Fixed interest (up to 12%) on BTC, ETH, USDT while holding

[whiterabbitR]

Hi guys! I found an interesting crypto finance service. Does anyone hear about HARUBANK? www.harubank.com

They are providing a 10%+ interest rate without a lockup and 12%+ on a one-month lockup. The interest rate varies little according to the coins.
There's no minimum deposit for the savings account, so I add a small amount of BTC to try out the service and it works well. I get payouts every day and was able to withdraw freely.

I'm thinking to use HARUBANK to hedge a bit of risk while trading crypto and maybe add usdt to get stable interest.
To me, the service seems cool. what do you guys think?

[joniboini]

That's really high. How can they give fixed returns like that? What kind of business do they run? Are there a million users or what?

I feel safer with Compound, to be honest. The rate is not that good but at least I know how they get the interest.

[hugeblack]

Is this a paid post? since s/he is a newbie, we cannot trust your evaluation due to the high risk.

There is no indication that companies have a real headquarters, positive ratings, a source of funds, how they will be able to bear the payment and other things. The payoff is high, the risk is zero, and there is no upper or lower limit.

I can say that they are scammers and they have to prove otherwise.


More Info:

Updated Date: 2019-04-23T06:35:08Z
Creation Date: 2019-04-23T06:35:07Z
Registry Expiry Date: 2020-04-23T06:35:07Z
Registrar: GoDaddy.com, LLC

[whiterabbitR]

Hey guys, thank you for your comments It's my first time writing a post at bitcoin talk, but it's not a paid post.
Looking at their Twitter profile, the service is operated by BlockCrafters (the company is based in Seoul), and assets are managed by Block Crafters Capital that is blockchain VC based in Singapore. https://cryptofundresearch.com/block-crafters-capital-fund-info/

I will drop their SNS accounts so you can evaluate them too.
https://twitter.com/Helloharubank
https://medium.com/harubank/harubank-isnt-your-typical-bank-here-s-why-2afb49282523
https://www.facebook.com/helloharubank/

The maximum deposit amount is 30 BTC, and the minimum deposit amount is 0.0001 BTC for a 1-month deposit.
I can provide screenshots of the evidence that I'm using the service if anyone teaches me how I can add images in the post ..

[milewilda]

A considerable APR but frankly speaking its really hard to trust up these kind of service and also 12% can be attained on just by simply holding up your coins
and last but not the least - "Not your keys, Not your coins" .Newbie trying to promote it out? thats make even more suspicious and really hard to trust it.

[JeromeTash]

Fixed rate of 12% while holding crypto 
I mean We are talking about volatile crypto that can be 7K today and 3K tomorrow. How are they planning to ensure that the volatility won't affect their business model?

I wouldn't advice anyone to deposit there money there. It's way too risky

[figmentofmyass]

i'm seeing red flags all over the place. this is basically another scheme like bitconnect where depositors lend capital in return for high-yield interest payments from an opaque "arbitrage trading, quant trading" system.

compare harubank's explanation with bitconnect:

What does HaruBank do with my deposits?
Your deposit generates stable profit through institutional loans and asset management. Trusted asset management partners of HaruBank include Block Crafters Capital and other global partners based in the United State, Singapore, and Japan.. With investment portfolio management and low-risk investment strategies such as arbitrage trading, quant trading, HaruBank offer you stable yet competitive interest rates.

You can invest BitConnect coin in Bitconnect lending platform exclusively from the BitConnect Dashboard. This investment option involves profiting from Bitconnect trading bot and volatility software. You will receive daily profit based on your investment option.

[jentak]

Fixed rate of 12% while holding crypto 
I mean We are talking about volatile crypto that can be 7K today and 3K tomorrow. How are they planning to ensure that the volatility won't affect their business model?

I wouldn't advice anyone to deposit there money there. It's way too risky

Yeah it sounds like they are going to pay some people for couple weeks/months then advertise even more and steal the biggest kush they can get.
It happened thousands of times already

[satoshlover]

I also heard harubank.com.
harubank can increase the number of BTC, ETH and USDT(They give about 12% of the number of deposited BTC, ETH and USDT.).

I think it would be the reason why they can give high interest(without hedging fee and so on).
I heard that Asian crypto fund would be backing the service now.

