LTCPPT - Litecoin Pirate Pass Through (CLOSED)

[coblee]

I got pirate's payment. And interest payments have been sent.

Luckily, I exchanged for the litecoins throughout the week and withdraw them Yesterday. I'm not sure what's going on with BTC-e. I may have to use a different exchange next week.

[1714897174]

1714897174

[Gladamas]

I got pirate's payment. And interest payments have been sent.

Luckily, I exchanged for the litecoins throughout the week and withdraw them Yesterday. I'm not sure what's going on with BTC-e. I may have to use a different exchange next week.

I think BTC-e got hacked, at least that's what I heard on IRC.

[coblee]

I got pirate's payment. And interest payments have been sent.

Luckily, I exchanged for the litecoins throughout the week and withdraw them Yesterday. I'm not sure what's going on with BTC-e. I may have to use a different exchange next week.

Yeah, I'm interested in your pass-through, but with the hack on BTC-e, do you have another exchange for LTC?

I might use Vircurex, but that seems to be down. I will post when I have more information. Thanks.

[Vorksholk]

Apparently btc-e will have most everything sorted out in 1-2 days, all transactions during the period of hacking have been reversed, only ~4500BTC were stolen (still a lot, but most of their BTC was in offline cold storage). So you will likely still be able to use their service.

[coblee]

I will likely use the new Litecoin exchange: https://ltcexchange.bitparking.com/main

[smoothie]

I will likely use the new Litecoin exchange: https://ltcexchange.bitparking.com/main

Perhaps not a bad idea. Nothing against btc-e. Good to know we have two exchanges now. Well 2.5 if you count vircurex.

[coblee]

I want to emphasize that even if I left the LTCPPT interest in btc-e and lost it due to the btc-e hack, I would absorb all the loss myself. I would make sure depositors of LTCPPT get their interest payments. Only in the event of a Pirate default, would there be a loss of principle. So the 0.5% fee I charge covers the work to exchange the interest payments into litecoins AND the insurance against any mishandling of the principle or interest payments by me or any exchanges I use.

[AMD FTW]

sent you a pm coblee

[EskimoBob]

i just came up with this idea myself today but after a forum search i see that coblee beat me by 2 days

it would be good if deposit/withdrawal was in LTC, but you just have to manage the exchange risk somehow.

...and that would all be a lot easier if there was a litcoinica.com for shorting LTC.

Find someone who wants to write options and take a long straddle, if you think it's too volatile. Worst that can happen is you lose the premium you paid for the options (if the price is stable).

[coblee]

Payments are going out right now. Thanks.

[Greedi]

what is this Pirate Pass Through all about?

many of my friends is talking about it, but i can't seem to find some good info about.

can someone tell mere about?, i'll love to support, but i also won't to know what i'm doing

[Vorksholk]

what is this Pirate Pass Through all about?

many of my friends is talking about it, but i can't seem to find some good info about.

can someone tell mere about?, i'll love to support, but i also won't to know what i'm doing

Essentially Pirateat40 runs a deposit system that pays up to 7% weekly on deposits (so if you put in 100BTC, in 1 week you could have 107, although you need large amounts to invest directly with him). People who do have accounts with him give passthroughs, where you deposit your 100BTC with them, they deposit it in pirate at 7%, and they pay you a certain amount (hashking gives 6.75%, Bitcoinmax.com 6.9%).

Coblee is providing a service to do a pirate passthrough with bitcoins, but pay out the weekly interest in litecoins, a very cool idea.

[Kumala]

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!

Do you guys think there is sufficient volume to open a LTC Exchange? Extending Cryptostocks to LTC would take a few days only, question is only whether there is sufficient LTC volume available on the various exchanges (Bitparking, BTC-e, Vircurex, any others out there?) to handle the potential load of LTC coins that are going to come.

[rdponticelli]

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!

