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Author Topic: [Investment fund] Gamma Bitcoin Fund [Closed]  (Read 77883 times)
DeaDTerra
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October 04, 2012, 05:18:06 AM
 #521

DeadTerra,

I have not put in a request for withdrawal, but it is not fair to those who have to strip them of their higher priority.

Months ago, I asked you to focus on the GBF instead of getting distracted by various IPOs.

You agreed (and thus I invested) back then, yet you then proceeded to waste your time and our bitcoins on various unrelated scammy/gimmicky nonsense projects.

You never updated the OP to reflect the recent negative returns.  You don't even update the google docs weekly. 

We now have no idea how many of our bitcoins you've lost!

Your constant excuses of "I'm too tired, I'm too busy, I'm too sick" are childish and unacceptable.

You have plenty of time for the latest shiny things that catch your attention, but not for your investment fund?  Again, not acceptable.

And now, despite owing your long-suffering investors 1000s of bitcoins, you are buying overpriced silver bullion from a Jr Member in another thread!

Am I the only one that finds such behavior galling?

I don't want to be payed back in drips and dribbles.  And I don't want to hear about how wonderful your intentions were.

Your actions are those of a con artist, especially the latest excuse of "circumstances have changed, so withdrawal requests are retroactively being dishonored."

The GBF should have been your highest, if not only, priority.  Instead you have been treating it (and us investors) as an afterthought, not worthy of FIDUCIARY RESPONSIBILITY.

You seem to be completely unfamiliar with the concept, so here is an excellent, concise definition:

Quote
http://www.efmoody.com/arbitration/fiduciary.html

In the handling of money and when one acts as a corporate or individual trustee, there is a fiduciary responsibility owed to the principal party.

It is defined as a relationship imposed by law where someone has voluntarily agreed to act in the capacity of a "caretaker" of another's rights, assets and/or well being.

The fiduciary owes an obligation to carry out the responsibilities with the utmost degree of "good faith, honesty, integrity, loyalty and undivided service of the beneficiaries interest."

The good faith has been interpreted to impose an obligation to act reasonably in order to avoid negligent handling of the beneficiary's interests as well the duty not to favor ANYONE ELSE'S INTEREST (INCLUDING THE TRUSTEES OWN INTEREST) over that of the beneficiary.

Further, if the agent should find him/herself in a position of conflicting interests, the agent must disclose the dual agency (acting for two parties at the same time) or risk being accused of constructive fraud in regards to both or either principals. 

Good day, sir!
I don't get mad often but reading this get's me mad.
Do you know how much work it is to run a fund?
I can tell you it's over 20 hours a week, and guess what I have been paid nothing. Nothing for three months, in fact I have lost 150 BTC from the start of the opening up the investment fund to the public.
I have kept the log book up to date, yes I have missed a couple of days but I am human give me a break. The log book has always been up to date with at least a couple of days delay here and there.
I have updated it as you can see it's already in the OP and I did that weeks ago Smiley
what?
Take a look back at the last couple of weeks and you will surely see that I have updated the log book more then weekly, I can assure you.

I am sorry but no where in the deal I made with the investors did it say abandon your life because if it did then I would not have made that deal. I have done by best considering the circumstances, I have a part time job,I study on full time and I want to have some sort of social life, that means that sometimes things gets delayed and the log book is not updated.

So now I can't even make private purchases because that will effect the profit of the fund?
Stop with these silly arguments listen to yourself, the reason why I was buying silver was because I wanted silver. I am entitled to my own purchases am I not?

I am just trying to make this as smooth as possible and make it fair for as many as possible, I said it's not written in stone and that it can be discussed, thank you for your opinion.

I have stated from the start this is not my profession, this is a hobby project that I do in my free time. That has been the deal from the start if you want something more then that then I am sorry because I am never going to be able to do that.

All these things you are complaining about, has been stated from the start, it was involved in the deal I made with the investors. This is not my full time job and I thought that was clear.

I am just trying to do what's best but thank you for your opinion.
//DeaDTerra
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DeaDTerra
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October 04, 2012, 05:20:13 AM
 #522

DeadTerra

I agree with all of Icebreaker's points above.

I think you owe it to us, your trusting investors, who have stuck with you through the past weeks of continuous losses, to be more clear about what the actual situation is.

You should update and clean up the Fund assets and holdings spreadsheet so it accurately and clearly shows the position of the fund right now. And make a clear announcement that this is done and is the honest value of the fund right now.

I no longer trust you not to use, or lose, our GBF investments in your many other projects.

