DEVTOME.COM HOSTING COSTS HAVE BEGUN TO EXCEED 115$ MONTHLY. THE ADMINISTRATION IS NO LONGER ABLE TO HANDLE THE COST WITHOUT ASSISTANCE DUE TO THE RISING COST. THIS HAS BEEN OCCURRING FOR ALMOST A YEAR, BUT WE HAVE BEEN HANDLING IT FROM OUR OWN POCKETS. HOWEVER, WITH LITERALLY NO DONATIONS FOR THE PAST 2+ YEARS IT HAS DEPLETED THE BUDGET IN SHORT ORDER WITH THE INCREASE IN ACTIVITY ON THE SITE IN THE PAST 6 MONTHS. OUR CPU USAGE HAS BECOME TOO HIGH TO REMAIN ON A REASONABLE COSTING PLAN THAT WE COULD MAINTAIN. IF YOU WOULD LIKE TO SUPPORT THE DEVTOME PROJECT AND KEEP THE SITE UP/ALIVE PLEASE DONATE (EVEN IF ITS A SATOSHI) TO OUR DEVCOIN 1M4PCuMXvpWX6LHPkBEf3LJ2z1boZv4EQa OR OUR BTC WALLET 16eqEcqfw4zHUh2znvMcmRzGVwCn7CJLxR TO ALLOW US TO AFFORD THE HOSTING.

THE DEVCOIN AND DEVTOME PROJECTS ARE BOTH VERY IMPORTANT TO THE COMMUNITY. PLEASE CONTRIBUTE TO ITS FURTHER SUCCESS FOR ANOTHER 5 OR MORE YEARS!

mcxNOW Interest Sharing

One of my favorite things about Bitcoin and other crypto currencies is that it causes people to think outside of the box. They have collectively brought about a ton of cool new ideas, and they continue to keep bringing out more. Some of these are in relation to how to spend the coins and transfer them from one person to another, and the other is in how to obtain more. Well, mcxNOW is an exchange that has brought about something that no other exchange (at least as of right now) offers: interest on deposits. Just by having coins on their site, you are automatically earning some interest every six hours on whatever you hold (and yes, this makes it compound interest, since it always calculates based on your total holdings of each coin).

Why Pay Interest?

This is one of the more common questions, leading many people to instantly write the site off as a scam. After all, if the site is earning money off of trades, why do they want more deposits to be made? Well, there are two reasons for this:

  • When people deposit their coins on the exchange, that means if they are trading they will likely do it there. It is a lot of extra work to transfer from one exchange to another to make trades
  • The interest brings in more people, meaning the site (and its users) earn more off the trades

Basically, the site is growing their trader base significantly. Although they are sharing some of their income in the form of the interest, the earnings are growing enough to more than compensate for that. As a result, everyone wins.

How Much is Interest?

This is a somewhat sad part, which is that the interest is pretty low. Interest is based solely on the trading volume (in all but Bitcoins, which are also related to both paid bans and account upgrades), and the site just does not have enough volume at this point to pay out a ton of interest. It breaks down as follows:

  • 0.2% of each side of a trade is taken as a fee
  • 25% of these fees are given as interest
  • Interest is calculated separately for each coin and is based on (your coins/total coins) multiplied by the amount of interest that is set to be paid out

As you can see, this is a pretty small amount. Most coins are at or below a single percent of interest, and that is based on the yearly ROI. In other words, you really are not going to see your coins jump up in value over night, nor will you make enough to truly make it worth your while to use the site as a bank, unless you just want a wallet to store them in or you plan to do trading anyways.

Seeing Interest Ahead of Time

On the front page of mcxNOW, you can see the total fees that are taken of each coin. This will keep counting up for 6 hours, after which the pay out will occur and it will reset back to 0 again. This lets you easily calculate what your fee share payments should be for each period, and even watch it increase. Simply take the amounts in each of the fee earnings and multiply it by the number of shares you have and then 0.001%. This will tell you exactly how much in fees you have earned for each period, and based on what I can tell it is accurate. It is also an awesome trick for people that are interested in seeing how much money they will be earning off fees prior to purchasing them, and it keeps people from having to trust the chat box to give accurate answers. Instead, you can run the math all on your own and get the definitive answer! Just keep in mind that the fees taken are always based on the trading volume, so they are going to fluctuate a lot from pay out to pay out. You may make almost nothing on one and make a lot on another, or they can be about equal. There is no telling until it is actually paid out.

Conclusion

I love the concept behind sharing some of the fees with exchange users, and it makes me happy to see that it has increased the action there. I hope that more sites start taking a similar approach, as the interest rates, while they are low, are still higher than is seen in most banks right now, meaning that even if we look at it as being almost non existent, there is still some value there. The big thing to keep in mind is that if you are at all worried about the security of your coins, the amount you earn by storing them on the exchange is not worth worrying about. If you are like a lot of us others with different alt coins, though, the free interest is like icing on top of the cake!

Finance


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