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Author Topic: Bitcoinica's Interest System  (Read 11604 times)
haydent
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February 16, 2012, 02:11:44 AM
 #21

website's down for me.... didnt last long...

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February 16, 2012, 02:17:39 AM
 #22

website's down for me.... didnt last long...

Works fine for me.  There have been DNS issues in the past, make sure your DNS is returning 50.56.4.62 for bitcoinica.com

https://www.bitcoin.org/bitcoin.pdf
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haydent
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February 16, 2012, 02:20:35 AM
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im not getting any reply on a nslookup of that address...

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nrd525
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February 16, 2012, 03:30:56 AM
 #24

"Our general design principle is that we always pay less interest to our customers than what we receive from them as position swaps."

It would be nice if the amount of interest paid out to customers equaled that which you received in position swaps. Or at least came close to it.

That might lead to smaller interest rate gap between the buy and sell positions.

Don't day trade.
aseldon
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February 16, 2012, 03:34:54 AM
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Has anyone successfully received any interest payments? I have had some BTC in there for about 2 days with nothing. Isn't is supposed to be live now or is the 16th the launch date?
zhoutong
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February 16, 2012, 03:55:37 AM
 #26

"Our general design principle is that we always pay less interest to our customers than what we receive from them as position swaps."

It would be nice if the amount of interest paid out to customers equaled that which you received in position swaps. Or at least came close to it.

That might lead to smaller interest rate gap between the buy and sell positions.

Is 70% considered close? Most money market investment deals return 70% of interbank rate.

The spread is large because we have no shortage of funds now. We have to collect from a small group of people and distribute to a large group of people, hence the buy-sell spread.

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zhoutong
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February 16, 2012, 03:57:04 AM
 #27

Has anyone successfully received any interest payments? I have had some BTC in there for about 2 days with nothing. Isn't is supposed to be live now or is the 16th the launch date?

You need to get at least 0.01 ฿ to be paid. The accumulation has already started. You'll be paid on the first day that you have accumulated 0.01 ฿.

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aseldon
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February 16, 2012, 04:19:04 AM
 #28

I have over 13 BTC "sitting" in my account but have done nothing with them. Do I need to have earned 0.01 BTC from a position before interest payments start being made or can I just leave the balance untouched? Thanks for helping me out.
zhoutong
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February 16, 2012, 07:35:00 AM
 #29

I have over 13 BTC "sitting" in my account but have done nothing with them. Do I need to have earned 0.01 BTC from a position before interest payments start being made or can I just leave the balance untouched? Thanks for helping me out.

You can just leave them untouched. When these 13 BTC starts to generate 0.01 BTC interest for you, you will receive your first interest payment. Thanks!

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February 16, 2012, 02:02:34 PM
 #30

Thanks for your great service zhoutong. It's a pity you decided not to start your own exchange in the near future. Could you tell us your considerations?

One question: I like the green bar, I do not, however understand why the zhoutong price still isn't visible and clear to all users. It's insane you have to calculate it yourself.

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February 16, 2012, 02:34:39 PM
 #31

Interests are good!

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February 19, 2012, 02:40:45 AM
 #32

So I can just plop 100 BTC over to my Bitcoinica account... and start seeing .0417% interest on that 100 bitcoin deposit per day?

Everyday?


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zhoutong
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February 19, 2012, 03:32:08 AM
 #33

So I can just plop 100 BTC over to my Bitcoinica account... and start seeing .0417% interest on that 100 bitcoin deposit per day?

Everyday?



You get the buying interest rate, so it can be lower. The rate is dynamic, but 3% to 6% APY should be the norm.

Yes, you don't have to do anything, and you can withdraw any time. Interest is calculated hourly and paid daily.

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muyuu
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February 19, 2012, 05:28:53 PM
 #34

So I can just plop 100 BTC over to my Bitcoinica account... and start seeing .0417% interest on that 100 bitcoin deposit per day?

Everyday?



You get the buying interest rate, so it can be lower. The rate is dynamic, but 3% to 6% APY should be the norm.

Yes, you don't have to do anything, and you can withdraw any time. Interest is calculated hourly and paid daily.

I put BTC100 on Friday just to test it out and I've received 0 interest. So?

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February 19, 2012, 08:15:42 PM
 #35

So I can just plop 100 BTC over to my Bitcoinica account... and start seeing .0417% interest on that 100 bitcoin deposit per day?

Everyday?



You get the buying interest rate, so it can be lower. The rate is dynamic, but 3% to 6% APY should be the norm.

Yes, you don't have to do anything, and you can withdraw any time. Interest is calculated hourly and paid daily.

I put BTC100 on Friday just to test it out and I've received 0 interest. So?

So you should get a payment as soon as your 0.0048 BTC/day (at the moment, interest rates will vary) accumulates to the 0.01 payout minimum.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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muyuu
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February 19, 2012, 08:42:23 PM
 #36

So you should get a payment as soon as your 0.0048 BTC/day (at the moment, interest rates will vary) accumulates to the 0.01 payout minimum.

Thanks, didn't know about the 0.01 minimum. With a 0.48 daily pip that should happen at the third day with BTC100.

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finway
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February 20, 2012, 03:31:24 AM
 #37

Where's the interest graph?

muyuu
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February 20, 2012, 04:03:34 AM
 #38

Where's the interest graph?

http://charts.bitcoinica.com/interest_rates

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finway
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February 20, 2012, 04:48:59 AM
 #39

thanks.

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February 20, 2012, 07:55:51 PM
 #40

zhoutong>
 
Can you dumb this down for me?  I'm a complete n00b when it comes to markets, etc.
 
Can I treat this like a regular bank account, in that I can deposit my bitcoins.  Let them sit/accumulate interest, and then withdraw some or all at any time?
 
Is there a fee to withdraw or to use your service? 
 
Or do you make your money by "using" our bitcoins (like a bank uses our money), and then give us the interest as a way of paying us to use our money?
 
Do I understand this correctly?
 
Because I'm interested if this is all correct. Smiley

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