Bitstake/XBS DISCONTINUED

[coinmaster222]

RenegadeMan

Why did you sent your coins to the online wallet/site to start with ? QT wallet provides 5% close to no fees as every crytpocoins. The online wallet or platform is for nigerian banking services, mobile money transfer and loans.

But anyway V2 anytime soon ?

Well the OP says:

1. Digital savings account

Bitstake offers interest on digital currency deposited on the platform, users earn interest based on staking algorithm.

and

Benefits

No monthly fees and access your account 24-7 anywhere in the world.
Earns Interest.
Make Quick payment.
low transactions and withdrawal fees.
Generate address to Receive coins.
Instant money transfers using any mobile phone without requiring internet

and

4. Trading Platform

Buy and sell digital currencies  on one of the most robust and powerful trading platforms available anywhere with the lowest trading rates in the business.

and the "website" is at:

Website: https://bitstake.info

and then there are several screen shots of the bitstake.info interface indicating this is the place to put your XBS (after all it's "the website")

and from Bitstake back on 17/Mar

staking gives one 5% interest and it secures the network as well

and on the 7/Mar

Introducing Multi-stake Platform, our newest feature that makes staking proof-of-stake digital currencies as easier than ever.

Soooo....everything from what I read told me bitstake.info was THE staking platform. I also couldn't initially get the wallet to work. I eventually did by creating a .conf file and adding the nodes. It begs the question though why the wallet doesn't work without needing to go searching for technical solutions.

All-in-all a pretty ordinary experience and I won't be buying any further XBS as poor information, lack of clarity and fees that (while not excessive against WU charges) are ridiculously high in crypto and NOT ADVISED UP FRONT are indicative to me of lack of thoroughness that will cause further problems.

Best thing I have read on here people were conned to use the staking platform

[1715181115]

1715181115

[Flam]

They were not coned. You must be not really insightfull to put your coins at online anything. You put your coins in your own wallet as any crypto user do.... The platform isn't designed for us but for unbanked nigerians to cut down the fees. What benefit do you think you had putting coins in the online wallet ? None until they say that you can earn more than the 5% stake rate from the wallet wich they ditdn't.
Bitstake is offering an additional service meaning additional fees even if the 1% withdraw fees can be discussed it's ip to you to read conditions first.

Hello.
Min transaction fee: 0.0001 XBS...

[coinmaster222]

They were not coned. You must be no really insightfull to put your coins on online anything. You put your coin in your own wallet as any crypto user... do. The platform isnt designed for us but for unbanked nigerians to cut down the fees. What benefit do you think you had putting coins in the online wallet ? None until they say that you can earn more than the 5% stake rate from the wallet wich they ditdn't.

When I asked the team said there web wallet was not working right but to use he staking platform.The bit that for Nigerians tells you so and says not for use by me and the currency is the Nigerian whatever,so dont pull that stunt and they still dont have a working wallet that a newbie could use.

[Flam]

That's why we are waiting V2
But if you are fool enough to put your money anywere without looking at the place first it's not really my prob but I warn you, that's dumb to do this. It's a work in progress. Maybe "beta"  was a better term than V1 that's all.

Again everything is fine from QT wallet and close to no fees. why would you ever put your coins elswhere if you have no incentive too ? Platform isn't finished yet and also you are probably not the targeted future client of it.

[coinmaster222]

Does noone ever tell you something cant be beta if money changes hands
EDIT....anyway the best of luck

[xamido]

Does noone ever tell you something cant be beta if money changes hands
EDIT....anyway the best of luck

Oh really? Steam early access, EA dlc during beta, hearthstone beta with card pack.

[solid12345]

No offense renegademan but how do you think Bitcoin exchanges like Coinbase or Circle stay in business? they charge a fee to buy Bitcoin and withdraw it. Usually they take around a 1% commission as well.

The Bitstake site is not a daytrader exchange like bittrex where thousands of microtrades are going on every hour where the fees seem invisible to the average user. How else do you expect them to make money?

It's funny for as long as i've been in crypto and how people get excited over digital money, few people around here have any concept of how capitalism, economics or business works. I'd dare say half are communist and just want everything free free free or for an absurdly low amount.

[coinmaster222]

A test for a computer product prior to commercial release. Beta testing is the last stage of testing, and normally can involve sending the product to beta test sites outside the company for real-world exposure or offering the product for a free trial download over the Internet. Beta testing is often preceded by a round of testing called alpha testing. wiki

[Flam]

1. I read the OP
2. I read enough of the BCT thread to perceive that bitstake.info was the main site run by and for staking XBS
3. The "benefits" detailed in the OP and I've already mentioned this twice now....don't keep saying "no incentive to" it's there in black and white as to why you'd use bitstake.info
4. I read through Bitstake's various twitter posts
5. I did a whois check on the domain.

