Introducing SBBank: Earn interest on your Steem Dollars with SBD term depositssteemCreated with Sketch.

in steem •  17 days ago

Looking for a safe and secure way of earning interest on your SBD holdings? Introducing SBBank - the Steem Backed Bank.

SBBank is now open for business and accepting Steem Backed Dollar deposits of 200 SBD or more. In return for depositing your SBD with SBBank, you will receive monthly interest payments which can be paid to your nominated Steem address, or added to your deposit balance and compounded. The minimum deposit term is one calendar month.

Deposit Rates


  • 0200-0999 SBD - 10.42% per annum (0.83% per calendar month)
  • 1000-2499 SBD - 11.48% per annum (0.91% per calendar month)
  • 2500-5000 SBD - 12.68% per annum (1% per calendar month)

Deposits in excess of 5000 SBD will be paid 12.68% per annum, plus a discretionary bonus rate that will vary from month to month.

Deposit Process


  • Go to your wallet page, click on your SBD balance and select transfer
  • Enter sbbank in the "To" field
  • Enter the amount of SBD you'd like to deposit
  • Enter the number of months you'd like to deposit for in the memo field
  • Click "Submit" and enter your account's active key to complete your deposit


For security reasons, deposits and interest payments will only be returned to the Steem account that made the deposit.

We won't


  • Exchange your SBD for Bitcoin and other cryptocurrency for the purpose of speculation
  • Use your funds to make unsecured loans or high risk investments
  • Promise "get rich quick" HYIP returns and then pull an exit scam
  • Mislead the Steem community about SBBank's goals or financial health

We will


  • Exchange your SBD for Bitcoin and other cryptocurrency as a means of obtaining USD
  • Use USD funds to make low-risk, secured loans in a market that's never had a default
  • Promise and deliver returns far in excess of what you'd receive at a traditional bank
  • Keep the Steem community up to date regarding SBBank's financial health and performance

Our Goal



Rather than an end in itself, SBBank is intended as a proof-of-concept for a substantially larger operation. Though our revenue model is more than sound, this venture would require vast amounts of capital to make it truly worthwhile. In the event that SBBank conducts an initial coin offering (ICO) at some point in the future, SBBank depositors and the Steem community will be offered advantageous pricing and the right of first refusal.

Want to know more?



SBBank is owned and operated by @Bulleth, @Scaredycatguide and @techblogger. We are a team of forex, crypto and equity traders with decades of combined experience in the financial markets. Though we can't tell you much more about our revenue model, feel free to reach out to any of us on the SBBank Discord Server if you have any questions or you'd like a little more information.

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I like it. A win/win situation for all. People need to stop leaving their hard earned money with the banks. Something as simple as this offers much better interest than you would ever find in a traditional brick and mortar bank.

Question though. Does this SBDBank have anything backing it? what exactly is the risk of a deposit depreciating or being completely lost?

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The risk is all on our side. Irrespective of SBBank's performance we have committed to returning customer's deposits, with interest.

Regarding our risks, there are few things we have to consider: tx fees and exchange risk (SBD being expensive when a term expires), theft and fraud, as well as immeasurably slim risk of default by our counterparties. We have tried to set interest rates at a level that accounts for all these risks, whilst still delivering exceptional returns for a term deposit product.

That's an awesome Project guys 😃
A 10-12% return per year for a Deposit is simply amazing 👍

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Thanks SB - hey we share a name!

12% P.A. is better than putting money in bank fixed deposit.

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Yep and Dragonite is better than Dratini :)

Great project.. wish you all the success.. 12% return is very attractive.

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Thanks @hms818, much appreciated. It might not be much in the crypto space, but for a deposit facility dealing with an asset pegged to the USD, it's a solid return. 12.68% if you compound your monthly interest payments.

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Doesn't this discourage powering up? Even tho powering up has a similar/greater APR? I understood that gains for STEEM were at 9%... is the fact that you are putting the money in SBD the only difference/advantage? If so wouldn't enough people investing in SBBank worsten the problem STM is having holding value as a token?

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It's hard to say - you can get much better returns by powering up and delegating via @MinnowBooster for example. On the other hand, STEEM is a very volatile asset and has been on the rocks for a while, SBD offers relative stability and security.

We're all for powering up - this is a 100% STEEM POWERED post after all :)

Very exciting! Deposit made.

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Ding, ding ding - we have a winner. Savvy investor here folks.

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It's incredibly refreshing to have that said about me!

It sounds like a great deal, but I'm a bit leary right now, but I'll keep an eye on this. If it lasts, I may jump in.

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We understand completely, there are a lot of scammers in this space. I don't like to plaster my real name all over the blockchain, but it's available in the discord along with my professional twitter. I write for two foreign exchange brokers and I'm currently looking for capital allocation for my trading bot - I really can't afford to own/operate/or even be associated with a scam.

what kind of algorithm is used for cases when someone can't pay back their loans and wants to file for bankruptcy

Really great idea! It's amazing to see all these new apps and services appearing on Steem.

Excellent

this sounds scary.. hopefully it is not a scam, good luck to your investors.!!

