

You only "lose interest" on the high yield account if you withdraw early, the other account still accrues interest hourly, it's just how it is reported on the website that has changed.

That's correct.

Ask them to make this happen weekly though (the update). To break it down in an easier to understand model, let's assume an interest rate of 30% per month (1%/day).

I have 100 BTC. After 29 days, I have 129 BTC (we're excluding compound interest). I make a withdrawal of the full amount I see (100 BTC). Tomorrow I wake up to find that I have 29.29 BTC (29 left over + the .29 interest on that), leaving me with over 29 BTC left behind.

This is just a horrible model. It ensures that you can never withdraw everything -- by its very nature, you are forced to leave a balance in perpetuity. It makes no sense, and ADDS to the overhead since every single user that has ever used the service will always have cycles being used on their abandoned balances.

[Eric Mu]

Thanks for the clarification, Eric.

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

Zocadas, you posted incorrect information.  Eric answered this exact question 7 posts earlier.

you will still get the interest for the 29 days but you won't be able to see it until on the 30th or 31st.

You only "lose interest" on the high yield account if you withdraw early, the other account still accrues interest hourly, it's just how it is reported on the website that has changed.

That's correct.

Ask them to make this happen weekly though (the update). To break it down in an easier to understand model, let's assume an interest rate of 30% per month (1%/day).

I have 100 BTC. After 29 days, I have 129 BTC (we're excluding compound interest). I make a withdrawal of the full amount I see (100 BTC). Tomorrow I wake up to find that I have 29.29 BTC (29 left over + the .29 interest on that), leaving me with over 29 BTC left behind.

This is just a horrible model. It ensures that you can never withdraw everything -- by its very nature, you are forced to leave a balance in perpetuity. It makes no sense, and ADDS to the overhead since every single user that has ever used the service will always have cycles being used on their abandoned balances.

I was wrong at first by stating that users won't be able to see how much interest they have earned until a full month has passed. After further communication with the tech, I was assured that users still can see the interest added to their balance hourly - no change at all in this regard.
The only change is that you won't be able to withdraw the interest, as opposed to the principal, until a full month has passed.
To use your scenario, assume that the month has 30 days. On the 30th day, you will only be able to withdraw 100 BTC even though your balance indicates that you have about 130 BTC. You will be able to withdraw everything at 8:00 am of the following month, that is 100+30 BTC (about).
You won't leave anything in your HaoBTC account except maybe a negligible amount.

[ranlo]

Thanks for the clarification, Eric.

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

Zocadas, you posted incorrect information.  Eric answered this exact question 7 posts earlier.

you will still get the interest for the 29 days but you won't be able to see it until on the 30th or 31st.

You only "lose interest" on the high yield account if you withdraw early, the other account still accrues interest hourly, it's just how it is reported on the website that has changed.

That's correct.

Ask them to make this happen weekly though (the update). To break it down in an easier to understand model, let's assume an interest rate of 30% per month (1%/day).

I have 100 BTC. After 29 days, I have 129 BTC (we're excluding compound interest). I make a withdrawal of the full amount I see (100 BTC). Tomorrow I wake up to find that I have 29.29 BTC (29 left over + the .29 interest on that), leaving me with over 29 BTC left behind.

This is just a horrible model. It ensures that you can never withdraw everything -- by its very nature, you are forced to leave a balance in perpetuity. It makes no sense, and ADDS to the overhead since every single user that has ever used the service will always have cycles being used on their abandoned balances.

I was wrong at first by stating that users won't be able to see how much interest they have earned until a full month has passed. After further communication with the tech, I was assured that users still can see the interest added to their balance hourly - no change at all in this regard.
The only change is that you won't be able to withdraw the interest, as opposed to the principal, until a full month has passed.
To use your scenario, assume that the month has 30 days. On the 30th day, you will only be able to withdraw 100 BTC even though your balance indicates that you have about 130 BTC. You will be able to withdraw everything at 8:00 am of the following month, that is 100+30 BTC (about).
You won't leave anything in your HaoBTC account except maybe a negligible amount.

Ahhh, so you mean it is the difference we'll see in the two balances. At the top it shows:

Bitcoin balance: xxxx BTC
xxxx BTC available

But that brings on two more questions:

1) Is the interest compounded hourly still, rather than just being credited hourly?
2) How does this magically reduce overhead if the ONLY thing that changes is how often we can withdraw interest?

[Eric Mu]

Thanks for the clarification, Eric.

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

Zocadas, you posted incorrect information.  Eric answered this exact question 7 posts earlier.

you will still get the interest for the 29 days but you won't be able to see it until on the 30th or 31st.

You only "lose interest" on the high yield account if you withdraw early, the other account still accrues interest hourly, it's just how it is reported on the website that has changed.

