freebitco.in Annual investment

[jacee]

So I recently received an email from freebitco.in faucet that are now offering an annual investment for their user.
It promises a 4.08% of annual interest with a minimum of 30k satoshi to be able to participate.

What do you guys think about this?

This is the actual email from them:

Dear FreeBitco.in user,

We are excited to announce a launch of a new feature - a bitcoin savings account!

You can now earn 4.08% annual interest (paid and compounded daily) on any balance that you hold in your FreeBitco.in account, without doing anything!

All you need to do is mantain a balance of at least 30,000 satoshi (0.0003 BTC) in your FreeBitco.in account and we shall pay you compounded interest on your full balance everyday. There is no lock-in period to earn interest (you start earning interest right from the first day!) and your balance can be withdrawn any time you wish. Treat your FreeBitco.in account like an instant-access savings account to hold your excess bitcoins and earn passive interest on your account balance everyday.

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[BitHodler]

I have my doubts about the real reasons of this, but it doesn't sound like a bad offer. It's coming from a long running and the most popular Bitcoin related site, so that gives it some sort of credibility to start with.

I personally won't make use of such offers as I at all times want to remain in full control of my coins. But I am fairly sure that there are enough people willing to store their coins there for 4% per year.

I just wonder, no one gives out free money just like that ~ Is this to fund their dice game bank roll? Or am I missing something here? They must be using people's money in one way or another. That's what I am curious about.

Huge advantage is that you can liquidate your investment there whenever you want. Great advantage.

[BrewMaster]

I just wonder, no one gives out free money just like that ~ Is this to fund their dice game bank roll? Or am I missing something here? They must be using people's money in one way or another. That's what I am curious about.

i think i read on their site the first time i received the email that it was for their mining operation. and there is actually a signature from a bitcoin address that they received the mining rewards in. and if you follow the transactions backwards you can see it coming from newly generated coins (that doesn't prove much though they could have bought them!)

p.s. i am with you with not trusting anyone with my coins and i'll never do it for such a small profit either.

[crazyivan]

Big time doubts, too high rate and no explanation what will they do with the money.

[keyscore44]

So I recently received an email from freebitco.in faucet that are now offering an annual investment for their user.
It promises a 4.08% of annual interest with a minimum of 30k satoshi to be able to participate.

What do you guys think about this?

This is the actual email from them:

Dear FreeBitco.in user,

We are excited to announce a launch of a new feature - a bitcoin savings account!

You can now earn 4.08% annual interest (paid and compounded daily) on any balance that you hold in your FreeBitco.in account, without doing anything!

All you need to do is mantain a balance of at least 30,000 satoshi (0.0003 BTC) in your FreeBitco.in account and we shall pay you compounded interest on your full balance everyday. There is no lock-in period to earn interest (you start earning interest right from the first day!) and your balance can be withdrawn any time you wish. Treat your FreeBitco.in account like an instant-access savings account to hold your excess bitcoins and earn passive interest on your account balance everyday.

It is just next level for this service. @wetsuit - owner of freebitco.in - explain that they already opened own Bitcoin farm, and in that way they will cover costs of users annual earnings.
From long time he build reputation in Bitcoin community, so I don't see reason to not trust him, but of course everyone have take own decision about investment like this.
In my opinion 4.08 % for cryptocurrencies is not much, so i will not take this service as good investment or even saving method.

Edit: You can read more about that here: https://bitcointalk.org/index.php?topic=320959.msg18109501#msg18109501

[Emoclaw]

4% annually is very low. It'd be better to invest in a casino's house at this point.
It's not really a bad thing though, feels like a bank.

[pedrog]

Big time doubts, too high rate and no explanation what will they do with the money.

Dice bankroll I assume.

I've suspended my withdrawals from the website and let it earn interest until the end of the year, and maybe start promoting again to gain some more referrals.

[keyscore44]

Big time doubts, too high rate and no explanation what will they do with the money.

Dice bankroll I assume.

I've suspended my withdrawals from the website and let it earn interest until the end of the year, and maybe start promoting again to gain some more referrals.

I see the first effects of this idea ^^ 
Is not that clever? People wanting to save Bitcoin and earn Bitcoin (this annual 4.08%) deposit them in gambling service! He is genius!

[favdesu]

Big time doubts, too high rate and no explanation what will they do with the money.

did you even read the email or the website. it's very clearly explained.

[OmegaStarScream]

Even though their services are legit and It's probably the longest running faucet that exists, I wouldn't take such a risk and this could even be seen as a red flag, you should think of all scenarios.

[tiggytomb]

Even though their services are legit and It's probably the longest running faucet that exists, I wouldn't take such a risk and this could even be seen as a red flag, you should think of all scenarios.

I agree, there could be many reasons for this that are not clear at first, the hope is that users of the faucet will just leave their coins there long term.  4% is not bad in banking terms but in the crypto world there are other ways to get a larger return.