[joniboini]

harubank can increase the number of BTC, ETH and USDT(They give about 12% of the number of deposited BTC, ETH and USDT.).
I think it would be the reason why they can give high interest(without hedging fee and so on).

This has been mentioned above, and on the title too. Don't know why you should repeat it.

Anyway, my opinion will still be the same. Even if they run a legit lending business, 12% is still high. Either they have a very high-interest rate for the borrower or they got the money from somewhere else. A high-interest rate usually means a lower user base, so guess the rest of the story.

[examplens]

harubank can increase the number of BTC, ETH and USDT(They give about 12% of the number of deposited BTC, ETH and USDT.).
I think it would be the reason why they can give high interest(without hedging fee and so on).

This has been mentioned above, and on the title too. Don't know why you should repeat it.

Anyway, my opinion will still be the same. Even if they run a legit lending business, 12% is still high. Either they have a very high-interest rate for the borrower or they got the money from somewhere else. A high-interest rate usually means a lower user base, so guess the rest of the story.

12% monthly is more than high rate. Mafia and loan sharks don't have that much interest.
to me, this seems like a new way of presenting a scam. Newbie comes here and asks for advice on shady investment. then accidentally post all social media links with more pieces of information about limits etc...
A company with such a high profit must have a serious website, not a $50 worth template with HYIP script.

[1Referee]

A company with such a high profit must have a serious website, not a $50 worth template with HYIP script.

Interestingly (but sad reality at the same time), a $50 template is all you need to make a lot of money. Richard Heart's HEX website looks like shit yet people found it worthwhile to send him $6 million worth of Ether. Why spend more money than necessary? The shut up and take my money mentality here is what scammers happily exploit.

People say fuck banks yet they entrust their precious coins to centralized shady entities without trackrecord. How retarded can people here be? Even if the intentions behind the 12% interest were legit (remember, having good intentions still doesn't mean you will be paid out), will you really risk 100% of your stack for just 12%? Very bad deal. Hodl. No one has lost a single satoshi doing that.

[o_e_l_e_o]

Their Terms of Service is plagiarized from various sources, including https://blockfi.com/terms/ and https://app.reinno.io/REINNO_EARN_TAC.pdf.

Their Privacy Policy is plagiarized almost completely from https://www.circlesway.com/privacy.

Also, somewhat concerning statement from their "Customer Service" portal once you open an account:

To make a withdrawal from your accounts or monthly deposits, Haru Bank requires you to complete KYC verification in compliance with KYC (know-your-client) and anti-money laundering regulations.

I had absolutely no problem finding a bitcoin address to deposit to, however, with absolutely zero mention of KYC. So they will happily take my deposit, and then hold it hostage until I complete KYC.

Untrustworthy at best, but I agree with all the above comments that this is most likely a Ponzi.

[whiterabbitR]

Well, I get the points you guys mentioned, and TMAN thinks I am a Ponzi promoter..  Because I'm new and my first post is about the project that he doesn't know?
I dropped their SNS so you can also evaluate them.

Anyways, almost all services like HaruBank, even if they may be is a project, really wants to do the business right, still, there is no way to ensure that the service is not a scam legitimately.
I think in this arena, what matters ultimately is the evidence of progress along with time

Can you guys name me the service that you use and the reason why you gave them the trust?
Celsius network? NEXO?

Thanx!

[TheUltraElite]

-snip-

Ahh calm down kiddo.

See you may be posting a project without knowing about it but I highly suspect that. But someone has to take the initiative and mark it to be a suspicious one and possible scam. Now these MLMs are confidence scams done by snowballing. The only way for people to stop them is to mark the people promoting them as scammers. You may not like it but you chose to promote it so the burden remains on you.

Now haru may very well be a scam. I wont talk about Nexo or celsius, because these lending platforms are often manipulating loans by creating them and making it seem like the platform is legit. What is actually done with the money is still not clear unless you have insider job.

[whiterabbitR]

-snip-

Ahh calm down kiddo.

See you may be posting a project without knowing about it but I highly suspect that. But someone has to take the initiative and mark it to be a suspicious one and possible scam. Now these MLMs are confidence scams done by snowballing. The only way for people to stop them is to mark the people promoting them as scammers. You may not like it but you chose to promote it so the burden remains on you.

Now haru may very well be a scam. I wont talk about Nexo or celsius, because these lending platforms are often manipulating loans by creating them and making it seem like the platform is legit. What is actually done with the money is still not clear unless you have insider job.

