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Author Topic: [BitcoinMax.com] Closed  (Read 178541 times)
ErebusBat
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August 14, 2012, 05:56:41 PM
 #1061

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:
Quote
[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.

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Haplo
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August 14, 2012, 07:10:26 PM
 #1062

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:
Quote
[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.

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unclescrooge
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August 14, 2012, 07:14:42 PM
 #1063

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:
Quote
[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 Smiley

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August 14, 2012, 07:20:06 PM
 #1064

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

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  Angry. I'm just starting to make good money now.

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ErebusBat
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August 14, 2012, 08:09:59 PM
 #1065

Plus, that doesn't mean all the passtrough will get lower rate Smiley
yes, most likely the pass throughs will indeed be affected.

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

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layyen
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August 14, 2012, 08:13:40 PM
 #1066

we have to wait for official info from payb.tc  Wink speculating cant help  Lips sealed
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August 14, 2012, 11:03:15 PM
 #1067

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

I'm assuming we're at 5%.

As to speculating it's the lifeblood of this place.
payb.tc
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August 14, 2012, 11:13:41 PM
 #1068

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
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August 14, 2012, 11:47:50 PM
 #1069

Thanks payb.tc.  Work your magic! Smiley

asfas16123
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August 15, 2012, 11:46:05 AM
 #1070

you should offer pirate to only withdraw together with interest payments in return for a special rate Cool
DutchBrat
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August 15, 2012, 11:49:35 AM
 #1071

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
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August 15, 2012, 12:13:34 PM
 #1072

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.

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UofM_Matt
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August 15, 2012, 12:32:32 PM
 #1073

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.

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ErebusBat
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August 15, 2012, 12:33:58 PM
 #1074

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.

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UofM_Matt
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August 15, 2012, 01:03:57 PM
 #1075

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.

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DutchBrat
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August 15, 2012, 01:20:21 PM
 #1076

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
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August 15, 2012, 01:54:58 PM
 #1077

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

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August 15, 2012, 01:57:03 PM
 #1078

Oh look, lower interest rates.  This should shut those ponzi folks up... the ones yammering about 7% not going to last for one year.  It sure didn't, but pirate still isn't running a ponzi Smiley

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ErebusBat
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August 15, 2012, 02:48:27 PM
 #1079

In any case, since Bitcoinmax is the largest PPT by far, it should ask a better treatment from Pirate IMHO.
4.9% a week is still insanely great.  I think we should be happy and not be sniveling over ~5% a week.

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hgmichna
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August 15, 2012, 03:01:54 PM
 #1080

Oh look, lower interest rates.  This should shut those ponzi folks up... the ones yammering about 7% not going to last for one year.  It sure didn't, but pirate still isn't running a ponzi Smiley

Quite to the contrary, it means that the pirate can no longer pay out 7% to those on auto-payout of their interest. The auto-payouts are eating into his stash. It is a sign that the Ponzi scheme is nearing its end.

Also, 7% is too big an incentive for more of the early takers to go to auto-payout, once they feel that they have accumulated enough wealth.

The downside of his gamble is that lowering the rate may also make some "investors" withdraw right now. If that happened, then it would be over next week.

Not to mention that pirateat40 instantly loses his Vandroiy bet if he does not announce the interest rate change 30 days in advance. But he doesn't even think about that, because he has already written off the bet he never intended to win.
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