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Author Topic: [WTS] BTC-E code (USD) liability for Tether (USDT) with escrow - up to 2X gain  (Read 2214 times)
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sorjef
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July 27, 2017, 12:35:33 PM
Last edit: July 31, 2017, 02:30:24 PM by sorjef
 #1

Overview:

I'm selling USD left on my account on http://btc-e.com exchange using BTC-E codes with escrow. Concerning latest events, I will call it selling "BTC-E Code Liability." You can potentially gain 170-200% of your initial investment, hence almost double your money in a matter of a few months or maybe even weeks. For me, this is an opportunity to eliminate the risks for a part of my money left on the BTC-E exchange.

You can get 2x on your money, but
this is not a scam, so there is a risk for you if BTC-E does not get back online.
Still, if you get into this deal intelligently we both win so you can have a good profit, and I will get eliminated risks.


Trading steps:

1. You choose an escrow agent. You may choose from the list of most reputable agents on this forum who already expressed their interest in providing their services for this deal. In case if you want to propose another agent, this must be a reputable person in our community with previous escrow experience and references.
2. You send me a PM with a price quote, your questions and whom you propose as an escrow agent.
3. We decide on the price. I clarify any questions you have. We talk to the escrow agent you submitted.
Let's now assume we agreed that I sell you 10000$ worth of BTC-E codes for 5000$ (Tether), so you receive 2x your initial investment in case if BTC-E goes back online.
4. You send 5000$ (tethers) to the account of the escrow agent.
5. I send ~6000$ (tethers) to the account of the escrow agent as a security measure. I'll do this so you can trust me that I will generate the code. The exact amount will be calculated by formula: ([sold_btce_code_value] - [price_paid_by_buyer]) * 120% + [escrow_commission]
6. Escrow agent locks your 5000$ and mine 6000$ for 5 months.
7. If during these months btc-e exchange went back online and there was a way for me to generate a BTC-E code, I'll generate it and send it to the escrow agent.
8. The escrow agent will use the code on BTC-E and generate a new one. To check the code and its price.
9. The new code will be sent to you, and you will deposit money to your account.
10. Finally, the escrow agent releases all the money minus escrow fee (11k$ - fee) to my tether account after the BTC-E code is generated or after 5 months have passed.

If I do not generate a code (in case BTC-E is back online and the code can be generated), or somehow try to fool you the escrow agent will release 11k$ your money to your tether account.


Escrow:
  • SebastianJu - an experienced legendary escrow. Check out his posts below in this topic.


FAQ:

What is the minimum trade you are willing to conduct?
I'm ok trading on this deal with multiple people, breaking it on several batches. The smallest trade I'm interested in is for 1000$ but the ideal batch would be 10-50k$.

Why did you choose 5 months period?
I feel this is a reasonable amount of time considering the previous similar case and official response.

In which cases do you receive the money from the escrow?
The seller (me) will get 11k$ (seller's 6k$ used as a safety measure + buyer's 5k$) in two cases:
1. BTC-E is not back
2. BTC-E is back, and I generate a 10k$ BTC-E code (and obviously send it to escrow)

In which cases I receive the money from the escrow?
1. BTC-E is back, and the seller (me) does not generate 10k$ BTC-E code

Why would I be interested in this deal?
If you have an aggressive investment strategy and you want to have an opportunity to double your capital this might be interesting for you.

When should I ignore this deal?
1. If you are not ok with high risks.
2. If you cannot accept potentially losing your investment in the case when BTC-E is not back online.
P.S. Trade only the amount of money you are ok to lose.


Changelog:
  • 31 July - An experienced legendary escrow SebastianJu is reviewing the trading steps and has expressed his interest in providing escrow services. See his posts below on this topic.
  • 31 July - Added FAQ section.
  • 31 July - Increased security measure from my side and changed the formula.
  • 27 July - Changed period to 5 months.
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benjamin07
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July 27, 2017, 03:16:54 PM
 #2

So in other words:

If btc-e.com does not come back online after 1 month:
1. You would have taken my money
2. If btc-e.com returns online 1 year after or class action is raised, you still get your money back

It doesn't sound like a good deal to me or have I missed something?
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July 27, 2017, 03:41:46 PM
Last edit: July 27, 2017, 08:54:43 PM by sorjef
 #3

Yes, you have described it correctly, but I'm open to proposals in terms of the time frame and I think we can find a reasonable period for this.

If you suggest 1 year period - Neither I think it will take 1 year for BTC-E to get back online nor to understand that it is closed. Plus exactly 1 year is not acceptable for me on this stage.

