Any Bsave.io savers around here?

[cesmak]

Question for Bsave.io

You are in UK, so can you publicy you company registration number at the house of company in UK ?

[netpeak]

Hi, I have an account at bsave since end of November and want to share my experience:

their support is very responsive, I have contacted them a few times and they always answered quickly, very friendly and gave detailed answers to my questions.

The user account has a simple, very clear and not too detailed interface, which I like a lot. Other options  than deposit and withdraw do not exist.

You can deposit funds directly from your coinbase account or to a Bitcoin address.
Withdrawing is only possible to your Coinbase wallet .

Since I opened my account I've never seen the interface showing a higher  "expected yearly return" than 2.5 %, most of the times a lower rate is shown. Like the CEO here, their support is mentioning yearly interest rates above 3 %, so far I cannot confirm this.


My average daily return
0.006 %
My expected yearly return
2.26 %
Yesterday BSAVE Daily return
0.005 %


Payouts are paid regularly   as promised every day.

What is missing is the option to accumulate payouts into the bsave savings account so one can benefit from compounded interest. It struggles me why this option is still not available.


Here's an answer from bsave that I received when asking about the low interest rate and compared bsave with Magnr.com:

Indeed, we are planning to provide interest compounding feature to our customers. It is in development.

Regarding Magnr and from an humble perspective, we think our Saving account is more powerful on every level:

-Rate: BSAVE pays a floating rate each day, since we started BSAVE has paid an average of 3.9% APR, Magnr guarantee 2.35% APR.
-Frequency of Payment: Magnr pays once a month, BSAVE pays every day.
-Financial Penalty: Magnr  pays 0 interest if you withdraw your money during the monthly period. BSAVE pays the exact time you saved (each minute is taken into account)
-Ease of use: BSave is directly integrated to coinbase wallet, Magnr impose to open an account with them (new username, new password...)

-You are using BSave since the 30 of November. Each BSaver has his own profile of risk depending of when he saved with us. So your expected yearly return reflects the average rate in the period: 30 of November until the 10 of December.

In this period, the rate has been relatively low compared to the beginning of November when we were able to pay up to 18% APR on some particular days due to the volatility in the market.

Since we started the 3rd of September, I can confirm an average APR of 3,87%.

Cheers
Netpeak

[partysaurus]

think im going to check this out . and around 3% a year seems realistic and something they can handle in the long run, seems legit.

[Alley]

I'm going to try this.  Sure I can get more interest with bitlendingclub if I'm ok with a 10% default rate.   

[vm_mpn]

Hope you guys can keep the rest of us updated... Good-luck!

[MoneyChanger]

So this is very risky, and 3,6% is very low ?

[Alley]

It would be very risky if it were high interest indicating a scam. Plus I don't think coinbase would associate with them without doing their research.  I made a small deposit.  Will keep updated.

[unamis76]

It would be very risky if it were high interest indicating a scam. Plus I don't think coinbase would associate with them without doing their research.  I made a small deposit.  Will keep updated.

The risk factor is the same. The issue with big interest rates is the fact that the risk is more obvious...

[Alley]

I went to the site and clicked the "connect with Coinbase" link but just got some sort of "not found" message from Coinbase (I tried both being logged in and not). I am not sure if they are still in closed beta, being that the reason for the aforementioned link to not work (that would not make much sense, in my opinion), but if so it shows that they do not pay much attention to their site (which is not exactly a good sign).

Also, now I cannot access the site, if I type Bsave.io in the address bar I get redirected to the broken link ("not found") I just talked about in the paragraph above.

The site did not really give me a good first impression.

Their twitter account says they are working on the issue.

[WhatTheGox]

3.6% over what time frame? Anything shorter than annually and it's a ponzi scheme. SO my suggestion is to stay away from it. It's  even scary that Coinbase would welcome or partner with their service (if that return is for anything shorter than a year).

3.6% per year isn't much but it makes you wonder how do they even generate those returns in bitcoin.  They cant make sure 100% of those returns, i mean what if bitcoin because 1 million per coin next week, they wont pay?

[vm_mpn]

3.6% over what time frame? Anything shorter than annually and it's a ponzi scheme. SO my suggestion is to stay away from it. It's  even scary that Coinbase would welcome or partner with their service (if that return is for anything shorter than a year).

3.6% per year isn't much but it makes you wonder how do they even generate those returns in bitcoin.  They cant make sure 100% of those returns, i mean what if bitcoin because 1 million per coin next week, they wont pay?

Somebody has mentioned on this thread they lend to traders to generate returns if I read it correctly... However, whole thing is unregulated and uninsured and it comes down to people who run the firm at the end. If SHTF will they become Bitstamp or Cryptsy?