That's correct.

Ask them to make this happen weekly though (the update). To break it down in an easier to understand model, let's assume an interest rate of 30% per month (1%/day).

I have 100 BTC. After 29 days, I have 129 BTC (we're excluding compound interest). I make a withdrawal of the full amount I see (100 BTC). Tomorrow I wake up to find that I have 29.29 BTC (29 left over + the .29 interest on that), leaving me with over 29 BTC left behind.

This is just a horrible model. It ensures that you can never withdraw everything -- by its very nature, you are forced to leave a balance in perpetuity. It makes no sense, and ADDS to the overhead since every single user that has ever used the service will always have cycles being used on their abandoned balances.

I was wrong at first by stating that users won't be able to see how much interest they have earned until a full month has passed. After further communication with the tech, I was assured that users still can see the interest added to their balance hourly - no change at all in this regard.
The only change is that you won't be able to withdraw the interest, as opposed to the principal, until a full month has passed.
To use your scenario, assume that the month has 30 days. On the 30th day, you will only be able to withdraw 100 BTC even though your balance indicates that you have about 130 BTC. You will be able to withdraw everything at 8:00 am of the following month, that is 100+30 BTC (about).
You won't leave anything in your HaoBTC account except maybe a negligible amount.

Ahhh, so you mean it is the difference we'll see in the two balances. At the top it shows:

Bitcoin balance: xxxx BTC
xxxx BTC available

But that brings on two more questions:

1) Is the interest compounded hourly still, rather than just being credited hourly?
2) How does this magically reduce overhead if the ONLY thing that changes is how often we can withdraw interest?

1) The interest will still be calculated the same way as it has always been.
2) The new method makes bookkeeping easier, I was told - though I am prob as befuddled as everyone else on this at the moment.

[DebitMe]

Not going to lie, when the announcement was first made it sounded like the reasoning behind this was to reduce server load.  This just seems like it would do nothing but increase server load and confusion.  You are going to have people out da butt who won't understand the concept or reasoning and be asking questions continuously.

It also means it would take a really long time to be able to fully cash out, as your interest will be earning interest that won't be able to be cashed out for another month.  Figuring this seems like such a headache just thinking about it.

So if I am reading it right, the interest on the 30th day of the month will be able to be withdrawn the following day?  Or will every time interest is accrued have to wait a month before it can be withdrawn?

[Eric Mu]

So if I am reading it right, the interest on the 30th day of the month will be able to be withdrawn the following day? 

I believe this is correct.

[Eric Mu]

Thanks for the clarification, Eric.

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

Zocadas, you posted incorrect information.  Eric answered this exact question 7 posts earlier.

you will still get the interest for the 29 days but you won't be able to see it until on the 30th or 31st.

You only "lose interest" on the high yield account if you withdraw early, the other account still accrues interest hourly, it's just how it is reported on the website that has changed.

That's correct.

Ask them to make this happen weekly though (the update). To break it down in an easier to understand model, let's assume an interest rate of 30% per month (1%/day).

I have 100 BTC. After 29 days, I have 129 BTC (we're excluding compound interest). I make a withdrawal of the full amount I see (100 BTC). Tomorrow I wake up to find that I have 29.29 BTC (29 left over + the .29 interest on that), leaving me with over 29 BTC left behind.

This is just a horrible model. It ensures that you can never withdraw everything -- by its very nature, you are forced to leave a balance in perpetuity. It makes no sense, and ADDS to the overhead since every single user that has ever used the service will always have cycles being used on their abandoned balances.

I was wrong at first by stating that users won't be able to see how much interest they have earned until a full month has passed. After further communication with the tech, I was assured that users still can see the interest added to their balance hourly - no change at all in this regard.
The only change is that you won't be able to withdraw the interest, as opposed to the principal, until a full month has passed.
To use your scenario, assume that the month has 30 days. On the 30th day, you will only be able to withdraw 100 BTC even though your balance indicates that you have about 130 BTC. You will be able to withdraw everything at 8:00 am of the following month, that is 100+30 BTC (about).
You won't leave anything in your HaoBTC account except maybe a negligible amount.

Ahhh, so you mean it is the difference we'll see in the two balances. At the top it shows:

Bitcoin balance: xxxx BTC
xxxx BTC available

But that brings on two more questions:

1) Is the interest compounded hourly still, rather than just being credited hourly?
2) How does this magically reduce overhead if the ONLY thing that changes is how often we can withdraw interest?

I just received an explanation from the CEO:
Basically we have been allowing users to withdraw interest at random times, and there has always been small discrepancies between the interest that a user earns and the interest that he actually receives.
While this discrepancy is tiny to the point of being negligible in each individual case, as the number of users grows, the accumulated amount can multiply exponentially, leading to greater uncertainty.

