Bitconnect Staking - I can't make the numbers Add up?
I have been Staking Bitconnect and have had three of my Deposits earn interest so I decided to check what percentage I had received.
Here is the table of Interest Rates.
We are currently in the 6 Month Period when the Monthly Interest Rate is 8% however in all cases the Interest I received worked out at about 4%.
Now before anyone jumps in and says that 15 days is only half a Month you need to double it I have made the adjustment from the actual time the Deposit was staking to a Month.
So I assume I am making a Schoolboy error with the Maths somewhere, but I can't see where I am going wrong. But I am now probably to close to this and just cannot see it..... Here are my figures for 3 Deposits that have had Interest paid.
The Table shows the Deposit amount (Stake) and the Mined Income. I have calculated the Percentage as Mined / Stake. I have then divided that % by the number of Days that the Deposit was Staked for and multiplied by 30 to convert to a Month %.
As you can see they are all around 4% as opposed to 8%. I have also checked some Deposits from the Bitconnect Rich List where a single Deposit has been made just for Staking and in all cases get the same result.
So either I am making a silly Maths mistake (Most Likely) or Bitconnect is short changing us (I would have thought very unlikely as someone would have noticed by now)
Is anyone else Staking Bitconnect? Can you check your Rewards and see what you think? Can anyone see where I am going wrong?
@RichBC your math appears to check out. I dont pretend to know about this, was just verifying math for your sanity. Does this mean anything though? do they create a separate entity in your wallet for additional funds? since the interest does not accrue until after the 15 days, perhaps the second half accrues at a higher rate to compensate for the first 15 days? Do you have anything that has been in there for a month?
I wonder if BCC will really be around in 2019
@Jaxblack Thanks for the reply. At the time it is quite clear which is the Deposit that is being Staked and the Amount is shown. Each Deposit is treated separately because of the time factor.
Then when it Stakes an additional payment marked as Mined is made to the Wallet so that is also very clear.
In a more detail view in the Wallet (Coin Control) you can see the original Deposit that has been Staked is removed and replaced by a newly Dated Transaction which is the sum of the Original Deposit plus the Interest.
So I think I am using the right numbers. I had wondered if the second 1/2 could be larger which is why I looked at some longer strings of transactions from the Rich List using Block Explorer but got the same result.
I will post one of those when I get a few minutes to present it.
Here's a link to Rich List Rank 11 who makes an Initial deposit of 100,000 BCC and then opens his Wallet every Month or so to Stake.
Have a look at the number and see what you think?
so a 0.16% per day rate for the first 24 days, then a 0.17% per day rate for the next 38, then 0.23% for 29 and 0.43% for 36. So it must be the incentive to stop withdrawal ?
So i would theorize that if it states you would make say 5% a month then on some sort of sliding scale you are probably actually receiving 0.1% on day 1 and say 20% on day 29 to make the average (i realize this math makes no sense...but the idea behind it should)
@RichBC I haven't done the match on it, but could they be looking at it after a couple of months, when you initial deposit, and the first months worth of staking earnings are all staking? With the compounding nature of the staking, I'm sure at some point you'll earn the stated rates, on the initial investment, but without saying how long, or what they're measuring the retyurn on - it's potentially misleading.
@RichBC saw this question on youtube a few weeks ago...
i have been looking into staking also
hope the video helps. there are definitely some others.
@darindarin I have watched that video and then went to the Block Explorer to look at the transaction she referenced and got the same result. I think She made a mistake in that her first period was well over 14 Days, but she doubled the Percentage.
Here is the transaction she references.
As you can see she had Staked for 28 Days, so the correction should only have been small not a doubling.
Here it is in the Block Explorer.
wow she talks slow, basically what i said but from day 15(mature)-33(max) the interest increases
@Jaxblack Yes but the Interest only increases pro-rata to the number of Days. Twice the Days twice the Interest .
well i learned something neat today, thanks guys!
@RichBC On day 15 your initial stake earns, day 30 that staked earnings starts earning for staking, and every day after that the corresponding earnings from 15 days ago start earning - that should exponentially grow - but is it at the claimed rate? I dunno - will try and model it later.
@Jaxblack OK here's the same data for Rich List 11.
This was earlier so the Interest rate was 10% at that point, and you can see I am calculating about 5%.
However put aside the detail for the moment. RL11 total period is about 6 Months and the Interest rate was meant to be 10%. so that should make for a 60% increase. Also it should be more than that because of the increased amount being Staked as each Month's interest is added..
However he goes from 100,000 BCC to only 132.316 BCC so much again half what I would expect.
@haitch The way I understand BCC Staking is that after 15 Days you are eligible for staking, my limited experience shows that the larger amount you have of that age the sooner you get your reward.
Also my experience shows that every separate Deposit or consequence of a withdrawal is treated separately for staking. This makes sense as it's all about time.
When you are "chosen" the actual number of days that have elapsed 15+ is used to calculate the interest paid.
You then see that Staked amount as a transaction in the main Wallet. Not visible in the Main Transactions view of the Wallet but visible in the Coin Control view you will see that the original Staked amount has disappeared and
a new transaction with the current Date & time is added the amount being the Original Amount plus the Interest.
This new amount has now to wait a a further minimum of 15 Days to be eligible to stake again.
Finally to be able to stake you have to unlock the Wallet and have it open with the PC on. You will see that RL11 and most of the Top people just open there Wallets once a Month to claim the Interest.
Could be mistakes in the above, but I have spent some time on this and am moving more into the camp of Bitconnect have got it wrong......
i have gotten a few stakes too, and the amount seems odd
one thing also is each transaction will have a different weight to it and a different time of when it will pay out and over time it will equal out is what i keep reading
so one thing some ppl suggest is to do this
then go to send coins and do this:
then send to yourself, you will see your weight change
@falconCoin Yes I have read that, it superficially makes sense but in practice all you are doing is loosing money because when you do the combining transaction everything is set to the current Date & Time loosing you Staking time on the previous smallerTransactions.
@RichBC and the fee
but they say it gives you a bigger stake... i just did it and i will post back when it does, but everything i read about pos staking is that it depends on so many variables but at the end of the day you get your %
@RichBC Have sent some BCC to wallet and will see how the staking goes, but obviously no answers for at least 15 days
BCC still tickles me the wrong way
@falconCoin Yes it will give you a bigger amount (Stake) in a single entity, and you reward will be bigger but no bigger than the sum of the smaller rewards. Which is why I said Superficially better.
However in the process of sending the smaller amounts to yourself creating the larger single sum you loose the staking time on those smaller amounts and the transaction fee and end up worse off.
Also an aside from my concern which is the Interest being paid.
so basically using 8% as the max example on the staked amount
some times you could be paid out at 4% but would be at 16days or same times you may be paid out 8% at 32 days, either way it is the same percentage over time.