Bitcoin Forum

What's your opinion?  Is this thing legit?

http://www.talkgold.com/forum/r392569-.html

1% interest a day?  Of course not.

Best return I have received on safe investments on my bitcoin has been 20% yearly return. And I considered it high risk because my bitcoins were under the control of somebody else (who can disappear at any time with your money).

1% a day sounds like a ponzi scheme and I would not be surprised if it goes away after a couple of months (if not days).

Cost you 0.5 to try :)

However, even if it is legit, and you acctually make money on it. Every investment is a risk.

scam ! 95% of whats posted on talkgold are scams btw

And the dude has a total of 1 post on there.

Yeah I agree, however there are very lucrative investments out there that are extremely risky.  If you have an investment that pay 200% annually but only works out 50% of the time it's still an investment, just a very risky one.

Looks like you're trying to talk yourself into this one.

I do not think any words of warning will be helpful here. Just do not risk more than you are willing to lose.

1% per day sounds like pirateat40 and we all know what happened there. In a sustained BTC bear market such as the one in the fall of 2011 it may be possible to pay 1% a day in BTC terms for a few months simply by holding US Government T-Bills. Once the bear market ends as it did in 2012 then the short squeeze will be brutal and will likely end in default and the investors loosing all their BTC.

If one believes that the BTC price will fall then selling and lending the resulting USD, CAD, EUR etc to the state for a few months is a way safer option. If one is right then the return in BTC terms can be better than 1% a day. If one is wrong then at least the credit of the state is going to be way better than that of some pirateat40.

What reason is there to think it's legit?

It's a scam, an interest rate that high could only be generated by a Ponzi scheme.  Either that or they just take your btc and run.

technically not impossible

if you had under 10btc you could easily buy CNC coin at btc-e.com for 0.00048 and sell in a reasonably short time for 0.00049 giving you over 1% after fee's

but the thing is that the volume is low so throwing hundreds of bitcoin into one order price causes a wall which then stagnates the price.

that being said the profitability is not impossible. but trusting a stranger to look after you money and to also sweat their guts out, risk their reputation and give you profits instead of keeping them...... is not as easy to find.

basic rules of any money management. whether fiat or crypto. only give someone something you don't care losing if you don't know them or unable to meet them to slap them with a wet fish if they don't repay.

and if you personally are not confident about market trading i would not recommend trying to profit through market trading. instead start up a shop, sell your household products (like an online garage sale/ebay style)

make something that may be useful to others,

Possible, but very, very risky.

The higher the returns, the greater the risks, that's why some go for Junk Bonds, but 1% a day, I guess the risk is far too large, you might as well donate the money to charity instead of losing it this way.

Bitcoins are being lent and borrowed at an average rate of ~7% annually over at Bitfinex. Nobody in their right mind would pay a rate over 50 times that. A 1% daily rate is a 3780% annual rate when compounded. Their "How we generate profit?" section is a joke.

This is a blatant scam. Please don't encourage scammers like this by losing your money to them.

Exactly, this is an impossible rate of return under any circumstances.

Rather invest your bitcoin in Asicminer shares. They are currently paying >1% weekly dividends at the current share price. This is income derived from mining and selling hardware at great prices.

is a classic scam , maybe a ponzi scheme , few people will be paid but most will lose their money.

If its compound 1% per day then there is a simple answer:

No, no, no, no, no and some more no!

Why? If the people running this fund only invested $1000 of their own money, in 2 years they would have $1,413,453.

Now ask yourselves, if they can print money like this why do they need your money?

EDIT: The only way to get this type of return is investing in a fast growth company (A start up). As a example the people that originally invested into ASICMINER and helped them get off the ground reaped vast benefits. Also investing in a  new fast growth technology was another way (Bitcoin itself).

You need to ask yourselves how they are managing to make this much money, most companies fail and most funds cannot perform more than double digits per year

Yes someone might be able to make a one-time profit of 1% in a day.  But to reliably do it day-in day-out for an extended period of time is a totally different story.  They're not saying they *might* be able to make a 1% profit.  The implication is that the profit is guaranteed.

   Talkgold forum has been around for a long time. I remember reading threads there from 2006; every single "investment" company there is nothing more than a ponzi scheme. They last anywhere from just a few days to maybe a few months. If you put money into these, you're doing nothing but trying to scam other people's money, because you know it's a scam and you're helping it stay alive to suck in more unsuspecting victims.

People that put money into these programs, knowing what they are but in hopes to get a "return", are no better than the scamming creator(s).  Just my opinion of course  ;)

SCAM
To good to be true

In general when you have to step back and ask "Can I really make this much on an investment per day!??", the answer is no.

Let me tell you a story about a pirate...  ::)

For some definitions of "real".