LTCPPT - Litecoin Pirate Pass Through (CLOSED)

[coblee]

I'm starting a pirate pass through program where you would deposit bitcoins with me. I will then deposit those bitcoins into pirateat40's BTCST program. And every week, I will pay interest in LTC. I think this is a good way for someone to accumulate litecoins and it will help increase Litecoin prices.

There's some risk with this program. If pirate defaults, you will lose your bitcoins as I'm not in a position to guarantee that pirate's program is not a Ponzi scheme. Though I believe that he's not and I have backed that belief by putting a lot of coins of my own with him. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Some info about the program:

• Deposits should be made in multiples of 50 btc
• Interest rate will be 6.5%/week.
• All depositors will be listed in this anonymized payouts spreadsheet: http://ltcppt.com
• Interests payment will be made on Mondays after pirate pays his interest.
• I will buy the litecoins on an exchange throughout the week and will average out the exchange rate for everyone. I will be fair about it, but you kind of have to trust me there.
• The interest for the first week will be prorated (in granularity of days) based on when you deposited the coins.
• In the event interest payments are lost due to exchanges being hacked or running away with coins, I will absorb the lost and the depositors will still get their interest payments.
• If you need to withdraw, just let me know. It will take me some time depending on how fast I can withdraw from pirate. Should be <24 hrs.
• Your funds may be forced withdrawn if pirate forces a withdraw on me.
• If Pirate defaults, I would not be able to return your principle to you.
• Terms are subject to change if pirate changes his terms.

For now, I have a minimum deposit amount of 50 BTC. If you are interested, please PM me with a BTC withdrawal address and an LTC interest payment address. And I will send you a BTC address for deposits.

EDIT: On 8/13/2012, Pirate is switching to a new account system. With the new accounts, I am no longer able to get 7% a week. So in order to keep the 6.5% a week payout, I will be using another passthrough. There is now an added risk of the other passthrough stealing your coins. If that happens, I would not be able to return your principle.

You can also choose the option of accepting a lower weekly return (4.5%) but have no additional risk of another passthrough. If I decide to put your coins in a passthrough, I will take on the full risk of it. So your coin is only at risk of a Pirate default. If the passthrough I choose steals the coins, I will pay them back to you out of my pocket. If you want to take this option, please let me know.

EDIT2: I will be using payb.tc's BitcoinMax.

EDIT3: Looks like Pirate is lowing his rates on 8/20. With the new rates, LTCPPT would likely pay out 4.5%. Stay tuned.

EDIT4: All deposits and interests paid out.

[Litecoin]

I'm thinking of starting a pirate pass through program where you would deposit bitcoins with me. I will then deposit those bitcoins into pirateat40's BTCST program. And every week, I will pay interest in LTC. I think this is a good way for someone to accumulate litecoins and it will help increase Litecoin prices.

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Any interest?

What are the chances of losing my coins?

[smoothie]

I'm thinking of starting a pirate pass through program where you would deposit bitcoins with me. I will then deposit those bitcoins into pirateat40's BTCST program. And every week, I will pay interest in LTC. I think this is a good way for someone to accumulate litecoins and it will help increase Litecoin prices.

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Any interest?

What are the chances of losing my coins?

800k %

[Greedi]

I'm in!

I trust you 120%

[coblee]

Is a minimum deposit of 100btc reasonable? Cause I would rather not deal with many small accounts.

[Litecoin]

I'm thinking of starting a pirate pass through program where you would deposit bitcoins with me. I will then deposit those bitcoins into pirateat40's BTCST program. And every week, I will pay interest in LTC. I think this is a good way for someone to accumulate litecoins and it will help increase Litecoin prices.

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Any interest?

What are the chances of losing my coins?

800k %

If you have nothing to say, why post crap?

[Garr255]

Is a minimum deposit of 100btc reasonable? Cause I would rather not deal with many small accounts.

I think 50btc would allow a substantially higher number of people to participate.

Either way, I'm in.

[Garr255]

Maybe you can bribe payb.tc for use of his system.

[coblee]

Is a minimum deposit of 100btc reasonable? Cause I would rather not deal with many small accounts.

100LTC you meant? Yeah, that sounds reasonable.

No, i meant 100 BTC and every week you will get litecoins equivalent of 4.5 BTC. I realize 100 BTC might be a lot for some people. So that's why I'm asking.

[coblee]

Maybe you can bribe payb.tc for use of his system.

What's payb.tc's system?

[smoothie]

I'm thinking of starting a pirate pass through program where you would deposit bitcoins with me. I will then deposit those bitcoins into pirateat40's BTCST program. And every week, I will pay interest in LTC. I think this is a good way for someone to accumulate litecoins and it will help increase Litecoin prices.

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Any interest?

What are the chances of losing my coins?

800k %

If you have nothing to say, why post crap?

chill bro...laugh =)

[smoothie]

Coblee are you paying 4.5% in litecoins?

[PinkBatman]

I like the idea, just a little out of my reach. Too bad GLBSE can't be used for things like this.

[Garr255]

Coblee are you paying 4.5% in litecoins?

Yes.

And coblee, this: https://bitcointalk.org/index.php?topic=83904.0;topicseen

[Garr255]

I like the idea, just a little out of my reach. Too bad GLBSE can't be used for things like this.

Let's get Nefario to make a GLLSE!

[Gladamas]

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Why wouldn't someone just invest in a PPT that pays >6.5%/week, then turn the BTC dividends into LTC?

What might be useful is if you accepted deposits in LTC.

[Garr255]

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Why wouldn't someone just invest in a PPT that pays >6.5%/week, then turn the BTC dividends into LTC?

What might be useful is if you accepted deposits in LTC.

Pirate is significantly reducing his rates. Coblee will be taking at 0.5% fee.

[Gladamas]

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Why wouldn't someone just invest in a PPT that pays >6.5%/week, then turn the BTC dividends into LTC?

What might be useful is if you accepted deposits in LTC.

Pirate is significantly reducing his rates. Coblee will be taking at 0.5% fee.

Sorry, forgot about that. Could Coblee possibly have a Trust account with Pirate? I know 500 BTC is a lot of money, but it's just a thought.

[smoothie]

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Why wouldn't someone just invest in a PPT that pays >6.5%/week, then turn the BTC dividends into LTC?

What might be useful is if you accepted deposits in LTC.

And paid out in LTC as well...

[coblee]

Coblee are you paying 4.5% in litecoins?

Yes.

And coblee, this: https://bitcointalk.org/index.php?topic=83904.0;topicseen

That's just another passthrough, right? With the new rates, he will likely reduce his interest payments.