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Author Topic: Kraken Fund  (Read 17228 times)
PatrickHarnett
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August 15, 2012, 11:53:40 PM
 #1

This sits in "Securities" rather than my usual lending section thread because it is a little more aggressive in approach and not as reliable.

Based on some work I have been doing I believe there is space for this particular fund and because it is a little different labelling it Kraken seems appropriate.

Basic parameters:
  • Fund commences 19 August 2012.  
  • Investments may be made in multiples of 100BTC.
  • Withdrawals may be made in multiples of 100BTC.
  • Contributed capital is backed by my personal funds.
  • Returns will be paid weekly (currently planning on Fridays) - no compounding or automatic reinvestment.
  • Target and maximum return 2.5% per week. (for the ponzi people, that would be 361% annually, but it's only 130% because it is non compounding.)
  • Minimum weekly return 0% - any losses will be funded personally.

You will need to request a unique deposit address and supply a unique return address.  I will have a sensible limit on the number of investors because I don't want to spend my whole life doing weekly payments.
Returns obtained over and above 2.5% are taken as my fee - that's how I can afford to support the minimum return and "insure" the capital.  If I have coins sitting idle, they don't lose money, but impact on the average return.

Obviously the question is "What am I doing with the coins?"  
If I was to provide a simple answer like buying 50 BFL singles and going mining, or putting 10,000 coins into XYZ asset on GLBSE then there wouldn't be much science in that and it would ruin the market that I am looking at.
Also, I do expect people to assume funds might simply be going into BS&T and accuse me of feeding an illegal activity.  Due to the vitriol that goes with that, this will not be an open thread because there will be no point debating that.

So what am I going to use funds for?  Some will be going into my "vulture" capital business interests, some into some long-term BTC investments I have held in real-life ventures (such as an equipment manufacturer), some in BTC assets, a small amount of futures trading, some into various risk/reward adjusted investments that are available in the bitcoin world.

Edit: Currently 25 registered users.  18 currently paid.
Edit 19Aug: The largest commitment made was 1000 coins, and that was before the closure of one of the largest (and smartest) BTC operations.  In fairness, I consider a 1,000 maximum per account is appropriate making the absolute maximum size of Kraken Fund 25,000.

Kraken Fund#2 wait list (several):
HonsetBob, Rolo TonyBrown Town, BinaryMage, aghori, EskimoBob, Onichan, LoweryCBS, coinft, Mousepotato, Goelmer, CecilNiosaki, bruiser, Gigavps, "pm page 122", Electricbees, Macboy80, Brunic, Coin.Karma, Litecoin, Simonk83, DeadTerra, mb300sd, ScottJ, REF, nave, Soros Shorts, ShadowAlexey, Cobra
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PatrickHarnett
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August 16, 2012, 03:13:34 AM
 #2

FAQ:

Do I send before the 19th, will I lose my spot?
You don't have to send before the 19th.  Not anticipating people losing "spots" because this has a different profile to the restricted deposit accounts.
There is a "however" (added 18/8) - an account that has not been funded by 25th August will be closed and the spot re-offered.

When do I have to send?  Is it before the 19th?
Investments from the fund will not be made until the 19th (i.e. there will not be any income to the fund before then).  Like most deposits, I will account for the funds when received.  Initial funds should be provided by 25th August and at that stage I can assess the size and determine asset allocations.

What if you have lumpy investments that dump six months of profits in all at once?
Some assets do pay monthly or quarterly.  That would produce abnormal returns in that week.  For those occasions there would need to be a bonus payment (linked to an excess above 5% say).  Restricting the impact of any one asset on the whole portfolio should moderate those swings.

What size/duration is this fund planned to be?
It is a reasonably sized investment, but it is not open ended.  I did consider limiting it to 10k and having two or three of equal sizes, but it is easier (logistically) to keep it together for the moment.  Also, the term is related to the future and in six months time it is very unclear what the economy might be.  Not a very helpful answer, but I don't have a crystal ball.

