Soothe our fears and tell us why Bitcoinica will not be hacked and tell us about how our money will not be stolen out of thin air?
Well .. it was hacked, and still your money is safe.
+1 for cold storage.
Topic: Bitcoinica's Interest System (Read 12481 times)
Well .. it was hacked, and still your money is safe.
+1 for cold storage.
So you should get a payment as soon as your 0.0048 BTC/day (at the moment, interest rates will vary) accumulates to the 0.01 payout minimum.
Thanks, didn't know about the 0.01 minimum. With a 0.48 daily pip that should happen at the third day with BTC100.
Forgot to mention it before, but I got it on the third day as predicted.
Is this like a 20% interest rate bank account.
Not by a long shot. For starters, in the US, you bank account is covered by FDIC insurance.
watching this.
^ +1
Is this like a 20% interest rate bank account. Which fees are associated with depositing and withdrawing from a bank account within SEPA?
Is this like a 20% interest rate bank account. Which fees are associated with depositing and withdrawing from a bank account within SEPA?
zhoutong>
Can you dumb this down for me? I'm a complete n00b when it comes to markets, etc.
Can I treat this like a regular bank account, in that I can deposit my bitcoins. Let them sit/accumulate interest, and then withdraw some or all at any time?
Is there a fee to withdraw or to use your service?
Or do you make your money by "using" our bitcoins (like a bank uses our money), and then give us the interest as a way of paying us to use our money?
Do I understand this correctly?
Because I'm interested if this is all correct.
Can you dumb this down for me? I'm a complete n00b when it comes to markets, etc.
Can I treat this like a regular bank account, in that I can deposit my bitcoins. Let them sit/accumulate interest, and then withdraw some or all at any time?
Is there a fee to withdraw or to use your service?
Or do you make your money by "using" our bitcoins (like a bank uses our money), and then give us the interest as a way of paying us to use our money?
Do I understand this correctly?
Because I'm interested if this is all correct.
Where's the interest graph?
So you should get a payment as soon as your 0.0048 BTC/day (at the moment, interest rates will vary) accumulates to the 0.01 payout minimum.
Thanks, didn't know about the 0.01 minimum. With a 0.48 daily pip that should happen at the third day with BTC100.
So I can just plop 100 BTC over to my Bitcoinica account... and start seeing .0417% interest on that 100 bitcoin deposit per day?
Everyday?
Everyday?
You get the buying interest rate, so it can be lower. The rate is dynamic, but 3% to 6% APY should be the norm.
Yes, you don't have to do anything, and you can withdraw any time. Interest is calculated hourly and paid daily.
I put BTC100 on Friday just to test it out and I've received 0 interest. So?
So you should get a payment as soon as your 0.0048 BTC/day (at the moment, interest rates will vary) accumulates to the 0.01 payout minimum.
So I can just plop 100 BTC over to my Bitcoinica account... and start seeing .0417% interest on that 100 bitcoin deposit per day?
Everyday?
Everyday?
You get the buying interest rate, so it can be lower. The rate is dynamic, but 3% to 6% APY should be the norm.
Yes, you don't have to do anything, and you can withdraw any time. Interest is calculated hourly and paid daily.
I put BTC100 on Friday just to test it out and I've received 0 interest. So?
So I can just plop 100 BTC over to my Bitcoinica account... and start seeing .0417% interest on that 100 bitcoin deposit per day?
Everyday?
Everyday?
You get the buying interest rate, so it can be lower. The rate is dynamic, but 3% to 6% APY should be the norm.
Yes, you don't have to do anything, and you can withdraw any time. Interest is calculated hourly and paid daily.
So I can just plop 100 BTC over to my Bitcoinica account... and start seeing .0417% interest on that 100 bitcoin deposit per day?
Everyday?
Everyday?
Interests are good!
Thanks for your great service zhoutong. It's a pity you decided not to start your own exchange in the near future. Could you tell us your considerations?
One question: I like the green bar, I do not, however understand why the zhoutong price still isn't visible and clear to all users. It's insane you have to calculate it yourself.
One question: I like the green bar, I do not, however understand why the zhoutong price still isn't visible and clear to all users. It's insane you have to calculate it yourself.
I have over 13 BTC "sitting" in my account but have done nothing with them. Do I need to have earned 0.01 BTC from a position before interest payments start being made or can I just leave the balance untouched? Thanks for helping me out.
You can just leave them untouched. When these 13 BTC starts to generate 0.01 BTC interest for you, you will receive your first interest payment. Thanks!
I have over 13 BTC "sitting" in my account but have done nothing with them. Do I need to have earned 0.01 BTC from a position before interest payments start being made or can I just leave the balance untouched? Thanks for helping me out.
Has anyone successfully received any interest payments? I have had some BTC in there for about 2 days with nothing. Isn't is supposed to be live now or is the 16th the launch date?
You need to get at least 0.01 ฿ to be paid. The accumulation has already started. You'll be paid on the first day that you have accumulated 0.01 ฿.
"Our general design principle is that we always pay less interest to our customers than what we receive from them as position swaps."
It would be nice if the amount of interest paid out to customers equaled that which you received in position swaps. Or at least came close to it.
That might lead to smaller interest rate gap between the buy and sell positions.
It would be nice if the amount of interest paid out to customers equaled that which you received in position swaps. Or at least came close to it.
That might lead to smaller interest rate gap between the buy and sell positions.
Is 70% considered close? Most money market investment deals return 70% of interbank rate.
The spread is large because we have no shortage of funds now. We have to collect from a small group of people and distribute to a large group of people, hence the buy-sell spread.
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