And I think you owe us a much clearer repayment plan. I think our patience and trust in you deserves much a better response than "I'm very sorry, I might pay you back something at some vague time in the future".
Hello Smiley
Okay sure, not much has changed and I can do more regular updates then weekly fine. I will update the spreadsheet once I get home later on tonight.
I don't have any other Bitcoin project at the moment other then the shut down of GBF, I am not sure where you got that from. I have plans and future projects but non right now.
That is not what I have said, I have said I will start liquidation and the payouts will be proportionate, a weekly updated will be posted with the progress of the liquidation and each 5-10% a payout will go out.
I think that's pretty specific what other details do oyu want?
//DeaDTerra
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October 04, 2012, 12:37:23 PM
 #523

DeadTerra

I agree with all of Icebreaker's points above.

I think you owe it to us, your trusting investors, who have stuck with you through the past weeks of continuous losses, to be more clear about what the actual situation is.

You should update and clean up the Fund assets and holdings spreadsheet so it accurately and clearly shows the position of the fund right now. And make a clear announcement that this is done and is the honest value of the fund right now.

I no longer trust you not to use, or lose, our GBF investments in your many other projects.

And I think you owe us a much clearer repayment plan. I think our patience and trust in you deserves much a better response than "I'm very sorry, I might pay you back something at some vague time in the future".
Hello Smiley
Okay sure, not much has changed and I can do more regular updates then weekly fine. I will update the spreadsheet once I get home later on tonight.
I don't have any other Bitcoin project at the moment other then the shut down of GBF, I am not sure where you got that from. I have plans and future projects but non right now.
That is not what I have said, I have said I will start liquidation and the payouts will be proportionate, a weekly updated will be posted with the progress of the liquidation and each 5-10% a payout will go out.
I think that's pretty specific what other details do oyu want?
//DeaDTerra

I agree with DeaDTerra, he has been very specific on how to liquidate and pay back to investors.

DeaDTerra
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October 04, 2012, 01:30:12 PM
 #524

Anyone that feels like I have misbehaved or just want to talk to me, call me on skype. My Skype alias is Terragubben Smiley
Lets have a chat.
//DeaDTerra
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October 06, 2012, 03:28:25 AM
 #525

Anyone that feels like I have misbehaved or just want to talk to me, call me on skype. My Skype alias is Terragubben Smiley
Lets have a chat.
//DeaDTerra

Hey DT, any word on what can be done now given that GLBSE is probably shutting down? I guess we will know more tomorrow, but this post doesn't look great: https://bitcointalk.org/index.php?topic=115669.0

PS, from www.glbse.com:


GLBSE has been closed

I'm sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I'm an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders

Q:I'm a GLBSE user, what about my assets and my bitcoin?

You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

"The difference between a castle and a prison is only a question of who holds the keys."
DeaDTerra
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October 06, 2012, 07:47:27 AM
 #526

Anyone that feels like I have misbehaved or just want to talk to me, call me on skype. My Skype alias is Terragubben Smiley
Lets have a chat.
//DeaDTerra

Hey DT, any word on what can be done now given that GLBSE is probably shutting down? I guess we will know more tomorrow, but this post doesn't look great: https://bitcointalk.org/index.php?topic=115669.0

PS, from www.glbse.com:


GLBSE has been closed

I'm sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I'm an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders

Q:I'm a GLBSE user, what about my assets and my bitcoin?

You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.
Hm,
This is bad but the degree of how much losses will be taken will depend on how well the transition off from GLBSE will be.
If someone else decides to integrate with the GLBSE codes so that we can redeem them and liquidate the assets, then the losses might not be so bad.
If someone doesn't do this and the issuers doesn't honor their contracts then thing will be bad, really bad.
I am going to start looking around and talking to the issuers, to see if a agreement can be made and if they plan to honor their contracts.
I am also going to call James, (not sure if he will respond but still).

//DeaDTerra
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October 06, 2012, 09:05:16 AM
 #527

Hi DeadTerra

Disaster upon disaster.

it would be great if you can post anything you find out here.

Thanks.

It is futile to speak of liberty as long as economic slavery exists.

My GPG key
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October 07, 2012, 05:09:00 PM
 #528

I hope we all get back our GLBSE shares... so that we can continue moving to other investments.

DeaDTerra
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October 07, 2012, 05:10:31 PM
 #529

Hi DeadTerra

Disaster upon disaster.

it would be great if you can post anything you find out here.

Thanks.
Indeed Sad
He has yet to respond to my text or when I called him, I will try again tomorrow.
//DeaDTerra
I hope we all get back our GLBSE shares... so that we can continue moving to other investments.
I hope so as well, once we get them back, I will do my best to try to liquidate them either by direct contact with the issuer or by private deals with third parties.
//DeaDTerra
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October 08, 2012, 04:39:39 AM
 #530

Hi DeadTerra

Disaster upon disaster.

it would be great if you can post anything you find out here.

