[BitcoinMax.com] Closed

[DutchBrat]

With the new pirate rates going into effect next week Aug 20, will the interest BitcoinMax pays out be lowered to 4.9% ?

Thanks

edit: see topic: https://bitcointalk.org/index.php?topic=50822

[1714197999]

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[eleuthria]

Those rate changes were posted back in July, originally intended to take effect August 1st.  I see nothing changed other than it got pushed back twice (once from Aug 1 -> 14, now from Aug 14 -> 20).  Back in July paybt.c confirmed that BitcoinMax would remain 6.9% though.  Interested to hear if something has changed behind the scenes though (like pirate no longer offering premium rates to the older & larger passthroughs).

[slider1978]

Those rate changes were posted back in July, originally intended to take effect August 1st.  I see nothing changed other than it got pushed back twice (once from Aug 1 -> 14, now from Aug 14 -> 20).  Back in July paybt.c confirmed that BitcoinMax would remain 6.9% though.  Interested to hear if something has changed behind the scenes though (like pirate no longer offering premium rates to the older & larger passthroughs).

No the rates were just revised lower today.

[ErebusBat]

Those rate changes were posted back in July, originally intended to take effect August 1st.  I see nothing changed other than it got pushed back twice (once from Aug 1 -> 14, now from Aug 14 -> 20).  Back in July paybt.c confirmed that BitcoinMax would remain 6.9% though.  Interested to hear if something has changed behind the scenes though (like pirate no longer offering premium rates to the older & larger passthroughs).

No the rates were just revised lower today.

True story.  25k+ trust account are now @ 5%.

For those of you who do not live on IRC, here is an excerpt from the man himself:

[11:42:38] <hashking> Why the short notice Pirate
[11:44:47] <@pirateat40> hashking, I tried to hold off thinking the operating wallets would balance out but they haven't fast enough so Im having to hold more reserves which is eating into my profit margin.
[11:46:23] <@pirateat40> Its a stability thing, its getting harder and harder to predict when coins will come in and go out.
[11:46:49] <Chaaaang-Noi> i see
[11:46:51] <@pirateat40> So I'll have times when im holding too many coins in op wallets and move some over and then get a flood of withdraws.
[11:47:12] <Chaaaang-Noi> could you just lock it so we can only take out on mondays or someting?
[11:47:34] <@pirateat40> Yea, but i hate limiting people moving funds.

[Haplo]

Those rate changes were posted back in July, originally intended to take effect August 1st.  I see nothing changed other than it got pushed back twice (once from Aug 1 -> 14, now from Aug 14 -> 20).  Back in July paybt.c confirmed that BitcoinMax would remain 6.9% though.  Interested to hear if something has changed behind the scenes though (like pirate no longer offering premium rates to the older & larger passthroughs).

No the rates were just revised lower today.

True story.  25k+ trust account are now @ 5%.

For those of you who do not live on IRC, here is an excerpt from the man himself:

[11:42:38] <hashking> Why the short notice Pirate
[11:44:47] <@pirateat40> hashking, I tried to hold off thinking the operating wallets would balance out but they haven't fast enough so Im having to hold more reserves which is eating into my profit margin.
[11:46:23] <@pirateat40> Its a stability thing, its getting harder and harder to predict when coins will come in and go out.
[11:46:49] <Chaaaang-Noi> i see
[11:46:51] <@pirateat40> So I'll have times when im holding too many coins in op wallets and move some over and then get a flood of withdraws.
[11:47:12] <Chaaaang-Noi> could you just lock it so we can only take out on mondays or someting?
[11:47:34] <@pirateat40> Yea, but i hate limiting people moving funds.

Shit. I really wish he'd just limit withdrawals to mondays, or else offer CDs for set terms. I'd bet I'm not the only one willing to trade liquidity for interest, either.

[unclescrooge]

Those rate changes were posted back in July, originally intended to take effect August 1st.  I see nothing changed other than it got pushed back twice (once from Aug 1 -> 14, now from Aug 14 -> 20).  Back in July paybt.c confirmed that BitcoinMax would remain 6.9% though.  Interested to hear if something has changed behind the scenes though (like pirate no longer offering premium rates to the older & larger passthroughs).

No the rates were just revised lower today.

True story.  25k+ trust account are now @ 5%.

