Topic: New Bitcoin Wallet about to Launch. (Read 363 times)

If you lend someone bitcoin, what is the interest rate that will be add on it, because I know you can't be lending without putting interest, moreover how sure is this because there have been a lot of fraud site stating this such things.

I think that her only role now is to create some hype around their product/launch. And from what I see, mission is, for now, accomplished.
Of course, hype doesn't mean credibility and I agree that this (credibility) is a very important matter to be handled, best before launch... in case they indeed prepare a long term project.
But somehow I tend to believe that they have their plan and timeline "set in stone" and won't care much of our suggestions. All this seems to be for them only posts - visibility - hype.

So by now, you have an idea on how to launch your project here, some questions are harsh because we are talking of wallet here, you have to be transparent and open to gain reputation why not do an AMA or video conference so the community will know who are the people behind the project, and check their credentials and past experiences in building project like this .

Is this Noah wallet going to be available worldwide or just in United Kingdom and few other selected countries?
I noticed that your twitter account is saying that you plan to put Bitcoin into hands of one billion people, but with custodial wallet like yours this is not really the case because you are holding all private keys.
Website is lacking information and I can't really speak much about this wallet until it's released.

Hi, im only an employee of Noah, its not my project its a full company we have now 12 on the team and expanding, and our CEO

if you go on our Linkedln page ive been building it up over the past month, i have done a meet the team Campaign and some of them are already on there.

it is logical to use the anonymous wallet to hold your funds because there is always the possibility of forgetting the password.

OP, where we can find who is behind this project? whether there is a team or just you one or two?

Your website looks like the typical ICO website: flashy, animated, buzzwords, big promises, rewards for joining early and referrals.
If you can really offer a fixed interest without risks, why would you need me? Institutional investors would line up for such a guaranteed interest nowadays!

This sets off enough alarm bells for me to stay away.

There's only a 6 minute delay between posts, and you can edit your existing post as often as you want.

That makes it more likely someone else (you?) gets access to the funds. I like my private keys: If I forget them, that's on me and only me.

Releasing the source code of a custodian wallet means nothing and changes nothing. Open source is only important for normal wallets where the user has to run the software themselves on their own machine. Otherwise even if you make your custodian wallet open source user still has no way of knowing what software you are actually running and it also doesn't make any difference in the fact that user still has 0 control over their own money.

I don't think they should dox themselves unless they were planning to anyway, and I don't think developers doxing themselves should be a prerequisite of any project gaining traction in the community. There are anonymous contributors to bitcoin itself, to wallets such as Electrum, to exchanges such as Bisq, which are all obviously highly reputable.

A better solution would simply be to put a link on their website or an announcement on their Twitter verifying their accounts on here/reddit/medium/etc. do indeed belong to members of their team. Ideally they would link to every member of their team's GitHub profile, but since they aren't open source, they can't do that.

I believe you can choose a highly reputed member here to "dox" yourself through any of the Noah team members, because if you are their community member, anybody from the officials shouldn't feel hesitated in telling that reputed forum member (here) about you?


Till your services are live, all your claims are just "to-be-happening airbubbles" and why would anyone trust your "custodial" wallet when we already have so many alternatives available with us?


What's the guarantee that the funds will be safe in your company's wallet?


That's a red flag, it must be open source so to check if everything's okay with the wallet or not?

Who is your "institutional custodian"? What hardware are you using? Who has access to it? How many signatures are required to move funds?

It is neither self nor shared custody if you are holding the private keys. You are in full custody.

What are your recovery processes if someone does forget their password? KYC?

Just some advice - many people on this forum will not touch a wallet which is closed source.

The money still has to come from somewhere. If you are reassigning a marketing budget to give to your users, then where did the marketing budget come from? You must be making money from this wallet somehow, so how do you do it, especially if you aren't going to be serving your users ads? Do you leverage their deposits? Do you sell their data?

Sure, but you* are asking people to trust you with their money while giving essentially no details on what you will do what their money or how you will look after it.

*Not you specifically, but your entire project. I can find nothing regarding the technical details on your website or twitter either.

how would i verify my identity please? as i said sorry im new to this forum and having trouble replying to a lot of people it only lets me reply once then i have to wait.I will figure it out, please believe me i am not here to wind anyone up or promote no scams this is my job my employment i am the community manger for Noah, im amy you can check me out anywhere you wish i will give you my details, to answer a few questions also:

The wallet is custodial, private keys are held in HSMs by our institutional custodian. We are working in a self / shared custody model but we will not sacrifice user experience and being able to offer the best products to our users for the sake of pursuing ‘purest’ Bitcoin hopes.

