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Author Topic: Dank Bank Deposits - dank's soul is claimed! - New music Nov 30th  (Read 111892 times)
OneEyed
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July 27, 2012, 01:26:10 PM
 #81

Your deposits will be invested in numerous ventures including mining hardware, data hosting infrastructure, low interest loans and interest free loans for investors.

I don't get it: you'll pay 2.5%-3.2% to borrow money from people (since accepting a deposit is similar to getting a loan), so that you can lend this money at a lower interest rate? How do you plan to be profitable?

I need a loan for 3-6 weeks, I'd be willing to pay 3% weekly interest.

At the same time, you're trying to borrow money at 3% interest rate for yourself, instead of going through your "bank" where you could supposedly get better terms?

I can't understand what you're after.

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July 27, 2012, 01:53:05 PM
 #82

2.5% - 3.2% weekly means 261% - 414% yearly (1.02552≈3.61 and 1.03252≈5.14). So every 1 BTC you invest would become somewhere between 3.61 to 5.14 BTC after one year.

If you can make that kind of money, why don't you just do this with your own money and become financially independent within a few years?

In theory, there's no difference between theory and practice. In practice, there is.
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July 27, 2012, 04:52:55 PM
 #83

I'm trying to raise capital to invest.  At the beginning of this year I had no money, now I have around 1500, I'd say I'm doing pretty good.

I'm not offering interest free loans yet, but if deposits were high enough, I'd love to. Not to make money but to help people.

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Dankmusic - Hear the impossible, feel the impossible, be the impossible dankmusic.org dankcoin.org
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July 27, 2012, 05:07:23 PM
 #84

I'm trying to raise capital to invest.  At the beginning of this year I had no money, now I have around 1500, I'd say I'm doing pretty good.

I'm not offering interest free loans yet, but if deposits were high enough, I'd love to. Not to make money but to help people.

You having 1,500BTC is like me saying deleting blk000?.dat will delete everyones bitcoins.
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July 27, 2012, 06:21:55 PM
 #85

Well I never said BTC, now did I?

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July 27, 2012, 10:04:20 PM
 #86

Dank Bank Investments

Hello fellow investors, my name is Dank and I'd like to share this opportunity for a low risk, high output investment.

[…]

Your deposits will be invested in numerous ventures including mining hardware, data hosting infrastructure, low interest loans and interest free loans for investors.  I plan on providing more services/products to the BTC community as capital allows for.  Some amount will be invested into an automated content management system to allow quick, flexible investments and withdrawals at any time.

How is that low risk? Do you guarantee the amount placed into your "bank"? What, for example, if the ventures you invest into go bankrupt? Will you reimburse your "clients" with your own money? You admitted having 1500 something (USD?), would that be enough in case those ventures default on you and you are short 2000BTC?

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July 27, 2012, 11:33:21 PM
 #87

Nothing is risk free, but you can minimize the risk by taking control of how investments are spent.  I don't invest in other people's ventures, I invest myself and have control over how much money is made.  I'd say this has a lot lower risk than some pass through program.

Another thing that guarantees your investment is my respect and belief in karma.  I'm not going to run away with your money just because I can, I wouldn't gain anything from that in the long run.  Even if I miraculously lost your money, I would not disappear off the face of the earth, I would keep working and reimburse what I owe you and more.

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July 27, 2012, 11:35:15 PM
 #88

Nothing is risk free, but you can minimize the risk by taking control of how investments are spent.  I don't invest in other people's ventures, I invest myself and have control over how much money is made.  I'd say this has a lot lower risk than some pass through program.

Another thing that guarantees your investment is my respect and belief in karma.  I'm not going to run away with your money just because I can, I wouldn't gain anything from that in the long run.  Even if I miraculously lost your money, I would not disappear off the face of the earth, I would keep working and reimburse what I owe you and more.

What makes this any different to giving you a loan?
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July 28, 2012, 01:20:34 AM
 #89

Fundamentally, nothing.  However, this gives you options to control the terms of the loan based in your needs rather than mine.

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Dankmusic - Hear the impossible, feel the impossible, be the impossible dankmusic.org dankcoin.org
Tittiez
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July 28, 2012, 02:10:02 AM
 #90

dank I love your threads, your fucking crazy (I mean that nicely). Thanks for the entertainment.
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July 28, 2012, 02:16:39 AM
 #91

Fundamentally, nothing.  However, this gives you options to control the terms of the loan based in your needs rather than mine.

So, if both the depositors asked for their money now, you'd be able to send them it?
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July 28, 2012, 02:19:47 AM
 #92

No, I'm on my phone at the moment and their monthly term is not over yet.  But at the end of their term, you betchya.

Additional 52 BTC deposited at 2.9% per week.

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Currently seeking plot of land to host 1,000,000+ person music festival
Dankmusic - Hear the impossible, feel the impossible, be the impossible dankmusic.org dankcoin.org
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July 28, 2012, 02:27:27 AM
 #93

dank I love your threads, your fucking crazy (I mean that nicely). Thanks for the entertainment.
I know, I probably would be classified as legally insane, but no worries, crazy is just a label for a lack of higher understanding.  Glad you enjoy them.

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July 28, 2012, 06:07:37 AM
 #94

Dank Bank added to Micon's list of obvious ponzi's that you should not send BTC to and withdraw all you can ASAP if you already have

https://bitcointalk.org/index.php?topic=94900.0

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July 28, 2012, 07:03:29 AM
 #95

Dank Bank is structurally not a ponzi scheme. But opinions are like assholes, everyone has one.

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Dankmusic - Hear the impossible, feel the impossible, be the impossible dankmusic.org dankcoin.org
Matthew N. Wright
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July 28, 2012, 07:31:57 AM
 #96

Dank Bank is structurally not a ponzi scheme. But opinions are like assholes, everyone has one.

Dank Bank is like an asshole. Everyone thinks it smells funny.

dank
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July 28, 2012, 04:33:06 PM
 #97

Obviously not the investors.

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nimda
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July 28, 2012, 07:16:51 PM
 #98

Dank Bank is structurally not a ponzi scheme. But opinions are like assholes, everyone has one.

Dank Bank is like an asshole. Everyone thinks it smells funny.
This reminds me why I'm one of the few people who haven't clicked your orange ignore button Wink

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
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July 31, 2012, 01:23:01 PM
 #99

While anyone with a bit of logic could figure out what you mean by biweekly and bimonthly in your OP, just to avoid people trying squirrely things (saying they thought it meant something different) you may want to clear that up. You see, biweekly is a vague term, many take it to mean twice a week, many to mean every two weeks. From Merriam-Webster:

Quote from: Merriam-Webster
biweekly
1: occurring twice a week

2: occurring every two weeks



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July 31, 2012, 03:02:54 PM
 #100

I've always thought semi meant twice and bi was every two, universally, atleast when it came to billing periods.

But thank you, yes, biweekly means every two weeks and bimonthly means every two months.

13oZY8zzWEp48XZpEEi8zSkYJF5AWR2vXc DMhYmNzMnU2Avgu7sF3GSDybHumj8XH8V8
Currently seeking plot of land to host 1,000,000+ person music festival
Dankmusic - Hear the impossible, feel the impossible, be the impossible dankmusic.org dankcoin.org
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