Bitsavings offers 5% return a month

[daibasen]

Anyone come across this one yet? Wondering if anyone has used it, or has any thoughts.

Bitsavings
http://www.bitsavings.org/

Site's been live for a couple of months, offering 5% interest a month on bitcoin deposits.

[cr1776]

Anything that offers 5% per month raises a red flag. That is doubling your money in about 14 months. They could be legit, but the site doesn't say how they are generating these returns so I would be very cautious.

[Orion99]

I have no personal experience with this site. However I would urge extreme caution. I don't know how they can pay out 5% per month returns but I suspect they do it by taking people's deposits and day trading with them. That's all well and good until they make a couple of bad trades and then the whole thing comes crashing down.

[gentlemand]

And how many sites of this nature have had a happy ending for anyone other than the owner? Somewhere in the region of zero.

[IsaacGoldbourne]

Looks good, a lovely boilerplate terms and conditions. No personal contact details and no sign of it being a registered business.

100% can vouch for this company

[Cluster2k]

5% return on a commodity that has a slowing generation rate.  I predict this site will follow the well worn path of previous such efforts:

- Highly satisfied early depositors
- More users joining
- The site experiencing technical difficulties, halting withdraws, and then disappearing along with whatever bitcoins were left

Without a detailed explanation about how a 5% guaranteed return, regardless of whether bitcoin rises or falls in value against currencies, can be achieved every month the site should be avoided.

[mgburks77]

Is this a Chinese company?

[mccoyspace]

It's coinlenders.com 2.0
TradeFortress is back!

[smoothie]

Ponzi scam is obvious.

[iheartubuntu]

BITCOINERA.NET also offers 6% monthly interest, is based in Panama and has its terms also in Romania! ITS THE SAME COMPANY! They have already defrauded over 5,000 people.

[daibasen]

So I wrote about it all for CoinDesk: http://coinde.sk/1h2nD6u

Hilarious that so many seem to think this constitutes some kind of promotion or ad for the company... think I wouldn't last very long in advertising if I wrote copy like that.

[lindagemini1]

I've had a bad experience with Bitsavings. I have not received interest or my deposit back. I've contacted them via email and at first they seemed like they were helping me but after sending them 3 emails recently, they have not gotten back to me and I guess I lost my money, should've known better

[gentlemand]

Every single post in this thread and all of human history screamed scam from the rooftops. Sorry for your loss but it's rather hard to sympathise.

[bazar165g]

why not try this one? It is from Chinese mining community.
HaoBTC, mining dividend is paid out hourly, 6% annually for your deposit.It is like fixed term deposit account.
https://bitcointalk.org/index.php?topic=1085039.0
https://bitcointalk.org/index.php?topic=1023187.0   

[crazyivan]

No data about owners, no transparency, nothing.

100% SCAM!!! Do not invest, let these scammers bleed dry.

[asriloni]

If the interest is over 3% a month, it is a scam. No business in the world can offer 3% return consistently over a long period.

[alwinlinzee]

This is over one year old post, however it should belong to Investor-based games section now.

[nydiacaskey01]

If the interest is over 3% a month, it is a scam. No business in the world can offer 3% return consistently over a long period.

Some banks do offer such interest rates through Time Deposits but holding period should be longer and investment is big.

[alwinlinzee]

If the interest is over 3% a month, it is a scam. No business in the world can offer 3% return consistently over a long period.

Some banks do offer such interest rates through Time Deposits but holding period should be longer and investment is big.

The highest i have seen from banks is 5.5% per annum nothing like 3% per month from banks.

[asriloni]

If the interest is over 3% a month, it is a scam. No business in the world can offer 3% return consistently over a long period.

Some banks do offer such interest rates through Time Deposits but holding period should be longer and investment is big.

Can you give us an example of a commercial bank offering 3% a month or 36% a year interest? That is too good.