[ANN] HaoBTC, mining dividend paid out hourly

[ranlo]

...So far, every self-insured BTC business I've heard of has tanked and not followed through on their promises.

To my knowledge, Coinbase is the only BTC business that claims to have brought a third-party insurer onboard. Correct me if I am wrong. Third-party insurance, at least in China, is more of an issue of availability. Hard to get a insurance company that are savvy enough and interested enough; compounding the difficulty, the young age of the industry means that there most likely aren't any available model to calculate the risk. But we are in talks with insurance companies over possibility of insuring our Kangding mining facility against earthquake damage. Will post if there are any development.
 

Circle and Xapo are also insured, and both are, I believe, done by a third party.

I don't know about the other two. Only read the Coinbase release and think it is a bit sketchy － You don't get many details as to what kind of coverage the users will get in case of catastrophe - such as the percentage and the currency that it will be denominated. Even 100%, if Coinbase lose all its BTC, the price will drop substantially, covering the losses will cost much less than users' real losses, for lack of a better word. If you know more details, do please enlighten me.

Actually, what you bring up is something I hadn't thought of: the real value. I'm not really sure how that's handled... it's definitely a good question to ask, though!

[Icon]

so.. just tried a withdraw and got both email and sms message saying all was good and btc was going to be sent, however on the sites main page under all transactions there is a big red ERROR message

So whats going on its been ~ 15 mins and nothing from coinbase about receiving my btc..

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[ranlo]

so.. just tried a withdraw and got both email and sms message saying all was good and btc was going to be sent, however on the sites main page under all transactions there is a big red ERROR message

So whats going on its been ~ 15 mins and nothing from coinbase about receiving my btc..

Icon

Is it showing a txid or just the error?

[jadefalke]

Hey so to sum it up:

1. No Insurance
2. No Security Audit done yet nor planned
3. No Audit of the Platform
4. No Bug Bounty

For me a clear No Thanks.

I worked for a big BTC exchange prior to joining HaoBTC. They did a Proof-of-Reserve audit done by someone quite well-known in the community. Complete joke if you ask me.
We have been running the service for a year now, and not a single user lost their money because of our technological failure, isn't that track-record something that will ease your mind a little?
We are not offering bug bounty, but we have been receiving blackmail emails fairly frequently, mostly in the form of "give me xxx BTC or your website will be destroyed". Nothing of that kind has happened so far.

Sorry, but pretending that everything is O.K. does not make it ok. external check from well known Security Company's are essential.
The hacks in the past have shown that internal and external attacks to Exchanges are THE major Issue.
If you want to get a reputable Exchange work on that Points.

[Icon]

so.. just tried a withdraw and got both email and sms message saying all was good and btc was going to be sent, however on the sites main page under all transactions there is a big red ERROR message

So whats going on its been ~ 15 mins and nothing from coinbase about receiving my btc..

Icon

Is it showing a txid or just the error?

Its all good, they fixed it got paids thanks

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PS

I got a suggestion how about adding a btc/USD along side the  btc/CNY conversion?

Thanks

[Cointoli]

How much % can you earn with this per month?

[Icon]

easy way to find that, take your deposit BTC * .06 * 24 hours

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[yslyung]

easy way to find that, take your deposit BTC * .06 * 24 hours

Icon

take the balance of deposit then apply the formula u posted because the interest is compounded

[monbux]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

OK, and say that the mining farm was robbed of half its miners, or an earthquake destroyed everything.  What would happen then?

[Eric Mu]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

OK, and say that the mining farm was robbed of half its miners, or an earthquake destroyed everything.  What would happen then?

We do have some contingency plans, but a catastrophe is a catastrophe, nobody knows what it is going to be like until it strikes. The most realistic one is that our exchange - which has been generating trickle of profit, will be big enough so we can use that profit to cover the loss of the mining facility.
The CEO did suggest that we should pay our users' money even if we have get jobs elsewhere - not sure how serious he is though.

[ranlo]

The CEO did suggest that we should pay our users' money even if we have get jobs elsewhere - not sure how serious he is though.

This would make no sense for employees to do this, unless you're more embedded in the company than we realize...

[Cointoli]

easy way to find that, take your deposit BTC * .06 * 24 hours

Icon

take the balance of deposit then apply the formula u posted because the interest is compounded

Isn't it quite much? Could it be ponzi?

