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Author Topic: [Investment fund] Gamma Bitcoin Fund [Closing]  (Read 52098 times)
strello
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September 24, 2012, 04:48:57 PM
 #481

Another week, more losses.

My 100 BTC investment at the end of July is now reduced to under 76.

I think it's time you updated the OP to reflect this recent performance. It still claims:

Estimated Return on Investment
5-10% per month
1.25-2.5% per week

Which, I think is a bit misleading as there have now been 8 straight weeks with losses.

You have been saying that the new infrastructure would be in place since the beginning of this month, and still nothing has happened.

Hi DT.

Any updates on when you will start the new investment system?
Hello Smiley
I am still working on it, I have had tons to do and I have been very busy and now I am sick...
But it's a working progress,I will probably sit down in a day or two to implement it once I feel better Smiley
The plan is at least to switch this weekend.
//DeaDTerra

I am concerned by the casual mention in the log book on the 8th, 9th and 18th September of your buying shares in GIPPT.  Incidentally, there is no mention of these purchases in the GBF Assets log which says that GIPPT holdings are 0. Are we paying for your failed Pirate insurance fund?? I belived this was to be kept completely separate from GBF.

Also, from looking at the GBF Assets log, which I assume is completely out of date, it appears that the fund is heavily invested in Ziggi/ mybitcointrade.

Do you have any news on the situation there, as it looks to me like they have abandoned the website and their investors and run away with the money.

How will this situation affect GBF?

If this does turn out to be another fraud, will you publish Ziggi's passport info?

Have the same problem myself with 350 BTC Smiley

The best i found so far are:

Low risk
MyBitcoinTrade 10.5% monthly https://bitcointalk.org/index.php?topic=81357.0
chungenhung 8% monthly https://bitcointalk.org/index.php?topic=56853.0

Do you have some info about who runs Mybitcointrade and his real world indetity?
I have talked to ziggs on skype and I have received a scan of his passport Smiley
//DeaDTerra

I must admit that at the moment these continual losses and dubious investments are really making me wonder if I should cut my (not insubstantial) losses and get out now.

I hope you can recover from your current cold soon, and post some encouraging replies to these questions.


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

My GPG key
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September 24, 2012, 05:05:08 PM
 #482

Indeed, I should update that, the historical figures are up to take but I should also update the estimate return to more realistic numbers, thanks for pointing that out.
The reason for the delay of the infrastructure is because I have been very busy and fallen sick, I am terrible sorry for this delay and I will get to it as quickly as possible.

That is not the case, I chose to switch the GIPPT shares we held from the beginning to IMSAGUY debt as I believe we will be paid back faster that was as HK seems to be very slow at paying back if he will do so at all. The other shares bought more recently has been bought for under price and then traded back to me privately (as I had insured 250 BTC worth of GIPPT, I saw a chance for me to reduce my loses and for the fund to make a bit of profit from the difference of the GIPPT NAV and the price they were bought at. I am not looking to absorb any of the insurance with the funds money, it's not even my insurance mostly it's INAU that stands for 95% of it.

We are pretty heavily invested into ZIGGI which is making me quite worried, I talked to him a couple of days ago but recently I have been unable to contact him. I have been trying to contact both him and the new owner Viktor without any real success, if they do not answer soon I will post all the information I have regarding them and the forum and the other investors can help me track them down.
I am giving them some more time to clean this up but if it doesn't improve then I will indeed post the information and the pictures of the scanned passport. If it turns out it's a scam and nothing is returned then it would hit the fund heavily, unfortunately.

Some questionable decisions has been made by me, maybe a passport, a real name and a strong forum ID isn't enough to protect us from scam. If Ziggi tries to run I will do my best to hunt him down and return out assets though. I am working with Nicholas to provide the fund and the general lending community with a base line rules and expectations of any investment and hopefully this will provide us with a basic minimum investment requirement and hence force out any unseriousness or malicious intent from the lending section.

Thank you,
I am currently working on several project but these colds are slowing me down.
The current plan is to liquidate most of the portfolio and then restart it with fresh investments that satisfies all the investment rules setup, for a higher quality investment with lower risks.

//DeaDTerra




Another week, more losses.

My 100 BTC investment at the end of July is now reduced to under 76.

