Bitcoin Oz (OP)
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August 12, 2012, 06:26:01 AM |
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I suggest any investment program which refuses to reveal their business model that promises high yield returns be placed there.
I am agnostic on the pirate-related investment schemes but the lending forum is starting to resemble talkgold.com
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Draino
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August 12, 2012, 06:41:14 AM |
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+1
i bet it would help people find what they're looking for
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theymos
Administrator
Legendary
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Activity: 5362
Merit: 13348
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August 12, 2012, 06:49:33 AM |
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refuses to reveal their business model
This is too subjective. Some would say that even BS&T has revealed its business model sufficiently. I have been considering a HYIP subforum under Gambling based on interest rate. I haven't decided yet whether this would be fair, consistent, and helpful.
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1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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Bitcoin Oz (OP)
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August 12, 2012, 07:03:00 AM |
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refuses to reveal their business model
This is too subjective. Some would say that even BS&T has revealed its business model sufficiently. I have been considering a HYIP subforum under Gambling based on interest rate. I haven't decided yet whether this would be fair, consistent, and helpful. Sure its subjective but its also easy to prove you arent running a ponzi with bitcoin Returns of more than 1% a week are by definition "high yield investment programs"
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BitcoinINV
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August 12, 2012, 02:11:33 PM |
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I suggest any investment program which refuses to reveal their business model that promises high yield returns be placed there.
I am agnostic on the pirate-related investment schemes but the lending forum is starting to resemble talkgold.com
I like this Idea as well, Think the securities and lending forum need to be tightened up. The whole pirate thing is choice of investor, if you feel good handing someone money over the internet to go do what they want with, that's your choice. Me I like to see what exactly there doing with it, for all we know it could be funding al-Qaeda lol.
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repentance
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August 13, 2012, 05:07:09 AM |
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Whether or not HYIP need their own sub-forum, they probably shouldn't be allowed to dominate the front page of the lending forum. Perhaps the rule for the lending forum should be that only loans can be sought there, that deposits can't be sought there and stats can't be published there. The investment side of lending should have its own threads elsewhere.
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All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.
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finkleshnorts
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August 13, 2012, 05:18:35 AM |
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Perhaps the rule for the lending forum should be that only loans can be sought there, that deposits can't be sought there and stats can't be published there.
They're identical
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Bitcoin Oz (OP)
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August 13, 2012, 07:29:49 AM |
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I suggest any investment program which refuses to reveal their business model that promises high yield returns be placed there.
I am agnostic on the pirate-related investment schemes but the lending forum is starting to resemble talkgold.com
I like this Idea as well, Think the securities and lending forum need to be tightened up. The whole pirate thing is choice of investor, if you feel good handing someone money over the internet to go do what they want with, that's your choice. Me I like to see what exactly there doing with it, for all we know it could be funding al-Qaeda lol. I dont care what people do with their own money I just dont think this forum should legitimise shady investment schemes, especially ones sucking so many coins out of the productive economy
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PatrickHarnett
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August 13, 2012, 07:44:33 AM |
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I suggest any investment program which refuses to reveal their business model that promises high yield returns be placed there.
I am agnostic on the pirate-related investment schemes but the lending forum is starting to resemble talkgold.com
I like this Idea as well, Think the securities and lending forum need to be tightened up. The whole pirate thing is choice of investor, if you feel good handing someone money over the internet to go do what they want with, that's your choice. Me I like to see what exactly there doing with it, for all we know it could be funding al-Qaeda lol. I dont care what people do with their own money I just dont think this forum should legitimise shady investment schemes, especially ones sucking so many coins out of the productive economy The "productive economy" - hmmm, that's an interesting statement. For the majority of 2012 I had 1000 coins invested in a venture paying 3%/week. I knew what the business model was, who was doing it and that it wasn't a fraud. The income allowed me to further the bitcoin economy. I would happily point out that lending rates were (and sometimes still are) 15% per month and my default rate is 2.5%/week with weekly payments. On the metrics discussed here and elsewhere, this would be labelled a scam and illegal and I would be subject of personal abuse and slander. When are the "holier than thou" people going to grow up and realise this happens to be the market that bitcoin actually encourages (on a risk adjusted basis). Over time the economy will mature and that is why the deposit rates are declining (and lending rates too). I find it annoying as someone doing a large volume of business that this forum is divided along the lines of nay-sayers and a growing group of customers that appreciate what I and other people do ( my customer list is around 200 individuals not counting the people that simply seek advice). (yes, a grumpy Starfish)
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Bitcoin Oz (OP)
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August 13, 2012, 08:08:16 AM |
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I suggest any investment program which refuses to reveal their business model that promises high yield returns be placed there.