What I mean by that is that we will never allow a user to lose access to their funds by 'forgetting or losing their password for example.

Our code is not open source currently but we may do so at some point.

The referral model is simply that we're passing on money saved on marketing and the cost per customer acquisition to our users instead of running tv adverts and sponsoring formula one teams.

We all have our own opinions i accept that, its what makes us humans so i take all you comments with gratitude and pass on any feedback. Please however be nice, its nice to be nice i have come into this community willingly and will answer any questions as best i can for you. I believe my self Noah will help a lot of the unbanked people and help adoption of Bitcoin in the nations were they need it the most. If anyone doesnt agree thats fine but please dont shoot me down just now and see what the future brings. Our team is also off the lightning conference this week in El Salvador we have sponsored the event. 

One can't simply offer lifetime benefits, unless it's a pyramid scheme as briefly mentioned above. 20k satoshi's lifetime? Definitely smells like a scam, especially if the others suspicions of the user not actually owning the private key are true.

It'll be best to respond publicly about your software, then you won't get repeated questions, and several users here can challenge you on certain aspects. As you can imagine, the way you've introduced the wallet sounds a little sketchy.

Great that you are sticking around! Can you answer some of our questions?

Is the wallet custodial or not? Who has ultimate control of the private keys?
Can you link to a GitHub or other code repository? If not, then why are you not open source?
What is your income model? The referral rewards and interest must be funded from somewhere. Are you planning to lend, invest, or otherwise leverage users' deposits?

Hi, sorry im new to this forum, i can assure you we are not a scam and i am Amy feel free to drop me a message i would love to speak to you

I’m pretty sure we won’t see “Amy” around for a while! But I’m sure I’m not the only forum member who’ll be keeping an eye out for Noah.com on this forum and the web - thanks for the heads up on your scam project 

Honestly it sounds more like a pyramid scheme if you claims that any referral can give you 20k sats for free without doing anything. If it's for short-term marketing, I can understand it, but that's not what I get from your post. Other than this 'loan-like' approach, what else makes people think your wallet is better compared to others? If you don't have anything else, I doubt you'll find a good user base. Kinda reminds me a forum that launched a few years ago and incentivize posting but end up closed soon after.

And the post content, which is incredibly shady.

"We offer full banking services."
"Where is your banking license?"
Deletes statement.

Which we can only assume to mean they do not have a banking license, and perhaps weren't even aware that they needed one for the services they are offering.

Their website doesn't give much more hope. It states that users will keep "full ownership" of their coins, but then also says that coins are stored in "offline cold storage vaults". Can't be both.

All in all, looks just another closed source custodial wallet.

How will you be able to pay 10% interest to your users and how can Noah approve loan requests instantly ^{[the whole process]}?

Would you mind naming them?

I don't think most users would like that part, but does it mean you'll be sending certain codes to those that aren't using your wallet, so they could redeem it in Noah?

Full banking services ? Better check your wording on this - do you have a banking license ?
I don’t think so

I met some of Noah's team not long ago. The team was ok but noticed right away that the CEO (Shah or something like that I think it was his name) was full of shit. Truly disgusting guy.
Felt bad for the others, they seemed to be good people. 

Who will be holding the private key? It sounds like a custodial wallet which obviously would be a no from the community I believe. Since you are creating a banking type wallet, you are going to have access to the user's funds. I think there wouldn't be many people interested to hand out their bitcoin to someone else. However, there are few such wallets that exist if I'm correct where users can receive interest for holding BTC or other coins.

How can someone even verifies that?

Hi All, im Amy

The Community Manager for Noah.com, I thought I would come on here and tell you all about this new exciting project.

We are just about to Launch in January 2022, the worlds simplest Bitcoin wallet using the Lightning Network, you will be able to save, spend and send your bitcoin with extremely low fees or none at all. We will also be offering amazing interest rates on your bitcoin that you HODL and lending features.

Whats also super exctining is that we have just launched our first referral program. if you sign up to our website and refer your family and friends you can earn 20,000 sats each week, become an early adopter and also enjoy lifetime benefits.

If anyone has any questions please feel free to ask. Otherwise what are you waiting for come and join Noah's Ark the flood is coming   The best thing of 2022.

Noah.com