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Question: How would you rate Bitcoin Savings & Trust?
5 - Excellent
4 - Very Good
3 - Good
2 - Fair
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Warning: Moderators do not remove likely scams. You must use your own brain: caveat emptor. Watch out for Ponzi schemes. Do not invest more than you can afford to lose.

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Author Topic: Bitcoin Savings and Trust | Home | Closed  (Read 696051 times)
pirateat40
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November 03, 2011, 11:14:09 PM
 #1

After much consideration, I’ve decided to close down Bitcoin Savings & Trust

Why?
The decision was based on the general size and overall time required to manage the transactions.  As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system.  On the 14th I made a final attempt to relieve pressure off the system by reducing the rates I offered for deposits.  In a perfect world this would allow me to hold more coins in reserve outside the system, but instead it only exponentially increased the amount of withdrawals overnight causing mass panic from many of my lenders.

So now what?
I’ve spoken with my clients over the last week and come to an agreement that would allow me to close down my operation within a week.  Currently my reserve (operating wallets) are drained from fulfilling the withdraw spree that happened after the rate drop announcement.  All withdraws at this point will be delayed until Monday when the shutdown process begins.. 

At this point I will no longer accept deposits.  Any coins sent into the system as of now will be returned immediately.

When will I get my coins?
Starting Monday I’ll begin systematically closing and withdrawing accounts as coins are transferred.  I don't expect the entire process to last longer than a week. The moment your account is closed you’ll receive your coins plus any interest accrued up to the hour it was sent.

Thanks
I’d like to thank all of my lenders and PPT operators that were a key element in making Bitcoin Savings & Trust a success.  Bitcoin has grown a lot since I started this and want you to know that you were a vital part in helping it grow.

Now, I have a lot of work to do. Stay Tuned

-pirate

BTW, this is all bitlane’s fault.  (j/k you nut)

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November 03, 2011, 11:31:04 PM
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Smells like a classical HYIP scam.

From the immortal Dumb and Dumber "Were in a hole... We just gotta dig ourselves out"
pirateat40
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November 03, 2011, 11:35:28 PM
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Smells like a classical HYIP scam.

If it were, people would have already known it was and I would have wasted my perfect OTC ratings. Sad

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November 03, 2011, 11:55:46 PM
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Smells like a classical HYIP scam.

If it were, people would have already known it was and I would have wasted my perfect OTC ratings. Sad

I'm not saying that it is one.

But stranger things have happened.

From the immortal Dumb and Dumber "Were in a hole... We just gotta dig ourselves out"
pirateat40
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November 03, 2011, 11:56:19 PM
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Smells like a classical HYIP scam.

If it were, people would have already known it was and I would have wasted my perfect OTC ratings. Sad

I'm not saying that it is one.

But stranger things have happened.

Agreed

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November 04, 2011, 02:05:33 AM
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Something to chew on, send me details on how this works exactly, I'm interested in tracking my investment day to day which it sounds like you will be able to provide.

pirateat40
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November 04, 2011, 02:27:42 PM
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Something to chew on, send me details on how this works exactly, I'm interested in tracking my investment day to day which it sounds like you will be able to provide.

I don't have a front end (website) for the tracking software yet but im working on it.  For now, you will receive the interest payments as well as a snapshot of your transactions (deposits/withdraws), dates, balance and interest paid.

 

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November 04, 2011, 02:38:18 PM
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Why dont' you keep some Bitcoins,

and sell and buy them?

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November 04, 2011, 02:42:10 PM
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When are you looking to start this?

pirateat40
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November 04, 2011, 02:46:01 PM
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When are you looking to start this?

I've already been doing this, just expanding.

pirateat40
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November 04, 2011, 02:47:29 PM
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Why dont' you keep some Bitcoins,

and sell and buy them?

I do, between orders I trade bitcoins. My coins are part of the pot.

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November 04, 2011, 03:19:30 PM
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Smart business strategy. By allowing us to take a portion of your profits from your overflow, you keep your customers happy and hooked to you, allowing you to grow your own investment.

Out of curiosity, about how many BTC/day is your demand exceeding your capacity right now?

pirateat40
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November 04, 2011, 03:35:31 PM
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Smart business strategy. By allowing us to take a portion of your profits from your overflow, you keep your customers happy and hooked to you, allowing you to grow your own investment.