I understand..
Thank you for your comment fortunejack! 

So you mean that the Nexo and celsius can also be scammers, but so far, the way they seem is legit, right?
My question is that what could be the "most significant factors" that people evaluate those services seem legit or scam?

Since harubank seems to provide the highest interest among other defi & crypto finance services, I deposit a small amount of BTC to test the service (done KYC & withdraw) and worked really fine.

For me, to understand service really is to try and see if they are keeping the promise in the long-run.
Of course, I wouldn't deposit a substantial amount until I gain an adequate amount of trust. Still, my way to evaluate is to experience the service.
That's why I'm curious to know how and why people are so sure and stigmatize that the new / not-well-known service is definitely a scam, and what they choose as primary factors to evaluate.  

Thanx!

[TheUltraElite]

Thank you for your comment fortunejack!

Nice of you to note that I am wearing their signature.

So you mean that the Nexo and celsius can also be scammers, but so far, the way they seem is legit, right?

There is a difference between what is legit and what is a scam. A project may be both or none or either of the two.

My question is that what could be the "most significant factors" that people evaluate those services seem legit or scam?

There is no such yardstick.

For example, since harubank seem to provide the highest interest among other defi & crypto finance services, so I deposit a small amount of BTC to test the service (done KYC & withdraw) and worked really fine.

For me to gain trust is to try the service to see if they are keeping the promise. Of course, I wouldn't deposit a substantial amount until I have more than 80% trust, but my way is to experience the service.

The above two statements explain clearly how scammers attempt to gain confidence of newbies and gain trust. MLMs are built in a way that the new investor's money is used to pay the old investor. Gradually this cycle will stop and the site will exit scam. Its not possible to predict which one is scam but the signs are there.

So, I'm curious to know about how and why people are so sure and stigmatize that the new and not-well-known service is definitely a scam.

Read the post made by o_e_l_e_o, if you still believe it is not a scam then I cant help you clear your confusion.

[o_e_l_e_o]

Of course, I wouldn't deposit a substantial amount until I gain an adequate amount of trust.

Yeah, as pointed out by TheUltraElite above, this is exactly how scams and Ponzis operate. If they just stole the money of the first couple of people to deposit, they would make a tiny amount and those users would warn everyone else that it is a scam. So instead they pay out as advertised, enticing users to both deposit larger and larger amounts whilst also referring their friends and advertising this great service. Once they have much larger amounts being deposited, that's when they disappear.

Why would a random crypto start up be able to offer guaranteed returns far higher than what the world's biggest banks and financial institutions can offer?

[shield132]

Is this a paid post? since s/he is a newbie, we cannot trust your evaluation due to the high risk.

There is no indication that companies have a real headquarters, positive ratings, a source of funds, how they will be able to bear the payment and other things. The payoff is high, the risk is zero, and there is no upper or lower limit.

I can say that they are scammers and they have to prove otherwise.


More Info:

Updated Date: 2019-04-23T06:35:08Z
Creation Date: 2019-04-23T06:35:07Z
Registry Expiry Date: 2020-04-23T06:35:07Z
Registrar: GoDaddy.com, LLC

Paid post? Haha, I would imagine paid post on hero/legendary member with some trust but not on newbie.
satoshlover <-- registers there to just post that he has heard about harubank.
You guys are busted already without even visiting to website and or even googling to it.
OP at first I suggest you to compare your deposit interest rates to worldwide bank rates, even least developed countries and developing countries in most cases don't offer higher than 10% interest rate on deposits and there is a reason why that happens. By buying domain/hosting and theme, you can't create business and especially silly scam website.
Where is your headquarter, which banks are your partners, how many employees do you have, who is your HR, who is CEO, write everything or go out.

[alyssa85]

That's really high. How can they give fixed returns like that? What kind of business do they run? Are there a million users or what?

I feel safer with Compound, to be honest. The rate is not that good but at least I know how they get the interest.

Scams?

The rule of thumb is that a return is usually about 2% lower than they can lend it out for.

So a bank may give you interest of 0.5% on your deposits while lending the deposit out at 2.5%

If someone is giving you 12% on your deposit, they'd have to be lending it out at 14%. Which is impossible because no-one would borrow at those rates.

Which means this is a scam to entice the greedy to deposit their coins, and then vanish with them.