Thanks.
Indeed Sad
He has yet to respond to my text or when I called him, I will try again tomorrow.
//DeaDTerra
I hope we all get back our GLBSE shares... so that we can continue moving to other investments.
I hope so as well, once we get them back, I will do my best to try to liquidate them either by direct contact with the issuer or by private deals with third parties.
//DeaDTerra

Best of luck to everyone during these tough times. Bitcoin will prevail.

"The difference between a castle and a prison is only a question of who holds the keys."
DeaDTerra
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October 09, 2012, 08:15:35 PM
 #531

I got a question about selling GBF accounts/debts, I am all for this and if you would rather sell of your account then wait for the liquidation then I can just rewrite the balance over to someone else, that's fine as long as you clearly state under what conditions GBF is closing and liquidating Smiley
//DeaDTerra
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October 09, 2012, 08:45:34 PM
 #532

I got a question about selling GBF accounts/debts, I am all for this and if you would rather sell of your account then wait for the liquidation then I can just rewrite the balance over to someone else, that's fine as long as you clearly state under what conditions GBF is closing and liquidating Smiley
//DeaDTerra

I'm sorry, but I don't understand this.

Are you saying that you will buy back my GBF account?

If that is so, then I would be really happy to get the balance when you closed the GBF on 02 October 2012- 75% of the sum I "invested" with you.

I'm pretty sure this isn't what you are offering, though.

It is futile to speak of liberty as long as economic slavery exists.

My GPG key
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October 09, 2012, 09:08:31 PM
 #533

User #100 account currently 188.782 will sell for 90 BTC - PM if interested
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October 10, 2012, 04:18:34 AM
 #534

I got a question about selling GBF accounts/debts, I am all for this and if you would rather sell of your account then wait for the liquidation then I can just rewrite the balance over to someone else, that's fine as long as you clearly state under what conditions GBF is closing and liquidating Smiley
//DeaDTerra

I'm sorry, but I don't understand this.

Are you saying that you will buy back my GBF account?

If that is so, then I would be really happy to get the balance when you closed the GBF on 02 October 2012- 75% of the sum I "invested" with you.

I'm pretty sure this isn't what you are offering, though.
No, he means if you find someone who is willing to buy your account (at a discount). Then you can transfer the ownership to someone else and DT will pay that person instead.

"The difference between a castle and a prison is only a question of who holds the keys."
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October 10, 2012, 04:21:04 AM
 #535

User #100 account currently 188.782 will sell for 90 BTC - PM if interested

I am investor #30, 139.929999039115 BTC. Please PM offers if interested.

"The difference between a castle and a prison is only a question of who holds the keys."
DeaDTerra
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October 10, 2012, 06:09:23 AM
 #536

I got a question about selling GBF accounts/debts, I am all for this and if you would rather sell of your account then wait for the liquidation then I can just rewrite the balance over to someone else, that's fine as long as you clearly state under what conditions GBF is closing and liquidating Smiley
//DeaDTerra

I'm sorry, but I don't understand this.

Are you saying that you will buy back my GBF account?

If that is so, then I would be really happy to get the balance when you closed the GBF on 02 October 2012- 75% of the sum I "invested" with you.

I'm pretty sure this isn't what you are offering, though.
No, he means if you find someone who is willing to buy your account (at a discount). Then you can transfer the ownership to someone else and DT will pay that person instead.
That is indeed correct,I don't have the personal means to buy any, but I am not going to stop the free market from buying the risk of the liquidation of your accounts.
Please state though that the balance is not guaranteed, it's not like a pirate account where 100 BTC is a 100 BTC, it's all relative to the amount paid out.
//DEaDTerra
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October 10, 2012, 02:06:57 PM
 #537

Investor #110, 93.8138523 BTC. Please PM offers.
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October 10, 2012, 03:31:46 PM
 #538

Selling account 117 for 400BTC. Current balance is 468BTC.

Note that the 468 balance may change from what is stated, as the fund value swings either up or down. So the amount received could be more or less.
DeaDTerra
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October 10, 2012, 03:33:21 PM
 #539

I have to state that it's on the selllers of these accounts to inform the new owner of the rules and under what conditions these accounts are sold.
The balance is not guaranteed, please make this clear. I don't want someone to feel fooled if the balance end up less then the amount stated.
//DeaDTerra
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October 10, 2012, 03:38:21 PM
 #540

I have to state that it's on the selllers of these accounts to inform the new owner of the rules and under what conditions these accounts are sold.
The balance is not guaranteed, please make this clear. I don't want someone to feel fooled if the balance end up less then the amount stated.
//DeaDTerra

Updated to reflected that. Thanks for offering this DeaD Smiley If they don't sell they don't sell, and I'm fine with that. But it's nice to have the option so that I can resume business Smiley
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