Magnr - World's First Bitcoin Savings Account

[starsoccer9]

What is the ETA on 2fa support? Just seems kinda dumb to me that I can login to my btc.sx account with 2fa but to login to my magnr account with the same password no 2fa is required

edit: also I have to ask what the logic is behind limiting interest to 10btc. Just anyone can create a second account with minimal effort needed.

Unfortunately it is on our list of priorities but we haven't been able to have this ready in time for launch. We hope to have it ready as soon as a few other post-launch priorities have been deployed.

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.

So AML/KYC will be required in the future for all withdrawals?

[ranlo]

Yes. As stated for the third time, the interest comes from the trading fees

Well, it's not explicitly stated in the OP that you use trading fees, just that the interest rate differs based on the activity of your exchange, so I kinda get the confusion. It is explicitly stated on your website, but not everything reads that.

Anyway, this seems pretty cool and I might give it a shot.

Hi its Joe here, founder of BTC.sx.

Our intention is to make this as transparent as possible. On-blockchain calculations for deposit and interest calculations are part of the way we are doing this.

By offering this service our goal is to build more reputable financial services for Bitcoin. My hope is that this is just the beginning of a much wider movement.

So what you're saying is that this isn't for profit, right? You're JUST doing this to help progress Bitcoin?

The benefits we gain from Magnr are increased publicity and awareness. We are currently considering various options to monetize Magnr in the future. Our business model ensures that for every one bitcoin deposited, at least one bitcoin can be withdrawn.

Got it. I do worry about losing BTC due to a hack, though (especially with just how many sites ARE being hit). Is there any special precaution that's being taken to keep this from happening? And is there any insurance on the deposits, in case something does happen?

[Seal]

Capco seems to be a company that does a lot with banking and the like, but I can't find any references to Btc.Sx or Magnr on their website. Strange.

They kindly have let us operate out of their space by their BoldRocket CEO.

We are open to visits if you email us in our support centre. Lets make this happen


*edit* the remit of BoldRocket is to revolutionise the banking industry. They are essentially the innovation arm of Capco.

[Mitchell]

Capco seems to be a company that does a lot with banking and the like, but I can't find any references to Btc.Sx or Magnr on their website. Strange.

They kindly have let us operate out of their space by their BoldRocket CEO.

We are open to visits if you email us in our support centre. Lets make this happen


*edit* the remit of BoldRocket is to revolutionise the banking industry. They are essentially the innovation arm of Capco.

Ah, I see. That explains everything, thank you. I would love to come visit, but the UK is a bit too far for me.

[Seal]

And here is what the account screen looks like.



Our stance is to rebuild financial services from the ground up. We've taken our collective experience from the field of banking and finance and want to make Bitcoin the #1 currency in the world.

The financial services and banking industry has never had a worse reputation. We hope to change that by speeding up the digital currency revolution.

London has been the global hub of financial services for decades. By being based here, we get access to both the traditional finance industry and leading regulators too (which we are hoping influence in a positive way).

If anyone else would like to visit us and share a morning coffee, you are more then welcome.

Please email us on support@btc.sx or PM me (or the user Magnr)

[Magnr]

Join us in 2 hours for an 'Ask Me Anything' session at https://www.reddit.com/r/bitcoin

We are also speaking on the Whaleclub team speak server in 9 hours. We will be answering all your questions about Magnr and our team.

[favdesu]

more questions: where can I change my password? where can I enable 2fa?

[Seal]

more questions: where can I change my password? where can I enable 2fa?

That functionality is being pushed into production this week . (the underlying infrastructure already exists on BTC.sx, we are in the process of enabling it for Magnr.com)

[favdesu]

more questions: where can I change my password? where can I enable 2fa?

That functionality is being pushed into production this week . (the underlying infrastructure already exists on BTC.sx, we are in the process of enabling it for Magnr.com)

and I noticed a 24 hours withdrawal delay. is there a plan to speed this process for smaller amounts?

