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Author Topic: Are you sick of getting scammed?! Then come on in......  (Read 1878 times)
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September 11, 2012, 12:50:54 PM
 #21

I think potential lenders will also want to know more about how you will spend or invest their money to achieve that 20+% APR. Without that knowledge, they cant assess the risk and it would be difficult to distinguish your offer from a slow ponzi.
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September 11, 2012, 12:59:16 PM
 #22

A.  I have legitimate real-world business opportunities that offer me 20-25% annual returns.  They are limited in scale, but I am glad to make the 10-15% spread for my trouble and avoid the anal exam that comes along with bank loans.

Sorry, but unless you disclose the nature of these and offer some proof, there is nothing in your post to distinguish you  from pirate in the early days. Merely offering lower returns does not automatically make you more trustworthy. I can offer 1% APR or 0.1% APR and still walk away with your money.

Please don't see this as an attack. From what I have seen of you on these forums, I believe you are trustworthy. I'm just pointing out that you will need to provide some proof of your RL business.
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September 11, 2012, 02:01:07 PM
 #23

Hey guys, thanks for all the responses.....I will try to address all of the questions/replies in this post.


What are my other BTC obligations?

I currently have an 11,000 BTC loan with a long time forum member who wishes to remain anonymous.  The balance on that loan has been paid down to 9,000 BTC and the next payment is not due until February.  I do, however, plan on aggressively paying it off early as I have been thus far.  There is a thread dealing with that loan in the lending sub-forum, and I post periodic updates for those interested parties.  


Wouldn't it make more sense to do the loan on a dollar basis?

In a perfect world?  Absolutely.  The issue I see is most holders of substantial BTC do not wish to lend in dollars.  They think in terms of BTC and want to loan in terms of BTC.  In addition, many of them believe the price of BTC will only go higher (debatable of course), thus do not want to lock into a dollar loan and lose out on appreciation.  I think it is just a simpler solution to do all calculations in BTC, in conjunction with the aforementioned price collar.  


I think potential lenders will also want to know more about how you will spend or invest their money to achieve that 20+% APR. Without that knowledge, they cant assess the risk and it would be difficult to distinguish your offer from a slow ponzi.

I wholeheartedly agree.  There are 2 opportunities with available to me for which I will use the funds......one major and one minor.  The major opportunity is simply purchasing more equity in my firm.  I currently own a sizable minority interest, but more has been made available to me.  The business is 46 years old, and has never earned less than 20% ROE.  Many years we are closer to 30%.  It makes a lot of sense for me to borrow at 10% and earn at 30%.  The second, much smaller opportunity is engaging in small currency exchange transactions.  I have several individuals who transact through me, and I make a nice spread on both sides.  It is not much, but I believe it can grow if I had more working capital available.  


A.  I have legitimate real-world business opportunities that offer me 20-25% annual returns.  They are limited in scale, but I am glad to make the 10-15% spread for my trouble and avoid the anal exam that comes along with bank loans.

Sorry, but unless you disclose the nature of these and offer some proof, there is nothing in your post to distinguish you  from pirate in the early days. Merely offering lower returns does not automatically make you more trustworthy. I can offer 1% APR or 0.1% APR and still walk away with your money.

Please don't see this as an attack. From what I have seen of you on these forums, I believe you are trustworthy. I'm just pointing out that you will need to provide some proof of your RL business.

I don't see this as an attack at all.....people SHOULD ask hard questions, and be very skeptical.  If we had more of that, perhaps Pirate would not have been able to take so many people for so many Bitcoins.  Above I briefly explain the opportunities, and there is not much more to it than that.  You would be financing my acquisition of very attractive equity in a business I have worked for nearly a decade.  

I completely agree a lower APR does not automatically remove any risk of a ponzi.....I just hope in doing a more rational type of lending that is successful, persons will stop engaging in the type of schemes that inevitably blow-up.  The insanely high yield offerings we see bandied about are a red flag, and a huge one at that.  





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September 11, 2012, 03:15:39 PM
 #24


Q.  Why on Earth would I lend to you when I can get <insert insane weekly APR here> with Pirate, Hashking, PPT, Bitcoinmax , etc?

You forgot about OBSI.HRPT (1% per day), which is still going!

