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nckrazze (OP)
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May 15, 2012, 09:41:24 PM
Last edit: August 19, 2012, 07:23:42 AM by nckrazze |
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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
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"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi
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grue
Legendary
 Offline
Activity: 2058
Merit: 1431
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May 15, 2012, 09:47:19 PM |
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>144 posts
>registered 15 days ago
>risk free
lol
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nckrazze (OP)
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May 15, 2012, 09:48:40 PM |
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>144 posts
>registered 15 days ago
>risk free
lol
yup, was expecting that. |
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Tomatocage
Legendary
Offline
Activity: 1554
Merit: 1222
brb keeping up with the Kardashians
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May 15, 2012, 10:46:34 PM |
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Wait, lemme guess. 100BTC+ capacity right?  |
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nckrazze (OP)
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May 15, 2012, 11:07:12 PM |
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Wait, lemme guess. 100BTC+ capacity right? maybe  lol no.. |
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Tomatocage
Legendary
Offline
Activity: 1554
Merit: 1222
brb keeping up with the Kardashians
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May 15, 2012, 11:10:49 PM |
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Well, it'd be one way to get your loan. Good luck, man  |
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nckrazze (OP)
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May 15, 2012, 11:11:42 PM |
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Well, it'd be one way to get your loan. Good luck, man lol this is loan aside. The loan was to support this, but hey, no responses.. |
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nckrazze (OP)
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May 22, 2012, 04:23:45 AM |
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Thanks to PatrickHarnett for featuring me on his "Who Pays What?" thread.
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thirdlight
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May 25, 2012, 08:14:26 PM |
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Deposit of 20 BTC sent for 16 weeks, thanks.
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nckrazze (OP)
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May 26, 2012, 12:24:57 AM |
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Deposit of 20 BTC sent for 16 weeks, thanks.
Confirmed. |
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nckrazze (OP)
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May 26, 2012, 09:26:59 PM |
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Added 16 week term for 2.25% weekly.
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nckrazze (OP)
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May 29, 2012, 11:55:04 PM |
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Invested 24BTC into my mining rig, adding a total of 360 mh/s, which will be capable of producing roughly .25 coins a day.
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thirdlight
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June 01, 2012, 07:23:25 AM |
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Interest payment received. Thanks,
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nckrazze (OP)
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June 06, 2012, 10:30:04 PM |
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Changed op, better rates.
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thirdlight
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June 09, 2012, 05:59:35 PM |
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Interest payment received. Thanks,
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nimda
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June 10, 2012, 06:41:59 AM |
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What's the minimum deposit?
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nckrazze (OP)
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June 10, 2012, 06:46:21 AM |
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What's the minimum deposit?
Right now, 20 BTC, but I may make an exception depending on how much. |
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Raize
Donator
Legendary
Offline
Activity: 1419
Merit: 1015
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June 12, 2012, 05:34:02 PM |
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It's uncanny, you have the same first name as me, and a similar last name...
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nckrazze (OP)
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June 12, 2012, 06:21:38 PM |
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It's uncanny, you have the same first name as me, and a similar last name...
haha that's funny! so, you looking to deposit? |
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thirdlight
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June 15, 2012, 04:31:45 PM
Last edit: October 01, 2012, 05:34:29 AM by thirdlight |
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Interest payment 03 received. Thanks,
Edit:
2012-06-01 Interest payment 01 received.
2012-06-09 Interest payment 02 received.
2012-06-15 Interest payment 03 received.
2012-06-22 Interest payment 04 received.
2012-06-29 Interest payment 05 received.
2012-07-07 Interest payment 06 received.
2012-07-14 Interest payment 07 received.
2012-07-21 Interest payment 08 received.
2012-07-27 Interest payment 09 received.
2012-08-04 Interest payment 10 received.
2012-08-11 Interest payment 11 received.
2012-08-18 Interest payment 12 received.
2012-08-25
2102-09-30 Post default payment 01 received - 1.1% of principal.
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