Topic: Invest in Sweeet | First Legit Investor-Plan (Closed) - page 7. (Read 41502 times)

Ah, I didn't spot that post before. Nice summary Trader.
Still the best thing to do is probably just wait this out and providing he doesn't go back to margining everything again or gambling with it (like the posts he used to make) then we should hopefully see some sort of return.

Sorry, jackg, he most likely didn't use his own money. He basically took the equivalent of 50% of every investment made, including your investment.

Here's some math from the end of my previous long post:

I was about to make an investment til I reach the lastest pages of the thread, if you manage to get over % profit again, Im willing to invest.

I think/hope Sweeet used his own money for the margin trading at about $9,000 but I may be wrong. That means he's lost $6000 (or 1/5th) of the total invested amount). Which is much easier to regain or should be.

I will still at least have 0.1 if he's lost 50% making me only 0.07 short (which is a big loss but isn't nothing).

If you think about it:

PayPal froze $800
You have an investment at about $2,100
Sweeet has blown through/lost $15,000 (50% of the investments!)

You're never going to see even any good fraction of your investment. At least you already got back .03775 ($~400) total in this scheme with your last three repaid investments. But, in the end, you're still out $1,700.

[All $ based on today's rates for illustration.]

I meant so that everyone can take around 90-95% of their investments away within the next week. I really have no reason to get it back before everyone else, everyone wants their own back asap I would imagine. However, your offer is very kind. I just am highly convinced we will not be seeing Sweet again.

Alright. That's probably why his PayPal got shut down. He said any transactions he makes above $500 would be investigated, and 0.5 is higher than that (mine was done in two parts).

Jack, you are incorrect in saying your 0.2 BTC is the largest invested, I invested 0.5 BTC.

Like I expected, it seems like you and a few others would need the money faster than me and have a better priority in getting it.
Sweet, if you need the 180+ days to collect the funds for me and can pay everyone else much faster then do it as I see you're quite honest and my investment is the largest on the sheet.
(Just seriously stop margin trading).

That is very kind of you. However, I'm happy to only get 95% of my investments back and take the rest as just a loss, meaning everyone can get something back.

Personally I'm just praying we ever see Sweet again - because the money I gave to him was my funds to pay for living whilst at college. I'm not angry, because I guess you can't risk what you're not prepared to lose.

Just a kick in the teeth, eh? 

I have been carefully watching and researching before making an investment. Just before I was going to send something sizeable, something hit me and I sent you an unanswered PM about the gift card risk management.

According to the Google Docs link you provided, you have 1.426 BTC actively invested. At the rate right now, that's $15,500. (Even at a $9,000 BTC rate, that would be $12,834)

The amount PayPal is withholding is $800. So, where is the other $12,000-$14,000? $800 is like 5-6% of the total currently invested in your investment plan.

With the current principal invested you could cover that $800 by giving up a small part of the amount you take with each deal...say 10% for 8-12 BTC>gift card transactions.

I do seem to recall the plan to be buying discounted gift cards and selling them on Paxful. While your Paxful account has received recent positive feedback, there have been no active offers listed on your account for days (even from well before you received the PayPal message.)

The "first legit investor plan" was for you to sell BTC for discounted gift cards and you would sell those cards for a profit. I don't seem to recall mention of you margin trading with the investor funds. Quite frankly, that is gross mismanagement of investor funds by not following the plan people invested into.

I am sure you were well-intentioned; however, all things considered, I suspect you "ponzied out" by misusing funds instead of investing in discounted gift cards on Paxful. You also accepted some larger investments into the plan and had to use the small investments to cover that interest. I don't have the energy to do that analysis using your spreadsheet since it is now a defunct investment offering.

All things considered, there is a serious trust consideration here.

Updated post to include:

I'm tired and my math brain is still groggy, however, I ran some numbers using Lines 78-103 of the spreadsheet. Those lines seem to represent the best snapshot of time and activity.

In that snapshot of activity, the scheme took in 2.841 total BTC investments (26 investments)

It paid out 1.4606 BTC in return of capital and interest (15 investments)
(of the 1.4606 total paid out, 1.355 is return of capital and .1056 represents interest paid)

Still has 1.486 BTC of investor capital owing (11 investments)
Still has 0.14235 BTC in interest owing
1.486 + .14235 =  1.62835 owing

1.4606 (total paid out) + 1.486 (investor capital alone owing) = 2.9466 - 2.841 (total investments) = .1056
(Hmmm, .1056 is equal to the total amount of interest actually paid)

In about a month, he basically kept/spent/misused/bad traded/whatever 50% of the investments (~$15,000 at today's value) and threw up a misleading flag to end it.

Payeer seem to be a good cryptocurrency acceptor for transferring funds (I think they accept US$ and € at least along with bitcoin and conversions (but these conversions might be slow)...

Providing I get my 0.2BTC back, I don't particularly care when it is (if you can pay everyone else back with the funds you have then do that and wait until you're more financially stable to repay me).

---

you should have learned your lesson about margin trading since the 3.5k initial loss.

I echo these sentiments, a partial payment to start with (% based) would give reassurence on receiving the remainder at some future date. Personally, if this future date is a while in the future I am ok with that, I realise others' situations vary. I think at this point no one is thinking about the interest just in getting back what they put in initially in good faith. Also, I don't know if you are currently holding BTC or fiat but if holding fiat with the intent to purchase BTC then there is the risk BTC rises in the meantime (likely imo) then it is going to be even more difficult to honour the initial BTC investments. Either way, appreciate your honesty even if the current situation is less than ideal.

very sad to hear that.
i am completly ok with zero interest.
i would repay to investors what you can repay (everyone the same % of course).
for the rest we will have to be patient.

thanks for the honest feedback so far.

Hi Sweet.
Okay, seems a bit of a nightmare. $800 of all investments is not a huge amount, right? Would it be viable to send everyone the majority of their investments back and then the last little bit when the 800 Is returned or when you can afford It?
Thanks

EDIT:
Can also be worth giving them a quick ring. I have had lonnngggg holds released this way. I honour your transparency. Sucks a little bit as this was the majority of my investments for when I go to university...

You have my patience, I can wait with my money .. just want to know the plan. I don't need that money anytime soon ..

 I also give you advices in PM. You should look on Revolut, or maybe try open another Paypal account, on different person.

I have no intentions of reducing anyone's repayment other than interest. I will make sure in the end everyone receives full repayment. Although it may take me some time to figure out how I am going to go about doing that, for now I just need calm and planning. I know of some other possibly methods I could attempt but all I can ask from everyone is their patience, eventually we will be clear of this stress.

On this I can say, that only a fool will be continue with margin trading when he suffers 7k loss. After second loss I hope you will abandon it forever.

Also, I think no one give you money for that .. the money was given to you for Paxful-trading. I can't imagine your thinking when you risking our funds on margin trading.

That is indeed very stressful stuff.

However you have promised investors when they signed up that they would be repaid at a certain point in time for a certain amount - i personally think that it would be a bit unfair if you just reduced everyone's repayments.

In future, you should definitely come up with plans to counter this. You hav eto realise that margin trading is risky as hell, and find plans to basically reduce risk.

It is more than a couple of thousand Hracik, I invested 0.5 BTC (more fool me) which is 5500 USD with BTC price today. I hope the plan is to fairly repay people as I imagine my contribution could pay back you smaller investors in full (which wouldn't be fair)