If people are looking to pay fees to store their coins, I can do this easily for half of what the OP wants. And I've been a community member longer.
This entire business idea makes no sense for the end user. You are taking 1.5% PER WEEK (217% per year) just to safeguard against something that will probably not happen. And if the bitcoin value ever plummets, you declare bankruptcy or disappear keeping all the coins.
Edit: For every 100 coins that you put in this service, you would be left with 46.11 at the end of this first year. You would basically be paying a $550 insurance premium to make sure your coins didn't devalue more than $377. (Based on today's bitcoin value of $12)
Topic: Safecoin - Protect Your Bitcoin Investment! $5USD/BTC Value Promise. (Read 3489 times)
October 16, 2012, 09:40:13 AM
October 16, 2012, 06:50:00 AM
good luck with ponzi bro
October 15, 2012, 08:53:16 PM
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Also, keep in mind that if the value of BTC increases more than the fees, you'll still be making money while having a large safety net of not losing your investment.
Also, keep in mind that if the value of BTC increases more than the fees, you'll still be making money while having a large safety net of not losing your investment.
October 15, 2012, 08:47:08 PM
Worried about your bitcoins getting HACKED by viruses or trojans? Worried about a massive BTC price drop and lose your investment? Welcome to Safecoin.
Secure Storage
Stored bitcoins will be safely kept on a fully-offline, (not reachable locally) Armory installation. Private keys are safely backed up after Truecrypt encryption onto a variety of online storage services like Amazon Web Services, in case of natural disaster.
Bitcoin Price Drop Promise
Safecoins will promise a value of up to $5 USD per bitcoin depending on your security profile. We use the fees to establish 100% collateral in USD. If you like, we can also trade your BTC into USD once the market starts to drop significantly to give you higher cash in case bitcoins collapse.
Identity Protection
You can choose this optional feature where we verify your identity before withdrawing your coins or currency. Supply us with whatever information you'd like to verify, and when you withdraw you'll need to provide the same thing. For example, security questions or scans of government IDs.
Plans
$1 USD per Bitcoin guarantee: 0.2% per week fee.
> Suggested for those who deposit in Safecoin primary for the security and don't want to end up with worthless coins. Very low fees.
$3 USD per Bitcoin guarantee: 0.7% per week fee.
> Suggested for those who don't want to pay a high premium but would like additional security.
$5 USD per Bitcoin guarantee: 1.5% per week fee
> Best for those who want maximum security and a peace of mind.
Current collateral: $1000 USD - will increase as people deposit into Safecoin.
The fees will decrease over time due to the power of negative compound interest
How it works
You can request a payout at any time via PayPal, Liberty Reserve, Dwolla, Payza, Bank Transfer, MtgoxUSD coupons. Your balance deposited into our secure coin holdings will be deducted the applicable fee per week.
Obviously, you can request a payout of your bitcoins at any time to a wallet for just a 0.01BTC fee as we manually process and verify.
Please note: We reserve the right to alter the fees and price guarantee, non-retroactively. This means that if we increase the fees later, it won't apply to you.
Secure Storage
Stored bitcoins will be safely kept on a fully-offline, (not reachable locally) Armory installation. Private keys are safely backed up after Truecrypt encryption onto a variety of online storage services like Amazon Web Services, in case of natural disaster.
Bitcoin Price Drop Promise
Safecoins will promise a value of up to $5 USD per bitcoin depending on your security profile. We use the fees to establish 100% collateral in USD. If you like, we can also trade your BTC into USD once the market starts to drop significantly to give you higher cash in case bitcoins collapse.
Identity Protection
You can choose this optional feature where we verify your identity before withdrawing your coins or currency. Supply us with whatever information you'd like to verify, and when you withdraw you'll need to provide the same thing. For example, security questions or scans of government IDs.
Plans
$1 USD per Bitcoin guarantee: 0.2% per week fee.
> Suggested for those who deposit in Safecoin primary for the security and don't want to end up with worthless coins. Very low fees.
$3 USD per Bitcoin guarantee: 0.7% per week fee.
> Suggested for those who don't want to pay a high premium but would like additional security.
$5 USD per Bitcoin guarantee: 1.5% per week fee
> Best for those who want maximum security and a peace of mind.
Current collateral: $1000 USD - will increase as people deposit into Safecoin.
The fees will decrease over time due to the power of negative compound interest
How it works
You can request a payout at any time via PayPal, Liberty Reserve, Dwolla, Payza, Bank Transfer, MtgoxUSD coupons. Your balance deposited into our secure coin holdings will be deducted the applicable fee per week.
Obviously, you can request a payout of your bitcoins at any time to a wallet for just a 0.01BTC fee as we manually process and verify.
Please note: We reserve the right to alter the fees and price guarantee, non-retroactively. This means that if we increase the fees later, it won't apply to you.
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