[monbux]

Just pointing out a small bug (for me): If you fail login the first time on the login page, and the next time you enter the correct credentials, you won't be able to login as for the error message pops up: "ReCAPTCHA failed" or something like that.  The box for the captcha is still check marked. I have to refresh the page and reselect the box in order to log in.

Edit: Nevermind, it's working completely fine now...

[Seal]

more questions: where can I change my password? where can I enable 2fa?

That functionality is being pushed into production this week . (the underlying infrastructure already exists on BTC.sx, we are in the process of enabling it for Magnr.com)

and I noticed a 24 hours withdrawal delay. is there a plan to speed this process for smaller amounts?

Hi favdesu,

Not at this stage. Our reason behind it is that firstly we do not want to run hot wallet infrastructure to maximise our security of client funds. Second to that we are keen not to promote the use of this investment service as a wallet. There are plenty of great wallet services out there and we would recommend our customers to treat the funds invested separate from a transactional balance and wallet. (much like you would in the fiat investment world)

[favdesu]

more questions: where can I change my password? where can I enable 2fa?

That functionality is being pushed into production this week . (the underlying infrastructure already exists on BTC.sx, we are in the process of enabling it for Magnr.com)

and I noticed a 24 hours withdrawal delay. is there a plan to speed this process for smaller amounts?

Hi favdesu,

Not at this stage. Our reason behind it is that firstly we do not want to run hot wallet infrastructure to maximise our security of client funds. Second to that we are keen not to promote the use of this investment service as a wallet. There are plenty of great wallet services out there and we would recommend our customers to treat the funds invested separate from a transactional balance and wallet. (much like you would in the fiat investment world)

mh, makes sense. thanks for answering my questions

[Seal]

June interest payments have been made for over 200 btc worth of Assets Under Management. Welcome to the new era of digital currency asset management

Bitcoin +1
Traditional Finance -1

[starsoccer9]

Yes there are alot of login bugs currently, such as having to type a letter and then delete it, in order for it to see your password as correct, and the capcatcha thinking it isnt done

[Scamc0p]

What does the daily interest rate work out to?
From the screen capture on $25 worth of btc he received $0.01 worth in 5 days.
After the promotion period ends, what will the interest rate be? Will it be variable or fixed as it is now at 2.18% until 2016?

[ranlo]

What does the daily interest rate work out to?
From the screen capture on $25 worth of btc he received $0.01 worth in 5 days.
After the promotion period ends, what will the interest rate be? Will it be variable or fixed as it is now at 2.18% until 2016?

Daily interest rate would be 0.0216/365=0.000592%

[Emerge]

They payout interest weekly though. Looking really good!

[Seal]

They payout interest weekly though. Looking really good!

Our payouts are calculated daily but the payout is done monthly (usually on the last day of each month).

[Seal]

Hello, so If i put 10BTC the first of the month what I will earn as interest at the end of the month ?
I put 10BTC the 1st january how I' will have the 31 of december with the 2.18% ?
Beceaus Im not sure with my calculs...
Thank you

Hi there armouretpaix, 2.18 is the annual equivalent rate, so each month you will receive roughly ~ 0.018167 BTC interest on a 10 BTC deposit.

Deposits are paid on a pro-rata basis as well from the first deposit. When you deposit mid-month, on 1st of next month, you will get paid interest for the number of days you had savings in your account.

[rokkyroad]

Hello, thank you for your answer Seal.
So, not interesting for me, giving 10BTC to a website in order to win 0.218+BTC at the end of the year...not sure to see the advantage.

Even a poor/bad trader can win more by trading with only 1 BTC in one year on a trading platform and keeping his other btc safe in a personal coldwallet.

But still looking for "people point of view" ;
what are for you customers, the advantages to put 10BTC on the Magnr saving account ?
Thank you

I'm guessing the idea is: if they get more people to deposit btc it will give them more to trade/loan with, hence (if they trade/loan well) offer higher interest rates. If they are not loaning/trading the btc then I would be lost as to what they stand to gain.