How do we see the asset allocation?
The forum pm system is not very good due to the limits, so I intend on providing a weekly email newsletter.

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August 17, 2012, 08:11:02 AM
 #3

Two updates:

1st: with 14 registered participants, I'll be limiting this fund to a maximum of 25 and closing it at the end of the month because there is some manual processing that goes with the weekly payments.
2nd: If there is sufficient demand, I will consider a kraken#2, but with a 2% weekly max rather than 2.5%.
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August 17, 2012, 09:03:30 PM
 #4

With BS&T developments in the last few hours, I'm going to unlock this thread.  If it gets filled with insults, wild accusations and other bullshit, I'll lock it again.
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August 17, 2012, 11:36:53 PM
 #5

For now, the Kraken fund is closed to new accounts.  They were provided on a first come, first served basis.

I have a couple of people that have indicated they are interested in accounts, but I want this to get up and running first.  Depending on interest, there will probably be a Kraken#2 in September.
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August 18, 2012, 12:04:14 AM
 #6

With BS&T developments in the last few hours, I'm going to unlock this thread.  If it gets filled with insults, wild accusations and other bullshit, I'll lock it again.

With Pirate closing Kraken will be one of the higher yielding investments left in the market.

PatrickHarnett
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August 18, 2012, 12:13:40 AM
 #7

With BS&T developments in the last few hours, I'm going to unlock this thread.  If it gets filled with insults, wild accusations and other bullshit, I'll lock it again.

With Pirate closing Kraken will be one of the higher yielding investments left in the market.

Might be one of the higher yielding.  Expected payouts between 0% and 2.5% per week.

Edit: Due to a short-term window of opportunity I have secured the first 100 BTC of profit using some of my own coins until the remaining funds are deposited.
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August 18, 2012, 03:28:15 AM
 #8

Already one Kraken pass through.

Will you be allowing new investors if and when current investors exit?

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PatrickHarnett
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August 18, 2012, 03:51:53 AM
 #9

Already one Kraken pass through.

Will you be allowing new investors if and when current investors exit?

Yes, but I think a second Kraken fund will be more likely.  Let me iron the bugs out of this one over the next couple of weeks and set up a few other bits and pieces.
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August 18, 2012, 07:21:10 AM
 #10

great to be part of this, thanks Patrick for accepting my aplication

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PatrickHarnett
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August 18, 2012, 07:38:08 AM
 #11

great to be part of this, thanks Patrick for accepting my aplication


You are welcome.  Technically I don't have to do any more work on this until September as I have locked in three weeks of profits already. 

13 of 25 initial payments have also been received - thank you 
finkleshnorts
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August 18, 2012, 07:44:39 AM
 #12

How did I miss this? Interested in any openings.
RoloTonyBrownTown
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August 18, 2012, 07:48:49 AM
 #13

I'm interested as well.  Hit me up if a spot opens Smiley

PatrickHarnett
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August 18, 2012, 08:02:57 AM
 #14

How did I miss this? Interested in any openings.

You are not the only one to have missed out.  I think that if it had launched today rather than yesterday it would have been even more chaotic, and as it is I had several people inquire but not secure spots.

I don't think there will be too many spots open up, but I can run a list for Kraken#2.
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August 18, 2012, 08:10:37 AM
 #15

I would like to preemptively register my interest in Kraken #2, assuming Kraken #2 is of similar nature to Kraken #1.

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RoloTonyBrownTown
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August 18, 2012, 08:12:34 AM
 #16

Yep, count me in for #2.

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August 18, 2012, 02:48:51 PM
 #17

Thanks for letting me in Patrick, looking forward the development of your fund.

Raphael
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August 18, 2012, 05:19:21 PM
 #18

Also interested for #2
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August 18, 2012, 06:22:37 PM
 #19

Count me in too for #2.

While reading what I wrote, use the most friendliest and relaxing voice in your head.
BTW, Things in BTC bubble universes are getting ugly....
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August 18, 2012, 09:26:55 PM
 #20

I am interested in #2 too.
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