[ANN] HaoBTC, mining dividend paid out hourly - page 17.

ranlo

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Quote from: usenet on February 26, 2016, 03:23:30 AM

Quote from: Eric Mu on February 25, 2016, 11:07:09 PM

Interest rate change

Anticipating block reward halving in the summer of 2016, HaoBTC has decided to implement a new interest structure starting May 1.
As a result, the interest rate of Wallet, the flexible interest wallet, will be lowered from the current 3% APR to 2% APR; the starting interest rate of Finance, the fixed term account, will be lowered from the current 12% APR to 6.8% APR; the monthly increment percentage for Finance account will stay unchanged.

Thanks for the info.

What happens with accounts where the interest rate is higher, eg. 14%, does the account with a higher interest rate will be reduced to 12% of base?
Is the table of growth rates in dependence on the investment time is already available?

Existing lock-ins should remain the same (hence you locking in for x period). It should just affect new ones.

usenet

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Quote from: Eric Mu on February 25, 2016, 11:07:09 PM

Interest rate change

Anticipating block reward halving in the summer of 2016, HaoBTC has decided to implement a new interest structure starting May 1.
As a result, the interest rate of Wallet, the flexible interest wallet, will be lowered from the current 3% APR to 2% APR; the starting interest rate of Finance, the fixed term account, will be lowered from the current 12% APR to 6.8% APR; the monthly increment percentage for Finance account will stay unchanged.

Thanks for the info.

What happens with accounts where the interest rate is higher, eg. 14%, does the account with a higher interest rate will be reduced to 12% of base?
Is the table of growth rates in dependence on the investment time is already available?

Eric Mu

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Interest rate change

Anticipating block reward halving in the summer of 2016, HaoBTC has decided to implement a new interest structure starting May 1.
As a result, the interest rate of Wallet, the flexible interest wallet, will be lowered from the current 3% APR to 2% APR; the starting interest rate of Finance, the fixed term account, will be lowered from the current 12% APR to 6.8% APR; the monthly increment percentage for Finance account will stay unchanged.

Eric Mu

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Quote from: ranlo on February 09, 2016, 12:32:20 PM

Quote from: jayce on February 09, 2016, 05:38:35 AM

Quote from: ranlo on February 09, 2016, 01:35:52 AM

Most people aren't building up 1 BTC+ in a month (note: this would mean you'd need at least 50 BTC invested) to be able to withdraw it all fee-free. So now they're holding money AND charging fees when people want to withdraw.

They are making this rule to discourage withdrawing the bitcoin and with less people withdrawing btc then they would be able to keep the bitcoin for longer period which means they could use it for other purposes and at the same time "paying" user with just some small amount of interest (to make themselves richer )

That's pretty obvious. But what they're doing is taking a site that used to have a lot of incentive to deposit to and destroying all that incentive. They're going to cripple themselves.

I disagree that this will turn off users. If you are interested in knowing how the business is doing, one way to do it is note down how much we have paid our users which is displayed on the front page - currently over 11,00 BTC, I think and the number is updated regularly, and you will get a fairly accurate gauge if we have lost a lot of users.

ranlo

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Quote from: jayce on February 09, 2016, 05:38:35 AM

Quote from: ranlo on February 09, 2016, 01:35:52 AM

Most people aren't building up 1 BTC+ in a month (note: this would mean you'd need at least 50 BTC invested) to be able to withdraw it all fee-free. So now they're holding money AND charging fees when people want to withdraw.

They are making this rule to discourage withdrawing the bitcoin and with less people withdrawing btc then they would be able to keep the bitcoin for longer period which means they could use it for other purposes and at the same time "paying" user with just some small amount of interest (to make themselves richer )

That's pretty obvious. But what they're doing is taking a site that used to have a lot of incentive to deposit to and destroying all that incentive. They're going to cripple themselves.

Eric Mu

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Quote from: ?? on ??

I registered but i didnt receive the email code?
Tryed resend it already, but still no code.

Hi testbug,

Please PM your email address. I will forward to my colleague to check.

gribble

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jayce

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Quote from: ranlo on February 09, 2016, 01:35:52 AM

Most people aren't building up 1 BTC+ in a month (note: this would mean you'd need at least 50 BTC invested) to be able to withdraw it all fee-free. So now they're holding money AND charging fees when people want to withdraw.

They are making this rule to discourage withdrawing the bitcoin and with less people withdrawing btc then they would be able to keep the bitcoin for longer period which means they could use it for other purposes and at the same time "paying" user with just some small amount of interest (to make themselves richer )

ranlo

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Quote from: Mikestang on February 09, 2016, 01:16:00 AM

Quote from: Eric Mu on February 04, 2016, 04:14:19 AM

Does it mean you encourage withdrawing large amount of bitcoin. That fee structure is good for rich people.

I would hardly call 1BTC being "rich". It's a bit high if dust transactions were really the concern, like 0.2 and up would be better for that, but 1BTC isn't unreasonable. Hey, at least they still offer free tx at all!

With this change, though, they should take the interest back to being added/withdrawable daily, rather than monthly. Most people aren't building up 1 BTC+ in a month (note: this would mean you'd need at least 50 BTC invested) to be able to withdraw it all fee-free. So now they're holding money AND charging fees when people want to withdraw.

Mikestang

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Quote from: Eric Mu on February 04, 2016, 04:14:19 AM

Does it mean you encourage withdrawing large amount of bitcoin. That fee structure is good for rich people.