What do you think about 5 months time frame?

UPD: Updated the post with 5 months time frame
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July 27, 2017, 03:48:44 PM
 #4

In addition, we can also consider MTGox case as the basis, calculating time frame with the formula: (Time when MTGox buzz starts - Time when MTGOX is closed) * 130%. So 30% is an additional buffer. What do you think?
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July 27, 2017, 06:54:55 PM
 #5

Just no, I do not trust exchanges as it is. Also self moderated posts are never good for this kind of thing, sounds scammy.
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July 27, 2017, 07:12:19 PM
 #6

At this time your proposal sounds like a bail-out attempt.

If the gain odds are indeed so good you would keep it for yourself.

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July 27, 2017, 07:37:43 PM
Last edit: July 27, 2017, 08:40:39 PM by sorjef
 #7


If the gain odds are indeed so good you would keep it for yourself.


The gains are fair compared to the risks. One cannot argue there is still a high chance of BTC-E getting closed. The exchange may also get back online, considering the amount of money they made before last events. I really do not know the odds. Let's say they are fifty-fifty. Unfortunately, for some portion of my dollars left on btc-e I just cannot accept any risk. You may ask why I left this money on BTC-E. Well, I should have asked myself this question a few weeks earlier...

Just no, I do not trust exchanges as it is. Also self moderated posts are never good for this kind of thing, sounds scammy.

How can I remove self-moderation? Should I create a new post? Still, everything must be processed with the help of somebody more reputable than me, thus I do not see any issues with the post being self-moderated.
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July 28, 2017, 06:21:32 AM
 #8

The proposal is still actual as for 07/27. Do not miss it.
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July 29, 2017, 12:21:30 PM
 #9

I remember old days. There was a service called "ltcgear" . same story some people started to sell their hash after some bad news.
day by day everyone start to sell. And of course in the and all turned to trash.

Probably btc-e never gonna come back same as ltcgear, mtgox or any others.

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sorjef
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July 29, 2017, 03:18:15 PM
Last edit: July 29, 2017, 09:55:23 PM by sorjef
 #10

I remember old days. There was a service called "ltcgear" . same story some people started to sell their hash after some bad news.
day by day everyone start to sell. And of course in the and all turned to trash.

Probably btc-e never gonna come back same as ltcgear, mtgox or any others.


Indeed it may never come back, but in case it will come back many people will pull their hair out.

I know you will not trust my words as it is in my interest to write this, but I really believe btc-e is another story than ltcgear or mtgox. It has been very profitable for owners during these years, I'm sure it is not in their interest to close it.
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July 30, 2017, 09:56:32 PM
 #11

I was asked by the OP to provide escrow for these deals. If someone wants to do this then I possibly can do that if the procedure has been fully negotiated.

I see the rules as:

Buyer and seller invest $5000. Total of $10K in the escrow address.
If after 5 months btc-e is not back then buyer and seller get their $5K back each.
If in these 5 months btc-e comes back then seller receives $5K from the buyer from escrow address and his $5K from seller he put into escrow address. Buyer would receive $10K in BTC and buyer would have paid $5K for it.

Let me know if someone wants to do this.

Please also let me know about potential risks in this setup.

Please ALWAYS contact me through bitcointalk pm before sending someone coins.
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July 30, 2017, 10:03:30 PM
 #12

I was asked by the OP to provide escrow for these deals. If someone wants to do this then I possibly can do that if the procedure has been fully negotiated.

I see the rules as:

Buyer and seller invest $5000. Total of $10K in the escrow address.
If after 5 months btc-e is not back then buyer and seller get their $5K back each.
If in these 5 months btc-e comes back then seller receives $5K from the buyer from escrow address and his $5K from seller he put into escrow address. Buyer would receive $10K in BTC and buyer would have paid $5K for it.

Let me know if someone wants to do this.

Please also let me know about potential risks in this setup.

I think you misunderstood a point, if the 5 months pass and btce does not come back online buyer does not get anything. Its basically like a double down on a roulette game, if you win and btce is back your money doubles, if you don't you lose it all and seller gets the jackpot.
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July 31, 2017, 02:33:41 AM
 #13

I was asked by the OP to provide escrow for these deals. If someone wants to do this then I possibly can do that if the procedure has been fully negotiated.

I see the rules as:

Buyer and seller invest $5000. Total of $10K in the escrow address.
If after 5 months btc-e is not back then buyer and seller get their $5K back each.
If in these 5 months btc-e comes back then seller receives $5K from the buyer from escrow address and his $5K from seller he put into escrow address. Buyer would receive $10K in BTC and buyer would have paid $5K for it.