Do you guys think there is sufficient volume to open a LTC Exchange? Extending Cryptostocks to LTC would take a few days only, question is only whether there is sufficient LTC volume available on the various exchanges (Bitparking, BTC-e, Vircurex, any others out there?) to handle the potential load of LTC coins that are going to come.

It would be really nice if Cyptostocks would support LTC, including orderbooks for securities, and payment of dividends directly in LTC. It would help a lot having such a infrastructure to form more LTC and multicurrencies companies...

[goxed]

I think I understand how he makes money and why he needs other people's coins.

I also thought the developers of LTC believed in the immunity of Scrypt towards GPU acceleration. But that's another tangent.
Thanks but no thanks, my personal caveat emptor here! 

[coblee]

With the new Pirate accounts, I will only be able to get 5% a week instead of 7% per week. So instead of changing my passthrough to return 4.5% a week, I am thinking of using another passthrough to get 6.8% or 6.9%. And I can keep LTCPPT at 6.5% payout. The downside is that there's now another person you have to trust. I will likely go with Chaang Noi's passthrough. I have had many business dealings with Chaang and I trust him. Here's his profile: https://bitcointalk.org/index.php?action=profile;u=44233

I will be PM'ing the current depositors to make sure they are ok with this change. If you are not, I can return your deposit. This change will happen on Monday and will not affect this week's interest.

[btcash]

With the new Pirate accounts, I will only be able to get 5% a week instead of 7% per week. So instead of changing my passthrough to return 4.5% a week, I am thinking of using another passthrough to get 6.8% or 6.9%. And I can keep LTCPPT at 6.5% payout. The downside is that there's now another person you have to trust. I will likely go with Chaang Noi's passthrough. I have had many business dealings with Chaang and I trust him. Here's his profile: https://bitcointalk.org/index.php?action=profile;u=44233

I will be PM'ing the current depositors to make sure they are ok with this change. If you are not, I can return your deposit. This change will happen on Monday and will not affect this week's interest.

Don't you have enought volume to get 7%? I was going to invest 100 Bitcoins but I am not confident with another person in the chain.

[coblee]

With the new Pirate accounts, I will only be able to get 5% a week instead of 7% per week. So instead of changing my passthrough to return 4.5% a week, I am thinking of using another passthrough to get 6.8% or 6.9%. And I can keep LTCPPT at 6.5% payout. The downside is that there's now another person you have to trust. I will likely go with Chaang Noi's passthrough. I have had many business dealings with Chaang and I trust him. Here's his profile: https://bitcointalk.org/index.php?action=profile;u=44233

I will be PM'ing the current depositors to make sure they are ok with this change. If you are not, I can return your deposit. This change will happen on Monday and will not affect this week's interest.

Don't you have enought volume to get 7%? I was going to invest 100 Bitcoins but I am not confident with another person in the chain.

Unfortunately, with the new interest rates, not even close:

Current Weekly Interest Rates 3
5,000+ BTC 5%
15,000+ BTC 6%
25,000+ BTC 7%

[disclaimer201]

It's quite a risky idea if you don't know whether it's a Ponzi or not. I have lost 50 Bitcoins to Bitcoinica, and I'm not sure that as lead developer of ltc you should take on a high risk like that. People trust you and if you mess this one up, or if Pirate does, people will be mad at you anyway. It won't help you then that you told them "at your own risk only" when you ask people to trust you because you are convinced Pirate is not a Ponzi. It's a crazy, greedy idea and you could significantly hurt the entire Ltc project because of the connection between Ltc and your name and reputation. Personally, I want Ltc to be a success. Not sure what you're doing is the way to achieve that.

[Vorksholk]

As well, coblee can't just make the litecoins out of thin air, he is buying them on the exchanges, meaning that, in the end, every week the interest in BTC is used to buy LTC, increasing the price of LTC, perhaps quite significantly if this service really catches on. I'd invest in something like this, but I only have like 25 BTC.