Those steps told me I could send the XBS there and be relatively sure it was legit.

At no point has the OP or anything in this thread suggested bitstake.info is "beta". This is the first I've heard of such a thing.

Honestly you're putting forward a whole raft of views that aren't reflected in the OP or most postings here on this thread.

This is of even greater concern. If bitstake.info is still in beta where does it tell you this?

And again where are the "conditions" you've suggested I should have checked first?

Whole thing's looking more and more silly and you're not addressing the key points I've raised.

Sorry but I see no benefit and that's why I'm staking into my wallet since day 1.
There is no benefit to use a staking platform until you are looking for an ease of use and so you will be likely to pay extra fees.
Nothing can beat staking from your own wallet until you are paid extra money for it wich it was never advertised from Bitstake.
On top of that dont ever put your money on a centralized site until you have a really good incentive to.
You read the ann badly sorry.

You don't go to their platform to stake only you will pay for nothing. The goal is mobile banking with instant fiat conversion and its worth the 1% hands down. Maybe they will have to fix  the 1% withdraw fees for staking especially, but no big deal to me at all. If the service offered doesn't fits you just don't use it, quite simple.

There is no "Fool me once shame on you" in business there is only "Know what you are doing" stuff. You put your money at risk without knowing every conditions, be glad it costs you only 1% for the lesson and it was not such thing as cryptodouble .

[qwep]

No offense renegademan but how do you think Bitcoin exchanges like Coinbase or Circle stay in business? they charge a fee to buy Bitcoin and withdraw it. Usually they take around a 1% commission as well.

The Bitstake site is not a daytrader exchange like bittrex where thousands of microtrades are going on every hour where the fees seem invisible to the average user. How else do you expect them to make money?

It's funny for as long as i've been in crypto and how people get excited over digital money, few people around here have any concept of how capitalism, economics or business works. I'd dare say half are communist and just want everything free free free or for an absurdly low amount.

Yes. I understand the difference between how an exchange generates income via their 0.25% fees, of which they have many thousands per hour versus what Bitstake.info is likely attempting to do. And if Bitstake.info is directed at Nigerians who're currently using Western Union or Moneygram (or whatever) a 1% withdrawal fee is a tiny fraction by comparison to the charges they're currently paying to remit funds, so it's likely to be very acceptable.

But my major complaint is the lack of information about Bitstake.info, the lack of "conditions" of use and the fact that at no stage was this 1% fee advised prior to one depositing coins. Also my initial inability to get the wallet working without searching for a technical solution involving creation of a .conf file and the constant references to Bitstake.info throughout the OP and on this thread led me to believe it was the best place to send my XBS.

I'm (obviously) now aware of far more than when I started and I've exited my XBS position without any loss (even with the deduction of around 42 XBS for the withdrawal fee) but there's clearly a lack of information and many entries within the OP and many of the posts on this thread directing people to use Bitstake.info when it's clearly not built for anyone here within the crypto realm.

A lot of mis-information that's left me with a bad feeling about Bitstake.

I do believe bitstake is a work in progress, most of the crypto users are use to judge everything by nature now and thats fine, in my case i had some blackcoin i wasn't even staking which let me to use the multi staking platform where i could earn xbs from the blk pos.

I'm pretty sure they will have support soon since they are going to begin working with people buying, sending, questions, problems, what a online business does.

[Voidcrafter]

keep in mind , xbs still has an interview with the biggest nigerian newpaper and a couple of smaller interviews + retweets by the biggest nigerian radio station , I do not think this is easy to get if your project is not serious.

[qwep]

keep in mind , xbs still has an interview with the biggest nigerian newpaper and a couple of smaller interviews + retweets by the biggest nigerian radio station , I do not think this is easy to get if your project is not serious.

thats right, also an article on cointelegraph coming up.

[welchy8764]

1. I read the OP
2. I read enough of the BCT thread to perceive that bitstake.info was the main site run by and for staking XBS
3. The "benefits" detailed in the OP and I've already mentioned this twice now....don't keep saying "no incentive to" it's there in black and white as to why you'd use bitstake.info
4. I read through Bitstake's various twitter posts
5. I did a whois check on the domain.

Those steps told me I could send the XBS there and be relatively sure it was legit.

At no point has the OP or anything in this thread suggested bitstake.info is "beta". This is the first I've heard of such a thing.

Honestly you're putting forward a whole raft of views that aren't reflected in the OP or most postings here on this thread.

This is of even greater concern. If bitstake.info is still in beta where does it tell you this?

