Topic: [GLBSE] TEEK Funds - crowdsourced loans / p2p economics. NEW: TEEK.USD (Read 8600 times)

Ponzi warning!
I want to warn anyone investing with this guy, that he is not verified at all with GLBSE, and all his investment funds are Ponzi schemes. This is for sure scam, as he ignores investors requests to identify himself. Probably running behind a VPN or something, one day he will run away with all your money. Be aware of it!

Interest paid!  TEEK.USD @  12.38664

?  If the asks aren't there, the asks aren't there, no where in my contract does it say there will be a standing bidwall at X.  No it is not my problem, my contract says i will place a bid for 5% at 1, whatever gets eaten by that bid at whatever price is what gets bought, end of story.
 

In fairness, it does appear you've been buying back shares last few weeks.  But if you look back further you find:

2012-08-12 15:18   1.635   545   0.003
2012-08-19 13:36   1.635   545   0.003
2012-08-26 12:34   1.635   545   0.003

three weeks where the share traded consistently below 1.0 but outstanding shares remained the same (545).  The price remained below 1.0 - but new shares were sold the next few weeks (so no way to tell easily whether buybacks happend).  Then next few weeks shares outstanding dropped - whether on a Sunday (or form you buying up via lowball bids) is not possible to tell.

Do note that your contract says you'll put up a bid-wall at 1.0.  If you have to buy back shares priced below 1.0 before you CAN put up the bidwall then that's, in theory, your problem - your job is to gtet the bidwall up.  I DO believe that wasn't your intent (as it could commit you to buying back all shares at once) and wouldn't try to enforce that - but it IS what you wrote in your contract.  To my mind if you buy backk 5% each sunday (the lowest asks) then that's fair - just not what you said you'd do (and, for a few weeks at least, not what you were doing).

Did you take into account  that other people might of had asks lower than you that were filled first thus you didn't make the cut?

The bid wall only matches what orders are there at the time and it is removed.  If you want to take advantage of the minimum liquidity simply place your ask before Sunday.  Things are tight for me and alot of other people, the market is completely liquidity crunched, but I have still been buying back for weeks and trying to accommodate asset holders who contact me directly with reasonable requests.


TEEK.A - 493  - 5% = 25 units @ up to  1 BTC
TEEK.B - 867  - 5% = 44 units @ up to  .5 BTC
TEEK.USD - 2147 - 5% = 108 units @ up to  0.08069 BTC






 

According to his contract he's suppsoed to palce a bid-wall each week.

According to what he told me when I asked in this thread, he doesn't do that - instead he manually buys back shares listed at below that price.

According to market data and the evidence of one's eyes he doesn't honour his commitment to buy abck up to 5% of outstanding shares on teek.a and teek.usd each week at all.

I actually considered buying up the shares listed at well below 1, relisting them at .995 then prodding him to buy them back (for a quick 10%+ profit) - but given that he's clearly lieing about buying them back I had zero confidence that he wouldn't just vanish rather than do what he's contractually obliged to do.

Look back up the thread to where I asked about it (when I was researching securities to find ones to invest in).  If you've had a sell order up below 1 over a weekend then you personally KNOW that he's lieing (and even if he's doing what he claimed in response to me, it's in no way the same as doing what his contract SAYS he'll do).

Hi Teek.  I would like more information on how the 'minimum liquidity' level is established.  I don't see a whole lot of volume on the teek.a security.  Certainly not 5% of the outstanding bonds are being repurchased weekly as some weeks zero bonds get purchased at all.  Thanks for the clarification.

If I understand who you're referring to, don't we still think he is a scammer? 

Anyway, I agree we do need a way to be less dependendt on Nefario's judgment. Maybe there should be a vote, just like for scammer tags. He can issue motions, how about a bounding "we think issuer is a scammer, do you agree on freezing the asset, releasing his informations and prosecuting him?".

....

Now that's a profound analysis 

TEEK is scam. Guy cannot verify himself on GLBSE, I asked him several times, not only me by the way, but he is ignoring investor's questions. I am warn anyone before will be too late!

TEEK sounds like ZEEK which is a PONZI.

Interest paid!  TEEK.USD @ 11.99856

Interest paid!  TEEK.USD @ 11.85934

teek

I am not investing with this at all. Sorry but no again another ponzi-scam. Unverified guy "teek" without address, ID, even e-mail address. No thanks! He will dissapear one day without warning and you will do nothing about it.
I am also warning all of you guys.

What level of confidence do you have they are real risky ventures and not scams?

I didn't interpret the contract in the sense that you could lower the buyback price, but I can't say I didn't expect something similar, I understand it was probably too much to hope you would pay from your pocket.


I would probaby invest more in TEEK.USD if you were verified. Low risk, no public business model, and not even verification don't go along really well, so I am holding from investing too much at the moment.

Yeah, didn't make it clear but meant teek.a not teek.b

Below is current asks for teek.a

ASKS QUANTITY   PRICE
22   0.87499
37   0.875
100   0.91
12   0.98
2   0.999
4806   1.0

It looked similar earlier - though it's possible all those were added today.  Reason I asked is because IF you're actually honouring your contract then if orders look similar next saturday I can obviously buy the 0.89 ones and flip them back to you at 1.0.

Obviously if anyone who put up the orders at 1.0 or lwoer did so prior to today then that would make you a liar (as there's no trade volume today approaching 5% of issued shares).  As that would be rather a stupid (and easily proven) lie I'll assume you're telling the truth and keep an eye on the order book for an opportunity to make some very easy money next week.

It was always partially exposed.. 

.


At some point during the day on Sundays I check the order book and if there are any asks the match I fill them.   The minimum liquidity level for TEEK.B has been adjusted to 0.5 BTC, there were no matching asks for that today.  The ones for TEEK.A and TEEK.USD have already been executed for today.  It is not a standing bid, if you want to take advantage of it please put your ask up prior to Sunday.


teek

What time do you put these bids up?

Wasn't teek.b supposed to not be involved in BCS&T anymore?

TEEK News
-----------

In light of all that is happening in the Bitcoin world lately, TEEK.A and TEEK.USD remain strong while TEEK.B and TEEK.PPT have both taken a serious hit.  

A major re-alignment is happening before our eyes in the Bitcoin assets and lending world.  A major liquidity crunch is in effect, and can be felt all over. When doors close, others open and there are opportunities open at the moment that simply didn't exist a few weeks ago, peoples expectations are rapidly changing.  

 For people who want to make sure their BTC is working for them at low / no risk, TEEK.A and TEEK.USD are extremely under utilized.  These assets were built to be used together to provide a secure and most importantly sustainable growth for your BTC, with a hedging component.  No there isn't 3% here, but there is a reason why.

For those who want to assume the higher risk profile, I beleive TEEK.B will be ready to shine again soon.  It is difficult to make multiple percent per week consistently for a time but it is not impossible by any means.  Of course there is risk involved and I don't want this to turn into a conversation about pirate or what he was or wasn't doing.

In the past few weeks, people have again questioned why I am not verified on GLBSE. I know there are a few people on the forums who I have dealt with numerous times and have supported my efforts, I have no reason to believe they won't continue to do so as is. I am not sure how many people are avoiding TEEK because of the verifcation status.  If I see enough demand for a fully verified TEEK, I will contact Nefario and do so.

Liquidity is tight for TEEK at the moment, but I hope to make some more announcements as soon as things settle down a little.

Thank you for your continued support.

teek