I would hardly call 1BTC being "rich". It's a bit high if dust transactions were really the concern, like 0.2 and up would be better for that, but 1BTC isn't unreasonable. Hey, at least they still offer free tx at all!

Eric Mu

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Quote from: Lumada on February 04, 2016, 03:58:06 AM

Quote from: Eric Mu on February 03, 2016, 11:02:04 PM

Hi guys,

We just changed our fee rates for BTC withdrawals:
For amount less than 1BTC, you will need to pay a fixed fee of 0.001BTC;
for amount larger than (including) 1BTC, no fee will be charged;
Transactions between two HaoBTC accounts will continue to be free.

Does it mean you encourage withdrawing large amount of bitcoin. That fee structure is good for rich people.

I tend to see it more positively as a measure to disincentivise people from sending dust transactions, reducing the risk of the Blockchain being clogged up. Wink

Lumada

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Quote from: Eric Mu on February 03, 2016, 11:02:04 PM

Hi guys,

We just changed our fee rates for BTC withdrawals:
For amount less than 1BTC, you will need to pay a fixed fee of 0.001BTC;
for amount larger than (including) 1BTC, no fee will be charged;
Transactions between two HaoBTC accounts will continue to be free.

Does it mean you encourage withdrawing large amount of bitcoin. That fee structure is good for rich people.

Eric Mu

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Activity: 471

Merit: 500

Hi guys,

We just changed our fee rates for BTC withdrawals:
For amount less than 1BTC, you will need to pay a fixed fee of 0.001BTC;
for amount larger than (including) 1BTC, no fee will be charged;
Transactions between two HaoBTC accounts will continue to be free.

crazyivan

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Quote from: Eric Mu on January 26, 2016, 08:13:21 AM

Quote from: crazyivan on January 26, 2016, 02:23:29 AM

Quote from: zalucia on January 25, 2016, 03:32:45 PM

Quote from: crazyivan on January 25, 2016, 03:09:19 PM

Quote from: wlefever on January 25, 2016, 10:35:54 AM

What's in it for us is the interest earned on deposited coins. There really isn't anything more to it. They use our invested capital to expand their farm, and we earn interest payments for temporarily loaning our coins.

Haobtc can't help the fact that the bitcoin network is constantly increasing which shrinks their margins just like any miner. If btc price keeps appreciating they will be able to afford to make the interest payments a little longer but not forever at the same rate.

I understand that but even Hashnest Pacmic, which is basically the same things, pays about 12% a year, so about 3-4x HAO. This is a very competitive market, that s my entire point. I m not going to comment anymore on this.

The HaoBTC has a 12-15% interest rate for monthly saving account, it is better than the Pacmic. If the difficulty rise, you might not get back the original investment from Pacmic.

12-15%? I was told it s just above 3%. Please clarify this.

HaoBTC offers two types of accounts:
Wallet: interest rate 3% APR
Finance: interest rate 12% - 15.58% APR; interest rate increases incrementally every month

Ok, I see thx. This sounds OK but I do think 10 BTC deposit limit for the Finance option is a bit too much. 5 BTC would be probably acceptable. Fixed savings account is fine, no withdrawal for a period of time.

mandica

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Quote from: tsaroz on January 28, 2016, 09:26:41 PM

I was one of the early investor of Haobtc where they gave above 10% on wallet balance. Still 3% compounded is as good as a real bank. It would be great if the minimum deposit for a finance be lowered to 1 BTC.

10 bitcoin is for the rich people who can afford putting the money there for longer term without taking out now and then.

tsaroz

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I was one of the early investor of Haobtc where they gave above 10% on wallet balance. Still 3% compounded is as good as a real bank. It would be great if the minimum deposit for a finance be lowered to 1 BTC.

Icon

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no to both, first they are not a cloud mining company, they are a wallet service, and they used to allow withdraw with the accrued hourly interest, now if you withdraw before the first of each month you don't get any of the interest it has earned.

Icon

Undermood

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Quote from: Mikestang on January 26, 2016, 05:04:35 PM

Quote from: Icon on January 26, 2016, 04:00:26 PM

You only earn the interest at the first of each month, used to earn hourly and withdraw, now if you withdraw before the first of the month you'll loose the interest you accrued during that month.

Oh and pay withdraw fees Sad

No, you still earn interest hourly in Wallet, but it is "frozen" until the 1st of the next month so you cannot withdraw it before then, but you still earn it.

Yes, we can withdraw the hourly earning once you request a withdrawal. If I remember clearly, they updates this info in somewhere of this thread.

robelneo

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I have read about the negative and positive comments on this thread but compared to other cloud mining they are very much transparent than cldmine and other cloud mining sites,as you can see the op always update this thread and makes it a point to always answer all inquiries

Mikestang

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Quote from: Icon on January 26, 2016, 04:00:26 PM

You only earn the interest at the first of each month, used to earn hourly and withdraw, now if you withdraw before the first of the month you'll loose the interest you accrued during that month.

Oh and pay withdraw fees Sad

No, you still earn interest hourly in Wallet, but it is "frozen" until the 1st of the next month so you cannot withdraw it before then, but you still earn it.

Quote from: Eric Mu on December 03, 2015, 09:02:14 PM

[click post link above]

I have not seen the post regarding withdraw fees, can you link to it please?

Topic: [ANN] HaoBTC, mining dividend paid out hourly - page 17. (Read 56856 times)