[ANN] HaoBTC launches fixed term deposit account

[Eric Mu]

When HaoBTC launched its first BTC mining investment instrument, which is probably best known for the slightly quirky feature of hourly interest, it soon became enormously popular among users for having no lock-up period allowing users to make withdrawals anytime.
Bearing that in mind, when we designed our next product, named Finance, we decided to retain the popular feature of flexible withdrawal but offering the chance for investors to earn a higher interest rate.
The downside?
Hardly any, except:
1. A minimum deposit requirement of 10BTC. If you have less than that amount of BTC, you are still welcome to use the older product, which will continue to be available and pays an interest of 8% p.a.
2. If the user decide to redeem his or her fund prematurely, that is to say, before the time of investment reaches a full month or a number of months, the person will have to forgo the interest payment of the month or the last month if he or she has invested more than one month.

Best regards,
Eric Mu

For further inquiries, PM me or contact me by:
E: eric.mu@haobtc.com
T: @muxiaoliang
S: ericmuxl

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[SirLolicon]

Interesting.. So you are now offering a time-locked investment.
Risky, being held in BTC. But we'll see what happens.

[Eric Mu]

Interesting.. So you are now offering a time-locked investment.
Risky, being held in BTC. But we'll see what happens.

It is not time-locked per se. You can still withdraw anytime if you are willing to forgo some interest income.

[SirLolicon]

Interesting.. So you are now offering a time-locked investment.
Risky, being held in BTC. But we'll see what happens.

It is not time-locked per se. You can still withdraw anytime if you are willing to forgo some interest income.

Oh. even better I guess.

Good luck once again.

[yslyung]

following ...

eric pls clarify, the user have to forgo "some" of the interest or the total interest if funds were withdrew prematurely

e.g:

1 month 10 btc but user withdrew 3rd week so he gets 3 weeks interest or some interest or NO interest at all ?

[Eric Mu]

following ...

eric pls clarify, the user have to forgo "some" of the interest or the total interest if funds were withdrew prematurely

e.g:

1 month 10 btc but user withdrew 3rd week so he gets 3 weeks interest or some interest or NO interest at all ?

No interest at all - a calendar month is the smallest unit of time used to calculate interest here.

[Eric Mu]

following ...

eric pls clarify, the user have to forgo "some" of the interest or the total interest if funds were withdrew prematurely

e.g:

1 month 10 btc but user withdrew 3rd week so he gets 3 weeks interest or some interest or NO interest at all ?

No interest at all - a calendar month is the smallest unit of time used to calculate interest here.

But if he withdraw 3rd week of the second month, then he will get the interest for the first month, which is 12% p.a

[medUSA]

Fixed deposits with 12% interest per annum is very good if this is a fiat investment product at an established bank. For bitcoin, this seems very risky especially the minimum amount is 10btc. I check OP's profile on the internet. He has worked with a few well known companies, but HaoBTC is not very well known outside China. If investor deposits 10btc, he will only get 0.1btc after a month. 30 days is a long time to entrust someone with 10btc.

[Eric Mu]

Fixed deposits with 12% interest per annum is very good if this is a fiat investment product at an established bank. For bitcoin, this seems very risky especially the minimum amount is 10btc. I check OP's profile on the internet. He has worked with a few well known companies, but HaoBTC is not very well known outside China. If investor deposits 10btc, he will only get 0.1btc after a month. 30 days is a long time to entrust someone with 10btc.

You misunderstood "fixed term" - you can make withdrawal ANYTIME as long as you are wiling to forgo the interest of the last month.

[medUSA]

Fixed deposits with 12% interest per annum is very good if this is a fiat investment product at an established bank. For bitcoin, this seems very risky especially the minimum amount is 10btc. I check OP's profile on the internet. He has worked with a few well known companies, but HaoBTC is not very well known outside China. If investor deposits 10btc, he will only get 0.1btc after a month. 30 days is a long time to entrust someone with 10btc.

You misunderstood "fixed term" - you can make withdrawal ANYTIME as long as you are wiling to forgo the interest of the last month.

No, I did not misunderstand "fixed term". Read the example at the end of my post, I used 1 month and 0.1btc interest. Allow withdrawals anytime do not affect risk/reward assessments.

[Eric Mu]

Fixed deposits with 12% interest per annum is very good if this is a fiat investment product at an established bank. For bitcoin, this seems very risky especially the minimum amount is 10btc. I check OP's profile on the internet. He has worked with a few well known companies, but HaoBTC is not very well known outside China. If investor deposits 10btc, he will only get 0.1btc after a month. 30 days is a long time to entrust someone with 10btc.

You misunderstood "fixed term" - you can make withdrawal ANYTIME as long as you are wiling to forgo the interest of the last month.

No, I did not misunderstand "fixed term". Read the example at the end of my post, I used 1 month and 0.1btc interest. Allow withdrawals anytime do not affect risk/reward assessments.

12% is just as risky as 8%, as long as we are around, we will honor our obligations. Risk is everywhere. Don't sell your house for 12% p.a or something even better.