[marcotheminer]

easy way to find that, take your deposit BTC * .06 * 24 hours

Icon

take the balance of deposit then apply the formula u posted because the interest is compounded

Isn't it quite much? Could it be ponzi?

That's the wrong formula, since 6% is the interest yearly, not hourly.

Use this instead to find your interest per hour: (Deposit * 0.06) / 8760

per day: (Deposit * 0.06) / 365

[Cointoli]

easy way to find that, take your deposit BTC * .06 * 24 hours

Icon

take the balance of deposit then apply the formula u posted because the interest is compounded

Isn't it quite much? Could it be ponzi?

That's the wrong formula, since 6% is the interest yearly, not hourly.

Use this instead to find your interest per hour: (Deposit * 0.06) / 8760

per day: (Deposit * 0.06) / 365

That makes more sense. Thanks.

[monbux]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

OK, and say that the mining farm was robbed of half its miners, or an earthquake destroyed everything.  What would happen then?

We do have some contingency plans, but a catastrophe is a catastrophe, nobody knows what it is going to be like until it strikes. The most realistic one is that our exchange - which has been generating trickle of profit, will be big enough so we can use that profit to cover the loss of the mining facility.
The CEO did suggest that we should pay our users' money even if we have get jobs elsewhere - not sure how serious he is though.

That's for providing us with an honest answer.  I think that I'll still continue to keep some of my BTC on your website.  When you talk about exchange, are you referring to the exchange on haobtc or another one?

[ranlo]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

OK, and say that the mining farm was robbed of half its miners, or an earthquake destroyed everything.  What would happen then?

We do have some contingency plans, but a catastrophe is a catastrophe, nobody knows what it is going to be like until it strikes. The most realistic one is that our exchange - which has been generating trickle of profit, will be big enough so we can use that profit to cover the loss of the mining facility.
The CEO did suggest that we should pay our users' money even if we have get jobs elsewhere - not sure how serious he is though.

That's for providing us with an honest answer.  I think that I'll still continue to keep some of my BTC on your website.  When you talk about exchange, are you referring to the exchange on haobtc or another one?

I didn't like their answer. They need a contingency plan in place. Any business prospectus has one, as it's the main thing an investor needs to know. If an asteroid hits their mining operation right now and decimates it, their answer is "we'll have to see what to do when that happens." That doesn't inspire confidence.

[monbux]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

OK, and say that the mining farm was robbed of half its miners, or an earthquake destroyed everything.  What would happen then?

We do have some contingency plans, but a catastrophe is a catastrophe, nobody knows what it is going to be like until it strikes. The most realistic one is that our exchange - which has been generating trickle of profit, will be big enough so we can use that profit to cover the loss of the mining facility.
The CEO did suggest that we should pay our users' money even if we have get jobs elsewhere - not sure how serious he is though.

That's for providing us with an honest answer.  I think that I'll still continue to keep some of my BTC on your website.  When you talk about exchange, are you referring to the exchange on haobtc or another one?

I didn't like their answer. They need a contingency plan in place. Any business prospectus has one, as it's the main thing an investor needs to know. If an asteroid hits their mining operation right now and decimates it, their answer is "we'll have to see what to do when that happens." That doesn't inspire confidence.

The thing is, if the companies claim that they'll reimburse everyone, they might not stick true to their word unless it's documented legally... and I doubt that haobtc fits that category.  I guess it's all a measure of risk and reward.

[ranlo]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

OK, and say that the mining farm was robbed of half its miners, or an earthquake destroyed everything.  What would happen then?

We do have some contingency plans, but a catastrophe is a catastrophe, nobody knows what it is going to be like until it strikes. The most realistic one is that our exchange - which has been generating trickle of profit, will be big enough so we can use that profit to cover the loss of the mining facility.
The CEO did suggest that we should pay our users' money even if we have get jobs elsewhere - not sure how serious he is though.

That's for providing us with an honest answer.  I think that I'll still continue to keep some of my BTC on your website.  When you talk about exchange, are you referring to the exchange on haobtc or another one?

I didn't like their answer. They need a contingency plan in place. Any business prospectus has one, as it's the main thing an investor needs to know. If an asteroid hits their mining operation right now and decimates it, their answer is "we'll have to see what to do when that happens." That doesn't inspire confidence.

