Mostly due to bad planning on my part as well as a large flow of coins at once and the rising difficulty rate, I was unable to continue my mining project and ended up liquidating most of it. Around July 18th, I had completely liquidated all of the mining hardware that belonged to the Deposits Service. I kept a bit over 2000$ worth of hardware for myself (which were my personal assets), to continue generating coins with. My funds remained dormant until August 6th, when I decided that the magnitude of the payouts was too great for the coins to be sitting around for. For this reason, I chose to place all the funds with pirate and continue to payout weekly interest until terms were over. As terms ended, I would not offer term renewals, and would return all of the coins to the depositors. However, in a sequence of unfortunate events, I was unable to withdraw coins from pirate, but continued to payout using the reserve fund, as mentioned (35%). I am at a personal loss now of over 2000 coins, but have liquidated my assets and will begin paying out respectively. I need everyone to understand that this will not be a matter of a few weeks or months, but rather, will be closer to a few years. At this point I cannot give a definite date that I will have returned all principals back by. However, my priority will be to return the principals. Once everyone has their principal amount deposited, I will attempt to pay the remaining interest.

I will return coins proportionately as they become available, but expect payouts on the last Sunday of each month.

I did not receive my coins.

I actually handle 18,000 BTC of deposits. I manage deposits of 3500+ on a different address to avoid attention. So that's roughly 180,000 USD if you are counting, Bit. As I said, give me time.

And for those of you that are impatient and proceed to insult me, you will be ignored.

Yes, the coins in my wallet right now are my personal coins. That's my pocket. I practically have nothing else but the assets. As I said, I will give up my personal coins to help ease the process. All I need is time.

Yes following the news of pirate's default, I have resorted to selling all assets to be able to return your principals. This will be a long process, and for this reason, I have to have your full cooperation on this matter. I will begin liquidating starting as of September 10, 2012. I would hate to see people drop accounts like they did with pirate, but I cannot control this. Therefore, if anyone is interested in selling their investment debt, please contact me so I can arrange the sale. 

I will try my best to get all of your money back from the assets, but I need my lenders to understand that this can be a long and difficult process. You have been very loyal from the start, and I know that this will not be a problem for many of my lenders.

Thanks for the consideration, and I will continue to remain continuously active on this forum as well as IRC. By all means, if you have any questions or concerns, please ask ahead.
-Nick

Thanks for the support, I am still waiting on the outcome. If he is unable to payout, I will choose whether or not I will sell my assets or continue the investment.

As I said, I am still waiting on pirate. If he is unable to payout, I will resort to selling my assets.

Been a few additions, but yes, that is correct.

@ johnthedong, yes that is correct.

@ justin00 correct, I prefer to keep the operations I had running with the depositing service at my disposal. I can still generate revenue from the mining project, the shares and bonds on GLBSE, etc, so I would like to return coins from my personal savings with pirate rather than sell my assets.

@ vesucudero, I will return coins within 10 days as I stated earlier. As for the table, there is no need for you to post the details here, I have it in my records. If I do not return the funds within 10 days, which I am trying to accomplish, I will post the data table here while I work on selling assets if needed upon a default from pirate.


Thanks for your patience,
Nick

As I said earlier, I am not planning on selling much. The 10% that I have begun selling is strictly Graphics Cards.

Congratulations on your coming of age

I will try my best, but there will be very little interest being gained as I have shut down most of my operation in order to part out pieces to make up for the 15%. I will attempt to give a fair amount, but I cannot promise this.

Due to the recent controversy surrounding pirateat40's departure from the Bitcoin investments scheme after he announced the end of his operation, Bitcoin Savings and Trust, I have decided to end the depositing service, "NCKRAZZE's Deposits". I have developed many close friendships with many of the clients I have had to deal with, and it is truly difficult for me to leave the program behind. I personally felt that the service was expanding very quickly and had potential to be a large, ongoing project. However, following pirate's resignation, I received many requests from clients who wished to withdraw all of their coins from my service. The deposits that are made into my service are not eligible for early withdrawals because I offer 4/10/20 week terms, however the requests I received influenced me to make the decision to return all original deposits to their rightful owners. I have a few new depositors that I did not get to work with for as long as I wish I could have, and for this I apologize.

Though a large portion of the deposits I received were used to support a large mining operation, I do have many coins that were invested with several other lenders on the forum and many others that were used to buy bonds on GLBSE. In addition to this, I have a large amount of coins that were deposited this past week by two new depositors. About 50% of these coins are liquid and in my possession. That said, the 35% reserve is still intact and will be used  to pay back the depositors. Though I have a great deal of personal savings that are invested with pirate, none of the coins deposited to NCKRAZZE's Deposits were used to deposit into BTCST. This said, since pirate's scheme has come to an end and I plan on having a stable source of income from the bitcoin market, I plan on having the mining operation continue to generate coins as I also wish for my investments with other lenders (those that are still continuing their depositing services) as well as my bonds on GLBSE to remain in my possession. By this I mean that I would like to keep these going as personal investments. However, I will liquidate mining hardware and I will also withdraw coins from lenders/sell bonds if needed to fund all of the deposit returns. In fact, my main priority is to liquidate about 15% of the mining operation in order to fund the returns.

With 15% of the mining operation coming from USD to BTC, as well as the coins that are currently in my possession (35% reserve and the recent deposits), I still have a great deal of bitcoins to return. I plan on using my personal funds that were invested with pirate to cover the rest of the coins that will be returned to their owners. I expect pirate to return the funds this week as he stated in his post (8/20/2012-8/27/2012). With coins coming from all of these different sources to fund all of the returns, I will need close to 10 days to be able to return all funds. In the case that pirate is unable to payout, which is highly unlikely, I will be forced to sell all of my assets to fund the returns. This will require the liquidation of all of my mining hardware and will require a larger time frame.

Maybe in the future when the community settles there may be another opportunity...

Thanks for all of the support,
Nick

Deposits sent out.

Sent!

Received the 5830 and it is in working condition. Thanks for the smooth, easy transaction! Coins sent.

Deposit payments were sent out last evening. Please confirm.

Test deposit received.

No he recovered it through his email address and took it back.

Nope.