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

[vandordeak]

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!

5 day avarege asset price on glbse would be acceptable for me. What do you all think?

[1713580686]

1713580686

[1713580686]

1713580686

[1713580686]

1713580686

[1713580686]

1713580686

[1713580686]

1713580686

[1713580686]

1713580686

[cytokine]

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

I second this. I promise: we are not here to eat you!

I can easily see that 2.5% or 2.6% per week is not sustainable without pirate backing you - I get this - you were margining your GLBSE investments in a sense, which is perfectly fine. So what we need to do is lower the interest rate until it's quite a bit less than what you're earning off of your other investments. That way you can start to make progress repaying without having to sell off your assets, and you can continue growing your capital.

I think this would be the best possible solution for everyone IMO.

That said, none of this matters right now because we should give this another week and see what happens with pirate.

[nckrazze]

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

I second this. I promise: we are not here to eat you!

I can easily see that 2.5% or 2.6% per week is not sustainable without pirate backing you - I get this - you were margining your GLBSE investments in a sense, which is perfectly fine. So what we need to do is lower the interest rate until it's quite a bit less than what you're earning off of your other investments. That way you can start to make progress repaying without having to sell off your assets, and you can continue growing your capital.

I think this would be the best possible solution for everyone IMO.

That said, none of this matters right now because we should give this another week and see what happens with pirate.

Thanks for the support, I am still waiting on the outcome. If he is unable to payout, I will choose whether or not I will sell my assets or continue the investment.

[zebedee]

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.

It should be clear by now that that claim wasn't the truth.

[memvola]

Another option is to create an asset on GLBSE that has a NAV equal to the sum of all deposits and resume operation. Or an optimal combination of all three options (since there is guaranteed payback, depositors should have the right to opt out of such a solution).

[nckrazze]

Im eagerly awaiting new information, now that pirate admitted his default.
My deposit is due on 08/31. All accounts due on 08/31 almost sum up to BTC 1000.
So whats the plan Nick? 

Yes following the news of pirate's default, I have resorted to selling all assets to be able to return your principals. This will be a long process, and for this reason, I have to have your full cooperation on this matter. I will begin liquidating starting as of September 10, 2012. I would hate to see people drop accounts like they did with pirate, but I cannot control this. Therefore, if anyone is interested in selling their investment debt, please contact me so I can arrange the sale. 

I will try my best to get all of your money back from the assets, but I need my lenders to understand that this can be a long and difficult process. You have been very loyal from the start, and I know that this will not be a problem for many of my lenders.

Thanks for the consideration, and I will continue to remain continuously active on this forum as well as IRC. By all means, if you have any questions or concerns, please ask ahead.
-Nick

[memvola]

I will try my best to get all of your money back from the assets

I'm having some difficulty deciphering this sentence. Do your investors still have a guarantee on their deposits? Will you compensate the difference from your pocket if the asset sales aren't enough to cover?

[nckrazze]

I will try my best to get all of your money back from the assets

I'm having some difficulty deciphering this sentence. Do your investors still have a guarantee on their deposits? Will you compensate the difference from your pocket if the asset sales aren't enough to cover?

Yes, the coins in my wallet right now are my personal coins. That's my pocket. I practically have nothing else but the assets. As I said, I will give up my personal coins to help ease the process. All I need is time.

[asfas16123]

I still think there will be money returned by pirate, default means he needs more time without the interest adding up.
Anyways, lets wait a few days

[chungenhung]

You stated that the funds you get is NOT put into BTCST, then why would a BTCST default affect your payout?
It sounds like you are lying from the very beginning.
All these deposits that went bust, is b/c all of you guys were investing in BTCST with people's funds. How can you "guarantee" and tell people they are not related to BTCST?

[IveBeenBit]

You stated that the funds you get is NOT put into BTCST, then why would a BTCST default affect your payout?
It sounds like you are lying from the very beginning.
All these deposits that went bust, is b/c all of you guys were investing in BTCST with people's funds. How can you "guarantee" and tell people they are not related to BTCST?

Looks to me like he was running a pirate passthrough while telling his victims that they had no Pirate exposure, and then pocketing the difference in interest payments.

Now he claims to have "assets" on GLBSE but I know of nothing on GLBSE paying anywhere near 2%/wk + profit for NCKrazze, unless you count Pirate bonds. He also conspicuously ignored his lenders' request for a list of GLBSE assets when they floated the idea of accepting shares/bonds in lieu of Bitcoin payments.

The last time a list of depositors was published was by Micon on July 29 that showed BTC5100 on deposit. Link.

Nick has refused to provide current numbers, but assuming they are about the same as on July 29th, let's hope for the depositors' sake that he has a mining rig with a resale value of about US$50,000. I did find one post where he bought a video card from a forum member, so a mining rig may in fact exist somewhere.

If we take him at his word, and believe what he has posted since Pirate shut down, he has assets to back up his US$55,000 in debt. Fortunately, here's a post I found with good advice on what to do in such situations. He also claims to have 35% reserves, but I doubt that's true since he was in #bitcoin-otc a month ago looking for a short term loan for about 10 BTC.

