BANK ON STEEMIT TERMS OF USE - 06/03/2018
1. SAVINGS TERMS
1.1. We shall transact in only SBD/Steem unless otherwise clearly stated on a contract which shall be published on our steemit blog. All % calculations are made based on the aforementioned currencies.
1.2.At the moment, Bank on Steemit offers 3% weekly interest and/or a 15% monthly interest on any fund saved.
2. LOAN TERMS
2.1. Your Steem Power should be up to six (6) times the amount you want to borrow.
2.2. You must be willing to give Bank on Steemit your Steemit Master Key as collateral for the loan and promise not to initiate the stolen account recovery procedure. Master key will be returned upon successful completion of loan.
2.3. If the loan is not repaid as contracted, Bank on Steemit reserves full right of ownership over your account within the period it takes to recover the loan and accrued interest. We shall initiate a power down that shall cover the loan with the pending interest and the interest that accrues as long as the power down process spans. Upon completion of the aforementioned, the Steemit Masterkey shall be mailed back to the owner and full rights of ownership returned.
2.4. In the case were Terms 2.1 and/or Terms 2.2 is not met, a guarantor should be secured. The guarantor must meet the following requirements:
- The guarantor must have reputation of 60 and above.
- The guarantor must earn up to the required loan in a week.
- The guarantor must be part of any global Steem project.
- The guarantor must take the loan in his name; Master Key will not be needed in this case.
- The guarantor at the time of the surety should not have any pending transactions with Bank on Steemit either as a guarantor or a debtor.
3. DISCLAIMERS
- Bank on Steemit shall only contact you via the mail address [email protected]. Do not reply any mail other than this.
- Bank on Steemit shall only demand your Steemit Master Key during loans.
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Give them Financial Freedom!
Sustain the Steem Blockchain!
Imbibe in them the discipline of handling funds!
@mrfelix on patrol...
Warmest regards @stevenmosoes. The concern you raised just caught my fancy sir.
Just coming from the ICT perspective. Hacking protocols take advantage of loopholes within any system; hacking doesn't just happen! Most of these loopholes are usually left behind by individual oversights. If you are as careful as supposed, you wont be hacked!
I am @mrfelix, I am ICT oriented by career, I am a programmer/ethical hacker...
How safe is the master key in your hands?
Fantastic question. When I can hack your Gmail account in seconds. I will like @bankonsteemit to answer this question.
God bless you.
Off course, I cannot hack you but just saying that can happen.
@stevenmosoes
Thanks @stevenmosoes for your comment trail over this matter.
As aforesaid, @bankonsteemit does not store Master Keys online, so the concern of hacking is out of question. Furthermore, we are equipped with a team that has basic ICT intel. They ensure that all possible hack loopholes are properly closed.
Thus far, we have not had any reputation of fraud or Master Key abuse.
We hope that provided a fairly satisfactory clarification.
For more inquiries or suggestions please contact us through THIS LINK. We appreciate your concern. Remain blessed too.
Understood. Thank you.
@inspiredgideon1, Bank On Steemit is glad to note your concern.
Before launching this project, we considered these security concerns and have put measures in place to ensure we offer the best security possible to your Master Key.
First, your Master Key is completely secured offline.
Secondly, @bankonsteemit will NEVER initiate any transactions (comments, upvotes, transfers or posts) with your account unless on grounds of breach of contract (loan contracts).
Thanks but dont you think that condition is against the guidelines of steemit that says we should not disclose our keys to any one and again.
What is the trust level of steemit owner (i dont know if @dan is the owner)for this particular rule?
@inspiredgideon1, please note, our services do not in anyway break the steem engagement rules. Those BOS provisions are terms of service, you are not obligated to agree to them.
Steem on,
BOS Team.
Ok sir. Sorry then