Out of curiosity, about how many BTC/day is your demand exceeding your capacity right now?

Currently I've got one order scheduled for tomorrow (1750BTC) and have it covered, but i'll know the next purchase when I meet with them.  In the past they've asked for transactions as large as 3000BTC but have not been able to give them an estimate on timing until now.  So far with the people I've picked up it looks like this is going to work out perfectly.

Edit: Just ran some quick numbers and looks like im trading around 4900BTC a week.

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November 05, 2011, 01:06:08 PM
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Why dont' you keep some Bitcoins,

and sell and buy them?

Why don't you have your cake,

and eat it too?

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November 05, 2011, 01:13:23 PM
 #15

- min deposit is 50 btc, what is the max deposit that you could still afford to pay interest on?
- is there any minimum term, or can i just deposit for 1 day, take my 1% and withdraw?
- does interest compound daily, or only accrue on the principle?

thanks.
pirateat40
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November 05, 2011, 04:17:56 PM
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- min deposit is 50 btc, what is the max deposit that you could still afford to pay interest on?
- is there any minimum term, or can i just deposit for 1 day, take my 1% and withdraw?
- does interest compound daily, or only accrue on the principle?

thanks.


I really don't have a max number, I'm talking with the buyers today to see what kind of volume they are looking for. But from pass conversations they need more than I've been able to provide.

Sure you could just hang around for 1 day. You would not see your interest payment for the 1 day until the payout date, two days later. So sure its possible.

Interest does not compound during the three days, but I have a couple people that choose to just reinvest the interest payments.

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November 05, 2011, 04:45:08 PM
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The Business:
Over the last few months I have been selling BTC to a group of local people.  Now this is a don't ask don't tell group of people so I can't tell you exactly where and to whom the coins ultimately end up with but so far its been pretty painless.   During this last week I maxed out my available coins both personally and "leased" from other members and they needed a lot more.  Up until now, I have dealt with my core group of friends and been able to handle the requests, but they seem to be getting larger and more frequent.  So now I'm looking into other methods for keeping a consistent storage or on-demand availability of coins.  I have two plans available for those sitting on coins.

On-Demand
When an order comes in that is over what I have available I'll send out a request to users in this plan requesting the total needed.  The first to respond gets the deal and the transfer is made.  These coins will be tide up for 1 business day to give me enough time to settle the transaction and acquire the coins to return. This plan pays a flat 3.5%.

Storage
This plan works as an ongoing commitment.  You would send coins anytime to the address provided and you would earn interest on a daily basis.  You can withdraw your balance at anytime, but I do request that you give me a couple hours to insure I have coverage for the next order.  Interest payments are paid out ever 3 days until either you withdraw the funds or my local dealings dry up and I can no longer be profitable. This plan pays 1% per day.

Now I would hope to have enough people on the storage plan that I wouldn't have a need for the on-demand but I'll see how it goes.  I ultimately want the ability to provide coins at anytime and any amount for these guys and we can all share in the profits.

I've created my own custom management software that I've built to monitor deposits, withdraws and interest payments.  As this gets bigger I'll build a front end for it so users can view and manage there account and maybe putting that domain btclending.com to good use.  

For more information send me a PM or just ask below.  You can check out my OTC ratings in my signature.

Edit: I forgot to mention that dealing with anything less than 50BTC is more work than its worth so I've made that the minimum on both plans.

Thanks


I just lent this guy some BTC. I trust him and I'll respond here when I get my first interest payment in 3 days. Smiley

pirateat40
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November 05, 2011, 04:46:36 PM
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I just lent this guy some BTC. I trust him and I'll respond here when I get my first interest payment in 3 days. Smiley

Smiley

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November 06, 2011, 10:13:32 AM
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I just lent this guy some BTC. I trust him and I'll respond here when I get my first interest payment in 3 days. Smiley

me too, however i think people will more likely be interested in whether or not we get our principle back Cheesy the interest payments would be a secondary consideration.
pirateat40
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November 06, 2011, 03:09:15 PM
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I just lent this guy some BTC. I trust him and I'll respond here when I get my first interest payment in 3 days. Smiley

me too, however i think people will more likely be interested in whether or not we get our principle back Cheesy the interest payments would be a secondary consideration.


Agreed, otherwise it could be one big ponzi scheme. Smiley its too bad the Bently dealership doesn't take BTC.

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