For those of you who do not live on IRC, here is an excerpt from the man himself:

[11:42:38] <hashking> Why the short notice Pirate
[11:44:47] <@pirateat40> hashking, I tried to hold off thinking the operating wallets would balance out but they haven't fast enough so Im having to hold more reserves which is eating into my profit margin.
[11:46:23] <@pirateat40> Its a stability thing, its getting harder and harder to predict when coins will come in and go out.
[11:46:49] <Chaaaang-Noi> i see
[11:46:51] <@pirateat40> So I'll have times when im holding too many coins in op wallets and move some over and then get a flood of withdraws.
[11:47:12] <Chaaaang-Noi> could you just lock it so we can only take out on mondays or someting?
[11:47:34] <@pirateat40> Yea, but i hate limiting people moving funds.

Shit. I really wish he'd just limit withdrawals to mondays, or else offer CDs for set terms. I'd bet I'm not the only one willing to trade liquidity for interest, either.

Sure, but 5% is already very very good. Plus, that doesn't mean all the passtrough will get lower rate

[Haplo]

Sure, but 5% is already very very good. Plus, that doesn't mean all the passtrough will get lower rate

Ha, well, I don't want to be on the losing end of that deal, especially since I never make any withdrawals that aren't interest  . I'm just starting to make good money now.

[ErebusBat]

Plus, that doesn't mean all the passtrough will get lower rate

yes, most likely the pass throughs will indeed be affected.

The highest trust account listed (25k+) is listed @ 5%

[layyen]

we have to wait for official info from payb.tc  speculating cant help 

[Ilikeham]

we have to wait for official info from payb.tc  speculating cant help 

I'm assuming we're at 5%.

As to speculating it's the lifeblood of this place.

[payb.tc]

hi everyone, i'm not one of those that live on IRC (even though i probably should), so i haven't had a chance to confirm yet.

i'll try and give as much notice as i can though if there has to be a change.

[RoloTonyBrownTown]

Thanks payb.tc.  Work your magic!

[asfas16123]

you should offer pirate to only withdraw together with interest payments in return for a special rate

[DutchBrat]

Or just be happy with the 5% a WEEK that is on offer.....

7% was never sustainable.... 5% isn't either, so be prepared for lower rates in the future

[ErebusBat]

Or just be happy with the 5% a WEEK that is on offer.....

7% was never sustainable.... 5% isn't either, so be prepared for lower rates in the future

Just thought this deserved more attention.  Even pirate himself said that his business wouldn't work forever.... Be happy with what you have.

[UofM_Matt]

While I agree that 7% wasn't sustainable, giving his larger passthru's the option of more interest for only withdrawing once a week would give him stability, and let people keep their higher return.  It looks like his problem was stability, if bitcoinmax can offer that, why not keep it at the current rate?  Deposits at bitcoinmax would skyrocket.

[ErebusBat]

While I agree that 7% wasn't sustainable, giving his larger passthru's the option of more interest for only withdrawing once a week would give him stability, and let people keep their higher return.  It looks like his problem was stability, if bitcoinmax can offer that, why not keep it at the current rate?  Deposits at bitcoinmax would skyrocket.

Not nessecariy... I prefer the ability to get at my coins.  Iwoulld almost certainly withdraw if that change were made.

[UofM_Matt]

While I agree that 7% wasn't sustainable, giving his larger passthru's the option of more interest for only withdrawing once a week would give him stability, and let people keep their higher return.  It looks like his problem was stability, if bitcoinmax can offer that, why not keep it at the current rate?  Deposits at bitcoinmax would skyrocket.

Not nessecariy... I prefer the ability to get at my coins.  Iwoulld almost certainly withdraw if that change were made.

I can see this as well.  What if the price of coins fell through the floor, etc?  So, I guess I would say that "some" would want that for the interest/greed position.  Others would want more liquidity, such as you suggest.  I'm on the fence, but 4.9% is pretty good too.

[DutchBrat]

While I agree that 7% wasn't sustainable, giving his larger passthru's the option of more interest for only withdrawing once a week would give him stability, and let people keep their higher return.  It looks like his problem was stability, if bitcoinmax can offer that, why not keep it at the current rate?  Deposits at bitcoinmax would skyrocket.

Not nessecariy... I prefer the ability to get at my coins.  Iwoulld almost certainly withdraw if that change were made.

I can see this as well.  What if the price of coins fell through the floor, etc?  So, I guess I would say that "some" would want that for the interest/greed position.  Others would want more liquidity, such as you suggest.  I'm on the fence, but 4.9% is pretty good too.

Who knows, maybe pirate wants to scale down his operation as well

This way he doesn't have to force people to withdraw as he did in the past, but instead let nature take it's course

[conspirosphere.tk]

In any case, since Bitcoinmax is the largest PPT by far, it should ask a better treatment from Pirate IMHO.