The thing is, if the companies claim that they'll reimburse everyone, they might not stick true to their word unless it's documented legally... and I doubt that haobtc fits that category.  I guess it's all a measure of risk and reward.

This is why having a 3rd-party is monumental. For example, Coinbase. Also, having a major backing, as those investors won't let a company just walk away.

[Eric Mu]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

OK, and say that the mining farm was robbed of half its miners, or an earthquake destroyed everything.  What would happen then?

We do have some contingency plans, but a catastrophe is a catastrophe, nobody knows what it is going to be like until it strikes. The most realistic one is that our exchange - which has been generating trickle of profit, will be big enough so we can use that profit to cover the loss of the mining facility.
The CEO did suggest that we should pay our users' money even if we have get jobs elsewhere - not sure how serious he is though.

That's for providing us with an honest answer.  I think that I'll still continue to keep some of my BTC on your website.  When you talk about exchange, are you referring to the exchange on haobtc or another one?

The exchange on HaoBTC.

[Eric Mu]

I wouldn't be worried about exit strategy. Just securing funds. As Eric has said in response to my questions, the worst that would happen to users is no more interest. But asking what happens if they're hacked is a great question.

I think they need to introduce some bounty campaigns in order to detect any backdoor(s) if present within their databases. And most importantly, trusting their staff members is vital to run an investment scheme where any miracle may happen anytime and the staff members doesn't run away with all the funds !

Technically, they have a bounty system: the hot wallet, :p.

I get where you're coming from, though. I'm personally less worried about site security than I am what they do if it's compromised. To me, it's like a bank: if the bank gets robbed, it doesn't affect me. I don't care about their security protocols, I just care about the end result for me, considering I have no say in how they run their business/secure it.

Has Eric answered to what the company would do IF they did get hacked and lost a large amount of users' bitcoins?

This is one of the frequently asked questions and I did answered it before.
Most of the users' coins were used to invest in our mining facility - FYI our second farm is currently under construction.
So they are in the form of bricks, cement, rein bars, steel sheets and silicon chips and plastic motherboards, they are physical therefore hacker-proof.
That is not to say that there aren't any risks.
There are still thieves, fire, earthquakes, aged transformer and Internet outage to worry about.

OK, and say that the mining farm was robbed of half its miners, or an earthquake destroyed everything.  What would happen then?

We do have some contingency plans, but a catastrophe is a catastrophe, nobody knows what it is going to be like until it strikes. The most realistic one is that our exchange - which has been generating trickle of profit, will be big enough so we can use that profit to cover the loss of the mining facility.
The CEO did suggest that we should pay our users' money even if we have get jobs elsewhere - not sure how serious he is though.

That's for providing us with an honest answer.  I think that I'll still continue to keep some of my BTC on your website.  When you talk about exchange, are you referring to the exchange on haobtc or another one?

I didn't like their answer. They need a contingency plan in place. Any business prospectus has one, as it's the main thing an investor needs to know. If an asteroid hits their mining operation right now and decimates it, their answer is "we'll have to see what to do when that happens." That doesn't inspire confidence.

The thing is, if the companies claim that they'll reimburse everyone, they might not stick true to their word unless it's documented legally... and I doubt that haobtc fits that category.  I guess it's all a measure of risk and reward.

This is why having a 3rd-party is monumental. For example, Coinbase. Also, having a major backing, as those investors won't let a company just walk away.

I thought I have made this clear already - It is NOT that we don't want 3rd-party scrutiny. It is that we don't have that option. To be a little blunt, I don't know any insurance company, Chinese or foreign, that want to insure for a BTC mine and for a reasonable cost.
If anyone think I don't like the idea, they are barking at the wrong tree.
I for instance championed the idea of a BTC central bank that conducts irregular audits and reinforce best practice behaviors. The article is still online and with lots of angry comments, calling me statist and etc.
HaoBTC is not my own company. Getting anything done requires persuasion and consensus seeking. HaoBTC is a business, if I propose a project involving money spending, there is personal risk - what if the company pays a lot of money and users don't grow and the money gets wasted?
If you want that to happen, a more constructive way would be find out which insurer offer this kind of service and what are their rates, etc.