[SpanishSoldier]

Fixed deposits with 12% interest per annum is very good if this is a fiat investment product at an established bank. For bitcoin, this seems very risky especially the minimum amount is 10btc. I check OP's profile on the internet. He has worked with a few well known companies, but HaoBTC is not very well known outside China. If investor deposits 10btc, he will only get 0.1btc after a month. 30 days is a long time to entrust someone with 10btc.

You misunderstood "fixed term" - you can make withdrawal ANYTIME as long as you are wiling to forgo the interest of the last month.

No, I did not misunderstand "fixed term". Read the example at the end of my post, I used 1 month and 0.1btc interest. Allow withdrawals anytime do not affect risk/reward assessments.

12% is just as risky as 8%, as long as we are around, we will honor our obligations. Risk is everywhere. Don't sell your house for 12% p.a or something even better.

I like this statement

Many time we hear about regulatory problems in China regarding bitcoin. As you are operating from China, can you please enlighten us regarding the current situation ? Is there any remotest possibility in future that authorities force your business to go down with customer's fund ?

[Eric Mu]

Fixed deposits with 12% interest per annum is very good if this is a fiat investment product at an established bank. For bitcoin, this seems very risky especially the minimum amount is 10btc. I check OP's profile on the internet. He has worked with a few well known companies, but HaoBTC is not very well known outside China. If investor deposits 10btc, he will only get 0.1btc after a month. 30 days is a long time to entrust someone with 10btc.

You misunderstood "fixed term" - you can make withdrawal ANYTIME as long as you are wiling to forgo the interest of the last month.

No, I did not misunderstand "fixed term". Read the example at the end of my post, I used 1 month and 0.1btc interest. Allow withdrawals anytime do not affect risk/reward assessments.

12% is just as risky as 8%, as long as we are around, we will honor our obligations. Risk is everywhere. Don't sell your house for 12% p.a or something even better.

I like this statement

Many time we hear about regulatory problems in China regarding bitcoin. As you are operating from China, can you please enlighten us regarding the current situation ? Is there any remotest possibility in future that authorities force your business to go down with customer's fund ?

Yes, we are based in China.
All governments like secrecy, the Chinese government is no exception. We are not privy to what the top leaders and central bankers think of Bitcoin and BTC businesses. But China has some BTC businesses, and some of them are quite large and doing all right. This leads some to argue that China is one of the most BTC-friendly countries. Also, a lot of Chinese fintech startups started operating in a legally grey area, only to be recognized by the government much later - one example is P2P lending, one sector that achieved exponential growth in the past few years. Years ago, when I made my first loan on a P2P site, I did wonder if it was legal and the government didn't take a clear stance until very recently.
So my two cents is that as much as the government hates a nation-scale speculative bubble, so as long as Bitcoin stays small, it doesn't have time for it.

[Valanor]

Fixed deposits with 12% interest per annum is very good if this is a fiat investment product at an established bank. For bitcoin, this seems very risky especially the minimum amount is 10btc. I check OP's profile on the internet. He has worked with a few well known companies, but HaoBTC is not very well known outside China. If investor deposits 10btc, he will only get 0.1btc after a month. 30 days is a long time to entrust someone with 10btc.

can you calculate 12% from 10BTC is not 0,1BTC that 1,2BTC
i think this is better than CLoudminig where he run Ponzi scheme

but i'm confused about 8% with  Annualised interest rate 8%
if i deposit when i get 8% ? are 8% /year /month or /hour

if i deposit 5BTC and i not use it for 1day (24hours) how many i get ?

and from where you get profit from my Bank

#sory if my english bad

[blop]

If I invest in financing halfway through the month, will I earn half a month's interest, a full month's interest, or no interest?

[kapetan]

if 8% per hour when is hyip
if 8% per month then is peer to peer loan
if 8% per year then is a bank

[Eric Mu]

If I invest in financing halfway through the month, will I earn half a month's interest, a full month's interest, or no interest?

No interest.

[Eric Mu]

if 8% per hour when is hyip
if 8% per month then is peer to peer loan
if 8% per year then is a bank

8% is definitely per year. We can't afford 8% per hour or per month.

[Eric Mu]

but i'm confused about 8% with  Annualised interest rate 8%
if i deposit when i get 8% ? are 8% /year /month or /hour

if i deposit 5BTC and i not use it for 1day (24hours) how many i get ?

and from where you get profit from my Bank

#sory if my english bad

8% is per year. There is no way that someone can consistently pay 8% per month or per hour. Someone may pay 800% when he has a life-threatening condition and needs a brain surgery immediately, but it won't be sustainable.
The amount that you deposit 5BTC for one day should be about 5*8%/365 ≈ 0.0011.

[ajw7989]

if 8% per hour when is hyip
if 8% per month then is peer to peer loan
if 8% per year then is a bank

8% is definitely per year. We can't afford 8% per hour or per month.

Lol if it was 8% per hour or even day I would be extremely concerned and definitely say this was a ponzi. 8%-10% per year is definitely fair and doable considering the proof haobtc has provided. I am a new customer but so far its working out great