TL;DR: 4% interest savings with a chance to win 20% of the total pot! 5 BTC raffle tickets
Announcing Bitcoin Savings and Prize Fund. The Bitcoin Savings and Prize Fund (BSP) is a unique way to make your bitcoins work for you. It's a savings account which increases your wealth instead of letting dormant coins gather dust, but with a twist! A small portion of the interest goes into a raffle which is paid out to a lucky winner chosen randomly. Unlike a regular raffle, you can't loose! Even if you are not our winner for one month, you'll still be paid your interest for storing your coins with us. Regular raffles end up taking coins from everybody but the winner, this one gives everybody a chance for simply being part of BSP.
DetailsSuper special introductory rate! 4% interest paid monthly on all accounts. Additionally 20% from the entire fund is used as the prize for the raffle. Every 5 bitcoins (BTC) counts as a ticket to the raffle. To count as a raffle ticket the coins must have sat undisturbed for the entire month, no exceptions. Interest is calculated from the time the coins are deposited until the end of the month. For example, if the month has 30 days and coins are deposited on the 20th, you'll get 1/3 the possible interest but no chance at the raffle. 5 BTC deposited before the first of the month will be paid full interest and count as a chance to win the raffle.
The funds will be used to invest in bitcoin related projects and make short term loans to trusted members of the community. 5 BTC is the minimum deposit. Withdrawals of funds will be processed monthly.
Payments and Prize AwardingAs soon as the month is over, the first block (on the first of the month) to be created will be used to hash the raffle tickets and determine the winner. GMT will be used as a standardized time to keep confusion at a minimum. On that same day (first day of the next month) interest will be calculated and added to the accounts. If your account gains enough interest to acquire another raffle ticket (example: going from 24.9 BTC to 25 BTC, from 4 to 5 tickets) and the funds are not withdrawn, it will count towards the current months raffle drawing. Not the raffle from the last month that was just awarded. That same day the raffle winner will be contacted. The username of the winner will not be announced for privacy concerns.
How is the winner selected? For each ticket a user has, it will be assigned an ID that is comprised of the username and an incrementing number. For instance, if you have 3 tickets, your tickets will be ID'd as such: username1, username2, username3. Once the first block of a given month has been found, the ID of each of the tickets will be run through the SHA256 hash algorithm with the ID of the newest block found. The ticket that comes out with the lowest value when the hash is expressed as an integer is the winner for the month.
This is the algorithm that will be used: base_convert(SHA256(SHA256(NewBlockHeader) . SHA256(UserName1),16,10)
SecurityAll BTC held by the fund are in offline heavily encrypted wallets. Physical backups are stored offsite. Security and confidentiality of individuals accounts are our highest priority. Customers can request security measures and they will be used if possible. For example at the minimum a PM in the forums could be enough verification for a transaction. For others they may choose to require communication on IRC or through multiple email accounts, ensuring that one compromised account isn't enough for an attacker to spoof a customer. All transactions are human reviewed.
Terms and ConditionsFrequent withdrawals are strongly discouraged and are grounds for termination and immediate payout of the account. Rates are subject to change. All customers will be notified as soon as possible if rates or any other aspect of the fund will change. Information on individuals accounts, investments, and all other aspects of the fund will not be divulged in order to protect security and confidentiality. All data from previous customers/accounts will be destroyed.
