It's been about a month now, and the reserve fund has been at 1% of deposits for the whole period. I know you don't want to specify a timeline for moving to a higher number, but right now these are basically uncovered loans. Is there any further news on plans to cover more than 1% of deposits in case Pirate defaults?
Deposits have been rising and I place the full deposit in my BS&T account, so it is not like I take 1% from each deposit and put it in the reserve fund. After 1 month, from the very first deposit, I've built a 30 BTC reserve. That amount will continue to rise and is not pegged to a %. Now that we have a 2000+ BTC balance, that will enable the reserve fund to grow more quickly. I will admit I have been focusing more on providing a higher base rate and interest rate loyalty rewards than building the reserve fund.