I can see people are taking the pirateat40 model.
For any newbies, pirateat40 had a ponzi scheme, which first started off him trying to day trade the funds to get the 7% he was offering.
For any newbies, pirateat40 had a ponzi scheme, which first started off him trying to day trade the funds to get the 7% he was offering.
I don't think it's fair to compare 5% per year with the 7% per week Pirateat40 offered at Bitcoin Saving and Trust.
It is the same model, you do realize that.
How so? This bank is loaning out leverage to people with the deposited btc is it not? Pirate didn't do anything of the sort.
Yes pirate traded his currency, and this bank is lending it out to people to trade. What happens if whales come in and just easily scape the trades and take all the coins, then you don't get your 5% or any coins back. It is highly risky, and so was pirate, same model. Please do your research.
It's not the same model at all. They also take US dollars and they're not just going to give out leverage to anyone who walks in the door. Not to mention they will stop people out of a trade if they have to.
It's really not like Pirate at all. A person who took peoples deposits and attempted to day trade with them while promising them ~370% interest is not the same as a financial institution offering 5% per year. Offering leverage and profiting of peoples trading is not the same at all to day trading. I can't imagine where you're connecting the two.
I am looking at both from a rational view. You are looking at one as this financial institution which can't lose money. Plus do they even have the proper licenses? And yes they are giving accounts to anyone that walks in the door, I was given account their
I seen there beta in action.I agree with you that it's not risk free and it's certainly possible that they could lose money. I just feel it's quite different than the Pirate situation is all.
