Bitcoin Forum
December 09, 2016, 10:02:34 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Parking BTC with Bitcoinica  (Read 844 times)
BrightAnarchist
Donator
Legendary
*
Offline Offline

Activity: 853



View Profile
April 25, 2012, 09:07:30 PM
 #1

Has anyone done this just to earn the APY?

I am considering it as it seems the safest way to earn interest on BTC, however, my main worry is that they may prevent withdrawals without getting all kinds of crazy info about you. If the Feds ever attack Bitcoin, then expect the exchanges to become frozen IMO.

Any opinions on this?

Although I trust Bitcoinica, I don't trust the Feds, so at present I keep no funds with Bitcoinica. Which sucks b/c earning interest in a deflationary currency is pretty sweet.
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
schnell
Sr. Member
****
Offline Offline

Activity: 266


View Profile
April 25, 2012, 09:18:18 PM
 #2

Don't you currently earn 0% on btc stored.
Last time I looked you earn 7.9% yearly for dollars.

BrightAnarchist
Donator
Legendary
*
Offline Offline

Activity: 853



View Profile
April 25, 2012, 09:20:27 PM
 #3

It changes literally every day. Currently:

"Prevailing Interest Rates as of Wed, 25 Apr 2012 21:19:00 +0000

BTC - 2.54% APY

USD - 9.84% APY"
schnell
Sr. Member
****
Offline Offline

Activity: 266


View Profile
April 25, 2012, 09:27:30 PM
 #4

It changes literally every day. Currently:

"Prevailing Interest Rates as of Wed, 25 Apr 2012 21:19:00 +0000

BTC - 2.54% APY

USD - 9.84% APY"
Oh, okay then. I would store your btc with them, they may be shut down, but when they were hacked they managed to eventually pay everyone.
Still, you can earn much more than that with glbse bonds; and if you spread your portfolio you reduce risk.
zhoutong
VIP
Hero Member
*
Offline Offline

Activity: 490


View Profile WWW
April 29, 2012, 04:37:58 AM
 #5

Has anyone done this just to earn the APY?

I am considering it as it seems the safest way to earn interest on BTC, however, my main worry is that they may prevent withdrawals without getting all kinds of crazy info about you. If the Feds ever attack Bitcoin, then expect the exchanges to become frozen IMO.

Any opinions on this?

Although I trust Bitcoinica, I don't trust the Feds, so at present I keep no funds with Bitcoinica. Which sucks b/c earning interest in a deflationary currency is pretty sweet.

When we announced the Terms of Service, we left our users two options:

- Agree and continue trading
- Disagree and withdraw all funds

We didn't force you to accept something before you are able to take your funds out.

When we implement compulsory KYC procedures, we will follow the same rules.

Also, Bitcoinica's interest system is not a ponzi scheme. Our interest rates are set based on outstanding positions and user balances. All payouts are from the swaps that we charge from positions. Currently, the Open Interest is almost 90,000 BTC, so there are a lot of swaps to be collected and distributed (over $200 everyday).

Founder of NameTerrific (https://www.nameterrific.com/). Co-founder of CoinJar (https://coinjar.io/)

Donations for my future Bitcoin projects: 19Uk3tiD5XkBcmHyQYhJxp9QHoub7RosVb
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!