I would suggest caution.

[pedrog]

Even though their services are legit and It's probably the longest running faucet that exists, I wouldn't take such a risk and this could even be seen as a red flag, you should think of all scenarios.

I agree, there could be many reasons for this that are not clear at first, the hope is that users of the faucet will just leave their coins there long term.  4% is not bad in banking terms but in the crypto world there are other ways to get a larger return.

I would suggest caution.

Which other ways to get a larger return?

[tiggytomb]

Even though their services are legit and It's probably the longest running faucet that exists, I wouldn't take such a risk and this could even be seen as a red flag, you should think of all scenarios.

I agree, there could be many reasons for this that are not clear at first, the hope is that users of the faucet will just leave their coins there long term.  4% is not bad in banking terms but in the crypto world there are other ways to get a larger return.

I would suggest caution.

Which other ways to get a larger return?

Investing in one of the gambling sites or investing in altcoins would provide a better rate, of course everything is a gamble but I would rather invest in some altcoins then wait a year in the hope that my money is still there for a 4% return.

[rvbtccom]

I think it's not an Annual investment may be it's just another additional source of profit.
because all the money in my account is from roll and REFERRALS
That's my opinion.   

[pedrog]

Even though their services are legit and It's probably the longest running faucet that exists, I wouldn't take such a risk and this could even be seen as a red flag, you should think of all scenarios.

I agree, there could be many reasons for this that are not clear at first, the hope is that users of the faucet will just leave their coins there long term.  4% is not bad in banking terms but in the crypto world there are other ways to get a larger return.

I would suggest caution.

Which other ways to get a larger return?

Investing in one of the gambling sites or investing in altcoins would provide a better rate, of course everything is a gamble but I would rather invest in some altcoins then wait a year in the hope that my money is still there for a 4% return.

Yes, those are a gamble and require a lot more study and work than just let your coins sit there while you do nothing...

Don't get me wrong, I do trade altcoins and invested in casino bankrolls in the past.

[keyscore44]

I think it's not an Annual investment may be it's just another additional source of profit.
because all the money in my account is from roll and REFERRALS
That's my opinion.   

What are you talking about?
It doesn't matter if Bitcoin in your Freebitco.in wallet is from faucet, referrals or from deposit.
The only condition to receive 4.08% annual profit is keep in wallet more than 30k satoshi, nothing more.

[Snorek]

So where is the catch? How freebitco.in will earn from this? Will they use the money to invest, fuel their own faucets, bankroll or something else?
If I invest 1 Million Satoshi in this investment after a year I should get 1041641.38 Satoshis, is that right?
Calculated if we have principal amount = 1000000, annual rate = 4.08% and we have 365 compounds per year.

[keyscore44]

So where is the catch? How freebitco.in will earn from this? Will they use the money to invest, fuel their own faucets, bankroll or something else?
If I invest 1 Million Satoshi in this investment after a year I should get 1041641.38 Satoshis, is that right?
Calculated if we have principal amount = 1000000, annual rate = 4.08% and we have 365 compounds per year.

Why 1041641.38 Satoshis? If you invest 0.01000000 BTC and keep it 365 days, in your wallet will be 0.01048000 BTC
I don't know if there is any catch, but for sure question how they want use deposited money is very good!
I ask this question in his main thread:
https://bitcointalk.org/index.php?topic=320959.msg18294644#msg18294644

[Catmony]

This has been discussed several time in many other threads here. 4% is nothing compared to risk you have to bear in putting your bitcoin in their online wallet which is comparatively insecure than other traditional online wallets and you will also not have complete control over your bitcoins.

[senyorito123]

So I recently received an email from freebitco.in faucet that are now offering an annual investment for their user.
It promises a 4.08% of annual interest with a minimum of 30k satoshi to be able to participate.

What do you guys think about this?

This is the actual email from them:

Dear FreeBitco.in user,

We are excited to announce a launch of a new feature - a bitcoin savings account!

You can now earn 4.08% annual interest (paid and compounded daily) on any balance that you hold in your FreeBitco.in account, without doing anything!

All you need to do is mantain a balance of at least 30,000 satoshi (0.0003 BTC) in your FreeBitco.in account and we shall pay you compounded interest on your full balance everyday. There is no lock-in period to earn interest (you start earning interest right from the first day!) and your balance can be withdrawn any time you wish. Treat your FreeBitco.in account like an instant-access savings account to hold your excess bitcoins and earn passive interest on your account balance everyday.

It's very hard to think that a faucet site will surely retain its fame for the long time and 1 year i quitely to far to be happen and surely we cannot assure that we can get some profits if dividends happen. And if they are giving only 4% per annum roi per year to us i also think its truly better or shall i call best if we invest on banks while they are giving 8% per 2 years payout with plus additional income from dividends, Just inquire to BDO i believe theirs a bank near you to clarify that.