And again where are the "conditions" you've suggested I should have checked first?

Whole thing's looking more and more silly and you're not addressing the key points I've raised.

Sorry but I see no benefit and that's why I'm staking into my wallet since day 1.
There is no benefit to use a staking platform until you are looking for an ease of use and so you will be likely to pay extra fees.
Nothing can beat staking from your own wallet until you are paid extra money for it wich it was never advertised from Bitstake.
On top of that dont ever put your money on a centralized site until you have a really good incentive to.
You read the ann badly sorry.

You don't go to their platform to stake only you will pay for nothing. The goal is mobile banking with instant fiat conversion and its worth the 1% hands down. Maybe they will have to fix  the 1% withdraw fees for staking especially, but no big deal to me at all. If the service offered doesn't fits you just don't use it, quite simple.

There is no "Fool me once shame on you" in business there is only "Know what you are doing" stuff. You put your money at risk without knowing every conditions, be glad it costs you only 1% for the lesson and it was not such thing as cryptodouble .

I agree but i do think once the traffic starts to pick up the transaction fees will naturally decrease. That's just economics. There is no benefit right now to adding XBS to bitstake.info. Even though I have 1050 XBS locked until May 1st.
The other thought that pops into my head is that if the fees are high people will not move the XBS around as much which is what the devs want. This naturally reduces the amount of XBS on the market.

[Bitstake]

Bitstake still has the lowest fees compared to any African based bitcoin start-up, we welcome suggestions on how we can simplify our fees structure.

[xamido]

Bitstake still has the lowest fees compared to any African based bitcoin start-up, we welcome suggestions on how we can simplify our fees structure.

1% is good enough. You deserve fee for your service.

I can't believe he's crying over 42 xbs. That's nothing compared to other remittance service.

[welchy8764]

Bitstake still has the lowest fees compared to any African based bitcoin start-up, we welcome suggestions on how we can simplify our fees structure.

1% is good enough. You deserve fee for your service.

I can't believe he's crying over 42 xbs. That's nothing compared to other remittance service.

I have a question- Where would the developers like the XBS?

[Askuzai]

I'm more interested in how they plan on tackling the absolutely immense task of educating customers -- as someone said before, I'm not seeing anything to suggest adoption in Africa as of yet. Dev politely informed me they won't be releasing data on penetration at this time since it could be used by competitors, and as someone who's worked a fair bit on microlending and microinsurance solutions targeted to unbanked populations I can't say I'm convinced this has legs just yet.

Great idea, but the execution will be less than simple.

[Kimowa]

I'm more interested in how they plan on tackling the absolutely immense task of educating customers -- as someone said before, I'm not seeing anything to suggest adoption in Africa as of yet. Dev politely informed me they won't be releasing data on penetration at this time since it could be used by competitors, and as someone who's worked a fair bit on microlending and microinsurance solutions targeted to unbanked populations I can't say I'm convinced this has legs just yet.

Great idea, but the execution will be less than simple.

i think good step is that they use nigerian place to show idea

[Askuzai]

I'm more interested in how they plan on tackling the absolutely immense task of educating customers -- as someone said before, I'm not seeing anything to suggest adoption in Africa as of yet. Dev politely informed me they won't be releasing data on penetration at this time since it could be used by competitors, and as someone who's worked a fair bit on microlending and microinsurance solutions targeted to unbanked populations I can't say I'm convinced this has legs just yet.

Great idea, but the execution will be less than simple.

i think good step is that they use nigerian place to show idea

It's something but I think a lot of people are buying into an exciting idea without realizing the vast majority of remittance in Africa is monopolized by the communications providers exactly because they have a direct platform for education. There is also the issue of hiring agents to act as intermediary moneychangers -- otherwise the same populations are depending on the same exploitative merchants they use now to convert money, and then carrying out remittance via Bitstake. Which isn't much of a value proposition. Without commentary on these issues it's hard to gauge where the developers are at, in reality.

[solid12345]

It's something but I think a lot of people are buying into an exciting idea without realizing the vast majority of remittance in Africa is monopolized by the communications providers exactly because they have a direct platform for education. There is also the issue of hiring agents to act as intermediary moneychangers -- otherwise the same populations are depending on the same exploitative merchants they use now to convert money, and then carrying out remittance via Bitstake. Which isn't much of a value proposition. Without commentary on these issues it's hard to gauge where the developers are at, in reality.

For what it's worth there is only one other Bitcoin exchange in Nigeria. Is this a brand new market that will be hard to break into? Of course, but with great risk comes great reward. I think the remittance market though is so huge that if even a small percentage of people use Bitstake it could be potentially lucrative.