I am agnostic on the pirate-related investment schemes but the lending forum is starting to resemble talkgold.com
I like this Idea as well, Think the securities and lending forum need to be tightened up. The whole pirate thing is choice of investor, if you feel good handing someone money over the internet to go do what they want with, that's your choice. Me I like to see what exactly there doing with it, for all we know it could be funding al-Qaeda lol. I dont care what people do with their own money I just dont think this forum should legitimise shady investment schemes, especially ones sucking so many coins out of the productive economy The "productive economy" - hmmm, that's an interesting statement. For the majority of 2012 I had 1000 coins invested in a venture paying 3%/week. I knew what the business model was, who was doing it and that it wasn't a fraud. The income allowed me to further the bitcoin economy. I would happily point out that lending rates were (and sometimes still are) 15% per month and my default rate is 2.5%/week with weekly payments. On the metrics discussed here and elsewhere, this would be labelled a scam and illegal and I would be subject of personal abuse and slander. When are the "holier than thou" people going to grow up and realise this happens to be the market that bitcoin actually encourages (on a risk adjusted basis). Over time the economy will mature and that is why the deposit rates are declining (and lending rates too). I find it annoying as someone doing a large volume of business that this forum is divided along the lines of nay-sayers and a growing group of customers that appreciate what I and other people do ( my customer list is around 200 individuals not counting the people that simply seek advice). (yes, a grumpy Starfish) I think theres a difference because your model is transparent. You wont get an argument from me about why your rates need to be where they are. Do you really think people are out there demanding to pay %5 + per week interest to borrow massive amounts of coins week after week ?
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mp420
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August 13, 2012, 11:36:14 AM |
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I support OP's proposition and suggest the limit should be 50% APR (around .78% /week). Lower than that can still be scam (and 50% APR most likely is, if business model is not disclosed and there's no upper limit for "deposits"), but there can be legitimate reasons to pay that much.
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BitcoinINV
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August 13, 2012, 02:17:06 PM |
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So what everyone is saying is they need legit lender on the forum that does not charge 3000% APR. The deposit rate of 1% interest return a week is not bad if your charging 10.5% per week. All these problems go along with decentralized currency and it is up to the community itself to decided what they will and will not except from people.
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imsaguy
General failure and former
VIP
Hero Member
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Merit: 500
Don't send me a pm unless you gpg encrypt it.
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August 13, 2012, 02:32:25 PM |
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Sorry, but most mining farms' profits, if they're actually sharing most of the profits with the people invested, are >1% a week and would classify as HYIP under your definition. I think you need to stop relating USD rates to bitcoin rates. Clearly there are gains to be made in bitcoin that are much harder to replicate in USD.
In summary: Traditionally, HYIP are edge cases. If many businesses are getting 1%, then 1% isn't edge case and therefore, not HYIP.
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gene
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August 13, 2012, 02:50:32 PM |
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In summary: Traditionally, HYIP are edge cases. If many businesses are getting 1%, then 1% isn't edge case and therefore, not HYIP.
Translation: this forum is filled to the brim with scams (euphamistically referred to as "HYIP") that I'll redefine as "businesses," and the sheer number of scams here somehow makes them OK.
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*processing payment* *error 404 : funds not found* Do you want to complain on the forum just to fall for another scam a few days later? | YES | YES |
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Raoul Duke
aka psy
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Activity: 1358
Merit: 1002
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August 13, 2012, 02:55:20 PM |
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Thread Translation: Bitcoin needs a credit rating agency. Maybe even an SEC or a FinCEN of its own.
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gene
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August 13, 2012, 03:04:11 PM |
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refuses to reveal their business model
This is too subjective. Some would say that even BS&T has revealed its business model sufficiently. Not by the standards of actual investors. The "revelations" do not stand up scrutiny placed on a prospectus. You have to draw the line somewhere. Of all the things one could argu about, this issue is actually quite well-defined. Those "some" that say that are pass-through operators and various anonymous shills. There is just not enough there to bear scrutiny.
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*processing payment* *error 404 : funds not found* Do you want to complain on the forum just to fall for another scam a few days later? | YES | YES |
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Shadow383
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August 13, 2012, 03:05:18 PM |
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How about any investment scheme that doesn't provide a detailed breakdown (not just vauge hints) as to what it is doing, levels of deposits, investments etc (and most of the good ones already do this - the mining companies certainly do and most of the big lenders do) gets put in an "unverified" or "HYIP" subforum?
For anyone running a legit operation it should be no trouble to provide said info. Should help to filter out the safe operations...
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Draino
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August 13, 2012, 03:06:45 PM |
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what if the name was "High Yeild Investments" to avoid the damning initialism?
seems like an honest description to me
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Micon
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Activity: 1232
Merit: 1014
FPV Drone Pilot
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August 13, 2012, 11:29:27 PM |
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This is too subjective. Some would say that even BS&T has revealed its business model sufficiently.
1) No man of science would say that 2) HYIP is fine, or how about "1000%+ APY investments"
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PatrickHarnett
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August 14, 2012, 12:06:06 AM |
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As far as I know, currently HYIPs end up in the gambling subforum. There is some cross-over between securities and high-yield deposits, and there is a growing database of information related to "credit ratings" for product issuers. One of the additions to that system is business transparency, and I have been considering making a rating a requirement to be listed in the WPW thread to help separate some of the more reliable operators from some less reliable ones.
I'm not quite sure why gene is convinced everything is a scam, and it is pretty obvious that many are not. However, having been effectively labelled a scammer by gene I presume anything I contribute he will dismiss without reason.
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