NCKRAZZE's Deposits - Low Risk Deposits with Guaranteed Payback Weekly @ 2.5% /w

[nckrazze]

Deposits sent out.

[lenny_]

Received. Thanks 

[nckrazze]

Due to the recent controversy surrounding pirateat40's departure from the Bitcoin investments scheme after he announced the end of his operation, Bitcoin Savings and Trust, I have decided to end the depositing service, "NCKRAZZE's Deposits". I have developed many close friendships with many of the clients I have had to deal with, and it is truly difficult for me to leave the program behind. I personally felt that the service was expanding very quickly and had potential to be a large, ongoing project. However, following pirate's resignation, I received many requests from clients who wished to withdraw all of their coins from my service. The deposits that are made into my service are not eligible for early withdrawals because I offer 4/10/20 week terms, however the requests I received influenced me to make the decision to return all original deposits to their rightful owners. I have a few new depositors that I did not get to work with for as long as I wish I could have, and for this I apologize.

Though a large portion of the deposits I received were used to support a large mining operation, I do have many coins that were invested with several other lenders on the forum and many others that were used to buy bonds on GLBSE. In addition to this, I have a large amount of coins that were deposited this past week by two new depositors. About 50% of these coins are liquid and in my possession. That said, the 35% reserve is still intact and will be used  to pay back the depositors. Though I have a great deal of personal savings that are invested with pirate, none of the coins deposited to NCKRAZZE's Deposits were used to deposit into BTCST. This said, since pirate's scheme has come to an end and I plan on having a stable source of income from the bitcoin market, I plan on having the mining operation continue to generate coins as I also wish for my investments with other lenders (those that are still continuing their depositing services) as well as my bonds on GLBSE to remain in my possession. By this I mean that I would like to keep these going as personal investments. However, I will liquidate mining hardware and I will also withdraw coins from lenders/sell bonds if needed to fund all of the deposit returns. In fact, my main priority is to liquidate about 15% of the mining operation in order to fund the returns.

With 15% of the mining operation coming from USD to BTC, as well as the coins that are currently in my possession (35% reserve and the recent deposits), I still have a great deal of bitcoins to return. I plan on using my personal funds that were invested with pirate to cover the rest of the coins that will be returned to their owners. I expect pirate to return the funds this week as he stated in his post (8/20/2012-8/27/2012). With coins coming from all of these different sources to fund all of the returns, I will need close to 10 days to be able to return all funds. In the case that pirate is unable to payout, which is highly unlikely, I will be forced to sell all of my assets to fund the returns. This will require the liquidation of all of my mining hardware and will require a larger time frame.

Maybe in the future when the community settles there may be another opportunity...

Thanks for all of the support,
Nick

[lenny_]

Really sad to hear, nckrazze. Are you going to include calculated amount of interest when you will be returning funds to investors?

[nckrazze]

Really sad to hear, nckrazze. Are you going to include calculated amount of interest when you will be returning funds to investors?

I will try my best, but there will be very little interest being gained as I have shut down most of my operation in order to part out pieces to make up for the 15%. I will attempt to give a fair amount, but I cannot promise this.

[Equilux]

I'm quite sad and surprised to hear this Nick, and I would even go as far as to ask you to reconsider! I'm mostly surprised because when pirate returns all his investors coins, there will be a lot of coins looking for a solid investment opportunity, of which you are one. The withdrawal requests are in my opinion nothing more than people acting irrationally, and I hope that you'll keep a a level head and your eyes on the longer term perspective.

[nckrazze]

I'm not fully aware of your situation or mining operation, but if you have any BFL hardware to sell I may be interested.

As I said earlier, I am not planning on selling much. The 10% that I have begun selling is strictly Graphics Cards.

[John (John K.)]

Quoting this as per request from vescudero:

For potential depositors, Victor has more than 300BTC with me in GLBSE shares.

Thank you.

400+ with me as well!

[Justin00]

just curious.. if none of your customers coins were used for pirate.. which would mean they were used for something else.... why would you need to use your own funds that were given to pirate to pay back customers ?

apologies if i misread or am slow or something

[VEscudero]

Quoting this as per request from vescudero:

For potential depositors, Victor has more than 300BTC with me in GLBSE shares.

Thank you.

400+ with me as well!

Thank you John for quoting this.

Nckrazze, Just to be kept accountability, I think it would be an exercise of transparency to show again the list of all the depositors with all the amounts and expiration dates so there is no need for us to post our details here.

I deposited 400.31337 BTC with you on 2012-06-22 for a 2.5% weekly interest rate for a 20 weeks period. I only received my payments during the first 10 weeks before you shutdown your deposit operation so I am still waiting for you to return back my principle 400.31337 BTC.

Can you please, give us an estimate of when are you going to return all the coins you owe?

