The loans are secured, but there are risks. Bitfinex can go down. Bitstamp can go down. The market can flash crash. You can get hacked. And regulators could decide to regulate. This explains why the rates aren't coming down to more reasonable rates (like 10% APR).
Another risk is that Raphael Nicolle of Bitfinex once floated the idea of starting his own 2% a week pirate style ponzi. Who is to say they don't have those huge demands for currency to lend at high rates just to accumulate sucker's money? At the current offering of 1% per day compounded that's actually higher than what pirate promised.
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
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
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
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.
Pirate really brought out the true character of a bunch of the people around here.
