[ANN] HaoBTC launches fixed term deposit account

[Mikestang]

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.

[TracerX]

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.

[monbux]

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.

[Mikestang]

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.

[ranlo]

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.

[monbux]

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.

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

We will be implementing AML/KYC down the road - this will make it harder to run second accounts. For now, the 10 BTC limit is to ensure that we don't get flooded with too many Bitcoin. This is really just a very prudent precaution as we have no data to predict the likely demand for Magnr.

Sorry!

[Eastwind]

Question... Does interest compound?

Hourly. Yes.

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

[ranlo]

Question... Does interest compound?

Hourly. Yes.

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
...

[Eastwind]

Question... Does interest compound?

Hourly. Yes.

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.

[ranlo]

Question... Does interest compound?

Hourly. Yes.

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:



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.

[Mikestang]

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.

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.

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

Exactly.

[Eric Mu]

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!

[yslyung]

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 . . .

[ranlo]

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

withdrawal guy is sleeping ?

BTC never sleeps.

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

[wlefever]

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.

[Mikestang]

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

withdrawal guy is sleeping ?

BTC never sleeps.

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

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

[mchu168]

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.

[DaddyMonsi]

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

[ranlo]

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).

[Eastwind]

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