Bitcoin Savings and Trust | Home | Closed

[Garr255]

Bitcoin Savings & Trust | www.BTCST.com | Storage Demand: Low
This thread is for general discussion, questions, comments and suggestions. Service alerts and updates are posted on this thread.
Savings Account - All savings accounts are changing on 08/01/2012. (see below)
Savings accounts are maintained by BS&T directly and pay interest on the average balance.

• Changes effective 8/01/2012
  
  • Fixed Interest Rate: 3.9%
  • Minimum: 100 BTC
  • Maximum: 5000 BTC

Noooooooooo

[pirateat40]

• Changes effective 8/01/2012
  
  • Fixed Interest Rate: 3.9%
  • Minimum: 100 BTC
  • Maximum: 5000 BTC

Weekly interest rate right?

Yes

[m_yaw]

Will btcmax get an exception to the max-5000 BTC rule? I am guessing he is entrusted with more than 5000 BTC by btcmax.com users.

EDIT: Of course I mean bitcoinmax.com

[Scott J]

Will btcmax get an exception to the max-5000 BTC rule? I am guessing he is entrusted with more than 5000 BTC by btcmax.com users.

Some clarification as to how this affects the pass-through schemes would be welcome.

[pirateat40]

Will btcmax get an exception to the max-5000 BTC rule? I am guessing he is entrusted with more than 5000 BTC by btcmax.com users.

I'll be working closely with pass-though operators to ensure the process is seamless for it's clients.

[danieldaniel]

Will btcmax get an exception to the max-5000 BTC rule? I am guessing he is entrusted with more than 5000 BTC by btcmax.com users.

I'll be working closely with pass-though operators to ensure the process is seamless for it's clients.

It says that the max for "Trust" accounts is unlimited; maybe they'll switch to that.

[Scott J]

Will btcmax get an exception to the max-5000 BTC rule? I am guessing he is entrusted with more than 5000 BTC by btcmax.com users.

I'll be working closely with pass-though operators to ensure the process is seamless for it's clients.

It says that the max for "Trust" accounts is unlimited; maybe they'll switch to that.

I like the idea of the security deposit.

My initial reaction is that this is a positive move.

pirateat40, will you still require a referral for the standard savings account? 

[pirateat40]

Will btcmax get an exception to the max-5000 BTC rule? I am guessing he is entrusted with more than 5000 BTC by btcmax.com users.

I'll be working closely with pass-though operators to ensure the process is seamless for it's clients.

It says that the max for "Trust" accounts is unlimited; maybe they'll switch to that.

I like the idea of the security deposit.

My initial reaction is that this is a positive move.

pirateat40, will you still require a referral for the standard savings account? 

Savings accounts will be open without a referral shortly after the change.

[tgmarks]

pirateat40, will you still require a referral for the standard savings account?  

+1

Edit:  Awesome!

[Scott J]

Will btcmax get an exception to the max-5000 BTC rule? I am guessing he is entrusted with more than 5000 BTC by btcmax.com users.

I'll be working closely with pass-though operators to ensure the process is seamless for it's clients.

It says that the max for "Trust" accounts is unlimited; maybe they'll switch to that.

I like the idea of the security deposit.

My initial reaction is that this is a positive move.

pirateat40, will you still require a referral for the standard savings account? 

Savings accounts will be open without a referral shortly after the change.

Great news 

[Vandroiy]

Savings accounts will be open without a referral shortly after the change.

So there's an unlimited amount of limited accounts? Makes perfect sense.

This is the endgame. Don't pity the fools, they were warned sufficiently.

[piotr_n]

Savings accounts will be open without a referral shortly after the change.

So there's an unlimited amount of limited accounts? Makes perfect sense.

This is the endgame. Don't pity the fools, they were warned sufficiently.

In case you haven't noticed, there already is an unlimited amount of "limited accounts". Anyone can buy a PPT bond at GLBSE for basically as little as 1 BTC.
With this change, all the PPT businesses (assuming they'd use the trusted accounts) should be able to give more than the basic 3.9%, so the obvious point here is to limit the number of accounts and make them bigger. Not, as you are suggesting, to expand the number of accounts...

[piotr_n]

I just wonder what is the "Security Deposit" about.
I mean, under what kind of circumstances the account could get "forcefully closed"?

[pirateat40]

I just wonder what is the "Security Deposit" about.
I mean, under what kind of circumstances the account could get "forcefully closed"?

A trusted account holder breaking the ToS of their account.

[piotr_n]

I just wonder what is the "Security Deposit" about.
I mean, under what kind of circumstances the account could get "forcefully closed"?

A trusted account holder breaking the ToS of their account.

Oh, ok. So none of my business.. 

[bitlane]

Savings accounts will be open without a referral shortly after the change.

Other than the obvious (interest)...... Will there be any incentives or rewards left to those who have remained long-time members in good standing who have chosen not to manage other people's BTC in a Trust account ?

[Turbor]

[bulanula]

As I see it, it's a way to decentralize management of these accounts. Basic account is 3.9%, and those with pass-through will be able to compete to attract lenders into their systems where they can offer better rates than 3.9%. People will have an incentive to go to the pass-through instead, reducing the load of work managing accounts. If 75% of the Bitcoins Pirate needs come from 5 or 6 big accounts of 5000+ BTC, it's a lot less trouble than having thousands of accounts with a smaller amount.

It offer the possibility of different pass-through with different types of offers. Pirate just offered great conditions for an interesting and new pass-through market.

I really like where this is going Good job Pirate!

Also, I have a question. For Trust account, Pirate, you say you offer 5%+ interest. What is the absolute maximum a Trust can get? If it's not a secret...

IMHO it is 10.5 because I was here in the days this epic guy was offering 1.5% a DAY !

Good job pirate. Thanks for clarifying your stance towards PPTs and other issues with these accounts.

[Gladamas]

 

Would pass-throughs (such as GLBSE bonds) be considered "trust accounts" (managing sub-accounts?) if the issuers fulfill the other requirements?

[SimBesh]

IMHO it is 10.5 because I was here in the days this epic guy was offering 1.5% a DAY !

Good job pirate. Thanks for clarifying your stance towards PPTs and other issues with these accounts.

Reallly... 10.5%... based on what he paid once upon a time...
he's reducing his rates, not increasing them..