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Author Topic: [Prize Increasesd!!] Bitcoin Savings & Prize Fund. 4% interest with 20% raffle!  (Read 2621 times)
OneMINER
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May 18, 2012, 02:17:12 PM
 #1

TL;DR: 4% interest savings with a chance to win 20% of the total pot! 5 BTC raffle tickets  Shocked Shocked

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.

Details
Super 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 Awarding
As 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to acquire another raffle ticket (example: going from 24.9 BTC to 25 BTC, from 4 to 5 tickets) and the funds are not withdrawn, it will count towards the current months raffle drawing.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)

Security
All 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 Conditions
Frequent 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.
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OneMINER
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May 18, 2012, 02:18:00 PM
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I've registered an IRC channel in case anybody has any questions or would like to chat about the fund. You can find it at #bs&p on freenode or by clicking on this link: http://webchat.freenode.net/?channels=bs%26p

To further improve bitcoin I intend to donate a percentage of the profits to bitcoin development in the form of a bounty or payment to developers.
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May 18, 2012, 02:18:35 PM
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Reserved.
unclescrooge
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May 18, 2012, 02:22:58 PM
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OK the usual: in what sectors/activities do you invest this funds? How can you garantee profits? Who are you? ...


We're not on talkgold here, please.

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May 18, 2012, 02:46:06 PM
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I'd rather not say exactly what I intend to invest in. It's likely to change over time. I will say that I'll be keeping the coins in lower risk kinds of investments. As time goes on I want to diversify the funds as much as possible.

The promised interest and prize amounts will be funded before I take any profit myself.

I've been in the bitcoin community for over a year. I've seen the popularity of raffles and thought I could offer a competing service incorporating a raffle that won't consume a persons savings. A "no loose" raffle.

I'm much more active on IRC but I pay attention to the forums here.
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May 18, 2012, 03:33:55 PM
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How do you make any money if all the funds are held offline in encrypted wallets?
OneMINER
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May 18, 2012, 03:57:03 PM
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Only the funds that are not yet invested or are being held for payouts are in the offline wallet. All other coins are doing work, earning for everybody.
OneMINER
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May 18, 2012, 06:21:23 PM
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Added info for IRC channel in second post.
chungenhung
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May 19, 2012, 02:48:25 AM
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will this be related to pirate's program?

Trading MtGox USD for Dwolla/ACH deposit/Chase cash deposit
https://bitcointalk.org/index.php?topic=90115.0
Buy/Sell Call/Put Bitcoin options https://bitcointalk.org/index.php?topic=99853.0
OneMINER
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May 19, 2012, 03:25:22 AM
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Not exclusively, as I said above I intend to diversify the fund. Also coming right out and listing how I intend to invest the coins won't tell you much because I'll be keeping a close eye on events and opportunities as they develop.

All investors will be paid at the rate that I've stated above. The raffle will be held each month. Where the coins are and how they are used isn't useful information because I won't be notifying everybody for each investment.
OneMINER
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May 21, 2012, 04:45:05 PM
 #11

In order to generate some buzz I've increased the payouts to epic proportions. I'd also like to point out that with the days in the month running out, the last of the month is the last chance to get in on the drawing for June. Because this is a new plan and there's not much involvement yet your chances to win the pot are good.
John (John K.)
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May 21, 2012, 04:47:04 PM
 #12

Who are you, and why should we trust this is not a ponzi and you giving us back the coins?

That is the essence.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

OneMINER
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May 21, 2012, 04:51:11 PM
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While I'm not very active on the forums I'm often on IRC. Jump on with the link I've posted earlier and I'd be glad to talk to you. I'll keep myself authenticated with freenode servers and feel free to ask about me in the usual places (#bitcoin #bitcoin-mining). If you are not familiar with IRC, I'll help you.

I could ask some people that I've had dealings with to vouch for me here too. If you'd like.
OneMINER
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May 31, 2012, 04:20:15 PM
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The month is nearly over. Any person who gives it a shot stands a very good chance of being the raffle winner. I'd love to pay it out at the end of the month to prove I'm legit.

Also I forgot to add that I intend to donate a portion of the profits to bitcoin development. I'll add that info to one of the first posts.
OneMINER
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May 31, 2012, 09:38:40 PM
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There's a little more than 2 hours left to get in on the first raffle. Contact me ASAP if you are interested.
OneMINER
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June 01, 2012, 12:04:27 AM
 #16

The raffle for June is now closed. Thank you all for your interest. From this point any deposits will count towards the July raffle.
PsychoticBoy
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June 01, 2012, 03:40:25 AM
 #17

Just made a deposit of 5 BTC.

I like the combination of steady payment and some gambling  Grin
And maybe i will win a raffle some day  Cool


Good luck with your fund.


Greetz
OneMINER
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June 01, 2012, 03:44:58 PM
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Thanks a lot. Good luck in the raffle.  Grin
OneMINER
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July 01, 2012, 12:26:35 AM
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Congrats to our first winner. Taking a prize of ~3 BTC.
PsychoticBoy
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August 03, 2012, 04:17:32 PM
 #20

Hey OneMINER,

I did not recieve my monthly interest.
Are you on holiday?

Greetz
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