Ultima Fund - BitCoin investment fund

[ultima]

I have just opened my BitCoin denominated fund for public to invest in. Check it out: www.ultimafund.com

Please read FAQ page for some info and if you have more questions ask here or send an email (info AT ultimafund.com).

[1714143500]

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[1714143500]

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[rahl]

And who are you and why should I trust you with my money?

[avoid3d]

And who are you and why should I trust you with my money?

+1 you are advertising remember

[omarabid]

I'm considering 5% to be a respectable and expected yearly return. That if you are investing on something safe.

Say I invest 500 BitCoin

-> Deposit Fee ( ) : 500 x 0.97 = 485 BitCoin.
-> 5% Yearly Return: 509.25 BitCoin.
-> Profit Fee : 509.25 - 2.425 = 506.825 BitCoin.

I hope there isn't a withdraw fee. That is a 1.3% yearly return.
Seriously, you should consider it again.

[bulanula]

Well I think this is a big Ponzi scam. Prove me wrong if you can

[ultima]

I'm considering 5% to be a respectable and expected yearly return. That if you are investing on something safe.

Say I invest 500 BitCoin

-> Deposit Fee ( ) : 500 x 0.97 = 485 BitCoin.
-> 5% Yearly Return: 509.25 BitCoin.
-> Profit Fee : 509.25 - 2.425 = 506.825 BitCoin.

I hope there isn't a withdraw fee. That is a 1.3% yearly return.
Seriously, you should consider it again.

It is not supposed to be a risk free investment. The fund had 8.37% return since inception (less than 1 month). This is 115% annualized. I managed to achieve that kind of return because of very good arbitrage opportunities this week. And my S&P 500 short position returned more than 1% in last week (and has been closed), so don't expect 115% after one year. My target is 30%, but in times like these (last 2 weeks) I can make a lot more. Yes, there are risks, this is clearly stated in FAQ section.

Well I think this is a big Ponzi scam. Prove me wrong if you can

I post my position changes on fund's twitter account and on ultimafund.com webpage. You can check twitter.com/ultimafund when I posted that I opened S&P 500 short position and compere the movement of the index and fund's share price. I closed the position today.

Monday's price rise was affected by arbitrage trading. Mtgox/Tradehill and Tradehill/Bitstamp. You can even go to bitstamp.net and see Monday's transactions when I sold 100 BTC @ $2.85 and $2.79 when price on MtGox was $2.30 (https://www.bitstamp.net/market/last_trades/ see my two trades @ 11.14.2011 18:03:59).

[DeaDTerra]

When i try going onto your website I get a 500 error code, it kind of makes me a bit nervous. You guys are still here right, it's just the servers that is down?

[ultima]

When i try going onto your website I get a 500 error code, it kind of makes me a bit nervous. You guys are still here right, it's just the servers that is down?

Yes, there was a server problem. We use google cloud services, there is nothing we can do about that. Google switched to new billing recently, so they could have some problems with that.

[ultima]

Our fund is now 1 month old and we managed to collect our first 400 BTC. I want to thank everybody for placing your trust in us. We added fund size data on our front page yesterday, so now you can track fund movements. We plan to add personal charts to user's account page (to track personal fund flows), statistcs page (with fund detailed statistics and charts) and fund history export in CSV format (value, shares outstanding, size). This should increase our transparency.

We also feel that our plain HTML website needs an upgrade. We are looking for a web designer to make our site look good. Send us PM or email to info@ultimafund.com if you are interested.

Payment in bitcoins (or paypal if you prefer).

[Dan The Man]

If your funds positions are all public, what prevents someone from just copying all of your positions while keeping their money to themselves?

[ultima]

I post most of the portfolio changes on fund's twitter account, however these are past events. And you don't know what is our position strategy. It could be short term or long term position. You also don't know the position size.

Most of the hedge funds post quarterly portfolios. I believe US hedge funds are required to.

[Explodicle]

And who are you and why should I trust you with my money?

+1 you are advertising remember

+2
The domain is registered anonymously by proxy.

[ZoladkowaGorzka]

Did anyone used this Fund and want to share expiriences?

[DeaDTerra]

Did anyone used this Fund and want to share expiriences?

I have used it, seems like a nice going fund, legit and a good profit Though I have not cashed out yet I have invested 7 BTC and after I have gotten back the initial fees (about 3 weeks), I have had a overall profit even though it goes up and down each day as expected.
// DeaDTerra

[Gabi]

Remember, trust NO ONE

[Pistachio]

Hi all,

I like the idea of using rather than hoarding bitcoins. So, I am giving this a try for two months to see how it goes. Just put in 33BTC last night.

Update from this morning: The 33BTC I invested already missed out on the 12% gain this morning in short trading with BTC/USD, so not off to the best start. Let's see how the fund does over the Holidays. 

Out of curiosity, what keeps others from investing in this fund or similar bitcoin funds? For me, I am reluctant to invest any more than I have without some sort of third party assurance or community involvement of some sort to reassure me that the site's owner will not walk away with all of the deposits. Any ideas on how to improve trust in the bitcoin community in these types of situations?

[farfiman]

I agree... threw in a few coins to test the waters

[BitcoinBug]

Out of curiosity, what keeps others from investing in this fund or similar bitcoin funds? For me, I am reluctant to invest any more than I have without some sort of third party assurance or community involvement of some sort to reassure me that the site's owner will not walk away with all of the deposits. Any ideas on how to improve trust in the bitcoin community in these types of situations?

Improve trust? For one, they shouldn't be anonymous. Keeping your money while being anonymous will get you in trouble someday. You can almost count on it!

[rouhaud]

i am a user of ultima fund and i invest first time 4 btc to see if website is serious, after few day ( nearly 1 week ) i withdraw my 4 btc and i win 0.06 btc in 1 week, today i put all my wallet because when i keep my btc at my computer i have 30 btc, fifty day later i have 30 btc !!
but with ultima fund i have 30.95 btc and i can withdraw all the time

it's a really good service for me

[BitcoinBug]

i am a user of ultima fund and i invest first time 4 btc to see if website is serious, after few day ( nearly 1 week ) i withdraw my 4 btc and i win 0.06 btc in 1 week, today i put all my wallet because when i keep my btc at my computer i have 30 btc, fifty day later i have 30 btc !!
but with ultima fund i have 30.95 btc and i can withdraw all the time

it's a really good service for me

Bernard Madoff was running his ponzi scheme for decades, with many happy customers, who withdrew their money... Its just the way ponzi schemes are played.