This thread is to announce the opening to the bitcointalk public of the Bitcoin Greater China Fund. This fund aims to use Bitcoin as a vehicle for investment into a market that is difficult and expensive for outsiders to reach. It is something of a personal experiment in using Bitcoin to quickly, simply and cheaply accomplish financial objectives that are otherwise painfully expensive, complicated and restricted.
The other goal of this fund is to provide the Bitcoin community with a realistic investment in something tangible. As we have seen that mining bonds are shady, fraudulent and highly exploited. The GLBSE is gone and may have been a scam all along. Most of the investment funds are thinly veiled ponzi schemes. My fund is something different.
So in the simplest terms: I will take deposits in Bitcoin, convert them to Hong Kong dollars or Chinese yuan and use that to make investments in Greater China. Now BTC to HKD or CNY is not as simple or available a conversion as BTC to USD or others, so I will initially be using my own supplies of those currencies while holding investors' BTC as collateral representation of their investment. That is, until I can trade enough BTC for local currencies.
https://btcchina.com/ is my current source, but I will continue to look for better rates.
Now, I won't promise massive weekly returns. In fact, I won't promise any weekly returns at all. My reports will be issued monthly. And while I have done well with this investment strategy over the last six months, outperforming (if slightly) the Hang Seng index (aside from a hiccup in June, when I was admittedly on vacation most of the month and not paying as much attention as I should have been), I cannot promise these returns will continue. Market conditions are ever changing. My target is to maintain 3% month-on-month growth. The other tricky part is that my gains were denominated in Hong Kong dollars. Obviously this is a Bitcoin fund, so the performance of the fund will be effected by any shifts in the value of the Bitcoin against the HKD or CNY. Investments in TWD are unlikely but possible. To be honest, I don't usually watch Taiwan markets closely. Anyway, monthly performance reports will include figures in HKD, CNY and BTC to give everyone an idea of how things are going.
Still, I make no promises. I will not insure any deposits or cover anything with “my own” money like some other funds have claimed. I have written a summary prospectus in the post below. If it interests you, by all means, invest in my exciting new Bitcoin project. If not, there are lots of other things you can do with your money. Hell, Bitcoin is supposed to be deflationary, so you might just sit on it. But do your best not to put it into mining or a ponzi, please. That's for all our sakes.
If you're still interested, you can request a deposit address. I also want a unique return address from you. I don't think I'll have people beating down the door to send huge amounts of Bitcoin, but I will anyway state that I don't want to start out too big. I won't take more than 1000 BTC from any one depositor, at least to start. Once this fund proves itself and this legal scare about GBLSE blows over, we can talk about larger amounts. At the same time, I need a minimum of 20 BTC from each depositor to work with, and then increments of 2.5 BTC up from there. If you want to cash out your fund after that, I need at least two weeks' notice to sell off your assets.
For people too lazy to read:
- Bitcoin investments in Greater China
- Initial investment at least 20BTC
- From initial 20, increments of 2.5
- Targeted 3% monthly growth
- 2 weeks' notice for withdrawal
- Not a ponzi. Not mining. Not Bitcoin-denominated investments
- An exciting new development in Bitcoin!
Prospectus to follow in the next post.