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I'm a finance professional, I can't afford to own/operate/or be associated with a scam. I have far too many other things going on that depend on my integrity and reputation. Anyone who wants to know my full name etc can come have a chat on Discord - nothing to hide - just prefer not to have my name plastered all over the blockchain.

I think the average person would have trouble affording your minimum deposit.

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Definitely, if the system was automated and never left Steem we could handle smaller deposits. However we incur significant transaction fees converting SBD to Bitcoin -> Litecoin/Ripple/ETH -> USD and back again. Tx fees tend to be fixed, so have an exponentially greater effect on smaller deposits. Too much support load too.

Our product is aimed at savvy Steemians who can afford to make a modest term deposit and won't miss their money while it's locked up. 200 SBD is a relatively low barrier in that respect, intended as a way people can trial the service without too much risk. Once admin time is factored in, we'd be losing money on a 200 SBD deposit.

Thanks for sharing! A link to your post was included in the Steem.center wiki page Steem Ecosystem: S-Steemis. Thanks and good luck again!

Would love to see how this goes! Would love to put some savings in the SBBank :D

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Hey Kodie, I'm one of the guys behind SBBank and a fellow Aussie. Sorry to hear about your sister and see your post get so little attention. Let me see if I can help get you a little more exposure.

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That would be wonderful :D !
How do you think somthing like SBBank will fair amongst the aussie steemians?

That return does seem attractive especially if the speculation is taken out of the equation!

sbbank, intrigueing offer. something that I will track and watch for now. Hard to teach an old dog (ie.. TraderDad) new tricks. Nevertheless, would love to see my SDB cashflowing.. Followed, upvoted and resteemed.

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Thanks @traderdad, wait it out and see how we perform - we've already taken our first deposit :)

Interesting project, thanks for adding that clarification to the post.

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Not a problem mate - appreciate the feedback :)

What a great idea. Looking forward to see this fantastic initiative flourish!

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Thanks mate :)

This is innovative guys and much better than high risk investment schemes. Steemit is indeed full of ideas and opportunities.

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That it is my friend, that it is. I saw this really cool idea somewhere the other day ... I think it was called D-City or something?

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Yeah, D-City - I'm actually the frontrunner on the idea and believe me not until I joined steemit, I never had such an idea

Ask permission for translate to my language Indonesian.

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Feel free :)

What is the process to deposit ? How can we get the pin as shown above

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Hey @welcometonepal just make up your own pin - we'll try make that a little clearer in the instructions :)

Great project, but I'll like to know about your loan offers

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We're not making loans to the Steem community sorry, @Neoxian has a service for that you may be interested in :)

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OK thank you

I like your post sir.

Interesting concept!

Wow, this is super cool. I'm wondering what you're investing in to offer such good rates though.

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Thanks Choo - can't tell - it's a secret not even my wife can know!

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Hmm. Then my guess is pot stocks. Or you've got a farm out the back.

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Nope, we're not taking speculative positions in any market or selling drugs :(

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Lol not even your wife knows? U should be working in the secret service. Lol

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Nope, not even wifey!

If you are true to your promises and with unselfish motive, you will stay and grow stronger with time. Then people will flock in to deposit happily and more blessings will come to you. Good luck!

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You're welcome. I will monitor you so one I may deposit my bitcoins and ether for progrrssive safekeeping.

bellyrub offers (offered?) 45% APR.

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Yeah, that's always seemed a little odd.

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Indeed

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May I ask why you say that seems a little odd?

If the deposit term was 3 months. Which equals to 3.25 a month.

The profits come from @bellyrub.

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Just seems like awfully good return for a voting bot. MinnowBooster is much more successful, only takes a 10% cut and can't deliver returns anywhere near that. You might be able to deliver those returns by running a voting bot that isn't profitable for the end user, would all depend on how much you were overcharging your users.

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bellyrub can't overcharge its an auction based bot.

Like the post states it is not a regular financial device but crypto any thing is possible. ,

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Sure it can overcharge, the minute you don't have protections in place to ensure profitable rounds you are overcharging.

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That is the difference between minnowbooster and bidbots.

Bidbots are meant as a promotional tool and I make it clear, not so much for profit.

But I understand, you.

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Good point and I think this is actually the biggest benefit of voting bots and why most people use them. Though I got a little carried away with this one, got my self some flags!

i dont even have 200 SBD, so i dont have anything in this, but i think you should disclose what the USD loans that you are making are(i'm guessing that's the way you are generating the interest money)

Looks like appriciating project...

I feel its better to create a app fr banking purpose ...

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An app would be a great idea!

Its a really fantastic project, but, at least, how about we get a video. Detailing all these?

nice thought, hope it will work better in the future. keep informed us.

Calling @originalworks :)
img credz: pixabay.com
Nice, you got a 62.0% @minnowbooster upgoat, thanks to @sbbank
Want a boost? Minnowbooster's got your back!

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The @OriginalWorks bot has determined this post by @sbbank to be original material and upvoted(1.5%) it!

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To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!

It's awesome project sir thanks for share with us.

