Reserve Fund has been paid out. This is now closed.

[OgNasty]

EARN MONTHLY INTEREST ON YOUR BITCOIN DEPOSITS
I reserve the right to refuse or return deposits from anyone, at any time, for any reason.




Monthly Interest Rate: 0%
BTC Held in Deposits: 0 BTC
BTC Held in Reserve Fund: PAID OUT

[1715372898]

1715372898

[OgNasty]

REFERENCES:

+1 to OgNasty, Excellent buyer, superb communication and sent payment right away! Will do business again!

OgNasty sold me a $100 Amazon Gift card. It worked perfectly!

+1 for OgNasty

+1 OgNasty - Sold $25 dollar ebay card

+1 to OgNasty he sold a $100 Amazon card for 8.5 BTC to me

Just did business with OgNasty and have received funds as promised. Nice!

+1 to OgNasty for a successful trade

+1 for OgNasty Sold me a 5970, easy to work with

+1 for OgNasty    sold him a gift card and he paid me after I sent him the card number and pin

+1 OgNasty, payed on receipt of items.

+1 OgNasty paid after I sent first

Received it, thanks! Great transaction with OgNasty

Thanks for a smooth process.

I wonder if he sleeps less than Pirate?

OgNasty was very helpful setting up my account, and he took care of me right away.  Thanks for the great service.

OgNasty has yet to fail in paying out consistently.

+1 OgNasty - Another honest bitcoiner!

[Wekkel]

Entered into agreement for 100 BTC.

[colinrgodsey]

Is there a min? any fees?

[OgNasty]

RESERVE FUND:

A Reserve Fund has been established to provide depositors with insurance against loss of deposits.  In the event of a Bitcoin Savings & Trust failure, the Reserve Fund will be paid out to depositors, proportionately to their deposits held as listed on this thread.

[wogaut]

Anonymous №1: 400 BTC as of April 7th, 2012 | 1AYoshhS6VLYNWRNX5P6EWxUcrKLr16KLB
Wekkel: 100 BTC as of April 7th, 2012 | 1LUPYsMBBAX937a16cTzMXMbnGv6pEfBPt
miscreanity: 10 BTC as of April 8th, 2012 | 1LdpVFiqFX7ymHp6AMhrNq8J9PQ5ZSLoeo
Anonymous №2: 50 BTC as of April 10th, 2012 | 18fDCUZ9wvcrMFfQogCHar3FE7E5tu95E2
Anonymous №3: 300 BTC as of April 10th, 2012 | 1QDDCJGcp7iTdENDEMvtxsAMqoDBARLt7o
exahash: 250 BTC as of April 11th, 2012 | 1KH1wM55KJe422Uun66T7RC176MLZyKbRn

How come that all the quoted addresses have 0 transactions associated with them, and show up as "Never used"?
Looks like some randomly generated addresses, what's the point?

[OgNasty]

How come that all the quoted addresses have 0 transactions associated with them, and show up as "Never used"?
Looks like some randomly generated addresses, what's the point?

Good question.  The link will track the total amount of interest paid to that address.  Since no payments have been made as of yet, they are all showing 0.  Once the first interest rate cycle has completed, you will see that number update to reflect their interest payment and all future interest payments.

[Wekkel]

Administration wise it can be usefull to generate a specific receiving address to receive money from a specific sender. Try it, it is a feature in your bitcoin client 

[wogaut]

@OgNasty, thanks for the clarification

@Wekkel, sure know that  (forgive my eye-roll, just had to do that), just wasn't aware that these addresses were there for interest only, as I assumed they reflected the address the funds were submitted from or to, so I expected at least one transfer associated with them.

[Btc4Domains]

Hi there OgNasty, found your posts in the Pirate thread - took a couple of days to finish reading through it all  

[OgNasty]

are you doing anything else with these funds, or is it strictly all going into pirate?

No.  These funds are going to pirateat40 and I will always maintain the amount shown on this thread in my account.

would it be reasonable to assume that if something happened to Pirate...you would likely want to do what you can to protect your own reputation and business, possibly take a loss with the longer term view of building up your own base of lenders who trust YOU?

