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Question: What would you prefer?
1-week deposit at fixed rate - 13 (81.3%)
Long-term (unlimited) deposit at variable rate - 3 (18.8%)
Total Voters: 16

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Author Topic: [COMING SOON]Unclescrooge 1-week deposit program at 2%/week  (Read 1281 times)
unclescrooge
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September 13, 2012, 08:34:01 PM
 #1

Hi fellows,

I'm mainly gauging interest here. It is possible that I will need large amount of coins in the future, for my new business. Now, considering the recent history in bitcoinland and the continuous antitbusiness trolling and attacks on this forum, I wouldn't even think of offering a continuous deposit program, you all guess why. I did however made a poll and if there's enough interest for a continuous deposit plan I might consider it.

So I'm thinking of the following plan: when I need more coins than I have to fill an order, I will ask everyone that previously "registered" with me to lend me some btc. After 7 days, I will return all of it, principal + 2% interests. For you to be contacted, you would have to post here or in PM to say you might lend me bitcoins, and approx. how many you'd be willing to lend me.

Now the questions you might have:

What could you do to make so much profit?

Let just say that I do "arbitrage": I buy low and sell high.Those of you who understand it are already doing it, or don't have the time to do it and might be interested by my offer. Those that don't understand please forget about it and move on, I don't want anyone to invest in something they don't understand.

What are the risks?

Funds freezing by various institutions that hold part of my fiat funds is the main risks, but, beside being unlikely, I do manage it at my best. A high spike in BTC price could also hurt me, but because I mainly do arbitraging, only the profits (your interests) would be at risks. I could die also, but I'm young and in good shape so also unlikely Smiley All in all that's not high risks against the reward.

Who are you again?

My name is Raphael NICOLLE, but I prefer unclescrooge. I live in Lyon, France, and I'm 26. Google is your friend for more.

And now, a special one for my ponziiiiii friends: but why are you taking loans at such crazy rates instead of taking loans at fiat rates?

Would you take a loan in dollars at your bank to buy bitcoins? Me neither Smiley

Ok, that's all for now. If you have any questions, I'm here. Don't rush into the program though, It's not even open, and may never be. At this point I'm just checking the waters.

unclescrooge

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September 13, 2012, 08:37:21 PM
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Are you using a bot to do the arbitrage or you manually moving the money back and forth?

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September 13, 2012, 08:53:11 PM
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Let just say that I do "arbitrage": I buy low and sell high.

This isnt arbitrage.
unclescrooge
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September 13, 2012, 08:53:28 PM
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Are you using a bot to do the arbitrage or you manually moving the money back and forth?

No that's not the kind of arbitrage I'm talking about.

I think arbitrage between exchanges can be very profitable, but only with a small capital unfortunately. I only use one exchange, mtgox, when needed.

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September 13, 2012, 08:54:56 PM
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Let just say that I do "arbitrage": I buy low and sell high.

This isnt arbitrage.

Yes it is. When you arbitrage, you buy something cheaper than you sell it, although at the same time.

But you remind me: I'm not a forex trader or financial specialist or whatever. I only have an education in IT. So I may not know all the appropriate terms used in finance. And I'm not using a magic trading strategy to make awesome profit. Willing to learn though Smiley

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September 13, 2012, 09:02:52 PM
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Yes, it's to do with price differences, nothing to do with "buy low / sell high".

bare in mind, there are many of bots cross-exchanges doing this, and even more complicated arbs mixing in FOREX/Alt Currenies, e.g. if BTC->LTC->USD is cheaper (puts and asks both exist) than BTC->USD by an amount > cost of fees, execute trade (buy on one, sell on other at same time); or BTC->LTC->USD->GBP vs BTC->PLN->GBP etc.

Anyway I did not mean to trash your thread, and I find the setup interesting - how you can call for more funds,  I'll be watching closely.
unclescrooge
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September 13, 2012, 09:08:39 PM
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Yes, it's to do with price differences, nothing to do with "buy low / sell high".

bare in mind, there are many of bots cross-exchanges doing this, and even more complicated arbs mixing in FOREX/Alt Currenies, e.g. if BTC->LTC->USD is cheaper (puts and asks both exist) than BTC->USD by an amount > cost of fees, execute trade (buy on one, sell on other at same time); or BTC->LTC->USD->GBP vs BTC->PLN->GBP etc.

Anyway I did not mean to trash your thread, and I find the setup interesting - how you can call for more funds,  I'll be watching closely.



Yes I'm wouldn't even try cross-echanges arb, I think I would be burned quickly.

Thanks for your comment, that's nice of you. I don't know if I would be needed this loens, and anyway I have a few things to finish setting up before being ready.

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September 14, 2012, 12:48:52 AM
 #8

Sounds like a good/interesting idea.  Basically you just want to pre-arrange short notice loans in case you find something to exploit and make more than 2%.  I'd be potentially interested in loaning if this took off.

unclescrooge
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September 14, 2012, 08:37:44 AM
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Sounds like a good/interesting idea.  Basically you just want to pre-arrange short notice loans in case you find something to exploit and make more than 2%.  I'd be potentially interested in loaning if this took off.

That's the plan Smiley. Thanks for your interest, I'll let you now if/when I open this stuff.

unclescrooge

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September 14, 2012, 10:51:27 AM
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very very intrested Grin

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September 14, 2012, 11:16:07 AM
 #11

 good idea indeed. for every 100 BTC you have, you can scam your investors up to 5000 btc.
this coming from the guy who demanded we thank pirate for stealing your coins.:


Now that Pirateat40 closed down his operatations thanks to all the fud that was going on and growing on the forum, I expect
 everyone that spreads this fud, accused and insulted Pirate and the people that supported him to apologize.