[ranlo]

Thanks for the clarification, Eric.

Does that mean you will be unable to withdraw interest earned for a month until a month has passed?  Not sure if I understand that right.

Yes. After you save the money for a whole months, and withdraw, you can get the interest. Otherwise, you will lose the interest. For example, if you deposit on 6 of July, and withdraw on 6 of October, you will get 4 months interest. If you withdraw on 4 Oct, you will lose 29 days interest and get only 3 month interest.

Zocadas, you posted incorrect information.  Eric answered this exact question 7 posts earlier.

you will still get the interest for the 29 days but you won't be able to see it until on the 30th or 31st.

You only "lose interest" on the high yield account if you withdraw early, the other account still accrues interest hourly, it's just how it is reported on the website that has changed.

That's correct.

Ask them to make this happen weekly though (the update). To break it down in an easier to understand model, let's assume an interest rate of 30% per month (1%/day).

I have 100 BTC. After 29 days, I have 129 BTC (we're excluding compound interest). I make a withdrawal of the full amount I see (100 BTC). Tomorrow I wake up to find that I have 29.29 BTC (29 left over + the .29 interest on that), leaving me with over 29 BTC left behind.

This is just a horrible model. It ensures that you can never withdraw everything -- by its very nature, you are forced to leave a balance in perpetuity. It makes no sense, and ADDS to the overhead since every single user that has ever used the service will always have cycles being used on their abandoned balances.

I was wrong at first by stating that users won't be able to see how much interest they have earned until a full month has passed. After further communication with the tech, I was assured that users still can see the interest added to their balance hourly - no change at all in this regard.
The only change is that you won't be able to withdraw the interest, as opposed to the principal, until a full month has passed.
To use your scenario, assume that the month has 30 days. On the 30th day, you will only be able to withdraw 100 BTC even though your balance indicates that you have about 130 BTC. You will be able to withdraw everything at 8:00 am of the following month, that is 100+30 BTC (about).
You won't leave anything in your HaoBTC account except maybe a negligible amount.

Ahhh, so you mean it is the difference we'll see in the two balances. At the top it shows:

Bitcoin balance: xxxx BTC
xxxx BTC available

But that brings on two more questions:

1) Is the interest compounded hourly still, rather than just being credited hourly?
2) How does this magically reduce overhead if the ONLY thing that changes is how often we can withdraw interest?

I just received an explanation from the CEO:
Basically we have been allowing users to withdraw interest at random times, and there has always been small discrepancies between the interest that a user earns and the interest that he actually receives.
While this discrepancy is tiny to the point of being negligible in each individual cases, as the number of users grows, the accumulated amount can multiply exponentially, leading to greater uncertainty.

Thanks for that explanation. Can you please ask him if he can change it to being a daily deposit? It would have the same effect on your side, but would be much more user-friendly.

[OZmaster]

so wait, our initial investment will be avalible for withdraw at any point, and interest's will be withdrawleble every 1st in the month :S?

[Eric Mu]

so wait, our initial investment will be avalible for withdraw at any point, and interest's will be withdrawleble every 1st in the month :S?

Yes.

[ranlo]

so wait, our initial investment will be avalible for withdraw at any point, and interest's will be withdrawleble every 1st in the month :S?

Yeah, it's essentially like a bank now (as that's how they do it as well -- your balance remains the same and you're credited the full month's interest at the end of the month).

[crazyivan]

Still, halleybtc offers the same service at significantly higher interest rate. Even Hashnest Pacmic pays higher APR then this.

[Eric Mu]

Still, halleybtc offers the same service at significantly higher interest rate. Even Hashnest Pacmic pays higher APR then this.

Competition is good.

[lama-hunter]

a really nice service to store your coins online and to get them all over the world.
also the support service is very fast and can solve issues bin 4 hours.
Also therefore you get a small invest amount of 6 on your charged wallet

tahts great

keep it up guys !

regards
lama-hunter

[Magnesium Coin]

Would you like to increase your interest rate since the present rate is pretty low at the moment (comparing it with your competitor sites).

I would surely like to try out your site thereafter.

Moreover please translate the section where you have enlisted the blogs. All the headings are still in Chinese.

[wlefever]

Would you like to increase your interest rate since the present rate is pretty low at the moment (comparing it with your competitor sites).

I would surely like to try out your site thereafter.

Moreover please translate the section where you have enlisted the blogs. All the headings are still in Chinese.

With mining difficulty going up I am pretty sure they will be more inclined to cut the interest rate then increase it.  The wallet interest rate at 6% may not seem like a lot but it's a bonus while your coins sit idle, where their financing is a great option for higher legitimate rewards. The only legitimate wallet I know with a higher rate than 6% is BW.com at 7.52%.

What exactly are you comparing it to?