No.  If something happens to pirateat40, I will have no way to generate the necessary interest to continue paying out 8% on deposits.  What I would do to protect my reputation, is pay out the reserve fund to depositors proportionately to their current deposit as listed on this thread.  It is important that depositors read the information provided in the original post and not make assumptions.

[chunglam]

200 BTC sent, transaction: http://blockchain.info/tx-index/3840037/e41a1cf216655f1251329c1d34185213a1d69c75529bf9a296f735234c1ebb0c

[Btc4Domains]

are you doing anything else with these funds, or is it strictly all going into pirate?

No.  These funds are going to pirateat40 and I will always maintain the amount shown on this thread in my account.

would it be reasonable to assume that if something happened to Pirate...you would likely want to do what you can to protect your own reputation and business, possibly take a loss with the longer term view of building up your own base of lenders who trust YOU?

No.  If something happens to pirateat40, I will have no way to generate the necessary interest to continue paying out 8% on deposits.  

Thanks for the reply. I try to manage my risk and this is helpful. PM sent!

[MrTeal]

What is the target for the reserve account, and what percentage of your profits from the passthrough will be used to build up the reserve?

[OgNasty]

What is the target for the reserve account, and what percentage of your profits from the passthrough will be used to build up the reserve?

The target for the reserve account is 100%.  The question is, how long will it take to get there?  I am hesitant to commit to an exact % of profits that will go to the reserve account, but I plan to increase it on a regular basis as interest payments are paid out.

[OgNasty]

LOYALTY REWARDS PROGRAM:

In order to reward larger depositors, I am introducing a Loyalty Rewards Program.  Effective immediately, depositors with at least 250 BTC in deposits will automatically be enrolled into the program.  For each completed interest rate period, depositors with 250+ BTC in deposits will be rewarded with a 1% interest rate increase per month.  Depositors with 500+ BTC in deposits will be rewarded with a 2% interest rate increase per month.  See below example.

Example: 
250+ BTC deposited in April would receive a base rate interest payment on May 1st, +1% on June 1st, +2% on August 1st, etc.
500+ BTC deposited in April would receive a base rate interest payment on May 1st, +2% on June 1st, +4% on August 1st, etc.

Depositors who fall below the 250 BTC loyalty requirement will forfeit their previously earned rewards.
Depositors who fall below the 500 BTC loyalty requirement will have their previously earned rewards cut in half.

20% maximum monthly interest rate applies.

UPDATE:
Accounts holding 250+ BTC will now receive a flat 2% interest rate reward.

[chunglam]

Additional 50 BTC sent, bitcoin transaction: eb16855c3ccc5dedc54c008ce4f73963f12795ce6b9ce27f8f3fddb2d1fe1125

[OgNasty]

BASE RATE INCREASE:

In order to encourage new deposits and reward all depositors for the growth of this program, I would like to announce a potential increase to the base rate on deposits.  Once there are 2000+ Total BTC Held in Deposits listed on this thread, the base rate will be increased from 8% to 10% for all depositors.

Note:
Having 2000+ Total BTC Held in Deposits will also enable the Reserve Fund to grow much faster, which will benefit all depositors.

The base rate may be lowered back to 8% if Total BTC Held in Deposits fall below 2000 BTC for a prolonged length of time.

[nathantrumpet]

BASE RATE INCREASE:

In order to encourage new deposits and reward all depositors for the growth of this program, I would like to announce a potential increase to the base rate on deposits.  Once there are 2000+ Total BTC Held in Deposits listed on this thread, the base rate will be increased from 8% to 10% for all depositors.

Note:
Having 2000+ Total BTC Held in Deposits will also enable the Reserve Fund to grow much faster, which will benefit all depositors.

The base rate may be lowered back to 8% if Total BTC Held in Deposits fall below 2000 BTC for a prolonged length of time.

Wow, what an incentive!! Bump for a great guy and a fantastic program.

[terrytibbs]

WHAT IF BITCOIN SAVINGS & TRUST DISAPPEARS?
I have established a reserve fund using proceeds from this operation that will be used to partially refund investors, should the worst occur.  In the beginning this fund will be empty, so BS&T disappearing would result in a total loss.  Once I have received a few payments and established the reserve account, I will update the amount held on this thread.

So, basically, this is all profit no risk for you?