Not only did Pirate brought us a great opportunity for investors (once in a lifetime actually), he did help stabilise and grow steadily bitcoin price, volume exchange, and thus contributed to the success of bitcoin. For that, Pirate, I want to thank you. You've done a wonderful work, and I hope you're stay around here.

Now, apologies on.


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September 14, 2012, 11:19:34 AM
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I don't understand?  Huh

Are you suggesting it would be a bad thing to invest with pirate's biggest shill?

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OneEyed
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September 14, 2012, 11:25:19 AM
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What are the risks?

Funds freezing by various institutions that hold part of my fiat funds is the main risks, but, beside being unlikely, I do manage it at my best. A high spike in BTC price could also hurt me, but because I mainly do arbitraging, only the profits (your interests) would be at risks. I could die also, but I'm young and in good shape so also unlikely Smiley All in all that's not high risks against the reward.

It's great to see well-identified people propose deals with exposed business models, congratulations.

However, I don't understand how only the profits would be at risk in the example you gave, as shorting a position usually means that the possible loss is unbounded. If you borrow then sell 10 bitcoins at 9€/BTC and you have to buy them back at 12€/BTC, then you will be 2.7 bitcoins short (32.4€) of the 10.2 bitcoins you have to return to your creditor. If the price spikes to 18€/BTC, you will be 5.2 bitcoins short (93.6€). 90€/BTC (let's take the extreme) and you'll be 9.2 bitcoins short (828€), and so on.

(edited to add that the loss is potentially illimited in FIAT, added the corresponding amounts between parentheses)

One thing that is still unclear to me in your proposal would be the risks for the lenders. If, for example, there is a high spike in BTC price as you describe above, would you still be able to reimburse your lenders and pay the 2%, even if it temporarily costs you money to cover the potentially unbounded losses?

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September 14, 2012, 11:32:16 AM
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I don't understand?  Huh

Are you suggesting it would be a bad thing to invest with pirate's biggest shill?

of course not. I'm only warning he will expect a thank you after he ran off with your coins

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September 14, 2012, 11:33:11 AM
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I don't understand?  Huh

Are you suggesting it would be a bad thing to invest with pirate's biggest shill?
I wouldn't call him that - I'd save that title for BurtW...
unclescrooge
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September 14, 2012, 03:26:39 PM
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What are the risks?

Funds freezing by various institutions that hold part of my fiat funds is the main risks, but, beside being unlikely, I do manage it at my best. A high spike in BTC price could also hurt me, but because I mainly do arbitraging, only the profits (your interests) would be at risks. I could die also, but I'm young and in good shape so also unlikely Smiley All in all that's not high risks against the reward.

It's great to see well-identified people propose deals with exposed business models, congratulations.

However, I don't understand how only the profits would be at risk in the example you gave, as shorting a position usually means that the possible loss is unbounded. If you borrow then sell 10 bitcoins at 9€/BTC and you have to buy them back at 12€/BTC, then you will be 2.7 bitcoins short (32.4€) of the 10.2 bitcoins you have to return to your creditor. If the price spikes to 18€/BTC, you will be 5.2 bitcoins short (93.6€). 90€/BTC (let's take the extreme) and you'll be 9.2 bitcoins short (828€), and so on.

(edited to add that the loss is potentially illimited in FIAT, added the corresponding amounts between parentheses)

One thing that is still unclear to me in your proposal would be the risks for the lenders. If, for example, there is a high spike in BTC price as you describe above, would you still be able to reimburse your lenders and pay the 2%, even if it temporarily costs you money to cover the potentially unbounded losses?

Hi OneEyed,

You understood well the risks involved. I wondered how long until someone pick me up on that, because yes, saying only the profits are at risks was misleading. It all depends how many of the coins I would have turned in fiat when a spike occurs. A worst case scenario would be I'm 50% fiat, and there is a instant jump of the BTC price  by several fold without me being able to correct it. But that's exactely what I want to avoid, and that's why this setup of short term loan is trickier than long term deposit. I don't want to risks not been able to return all principal + interests. It's a fixed rate loan and I want to be able to always repay my debt. So I can't, and won't been more exposed in fiat than I can offered to loose (meaning if I have to, I will be able to cover the losses).
That's why I'm taking my time in this, and might even not be able to do it. Understand that if I can avoid taking a loan, I will. If I open I will explain more in details the risks.

Also, to the others, about my support of pirateat40: Yes I regret posting the thread about him. I am ashame of it. But I didn't edited it nor deleted it as a personal lesson to never trust someone to much with my money. If that means I lost all credibility on this forum (because I was ridiculous, I give you that), I'm ok with it, I'll take the time to rebuild it. I won't hide and come with a new forum account, that's not me.

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September 15, 2012, 04:30:50 AM
 #17

And now, a special one for my ponziiiiii friends: but why are you taking loans at such crazy rates instead of taking loans at fiat rates?

I have and will certainly do so again. Fiat rates are better and fiat seems to devalue compared to the booming bitcoin economy. As long as I can afford monthly repayment on the loan, I'll go fiat to BTC anytime.

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September 15, 2012, 04:52:30 AM
 #18

why don't you use your own BTC to do this ?


Raoul Duke
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September 15, 2012, 05:05:53 AM
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why don't you use your own BTC to do this ?




because pirate took it and didn't gave it back

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September 15, 2012, 05:13:12 AM
 #20

To tell you the truth I no longer trust anyone promising 1- 2% a week returns and am considering ignoring anyone who offers such rates as possible scammers.

If you offer such programs youre going on my ignore list.

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