[Pollak]

Personally I am not interested in letting others to hold my coins for long term, even if there is a significant amount of interest in return.

I use bitcoin because I believe I might not need a "banking" service in future.

What i read it is a daily interest (which is great), but i am not sure if it's a legit company.
Would be interested to know which company is backing them.

[cesmak]

Personally I am not interested in letting others to hold my coins for long term, even if there is a significant amount of interest in return.

I use bitcoin because I believe I might not need a "banking" service in future.

What i read it is a daily interest (which is great), but i am not sure if it's a legit company.
Would be interested to know which company is backing them.

Yes, i've asked a few post above, the company registration number, in UK, as they have address there, but no answer for the moment..... not a good sign....

[hacksmash]

...
Payouts are paid regularly   as promised every day.

What is missing is the option to accumulate payouts into the bsave savings account so one can benefit from compounded interest. It struggles me why this option is still not available.
...
Cheers
Netpeak

I plonked a few dollars in with them to see how it works. It seems as though they can now deposit interest into the BSave acct, as my earned Bits are showing up in BSave acct (so compounding should be happening)

MY AVERAGE DAILY RETURN
0.008 %
MY EXPECTED YEARLY RETURN
2.90 %
YESTERDAY BSAVE DAILY RETURN
0.012 %


Seems legit (so far)

[netpeak]

It seems as though they can now deposit interest into the BSave acct, as my earned Bits are showing up in BSave acct (so compounding should be happening)

MY AVERAGE DAILY RETURN
0.008 %
MY EXPECTED YEARLY RETURN
2.90 %
YESTERDAY BSAVE DAILY RETURN
0.012 %


Seems legit (so far)

I've noticed that too yesterday. It seems they implemented compounding in the last two days, which is great.
Though without notifying users, which in my opinion is not so great.

I am also missing the link to my coinbase account. Has this partnership ended ?

My average daily return
0.007 %
My expected yearly return
2.39 %
Yesterday BSAVE Daily return
0.012 %

[hacksmash]

It seems as though they can now deposit interest into the BSave acct, as my earned Bits are showing up in BSave acct (so compounding should be happening)

MY AVERAGE DAILY RETURN
0.008 %
MY EXPECTED YEARLY RETURN
2.90 %
YESTERDAY BSAVE DAILY RETURN
0.012 %


Seems legit (so far)

I've noticed that too yesterday. It seems they implemented compounding in the last two days, which is great.
Though without notifying users, which in my opinion is not so great.

I am also missing the link to my coinbase account. Has this partnership ended ?

My average daily return
0.007 %
My expected yearly return
2.39 %
Yesterday BSAVE Daily return
0.012 %

I dont think it has ended, i seem to recall using the "Login from Coinbase" method of login.
I do wish they would properly link their "Terms and Conditions | Privacy Policy" links. (currently both loop back to bsave.io/index.php)

[netpeak]

Well, as I wrote before inside my account all traces of the link to my Coinbase wallet have disappeared, in addition to an unannounced change of destination wallet for the interest payouts.

As a consequence I withdrew all my funds, and am honestly very relieved that transaction has been confirmed.

The partnership with Coinbase was the only reason I trusted Bsave. Even if it may be a bit childish, I thought the link with CB would be some kind of endorsement of the legitimacy of their business. The above mentioned changes without any notification
to users is reason enough for me to worry about the safety of my bitcoins and to send them back to cold storage.

Better bsafe than sorry.

[mnsx]

Well, as I wrote before inside my account all traces of the link to my Coinbase wallet have disappeared, in addition to an unannounced change of destination wallet for the interest payouts.

As a consequence I withdrew all my funds, and am honestly very relieved that transaction has been confirmed.

The partnership with Coinbase was the only reason I trusted Bsave. Even if it may be a bit childish, I thought the link with CB would be some kind of endorsement of the legitimacy of their business. The above mentioned changes without any notification
to users is reason enough for me to worry about the safety of my bitcoins and to send them back to cold storage.

Better bsafe than sorry.

I did the same

[xdrpx]

BSave has said that it'll be attending the Bitcoin Miami conference to discuss more about its service, but honestly I feel very insecure to be linking my Coinbase account to their website and transferring the funds to their saving account. They have total control over all our funds. I also know of a similar service called magnr which pays a bit more annually. I would love to know how is the interest rate compounded, is it monthly or annually?

[runrundave]

I'm going to try this.  Sure I can get more interest with bitlendingclub if I'm ok with a 10% default rate.   

10% i would be happy with. so happens i had second and third loans with some that were bigger go bad so it turned into 13% default rate taking 30% of my money. i got screwed. made it the break even
 and now i let the autoinvest do the risk for me.