35% of BTC5100 = BTC1785, BTW.

I suspect Nick's creditors see the handwriting on the wall, but are afraid to raise a stink for fear that he stiffs them in the unlikely event that he ever pays anything back. Luckily, Nick has provided us with a good example on how to deal with deadbeats. Link here.

Anyways, you guys should have known better. Cytokine, you should be ashamed to have put US$25,000 that people entrusted to you with this guy without you even doing a modicum of due diligence. In the very first post of his flagship "business" thread, he brags about how much money he made selling counterfeit name brand headphones and representing them as real.

BEATS HEADPHONES
Hi, I am selling Beats by Dre Tours. These are fake, however, they can be sold for a lot of money to people that do not know much about the specifics of the headphones; in fact, they are very close replicas, with amazing sound quality, and they have always passed when I sold them.

I have sold close to 55 of these in person, they are easy to resell for high prices over 100$.

And that's who you want to "invest" people's money with?

With Bitcoin, we're trying to revolutionize the world, money and commerce. Let's pull our heads out of our asses and stop pissing away this opportunity on the online equivalent of a two-bit street hustler.

[vandordeak]

I will try my best to get all of your money back from the assets

I'm having some difficulty deciphering this sentence. Do your investors still have a guarantee on their deposits? Will you compensate the difference from your pocket if the asset sales aren't enough to cover?

Yes, the coins in my wallet right now are my personal coins. That's my pocket. I practically have nothing else but the assets. As I said, I will give up my personal coins to help ease the process. All I need is time.

Nick. What we need is a list to see who do you owe money, how much and what is cleared so far. Looks like you lied to us about the guarantee. So please put up a list of assets as collateral for the guarantee.

What we do not need is an other date when you planing to liquidate your assets. You owe us right now. We do not need dates, we need valuable assets or btc. You made  lots of money on pirate by lying to us. Anyway you will get back your money from pirate that is not my thing to worry about.

And please take off your signature which advertising your scam, or you planing to take on more deposit?
I remember the argument with Dank because I also lent him some money. He paid my principal and all the interest in full. He owed you money too but was late on interest payment. You showed us what to do with such an irresponsible person. If we do the same to you I think you would be never be able to pay us back. So I will be generous and I will forget about the rest of the interest. Just send me back my 100BTC principal and we square.

You say you need time, and I say I need my money right now, so show me what you have. I do not care about your business with pirate.

The coins in your wallet are not your personal coins, because you owe to us. Pay up then you clear. You should be labelled to  scammer until you not up to the guarantee you promised. Anyone knows how to do that?

Please reply quickly because the only thing I have now is time.

[Raoul Duke]

Who would've said that what he did to dank would come back to bite him in the ass?

[dank]

I recall only needing time too.

[Raoul Duke]

I recall only needing time too.

And yet he charged you 3%/day for that time. LOL
Karma is a bitch.

[dank]

I recall only needing time too.

And yet he charged you 3%/day for that time. LOL
Karma is a bitch.

Truly.  I'd say it's karma for lying to his depositors as well.

[Justin00]

may 12th he had a thread asking for 150btc loan
may 16th the bank/investment thread was made.....

zomg nick bank is the dank bank !!!!1111!!! 

In fairness to Nick though... he did seem to be give quite a few loans... but yeah.. not sure what you people were expecting to happen with him offering the highest amount of interest (with the exception of pirate)

[nckrazze]

With Bitcoin, we're trying to revolutionize the world, money and commerce. Let's pull our heads out of our asses and stop pissing away this opportunity on the online equivalent of a two-bit street hustler.

I actually handle 18,000 BTC of deposits. I manage deposits of 3500+ on a different address to avoid attention. So that's roughly 180,000 USD if you are counting, Bit. As I said, give me time.

And for those of you that are impatient and proceed to insult me, you will be ignored.

[vandordeak]

With Bitcoin, we're trying to revolutionize the world, money and commerce. Let's pull our heads out of our asses and stop pissing away this opportunity on the online equivalent of a two-bit street hustler.

I actually handle 18,000 BTC of deposits. I manage deposits of 3500+ on a different address to avoid attention. So that's roughly 180,000 USD if you are counting, Bit. As I said, give me time.

And for those of you that are impatient and proceed to insult me, you will be ignored.

Dank should have to ignore you when you were proceed to insult him because he owed you some money. It was 15 BTC an you just were a pain in the ass. What do you expect? You owe 18,000 BTC to the people, nearly 200,000 USD. What if we would count 3 % daily as you did to Dank.

I see now how you are planing to resolve this situation. You asking for time, but after a while everyone will be impatient so they will all start to insult you, which will give you an excuse to ignore them because you said so.

You say you "handle" 18,000 BTC deposit. Would you just handle back to me my 100 BTC right now, and after we could ignore each other for good.

[bitsire]

"He who hath the gold BTC maketh the rules".

NICKRAZZE, I was one of your earlier investors and was very pleased with your service. I can understand that you need time now so I will wait patiently as you ask. In return, please add me to your list of "non-insulting good guy depositers" so I'm near the top of the payout queue rather than the bottom 

Thanks!