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September 11, 2012, 03:20:42 PM
 #25

scam

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September 11, 2012, 03:25:39 PM
 #26

scam

Who are you calling a scam? Yochdog or Obsi? Do you have any evidence to back it up?

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September 11, 2012, 03:51:15 PM
 #27

Hey guys, thanks for all the responses.....I will try to address all of the questions/replies in this post.


What are my other BTC obligations?

I currently have an 11,000 BTC loan with a long time forum member who wishes to remain anonymous.

I know you have a large mining operation, but you already sold most (all?) of that on GLSBE, so Im not sure how much BTC income you still have and whats going to happen to that debt  if BTC exchange rate doubles or triples?

Quote
I wholeheartedly agree.  There are 2 opportunities with available to me for which I will use the funds......one major and one minor.  The major opportunity is simply purchasing more equity in my firm.  I currently own a sizable minority interest, but more has been made available to me.  The business is 46 years old, and has never earned less than 20% ROE.  Many years we are closer to 30%.  

I assume you will tell any potential investors which firm that is, so they can check the financials and your claim to a stake of it? Perhaps rather than requesting a loan, you could float some shares of that company on GLSBE, backed up by actual company shares, and you take your cut of dividend payments or management fees?

Quote
I completely agree a lower APR does not automatically remove any risk of a ponzi.....I just hope in doing a more rational type of lending that is successful, persons will stop engaging in the type of schemes that inevitably blow-up.  The insanely high yield offerings we see bandied about are a red flag, and a huge one at that.  

20% APR is also a big red flag, just sayin.
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September 11, 2012, 04:40:10 PM
 #28

Hey guys, thanks for all the responses.....I will try to address all of the questions/replies in this post.


What are my other BTC obligations?

I currently have an 11,000 BTC loan with a long time forum member who wishes to remain anonymous.

I know you have a large mining operation, but you already sold most (all?) of that on GLSBE, so Im not sure how much BTC income you still have and whats going to happen to that debt  if BTC exchange rate doubles or triples?

Quote
I wholeheartedly agree.  There are 2 opportunities with available to me for which I will use the funds......one major and one minor.  The major opportunity is simply purchasing more equity in my firm.  I currently own a sizable minority interest, but more has been made available to me.  The business is 46 years old, and has never earned less than 20% ROE.  Many years we are closer to 30%.  

I assume you will tell any potential investors which firm that is, so they can check the financials and your claim to a stake of it? Perhaps rather than requesting a loan, you could float some shares of that company on GLSBE, backed up by actual company shares, and you take your cut of dividend payments or management fees?

Quote
I completely agree a lower APR does not automatically remove any risk of a ponzi.....I just hope in doing a more rational type of lending that is successful, persons will stop engaging in the type of schemes that inevitably blow-up.  The insanely high yield offerings we see bandied about are a red flag, and a huge one at that.  

20% APR is also a big red flag, just sayin.

You are mis-informed.  I still own the vast majority of my mining operation.  Less than 30% is owned by others.  There is no debt associated with the mining company, as they are shares....not bonds. 

I will gladly share financial statements with interested parties.....in fact I had planned on it and have consolidated statements from the last 3 years ready to go. 

I have no desire to float shares as a pass-through to my firm.  I do not much care for the GLBSE format, and feel dealing directly with lenders is the better path. 

I am not offering 20%.  I am offering 10%.....on an annual basis.  I earn 20-30% from my equity in a very profitable firm, and it is an opportunity unavailable to anyone but current partners.....hence the great ROI. 


I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
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September 11, 2012, 04:43:55 PM
 #29

I'll vouch for yochdog as having done a successful multi-thousand dollar deal with him a few months back.
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September 11, 2012, 04:46:12 PM
 #30

scam

Who are you calling a scam? Yochdog or Obsi? Do you have any evidence to back it up?

I am also confused by this.....If you are calling my offer a scam, you are simply trolling for the sake of trolling. 

If you are saying Obsi is a scam, I have no ground for comment and it should be posted elsewhere. 

I am a trusted trader!  Ask Inaba, Luo Demin, Vanderbleek, Sannyasi, Episking, Miner99er, Isepick, Amazingrando, Cablez, ColdHardMetal, Dextryn, MB300sd, Robocoder, gnar1ta$ and many others!
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