LTCPPT - Litecoin Pirate Pass Through (CLOSED)

[Litecoin]

So every week you get 4.5btc interest on your 100. That 4.5 is then converted to ltc at that days price and then given to the user. Is this correct?

Correct

Coblee, did you buy tons of Litecoins? All those huge buy orders took the price up on BTC-e.  It seems to be very profitable to get dirt cheap Litecoins, push the price up and pay interest in Litecoins.
Just wondering...

Same question here...

I've bought only enough to pay the interest payments next week. Not enough to push the price up. But I did buy them before the run-up, so depositors will likely get more litecoins next Monday compared to the current exchange rate.

I plan to buy litecoins through the week so as to get the best price and minimize a run-up on Mondays.

By the way, I'm not doing this for profit. The .5% fee is basically for my time and effort. Also as long as pirate does not default, then I'm guaranteeing your coins. So if my wallet gets hacked or if btc-e gets hacked, I will personally cover all the loses.

Nice and honest answer. I like that.
To pay the interest, how many coins do you have to buy every week?

[payb.tc]

By the way, I'm not doing this for profit. The .5% fee is basically for my time and effort.

same as steve jobs, then.

he didn't do it for profit, he only got paid for his time and effort.

[Etlase2]

how many licks does it take to get to the center of a ponzi scheme ponzi pop

Only two things are infinite, the universe and human stupidity, and I'm not sure about the former.
Albert Einstein

way to be different coblee!

[coblee]

Nice and honest answer. I like that.
To pay the interest, how many coins do you have to buy every week?

I just buy however much I need to pay for interest. So if you deposited 100 btc, then every week I send 6.5 btc to btc-e and buy litecoins throughout the week. I can figure out the average exchange rate based on how many litecoins I get.

Good news for this week is that I got the coins for an exchange rate of 0.00164816.

[coblee]

By the way, I'm not doing this for profit. The .5% fee is basically for my time and effort.

same as steve jobs, then.

he didn't do it for profit, he only got paid for his time and effort.

Well think of it as a non-profit organizations. The employees still get paid, right?

[Koooooj]

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...

I would love to accept deposit in LTC. Problem with that is if LTC appreciates in value with respect to BTC, and then if you wanted to withdraw in LTC, I would have to take a loss to buyback those LTC.

To me the obvious solution to that problem is to just keep the user's balance in BTC.  The simplest (but not best, most likely) solution is to just take the most recent price for BTC/LTC and use it to convert a deposit into BTC.  This is susceptible to a user running up the price by buying a lot of LTC, then depositing it all before the price stabilizes, causing you to take a loss.  A better solution would be to use the same average exchange rate that you are finding when paying interest, such that deposits of LTC are pending until the end of the interest period, at which point they are converted and put into the balance.

I feel like accepting LTC would make your PPT really stand out among the ones available, and it would help reduce the number of LTC you have to buy on the open market.  Essentially what you would be doing is cutting out the share that the trading website takes, because instead of investors selling their LTC for BTC, then you converting BTC to LTC to pay interest, you just pay out some of the LTC sent to you. 

[matthewh3]

It would be good if you had a website you could just visit and make a deposit.  It would also be good to be able to deposit down to 1BTC.

[coblee]

It would be good if you had a website you could just visit and make a deposit.  It would also be good to be able to deposit down to 1BTC.

Eventually, I might have that. For now, please PM me if you'd like to deposit 50 btc or more.

[coblee]

First interest payments have gone out! Since I was able to get LTC pretty cheaply at 0.00164816, you guys got a great deal. Some of you got an effective 25% interest.
See ltcppt.com for details.

[coblee]

Interest payments have gone out at a rate of 0.00503020

[coblee]

I received the interes from Pirate. I will pay out interest shortly. The payout amount is already on ltcppt.com.

[coblee]

Sorry for the delay. Payments have been sent at an exchange rate of 0.00518578.

[Scott J]

Cool idea

I would deposit if you lowered the minimum to 10 BTC.

[coblee]

Cool idea

I would deposit if you lowered the minimum to 10 BTC.

Sorry, only doing multiples of 50 btc for now. It's really too much work do anything smaller as I don't have something automated set up.

By the way, Pirate has not paid out interest today. I will send payments as soon as he does.

[Scott J]

Cool idea

I would deposit if you lowered the minimum to 10 BTC.

Sorry, only doing multiples of 50 btc for now. It's really too much work do anything smaller as I don't have something automated set up.

By the way, Pirate has not paid out interest today. I will send payments as soon as he does.

No problem, I understand. I'll just have to get some more BTC together

Btw, Bitcoinmax has applied interest so Pirate may be in the process of paying now.

[payb.tc]

Btw, Bitcoinmax has applied interest so Pirate may be in the process of paying now.

no, those are only database entries... haven't received BST payout yet.

[Scott J]

Btw, Bitcoinmax has applied interest so Pirate may be in the process of paying now.

no, those are only database entries... haven't received BST payout yet.

Ah, thanks for the correction.

[smoothie]

Btw, Bitcoinmax has applied interest so Pirate may be in the process of paying now.

no, those are only database entries... haven't received BST payout yet.

What time does he normally pay by?

[coblee]

Btw, Bitcoinmax has applied interest so Pirate may be in the process of paying now.

no, those are only database entries... haven't received BST payout yet.

What time does he normally pay by?

I would normally expect payments about 5 hours ago. So he's late today. But please don't panic yet.

[smoothie]

Btw, Bitcoinmax has applied interest so Pirate may be in the process of paying now.

no, those are only database entries... haven't received BST payout yet.

What time does he normally pay by?

I would normally expect payments about 5 hours ago. So he's late today. But please don't panic yet.

I was just curious is all. No intent on causing panic like a person's name I won't mention.

But please do post once you have received the payment.