[Equilux]

just curious.. if none of your customers coins were used for pirate.. which would mean they were used for something else.... why would you need to use your own funds that were given to pirate to pay back customers ?

apologies if i misread or am slow or something

Yeah that was what I was thinking too

Quoting this as per request from vescudero:

For potential depositors, Victor has more than 300BTC with me in GLBSE shares.

Thank you.

400+ with me as well!

Thank you John for quoting this.

Nckrazze, Just to be kept accountability, I think it would be an exercise of transparency to show again the list of all the depositors with all the amounts and expiration dates so there is no need for us to post our details here.

I deposited 400.31337 BTC with you on 2012-06-22 for a 2.5% weekly interest rate for a 20 weeks period. I only received my payments during the first 10 weeks before you shutdown your deposit operation so I am still waiting for you to return back my principle 400.31337 BTC.

Can you please, give us an estimate of when are you going to return all the coins you owe?

And This would be a great help!

[nckrazze]

@ johnthedong, yes that is correct.

@ justin00 correct, I prefer to keep the operations I had running with the depositing service at my disposal. I can still generate revenue from the mining project, the shares and bonds on GLBSE, etc, so I would like to return coins from my personal savings with pirate rather than sell my assets.

@ vesucudero, I will return coins within 10 days as I stated earlier. As for the table, there is no need for you to post the details here, I have it in my records. If I do not return the funds within 10 days, which I am trying to accomplish, I will post the data table here while I work on selling assets if needed upon a default from pirate.


Thanks for your patience,
Nick

[IveBeenBit]

I have some of my personal coins with Pirate, but none of the coins of my depositors. I keep a fine line between the two.

Victor - the chart you're looking for was preserved by Bryan Micon here.

[nckrazze]

I have some of my personal coins with Pirate, but none of the coins of my depositors. I keep a fine line between the two.

Victor - the chart you're looking for was preserved by Bryan Micon here.

Been a few additions, but yes, that is correct.

[cytokine]

Hi Nick! Quick question for you: will you be making the interest payment today?

If not, then I assume you will you be compounding the interest for each of your lenders until you get your payout from pirate, correct?

Thanks!
-cyto

EDIT: I'm keeping track of my account with you here, which is:

...
8/17/2012: 2400 @ 2.6%/week = 62.4 payment, made on time
8/24/2012: 2400 @ 2.6%/week = 62.4 payment, no payment received - assume reinvesting interest
8/31/2012: 2462.4 @ 2.6%/week = 64.0224 payment, pending

[vandordeak]

I will need close to 10 days to be able to return all funds.

I think we need a sound plan from your side. 10 days nearly gone and no news about our principal. Can we have some update?

[nckrazze]

I will need close to 10 days to be able to return all funds.

I think we need a sound plan from your side. 10 days nearly gone and no news about our principal. Can we have some update?

As I said, I am still waiting on pirate. If he is unable to payout, I will resort to selling my assets.

[cytokine]

As I said, I am still waiting on pirate. If he is unable to payout, I will resort to selling my assets.

I think it's very likely pirate will be paying *something*, even if it's not the full amount owed.

That said, in the unlikely event of a full default, then instead of selling your assets in the very illiquid GLBSE market, it would make much more sense to make a list of what you have for your creditors. Depending on the assets, I may prefer to take them directly as repayment instead of coins.

Alternatively, I would be willing to negotiate a much lower interest rate for you, so that you don't have to liquidate everything if pirate defaults. Let me know what rate would make it possible for you to repay without having to sell everything off.

Thanks Nick!
-cyto

[vandordeak]

As I said, I am still waiting on pirate. If he is unable to payout, I will resort to selling my assets.

I think it's very likely pirate will be paying *something*, even if it's not the full amount owed.

That said, in the unlikely event of a full default, then instead of selling your assets in the very illiquid GLBSE market, it would make much more sense to make a list of what you have for your creditors. Depending on the assets, I may prefer to take them directly as repayment instead of coins.

Alternatively, I would be willing to negotiate a much lower interest rate for you, so that you don't have to liquidate everything if pirate defaults. Let me know what rate would make it possible for you to repay without having to sell everything off.

Thanks Nick!
-cyto

That's right Cytokine.  I also would like to know what is on offer since this loan is guaranteed and as you stated particulary it has nothing to do with pirate. I can agree a lower interest rate too, just to ease the pressure. I deposited my money to you because I wanted it to be away from pirate. You may want to wait a lot longer to find out if pirate will pay then I do. The 10 days is over soon which you asked us to wait. Let us see clear and make a list of what you have for creditors. 

[thirdlight]

Recommend withdrawal of coins you have lent out (== deposited), use of reserves & transfer of glbse assets to pay your depositors.

I will accept glbse asset transfer at agreed, and fair, price, rather than take the BTC proceeds of a fire sale.

Don't panic. Your creditors are reasonable people. Keep communicating!