[ANN] HaoBTC launches fixed term deposit account

[monbux]

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With hashnest your principal is invested and not easily withdrawn, isn't it?

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

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 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)

[Eric Mu]

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With hashnest your principal is invested and not easily withdrawn, isn't it?

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

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 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.

[monbux]

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?

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

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 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?

[Eric Mu]

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?

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

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 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

[monbux]

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?

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

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 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!

[Eric Mu]

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?

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

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 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!

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.

[the_reprobate]

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

[Eric Mu]

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.

[Eric Mu]

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

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

[Eric Mu]

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.

[Eric Mu]

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.

[ranlo]

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, .

[SavellM]

Question... Does interest compound?

[ranlo]

Question... Does interest compound?

Hourly. Yes.

[Mikestang]

Question... Does interest compound?

Hourly. Yes.

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

[ranlo]

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.

[the_reprobate]

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, .

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

[ranlo]

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, .

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.

[Mikestang]

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, .

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

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.

[waterpile]

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.