I think it's time you updated the OP to reflect this recent performance. It still claims:

Estimated Return on Investment
5-10% per month
1.25-2.5% per week

Which, I think is a bit misleading as there have now been 8 straight weeks with losses.

You have been saying that the new infrastructure would be in place since the beginning of this month, and still nothing has happened.

Hi DT.

Any updates on when you will start the new investment system?
Hello Smiley
I am still working on it, I have had tons to do and I have been very busy and now I am sick...
But it's a working progress,I will probably sit down in a day or two to implement it once I feel better Smiley
The plan is at least to switch this weekend.
//DeaDTerra

I am concerned by the casual mention in the log book on the 8th, 9th and 18th September of your buying shares in GIPPT.  Incidentally, there is no mention of these purchases in the GBF Assets log which says that GIPPT holdings are 0. Are we paying for your failed Pirate insurance fund?? I belived this was to be kept completely separate from GBF.

Also, from looking at the GBF Assets log, which I assume is completely out of date, it appears that the fund is heavily invested in Ziggi/ mybitcointrade.

Do you have any news on the situation there, as it looks to me like they have abandoned the website and their investors and run away with the money.

How will this situation affect GBF?

If this does turn out to be another fraud, will you publish Ziggi's passport info?

Have the same problem myself with 350 BTC Smiley

The best i found so far are:

Low risk
MyBitcoinTrade 10.5% monthly https://bitcointalk.org/index.php?topic=81357.0
chungenhung 8% monthly https://bitcointalk.org/index.php?topic=56853.0

Do you have some info about who runs Mybitcointrade and his real world indetity?
I have talked to ziggs on skype and I have received a scan of his passport Smiley
//DeaDTerra

I must admit that at the moment these continual losses and dubious investments are really making me wonder if I should cut my (not insubstantial) losses and get out now.

I hope you can recover from your current cold soon, and post some encouraging replies to these questions.


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September 24, 2012, 05:40:23 PM
 #483

Hi DeaDTerra

Thanks for the quick reply.

Good communication really helps to build confidence. I really appreciate your honest replies to my questions.

Let's hope that the Ziggi situation resolves happily.

I really appreciate your working on guidelines for investment. At the present time Bitcoin investment seems to be a very risky business with far too many unverified offerings.


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

My GPG key
DeaDTerra
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September 24, 2012, 05:48:37 PM
 #484

Hi DeaDTerra

Thanks for the quick reply.

Good communication really helps to build confidence. I really appreciate your honest replies to my questions.

Let's hope that the Ziggi situation resolves happily.

I really appreciate your working on guidelines for investment. At the present time Bitcoin investment seems to be a very risky business with far too many unverified offerings.


Hello Smiley

No problems, I try to do my best to be as transparent as possible and answer every questions the investors have.
If any of my answers doesn't make sense then ask again xD as said I am a bit sick so my brain is slightly fried at the moment ^^
I hope so as well, I will be working on getting back out assets with the best of my ability, hopefully the passport will prove crucial if it turns out he's running for it.

Indeed, We are currently working on forming a alliance and a network to improve the lending/security market, as right now the risks are to high and most securities only favor the issuer.

Small update on the venture fund ^^ We now have Erik Voorhees on the board, he will be a great asset so thank you for joining us!

//DeaDTerra
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September 24, 2012, 05:51:27 PM
 #485

For reference, what percent of the fund is exposed to ZIGGI?
DeaDTerra
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September 24, 2012, 05:58:12 PM
 #486

For reference, what percent of the fund is exposed to ZIGGI?

A bit over 10% is with the mybitcointrade guys, though it was lower before as the fund was bigger.
A bit over 600 BTC was withdrawed last week as part of a decreasing process to decrease the exposure to them.
Though the amount put in the project on their site, was still pretty high.
//DeaDTerra
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September 24, 2012, 06:00:08 PM
 #487

I will be taking a early evening tonight guys, any questions will be answered tomorrow.
GN
//DeaDTerra
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September 27, 2012, 07:32:08 PM
 #488

Hi DT! I just emailed but in case you have not received:

Hope you are doing well! I need access to some liquidity so would you mind closing down my account? Username keystrike. Thank you!

