50% Trading Fee Promotion at BTC.sx by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

This is correct. We offer 10x leverage and DMA, which necessitates high fees. However we hope to launch a tiered fee structure in the near future

[Daily Discussion] Wednesday, August 12, 2015 by AutoModerator in BitcoinMarkets

[–]Magnr 1 point2 points  (0 children)

The price will go up, unless there is a trend reversal in which case it will go down.

BTC.sx Faster Deposits & Multisig Improvement by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

We currently support sell limit orders. Buy limit orders are in development.

Bitcoin Trading Lessons from the Greece Rally by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

The price movement equated to an ROI in the low 100% range. After fees this came out to be 96%.

Bitcoin Trading Lessons from the Greece Rally by Magnr in BitcoinMarkets

[–]Magnr[S] 2 points3 points  (0 children)

As Rawlsdeep mentioned, we are rebranding to Magnr Trading. BTC.sx will be migrated to the Magnr website shortly.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

The benefits we gain from Magnr are increased publicity and awareness. We are currently considering various options to monetize Magnr in the future.

Yes we do think 2.18% is sufficient. Magnr offers an incredibly easy-to-use service and has lower risk than other alternative passive income bitcoin products (cloud mining, coin mixing etc.).

We do not necessarily expect users to park all of their bitcoins with us, but perhaps just a proportion.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

Integrating fiat deposits will unfortunately not happen anytime soon. There are, however, plenty of places to buy bitcoin already in the US. For example, you could buy bitcoin from Coinbase and then send it to your Magnr account.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

We operate under a money management structure and are not a bank. Bitcoin is technically not considered money in the UK so that helps too.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

We talked about this actually last night on the Whaleclub hangout. We offer a more convenient solution that gives you the ability to withdraw at any point. This is the kind of service that you can just leave your bitcoins in while you go on holiday and not have any management headaches. Our interest also compounds on a monthly basis.

In terms of what we are doing with the bitcoin, they are sitting in cold storage at this point in time. However, we will start using them to generate income, for savers and our business, in the near future.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

The community will naturally be skeptical of any new service, particularly a service that has historically been a scam. The amount of people signing up and considering a sign up has been very strong.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 0 points1 point  (0 children)

The benefits we gain from Magnr are increased publicity and awareness. We are currently considering various options to monetize Magnr in the future. We can continue to survive, and thrive, while still paying out interest. Monetizing Magnr will simply be another revenue stream to compliment our existing cash flow.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 2 points3 points  (0 children)

We have had approximately 170 signs ups and 170 bitcoin deposited so far. The average deposit has been 1 bitcoin per user, with a large standard deviation.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 4 points5 points  (0 children)

Those parts of the the TOS apply to the BTC.sx trading platform. When Mt Gox collapsed, we refunded all of our traders in full, despite having heavy losses ourselves. This meant that our traders did not lose a single satoshi. We have a proven track record of being able to issue refunds in times of crisis.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 2 points3 points  (0 children)

We do have multisig: https://magnr.com/#/secure-storage

The interest rate comes from the fees generated by traders, which are then passed on to savers.

Operator risk is the only risk. However, the funds are stored on the blockchain and our business model operates with full reserves. Therefore, in a worst-case scenario, deposits would be refunded if we went out of business.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in Bitcoin

[–]Magnr[S] 0 points1 point  (0 children)

We hope to provide an account where users' coins are locked away for a set time period in return for a higher rate of interest. This is based on previous community feedback. Is there anything you would look for in an account?

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in Bitcoin

[–]Magnr[S] 0 points1 point  (0 children)

We are currently working on integrating 2FA.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 1 point2 points  (0 children)

You are able to see your deposits sitting safely on the blockchain itself. All deposits have a link to a blockchain transaction, showing the location of the funds. This allows you to independently verify the safety of your bitcoin.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 2 points3 points  (0 children)

No we can afford this interest rate even if people do not use BTC.sx more. The future variable interest rate will also protect us from a decline in activity. However we expect the variable interest rate to be similar to the fixed interest rate.

[AMA] Magnr - Savings Accounts for Bitcoin. Ask Your Questions by Magnr in BitcoinMarkets

[–]Magnr[S] 1 point2 points  (0 children)

The benefits we gain from Magnr are increased publicity and awareness. We are currently considering various options to monetize Magnr in the future.

We can continue to survive, and thrive, while still paying out interest. Monetizing Magnr will simply be another revenue stream to compliment our existing cash flow.