I thought maybe I should share this. This 3-4.2% got my highly suspicous and I wanted to find out what the deal is, and how he can talk abut fully insured when he has no insurance nor collateral at all.
Dear Dank,
I saw your announcements in the Lending subforum and might be interested in a 1000+ BTC deposit.
Please explain how you can sustain such high interest.
Please also explain to me how you guarantee the principal from your own default and please outline how much reserves you provide as collateral at some trusted community member.
Also, a written contract would be a must have for me.
Best Regards
mindphlux
Hey there, I'm glad you're interested in investing. The interest is sustainable because I know how much and how fast I can grow in size. I may lower the interest for new deposits one day, or stop taking new investments alltogether. I can't guarantee I will be able to sustain it forever, but I would make my best attempt to pay out interest for as long as possible. I think the plans of mine should allow for payments over a decade and probably further. If for any reason I am unable to continue interest payments, without cutting into the reserve funds, I would return the principle in full.
I prefer not to explain explicityly how I generate the profit I do, but I can tell you I have many ideas for expansion that will allow for evergrowing revenue, upwards to 10 million dollars+. I'm sure by that point I will have thought of new concepts to bring in higher amounts.
The current investments I make offer extremely high return rates, upwards of 500-1000%. It wouldn't take me long to come up with a reserve covering all of my investors, perhaps two to three months or so. Due to the fact I manage all of my investments myself, I foresee no way I could end up defaulting, I'm going to grow until I burst (in a good sense, of course).
Would you like to write the contract or shall I? If you have anymore questions, feel free to ask.
Thank you again in your interest to support my ventures,
Dank
Hi,
You have not answered my questions.
It is not enough that you don't think you will default, but you need to provide a way for the deposit to be covered in case you do. Either via a collateral at some trusted community member (perhaps Patrick or Ineededausername?) or yourself insured at CPA.
This is the only way I would invest substantial amounts into your "bank". Every other deposit taker that is handling larger amounts is doing that.
Best regards
mindphlux
To be honest, it does not bother me if you don't want to invest. I have given you my word that you won't lose your principle and it's up to you to trust me or not.
If you feel more comfortable starting with a lower deposit, that's fine as well.
Regards,
Dank
Sounds a little fishy to me. Won't answer my questions and can't provide details on his "insurance", hence I suspect there's none. Would definitely try to avoid it.
-mindphlux