We are participating in one of the greatest experiments in history.
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September 27, 2012, 07:34:05 PM
 #489

Hi DT! I just emailed but in case you have not received:

Hope you are doing well! I need access to some liquidity so would you mind closing down my account? Username keystrike. Thank you!
Hello Smiley
Sorry it seems it got lost in the mail,
I have responded to the second email Smiley
//DeaDTerra
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September 27, 2012, 07:39:47 PM
 #490

Awesome, thanks DT!

We are participating in one of the greatest experiments in history.
DeaDTerra
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September 27, 2012, 07:44:36 PM
 #491

Awesome, thanks DT!
No problems Smiley
To all the withdrawing people.
We have a bit of a queue again, so there might be a delay of your withdraw with a week or two depending on how the market looks.
//DeaDTerra
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September 28, 2012, 02:52:21 PM
 #492

Mybitcointrade is a complete scam sorry.

Unless we get some companies that actually produce something the bitcoin securities market is effectively dead in the water.

Outside of mining which has its own issues theres not much left thats worth investing in. You can say goodbye to 1-2% a week. Maybe 1-2% a month is more like it.

Bitcointorrentz, satoshidice and IBB are basically it. Mining stocks and bonds are for suckers and aren't good long term investments,only daytrading.







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September 28, 2012, 03:46:42 PM
 #493

Mybitcointrade is a complete scam sorry.

Unless we get some companies that actually produce something the bitcoin securities market is effectively dead in the water.

Outside of mining which has its own issues theres not much left thats worth investing in. You can say goodbye to 1-2% a week. Maybe 1-2% a month is more like it.

Bitcointorrentz, satoshidice and IBB are basically it. Mining stocks and bonds are for suckers and aren't good long term investments,only daytrading.







It's seems like that might be the case, I am working on getting our money back. I am currently having contact with the new "owner" of the site but if nothing develops then I am going to release Crazys passport and all the information I have of him, to seek justice.

GLBSE assets are pretty much mining with a few cases of real businesses like S.DICE your correct, that's why we are moving most of our capital to bot trading and into the new venture fund we are starting up Smiley We are currently liquidating out GLBSE possition with a couple of hundred BTC a week (I always make sure we sell on the higher side of the spread) and pushing towards other investments.

Please have a look at the future projects that are up and coming which I posted a couple of days ago.

Right now I am standing by with the GLBSE IPO launch as the whole SEC situation and Nefario/Goat mess has made the situation a bit unclear so I want to make sure everythings clear before we get going.

//DeaDTerra
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September 29, 2012, 05:57:52 PM
 #494

Awesome, thanks DT!
No problems Smiley
To all the withdrawing people.
We have a bit of a queue again, so there might be a delay of your withdraw with a week or two depending on how the market looks.
//DeaDTerra

Thanks DT! Would you mind posting the queue and show it being processed as you did last time? Cheers!

We are participating in one of the greatest experiments in history.
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October 02, 2012, 06:03:13 PM
 #495

Any updates for payouts?
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October 02, 2012, 06:50:11 PM
 #496

I write this with sadness in my heart as it has not been an easy decision to make. I have decided to close Gamma Bitcoin Fund.
This decision is something I have thought of over a long time now and is a decision I have been avoiding.
I have decided to close the fund now for several reasons,

I don't have the time anymore to run the fund at a standard which I would like to have, I don't have time to actively look for deals and investment anymore which has started to show in the profits. This is partly due to the increase of pressure from both my school and my part time job. I love working with Bitcoins and I have absolutely loved working with and for Gamma Bitcoin Fund, I have learnt a lot and gained tons of experience and knowledge, as well as met tons of great people and made some good friends. One year has now gone since I first started the fund in small scale, it has turned from a small hobby project into a massive investment fund. I regret nothing and I hope that you as investor have been happy with having me as the manager of your funds. It's sad that it had to end at such a sad note. As said time is scarce and I feel that I can no longer provide a service that anyone would be interested in hence it has lost it's value and I should stop offering it.

