What do you guys think of BitEnsure? Interest Bearing Wallets

[mrtchipr]

I just saw their post on reddit today and I wanted to get the forum's opinion on it.

"Many of us are waiting for the next big jump in the value of bitcoins and are saving our bitcoins for that glorious day when the price of a bitcoin passes $500. Until then, instead of leaving your bitcoins in a wallet gathering dust, why not make a profit on your stockpile of bitcoins without lifting a finger?

We refer to them as savings accounts but our service is similar to Certificate of Deposits (CDs). CDs are similar to savings accounts in that they are insured and thus virtually risk-free they are "money in the bank". They are different from savings accounts in that the CD has a specific, fixed term (often monthly, three months, six months, or one to five years), and, usually, a fixed interest rate.

We guarantee your deposited balance at all times. If our secure wallets are ever compromised we keep a backup of all deposits to replenish your account in case of a rare catastrophe. This is part of our effort to provide a high level of reliability and trust to our clients."
- http://redd.it/1j3k8r

What do you guys think?

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[coinprize]

The value of bitcoin relies on the circulation and trust of bitcoins, the more people uses, the more places accepts bitcoin, the more value they are.
My question is how do you make it by only saving them in the wallet?

[kjj]

Hmm...  I'm going to say SCAM until proven otherwise.

Also, a very low post account posting a thread advertising a service by "asking about" it.  I'm also going to say spam.  Again, until proven otherwise.

[tysat]

40% interest for a 3 month deposit?  That's 384% annually.

This is a scam.

[mrtchipr]

Hmm...  I'm going to say SCAM until proven otherwise.

Also, a very low post account posting a thread advertising a service by "asking about" it.  I'm also going to say spam.  Again, until proven otherwise.

I know it's a typical scam story but I'm actually genuinely interested in what people had to say and am no way affiliated with them.

[tysat]

Hmm...  I'm going to say SCAM until proven otherwise.

Also, a very low post account posting a thread advertising a service by "asking about" it.  I'm also going to say spam.  Again, until proven otherwise.

I know it's a typical scam story but I'm actually genuinely interested in what people had to say and am no way affiliated with them.

Ask yourself this, how can they afford to pay out those kind of interest rates?

[Nagle]

Ask yourself this, how can they afford to pay out those kind of interest rates?

    Two Weeks - 3% Interest
    One Month - 10% Interest
    3 Months - 40% Interest

That just screams Ponzi scheme.

[Franktank]

Haven't you heard? Ponzi's are all the rage these days, even the SEC is interested. 

[favdesu]

this is scam.

[Serpens66]

Ask yourself this, how can they afford to pay out those kind of interest rates?

    Two Weeks - 3% Interest
    One Month - 10% Interest
    3 Months - 40% Interest

That just screams Ponzi scheme.

Did they changed the interest? Now it says:
    Two Weeks - 2% Interest
    One Month - 5% Interest
    3 Months - 17% Interest

Not a good sign that they can change these numbers like they want

But in general, with these numbers it would be easy possible. They do with our bitcoins, arbitrage trading (I do it on my own, too) with something like ~4% profit per week.

[bbit]

scam.

[🏰 TradeFortress 🏰]

But in general, with these numbers it would be easy possible. They do with our bitcoins, arbitrage trading (I do it on my own, too) with something like ~4% profit per week.

Anyone who claims to be doing large scale arbitrage is lying. As your deposits grow, it becomes progressively more difficult (and yes, much more difficult) to get the same returns. Arbitrage is something with a fixed stop gap - there is a threshold to how much profit you an extract out of it.

[Serpens66]

But in general, with these numbers it would be easy possible. They do with our bitcoins, arbitrage trading (I do it on my own, too) with something like ~4% profit per week.

Anyone who claims to be doing large scale arbitrage is lying. As your deposits grow, it becomes progressively more difficult (and yes, much more difficult) to get the same returns. Arbitrage is something with a fixed stop gap - there is a threshold to how much profit you an extract out of it.

Hmm.. yes you are right... I only use 2000€ for arbitrage and that's about 4%.  I think u can't use more money than ~5000€ to do arbitrage with 4%.

EDIT:
I asked the support of ensure about the interest change and they answered:
We lowered our interest rates in order to further distance ourselves from the Ponzi scheme news that came out recently. We are in no way affiliated with that situation and it's a regrettable misfortune for Bitcoin and for those scammed by that criminal.

People find it difficult to believe such rates are possible but these are routine in our world - the trading world, we simply wanted to pass on a larger part of our profits to our customers as obvious incentive but the timing with this news is unfortunate.

[Nagle]

Reality check: anybody who could get returns like that wouldn't be peddling it on some Bitcoin forum.

[ninjaboon]

But in general, with these numbers it would be easy possible. They do with our bitcoins, arbitrage trading (I do it on my own, too) with something like ~4% profit per week.

Anyone who claims to be doing large scale arbitrage is lying. As your deposits grow, it becomes progressively more difficult (and yes, much more difficult) to get the same returns. Arbitrage is something with a fixed stop gap - there is a threshold to how much profit you an extract out of it.

Hmm.. yes you are right... I only use 2000€ for arbitrage and that's about 4%.  I think u can't use more money than ~5000€ to do arbitrage with 4%.

EDIT:
I asked the support of ensure about the interest change and they answered:
We lowered our interest rates in order to further distance ourselves from the Ponzi scheme news that came out recently. We are in no way affiliated with that situation and it's a regrettable misfortune for Bitcoin and for those scammed by that criminal.

People find it difficult to believe such rates are possible but these are routine in our world - the trading world, we simply wanted to pass on a larger part of our profits to our customers as obvious incentive but the timing with this news is unfortunate.

Most probably if you deposit your BTC with them, they'll use it to do forex trading. They link to http://www.myfxbook.com/members/metaneural
Their site goes on:

Our team is comprised of professionals with over 10 years of experience in the financial services sector. We have a long track record of profitability and stability. If you're interested in our other financial products please visit Metaneural.com

[ninjaboon]

http://www.cryptocoinsnews.com/2013/07/29/bitensure/

[jedunnigan]

Okay, this is DEFINITELY a scam, I've got proof.

If you go to http://www.metaneural.com/about.html and look at the team, look at the first picture. Now go here: http://www.wetpaint.com/the-bachelorette/articles/how-does-jp-rosenbaum-stay-so-businessman-hot-all-the-time

They just took random images and made it the team. Be CAREFUL people don't put your money here.

[geofflosophy]

I've been scammed before, but I guess I just like paying with fire. Coindesk did a story today and it was enough for me to invest: http://www.coindesk.com/looking-inside-bitensure-bitcoin-savings-account-or-ponzi-scheme/

[jedunnigan]

I've been scammed before, but I guess I just like paying with fire. Coindesk did a story today and it was enough for me to invest: http://www.coindesk.com/looking-inside-bitensure-bitcoin-savings-account-or-ponzi-scheme/

Are you kidding, you actually put money in these guys? Couldn't you wait a minute to see if it was legit or not. Coindesk even put poss ponzi in the TITLE. Mate look at the post above you, get your money out now.

[bitdragon]

save your bitcoins