[BitcoinMax.com] Closed

[Haplo]

for security, i'm going to start locking down withdrawal addresses. to start with, all withdrawals from now on will just go to the address on your account. no more "please withdraw to 1xxxyyy..." in my PMs.

I didn't know you were doing that x.x. Luckily, nobody seems to have hacked into my account and stolen anything .

[payb.tc]

for security, i'm going to start locking down withdrawal addresses. to start with, all withdrawals from now on will just go to the address on your account. no more "please withdraw to 1xxxyyy..." in my PMs.

How exactly do we set a withdrawal address?

those 2 or 3 early accounts that don't have one yet will just have to PM me with one.

thanks.

[drakahn]

By the way, for safety reasons, only process my withdraw application IF I request it using my Bitcoin-OTC GPG key(in my signature) to prevent unauthorised withdrawals.
Somebody please quote my post to preserve my statement. 

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

I would like to double this for my account.

GPG: C175FDA3 http://pgp.mit.edu:11371/pks/lookup?op=get&search=0xC911BA7FC175FDA3
-----BEGIN PGP SIGNATURE-----
Version: GnuPG v2.0.17 (MingW32) - WinPT 1.2.0

iEYEARECAAYFAk/5WoAACgkQyRG6f8F1/aPqqACfRTSYcByuUXPPWJB9nM7It4on
YYkAmweNL3bci1P4O2PvIQwF4tvnBi0h
=UWl9
-----END PGP SIGNATURE-----


That above is actually my first signed message - anything wrong there? >.>

[lenny_]

Your message cannot be verified. I sent you PM.

[eleuthria]

"TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!"

I hope everything is "okay" .

[payb.tc]

"TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!TX is okay!!!"

I hope everything is "okay" .

haha some debug output that was missing the "if ($debug)" qualifier.

having some weird output from blockchain.info's api for just one particular tx... still investigating, but it won't affect payouts.

[unclemantis]

Can I invest as little as 1 btc or is 10 btc the minimum?

[twmz]

Can I invest as little as 1 btc or is 10 btc the minimum?

F.A.Q.

Q. What is the minimum deposit amount?
A. To open an account, you must send at least 10 BTC for your first deposit. After that, subsequent deposits can be any amount.

[payb.tc]

Can I invest as little as 1 btc or is 10 btc the minimum?

F.A.Q.

Q. What is the minimum deposit amount?
A. To open an account, you must send at least 10 BTC for your first deposit. After that, subsequent deposits can be any amount.

seeing as how the initial influx of new lenders has subsided, i've now dropped the minimum to 5 btc.

[PatrickHarnett]

seeing as how the initial influx of new lenders has subsided, i've now dropped the minimum to 5 btc.

Updated in the WPW thread.

[dooglus]

Updated in the WPW thread.

It took me a while to work out what WPW meant.

It's this thread: https://bitcointalk.org/?topic=81542 ("Who Pays What?")

[dooglus]

whether the examples we've done above are totally accurate or not, the point is you can achieve almost exactly the same result by having a constant % each week... might just need to spend some time on a calculator or spreadsheet first though to work out what that % is for you.

I don't think that's true.  By juggling the percentages you can withdraw every week and arrange to withdraw the same amount as if you withdrew only once every 4 weeks (but end up with a lower principal) or end up with the same principal (but withdraw a smaller total).

For example.  Suppose you deposit 1000 BTC and decide to withdraw 70% of your interest after letting it compound at 7% per week for 4 weeks.

You'll withdraw 217.55 BTC and leave 1093.23 BTC in the account.

Now we attempt to replicate that by withdrawing a fixed percentage of the interest each week.

If we withdraw 67.81% of the interest each week, we'll end up leaving 1093.23 BTC in the account but only withdrawing  47.46 + 48.53 + 49.63 + 50.74 = 196.38 BTC - we're 21.16 BTC worse off than leaving the interest to compound for 4 weeks.

On the other hand, if we withdraw 75.75% of the interest each week, we end up withdrawing 53.02 + 53.92 + 54.84 + 55.77 = 217.55 BTC, but end up with only 1069.65 BTC left in the account - we're 23.58 BTC worse off than in the first case where we left the interest to compound.

In summary:

   weekly withdraw         total withdrawn         total left in account
    ---------------         ---------------         ---------------------
    0% (70% at end)              217.55                   1093.23
    67.81%                       196.38                   1093.23
    70.00%                       202.26                   1086.68
    75.75%                       217.55                   1069.65


So we have to chose to either withdraw the same amount (and keep less) or keep the same amount (and withdraw less).

If you think about it, it stands to reason.  Withdrawing any amount each week is bound to earn you less than leaving the money to compound for a month before withdrawing.  That's why compound interest is 'better' than simple interest.

Edit: added 70.00% weekly withdraw line to table - thanks payb.tc.

[payb.tc]

^^^agreed, but ultimately since the withdrawal is only once per month, i suggested to just leave the account set to 100% re-invest, and request a withdrawal once per month.

[dooglus]

^^^agreed, but ultimately since the withdrawal is only once per month, i suggested to just leave the account set to 100% re-invest, and request a withdrawal once per month.

Right.

When I first saw the request I thought "surely you can just juggle the percentage and get the same result by withdrawing a slightly different amount each week".  Then I saw others saying the same.  And finally, after playing with the numbers, found that actually you can't, and so the feature request actually is a reasonable one, despite my first impressions.

Doing the withdrawal requests manually each month works too - but is probably more work for both you and him in the long run.

[payb.tc]

incidentally, if you withdraw 70% each week you get:


   weekly withdraw         total withdrawn         total left in account
    ---------------         ---------------         ---------------------
    70.00%                       202.26                   1086.68

[dooglus]

incidentally, if you withdraw 70% each week you get:


   weekly withdraw         total withdrawn         total left in account
    ---------------         ---------------         ---------------------
    70.00%                       202.26                   1086.68

Oh yeah.  So you withdraw less, and end up with less principal than if you want until the end of the 4 weeks.  Makes sense.

I added this to my previous post for easier comparison.

[drakahn]

I may need to temporarily withdraw the contents of my account, not soon or for sure yet, but if i need to will it cause a problem? it would be for a few weeks and then i would have it back to put back in, i would leave whatever i can in the account but it would be most of it.

[payb.tc]

I may need to temporarily withdraw the contents of my account, not soon or for sure yet, but if i need to will it cause a problem? it would be for a few weeks and then i would have it back to put back in, i would leave whatever i can in the account but it would be most of it.

that should be fine drakahn, just give me 24 hours notice. actually the most convenient time for me to send it would be around the same time as one of the weekly payment runs (but not today's one!).

[SkRRJyTC]

If I change the withdraw % to 100% will I get this week's payment and then a withdrawal for the total amount?

[drakahn]

If I change the withdraw % to 100% will I get this week's payment and then a withdrawal for the total amount?

100% means 100% of your interest will go to your interest account