It is not only a matter of time and my private life but also about how the market and the community has changed. Almost all the lenders has closed shop or defaulted, there has been a great sense of recklessness and disrespect towards the Bitcoins the lenders were managing, taking huge risks without considering the consequences. This has led to a lending/security negative community with very aggressive members, which I dislike. I understand this reaction, but it should never be aggressive, the best is to be critical and discuss/debate with the issuer/manager not attack that person. I don't feel like I am ready for the potential consequences of masses of angry investors invading my private sphere, so I am going to be moving into more private investments with people I feel that I know and trust. Though I must say most of you have been very nice to me and I have gotten a great amount of trust and respect, for this I am forever grateful and I hope you don't feel let down. I must say though that with all of this lending and security chaos I think we can learn something, the idea of critically analysis and transparency. I think it's a lesson we all must learn, we must strive towards openness and transparency, open books and open investments. It's the only way to regulate and maintain a manageable risk level.

I feel after the recent events I can't trust any other lender to do my job or to take care of parts of my investment and with the development of SEC and GLBSE, I am not sure if I can even trust GLBSE anymore. The risks are just too high, as I can't know the risks and I can't control them, I feel that it's better to close down shop now before something happens. I knew that running a Bitcoin fund might be a gray zone are but as that gray zone seem to get darker and darker, I feel like it might be time to get out before someone decides to close down on all the issuers and lenders, for now I will be a bystander until the situation has cleared up regarding the legal aspect of running a fund.

I will not run nor hide, if anyone is angry,sad etc then I will be here to answer your questions and discuss this with you all, I care about you all and I thank you for the trust you have given me. The least I can do is to listen and talk to you all Smiley Sorry about this whole thing, and the way it had to end. It was not planned but I believe that as the circumstances are as they are, it's best for us all to wrap it up.

Don't fear though, I will still be around and I will be working on my different projects. The Arbitrage will keep running and will keep being developed, so will the venture fund (which is really starting to take shape) and GSDPT. Whenever I can I will try to open up my projects to share my profit and my work with the community and of course you guys, for whoever wants to join, but this will probably be further into the future when things are clearer and I have more time on my hands.

So how to close things down?
This is just a plan as always I appreciate your comments and feedback,
The plan is to slowly liquidate to reduce losses, by only accepting sales at the higher end of the spread on GLBSE. As previously done. This liquidates about 5% a week (so far of course this depends on what assets are held), as well as close all accounts and settle all illiquid debt. I don't want to rush this process as that would mean larger loses, so the plan is that majority of the assets will be liquidated within a couple of months. This I think is both reasonable and realistic. The payouts will be proportional to the amount of BTC you have in GBF and will be paid once a threshold is reached, say 5-10%. Meanwhile the Bitcoins will be held in our margin/arbitrage bot, to generate some profit to negate the loses.
This means that everyone that has requested withdraws so far unfortunately is going to have to wait and be paid proportionally, this is the reason why I have not paid out withdraws this week as it would be unfair to the people that still had their BTC in the fund, I know this is going to cause a lot of anger, but I think it's fairest this way.
The logbooks will not be daily but weekly and will reflect the amount liquidated, payouts will keep being on weekends.

Best Regard
//DeaDTerra

Please note that the amount paid it will be done by the following forumla:
account balance/total balance * amount liquidated, this might not equal to account balance.
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October 02, 2012, 07:21:18 PM
 #497

Hi DeadTerra

I'm really sorry and disappointed that you have decided to close down your Gamma Bitcoin Fund.

Do I understand that it's your intention to repay our current balance fully over the next couple of months?

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

My GPG key
DeaDTerra
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October 02, 2012, 07:22:58 PM
 #498

Hi DeadTerra

I'm really sorry and disappointed that you have decided to close down your Gamma Bitcoin Fund.

Do I understand that it's your intention to repay our current balance fully over the next couple of months?
Hello,
I understand that fully and there's not much else I can do then say I am sorry!
I intend to liquidate all the asset and pay out the amount liquidated proportionally.
//DeaDTerra
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October 02, 2012, 08:44:26 PM
 #499

Hi, I hope this closing will generate some profits and not all losses.

btw, you should edit your first post and remove:

"
Availability (Room for investment):

1000 BTC
"

Or do you still want investors?

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October 02, 2012, 09:03:43 PM
 #500

I requested a withdraw before the closing of the fund so I should get paid first.
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