Let me know if someone wants to do this.

Please also let me know about potential risks in this setup.

I think you misunderstood a point, if the 5 months pass and btce does not come back online buyer does not get anything. Its basically like a double down on a roulette game, if you win and btce is back your money doubles, if you don't you lose it all and seller gets the jackpot.

I understood it more of a safety measure so that neither the buyer nor the seller would back out. If btc-e doesn't come back then buyer and seller get their safety measure back.

Was it meant differently OP?

Please ALWAYS contact me through bitcointalk pm before sending someone coins.
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July 31, 2017, 08:35:05 AM
 #14

I was asked by the OP to provide escrow for these deals. If someone wants to do this then I possibly can do that if the procedure has been fully negotiated.

I see the rules as:

Buyer and seller invest $5000. Total of $10K in the escrow address.
If after 5 months btc-e is not back then buyer and seller get their $5K back each.
If in these 5 months btc-e comes back then seller receives $5K from the buyer from escrow address and his $5K from seller he put into escrow address. Buyer would receive $10K in BTC and buyer would have paid $5K for it.

Let me know if someone wants to do this.

Please also let me know about potential risks in this setup.

I think you misunderstood a point, if the 5 months pass and btce does not come back online buyer does not get anything. Its basically like a double down on a roulette game, if you win and btce is back your money doubles, if you don't you lose it all and seller gets the jackpot.

I understood his offer in a same way as you did.
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July 31, 2017, 10:22:09 AM
Last edit: July 31, 2017, 11:10:50 AM by sorjef
 #15


If after 5 months btc-e is not back then buyer and seller get their $5K back each.


No, the seller will still get 10k$. See description below.


if the 5 months pass and btce does not come back online buyer does not get anything.


This is accurate.

Additional description:

The seller (me) will get 10k$ (seller's 5k$ used as a safety measure + buyer's 5k$) even if BTC-E is not back. Overall, there are two cases when the seller (me) gets 10k$:
1. BTC-E is not back
2. BTC-E is back, and I generate a 10k$ BTC-E code (and obviously send it to escrow)

There is only one case when the seller (me) does not get 10k$:
1. BTC-E is back, and I do not generate 10k$ BTC-E code

The idea here for me as a seller is that I transfer the risk to the buyer today. For taking this risk, the buyer receives an opportunity to double his capital in a really short amount of time. This deal might be attractive to those buyers who have an aggressive investment strategy. Just as an example, this is similar to how MTGOX coins were sold for real coins a while back. The roulette double down example is pretty close, although the odds of success are completely different.

The only problem I see right now is that I should increase the safety measure from my side, so it is never profitable for me to back out even in case if BTC-E is back. Now I think the safety measure from my side should be calculated by a formula: ([sold_btce_code_value] - [price_paid_by_buyer]) * 120% + [escrow_commission]. So in our example, I should pay ~6k$ as a safety measure.

I will update the post to reflect these changes and to add more accurate description in a few hours

UPD: Original post updated
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July 31, 2017, 12:21:15 PM
 #16

JFYI, here is the official post by btc-e:

https://bitcointalk.org/index.php?topic=2056158

You can watch for new posts here:
https://bitcointalk.org/index.php?action=profile;u=33012;sa=showPosts

Unfortunately, it's in Russian so you need to use google translator to translate the posts.

In any case, for those who interested I do want to add some FUD and remind that:

Do not miss a chance, when everything is clear with the future of btc-e, the deal will be gone!
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August 01, 2017, 05:21:22 AM
 #17

Well at least some clarity now; the website Btc-e.com is online and seized by the governement of the US of A.
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August 04, 2017, 05:07:34 PM
 #18

A new update from btc-e - https://bitcointalk.org/index.php?topic=2063529.20

In English:

1. We were able to receive an access to our databases and wallets. Right now we are checking coin balances, this information will be published next week.
2. We confirm that fiat flows were getting through Mayzus Financial Services Ltd service and right now fiat accounts are seized (arrested/blocked).

Although, the odds to get fiat seems much higher now I am still willing to conduct these deals, however probably with lower interest rate. Contact me if you're interested and we can figure out the appropriate price.
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August 10, 2017, 10:32:38 PM
 #19

Accordingly to latest update by btc-e, this topic is no longer relevant and will be closed after the proposed BTC-E system works - https://bitcointalk.org/index.php?topic=2075551.20
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