Great project ! why the minimum amout is 200 STEEM ? I think 20 STEEM is better, because some of people haven't got 200SBD in their wallets.

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Sorry @zongun, the transaction costs and support load would just be far too much for us.

Congratulations @sbbank, this post is the most rewarded post (based on pending payouts) in the last 12 hours written by a Dust account holder (accounts that hold between 0 and 0.01 Mega Vests). The total number of posts by Dust account holders during this period was 3087 and the total pending payments to posts in this category was $388.61. To see the full list of highest paid posts across all accounts categories, click here.

If you do not wish to receive these messages in future, please reply stop to this comment.

The idea is very great but I've seen deposit rates up to 40% is that a scam or a not stable deposit rates?

Are you using technological traders (bots)?
If yes how much different?

Are you using human traders?
If yes how much?

Thanks!

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I won't call anything a scam unless I'm 90% certain it is, but I don't think you could pay your investors 40% returns without trading or screwing someone else over.

SBBank does not trade client funds. I do design automated forex systems, but that is a completely separate endeavour. Paying fixed returns with trading would be very dangerous - what if you lost money that year? The industry standard is the high water mark performance fee method.

Congratulations, your post received one of the top 10 most powerful upvotes in the last 12 hours. You received an upvote from @minnowbooster valued at 124.03 SBD, based on the pending payout at the time the data was extracted.

If you do not wish to receive these messages in future, reply with the word "stop".

I need to get my Sttemit wallet up so I can invest in this!

I doubt how you can give 12% return... there is no instrument in the market that can do so.. the only way u generate this much return is by investing/trading in the market (securities, forex, cryptocurrency). All the low risk instruments (e.g. debt) offer less than 5% return (~8% if you are in countries like India); since you are proposing to convert deposits into USD the return is even less than 3% for debt instruments...

But I wont doubt your intentions, just a word of caution to depositors that "investments are subject to market risk"

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Sure, we're in a persistently low interest rate environment and no traditional assets offer this kind of return atm. We aren't operating in that sphere though, we are operating in the crypto sphere and there are opportunities around outside of speculation. Our revenue model works with an instrument that has been around for some time, but isn't open to everyone (US clients for example).

We don't take positions in the market, that should be 100% clear. Our performance will be correlated to the fate of Bitcoin (and the industry as a whole), though not cointergrated. Unlike a certain infamous "ponzi", we will still profit in down trends, but will likely see reduced performance. I'm not revealing any more as there's more than enough information there to work out our investment model if you're experienced in this space.

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Do you guarantee 10-12% return or is it subject to certain terms and conditions which are ususally written in the smallest font possible and lightest color that is visible to the eyes?

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Yes we guarantee those returns, if our performance disappoints we will have to meet these obligations out of our own pocket. We wouldn't take the risk without 99.9% confidence though. We might reduce or increase rates down the track once we have more hard data.

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Sounds encouraging.. All the best

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Thanks mate, you too :)

A bank on the blockchain! That's exactly what we needed! But you know what they say: greed finds a way.

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We don't participate in the funding of coal mines, arms manufacturers etc - bit rough to tar us with the same brush don't you think?

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You are still a middleman. There is still a trust barrier that all middlemen have. The blockchain removed that barrier, but if people trust bankers, then they should feel free to do as they please with their money. They should be reminded that there is never a "guaranteed" return when you have to trust people. There's always a risk, regardless of the confidence your have in yourselves.

Certainly you are not as bad as Goldman Sachs or Wells Fargo, but there's still time. I'm just shocked at the lack of skepticism towards the project, to be honest.

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The fact that the people running it are all respected members of the community with solid reps probably helps. Regardless, we haven't actually had much interest. These sorts of returns aren't that enticing in this space.

Re: trust, the blockchain does not eliminate it at all. If I purchase something off you with SBD, I have to trust that you will post it. Even if it's a digital good I have to trust that you will send it. If we want to remove that we need an escrow service/middleman. Smart contracts may change that, but you are still placing your trust in whoever codes the smart contract, network, etc.

thank you for usefull article.

Congratulations @sbbank!
Your post was mentioned in the hit parade in the following categories:

  • Comments - Ranked 10 with 92 comments
  • Pending payout - Ranked 7 with $ 137,91

Loving the innovation enabled by STEEM.

Great idea - resteemed!

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We love you Battle Wom!

This looks like an interesting investment, even if not that much to earn but is a lot to earn if you think that is a very safe investment.
Unfortunately i don't have 200sbd, but i will keep an eye on you for the future.

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Exactly - it's a very nice return for a deposit facility :)

Look forward seeing your service go live soon and give it a try.

Reblogged this post to twitter and facebook via the ifttt app. Looks like a good proposition if I had over 200 SBD to squirrel away.

destroybots.png

Looks promissing and rewarding investment on top of steemit. In my opinion we need more like this project to boost steem price.

A win win for sure. Great post!

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Thanks bro!

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Welcome bro!

Beautiful idea, I wish you all success

great post !!

I giv u vote u cn giv me vote n lik my videos n i follow u n follow me plz plz plz

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No need to pull punches!