pirateat40

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"Yes I am a pirate, 200 years too late."







Avast Ye!Sr. MemberActivity: 378Merit: 250"Yes I am a pirate, 200 years too late." Bitcoin Savings and Trust | Home | Closed November 03, 2011, 11:14:09 PM

Last edit: August 17, 2012, 05:57:53 PM by pirateat40 #1 After much consideration, Ive decided to close down Bitcoin Savings & Trust.



Why?

The decision was based on the general size and overall time required to manage the transactions. As the fund grew there were larger and larger coin movements which put strain on my reserve accounts and ultimately caused delays on withdraws and the inability to fund orders within my system. On the 14th I made a final attempt to relieve pressure off the system by reducing the rates I offered for deposits. In a perfect world this would allow me to hold more coins in reserve outside the system, but instead it only exponentially increased the amount of withdrawals overnight causing mass panic from many of my lenders.



So now what?

Ive spoken with my clients over the last week and come to an agreement that would allow me to close down my operation within a week. Currently my reserve (operating wallets) are drained from fulfilling the withdraw spree that happened after the rate drop announcement. All withdraws at this point will be delayed until Monday when the shutdown process begins..



At this point I will no longer accept deposits. Any coins sent into the system as of now will be returned immediately.



When will I get my coins?

Starting Monday Ill begin systematically closing and withdrawing accounts as coins are transferred. I don't expect the entire process to last longer than a week. The moment your account is closed youll receive your coins plus any interest accrued up to the hour it was sent.



Thanks

Id like to thank all of my lenders and PPT operators that were a key element in making Bitcoin Savings & Trust a success. Bitcoin has grown a lot since I started this and want you to know that you were a vital part in helping it grow.



Now, I have a lot of work to do. Stay Tuned



-pirate



BTW, this is all bitlanes fault. (j/k you nut)

GPUMAX - The Bitcoin Mining Marketplace | Bitcoin Savings & Trust | OTC Ratings

Maged



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LegendaryActivity: 1204Merit: 1006 Re: Looking for lenders November 04, 2011, 03:19:30 PM #12 Smart business strategy. By allowing us to take a portion of your profits from your overflow, you keep your customers happy and hooked to you, allowing you to grow your own investment.



Out of curiosity, about how many BTC/day is your demand exceeding your capacity right now?

1MagedVeZqDtU4Jh5BdgvHpcWk9dXFzZY8 Like my posts? Donate!

payb.tc



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Hero MemberActivity: 812Merit: 1000 Re: Looking for lenders November 05, 2011, 01:13:23 PM #15 - min deposit is 50 btc, what is the max deposit that you could still afford to pay interest on?

- is there any minimum term, or can i just deposit for 1 day, take my 1% and withdraw?

- does interest compound daily, or only accrue on the principle?



thanks.



Cory



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Sr. MemberActivity: 291Merit: 250 Re: Looking for lenders November 05, 2011, 04:45:08 PM #17 Quote from: pirateat40 on November 03, 2011, 11:14:09 PM The Business:

Over the last few months I have been selling BTC to a group of local people. Now this is a don't ask don't tell group of people so I can't tell you exactly where and to whom the coins ultimately end up with but so far its been pretty painless. During this last week I maxed out my available coins both personally and "leased" from other members and they needed a lot more. Up until now, I have dealt with my core group of friends and been able to handle the requests, but they seem to be getting larger and more frequent. So now I'm looking into other methods for keeping a consistent storage or on-demand availability of coins. I have two plans available for those sitting on coins.



On-Demand

When an order comes in that is over what I have available I'll send out a request to users in this plan requesting the total needed. The first to respond gets the deal and the transfer is made. These coins will be tide up for 1 business day to give me enough time to settle the transaction and acquire the coins to return. This plan pays a flat 3.5%.



Storage

This plan works as an ongoing commitment. You would send coins anytime to the address provided and you would earn interest on a daily basis. You can withdraw your balance at anytime, but I do request that you give me a couple hours to insure I have coverage for the next order. Interest payments are paid out ever 3 days until either you withdraw the funds or my local dealings dry up and I can no longer be profitable. This plan pays 1% per day.



Now I would hope to have enough people on the storage plan that I wouldn't have a need for the on-demand but I'll see how it goes. I ultimately want the ability to provide coins at anytime and any amount for these guys and we can all share in the profits.



I've created my own custom management software that I've built to monitor deposits, withdraws and interest payments. As this gets bigger I'll build a front end for it so users can view and manage there account and maybe putting that domain btclending.com to good use.



For more information send me a PM or just ask below. You can check out my OTC ratings in my signature.



Edit: I forgot to mention that dealing with anything less than 50BTC is more work than its worth so I've made that the minimum on both plans.



Thanks





I just lent this guy some BTC. I trust him and I'll respond here when I get my first interest payment in 3 days. I just lent this guy some BTC. I trust him and I'll respond here when I get my first interest payment in 3 days.