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Topic: [Investment fund] Gamma Bitcoin Fund [Closed] - page 25. (Read 84429 times)

legendary
Activity: 2156
Merit: 1072
Crypto is the separation of Power and State.
DeadTerra,

I have not put in a request for withdrawal, but it is not fair to those who have to strip them of their higher priority.

Months ago, I asked you to focus on the GBF instead of getting distracted by various IPOs.

You agreed (and thus I invested) back then, yet you then proceeded to waste your time and our bitcoins on various unrelated scammy/gimmicky nonsense projects.

You never updated the OP to reflect the recent negative returns.  You don't even update the google docs weekly. 

We now have no idea how many of our bitcoins you've lost!

Your constant excuses of "I'm too tired, I'm too busy, I'm too sick" are childish and unacceptable.

You have plenty of time for the latest shiny things that catch your attention, but not for your investment fund?  Again, not acceptable.

And now, despite owing your long-suffering investors 1000s of bitcoins, you are buying overpriced silver bullion from a Jr Member in another thread!

Am I the only one that finds such behavior galling?

I don't want to be payed back in drips and dribbles.  And I don't want to hear about how wonderful your intentions were.

Your actions are those of a con artist, especially the latest excuse of "circumstances have changed, so withdrawal requests are retroactively being dishonored."

The GBF should have been your highest, if not only, priority.  Instead you have been treating it (and us investors) as an afterthought, not worthy of FIDUCIARY RESPONSIBILITY.

You seem to be completely unfamiliar with the concept, so here is an excellent, concise definition:

Quote
http://www.efmoody.com/arbitration/fiduciary.html

In the handling of money and when one acts as a corporate or individual trustee, there is a fiduciary responsibility owed to the principal party.

It is defined as a relationship imposed by law where someone has voluntarily agreed to act in the capacity of a "caretaker" of another's rights, assets and/or well being.

The fiduciary owes an obligation to carry out the responsibilities with the utmost degree of "good faith, honesty, integrity, loyalty and undivided service of the beneficiaries interest."

The good faith has been interpreted to impose an obligation to act reasonably in order to avoid negligent handling of the beneficiary's interests as well the duty not to favor ANYONE ELSE'S INTEREST (INCLUDING THE TRUSTEES OWN INTEREST) over that of the beneficiary.

Further, if the agent should find him/herself in a position of conflicting interests, the agent must disclose the dual agency (acting for two parties at the same time) or risk being accused of constructive fraud in regards to both or either principals. 

Good day, sir!
donator
Activity: 1064
Merit: 1000
Gamma said he would process withdraws in the order they were received.  He should commit to this since I withdrew well before the closing of the fund.
Yes, I agree.
I am sorry but I can not honor that as the circumstances has changed. It would simply not be fair to the rest of I let a couple of individuals withdraw and let the rest of the investors sit stuck in the boat while we liquidate, you must see why that would not be fair?
Hence I would argue for that liquidation and proportionate payouts is the best and fairest way to solve this.

I would argue that how reasonable this is depends on the volume of withdrawals requested compared to the size of the fund. Are you able to provide these figures? Clearly if everyone withdrew, then proportional is the only way to go, whereas if withdrawals were a single bitcoin, that seems very unreasonable from the perspective of the withdrawer.

Full disclosure: I requested a withdrawal on the 24th of September.



Of course right now the withdraw queue is a bit more then 1000 BTC which represent more then 1/7 of the fund.
Considering the size of these withdraws, it would be unfair to pay them out while denning the same right to the rest of the investors.
In my mind proportional payouts is what's most fair at this moment.
//DeaDTerra
donator
Activity: 1064
Merit: 1000
I had a passport and I had private information, as well as some details of the operation. At that time (before all these defaults) it seemed like a reasonable investment, not low risk but reasonable. Though now I realize that it was naive to think like that and it was my mistake.
Part of why I have a transparent and open fund is for the investors to chip in and give me their opinions, it's easy to see scams in hindsight but not always so easy to identify them early on.

//DeaDTerra
Mybitcointrade was one of the most obvious scams on the forums, and reading any intelligent poster's comments on it could have told you that.  You are lucky you got 600 of your coins out when you did.

Look at the assets DeadTerra has issued/run:
REBATE - Scam
ZIP.A - Scam
GIPPT - Insurers invested money to insure a scam in the same scam they were insuring, and are having trouble paying back the insurance
Gamma Bitcoin Fund - Invested in obvious scams

GSDPT is probably your first decent issue as it is backed by a reputable business.  Hopefully it will break the trend of scam pass throughs you have run.
Please note that Rebate nor ZIP.A was issued or run by me. I was simply a link between the investors and the development crew/JRO, I stood for the PR and I was not responsible for the fuck ups behind the scene. Nor was I responsible for the bad decisions and the hacking that lead to the closing of ZIP.A or Rebate. I think it's unreasonable to put the blame of these projects on me.

As for GIPPT, I offered a service where I connected a insurer and investors that wanted that insurance. I never said pirate was legit nor did I say he was a scam. The deposits are being paid back but due to lies and cover ups from HK and a massive liquidation squeeze, the payouts are slow. Yet again this has nothing to do with me or me breaking a contract. I have never broken a contract which I have agreed to, I paid my part of GIPPT and the insurance was transparent and clear from the start.

I have seen you post and complain on every single asset on this forum, You seem to think you know so much yet you have not done anything to improve the situation. Please fuck off or do something constructive instead Smiley
//DeaDTerra
full member
Activity: 177
Merit: 100
Gamma said he would process withdraws in the order they were received.  He should commit to this since I withdrew well before the closing of the fund.
Yes, I agree.
I am sorry but I can not honor that as the circumstances has changed. It would simply not be fair to the rest of I let a couple of individuals withdraw and let the rest of the investors sit stuck in the boat while we liquidate, you must see why that would not be fair?
Hence I would argue for that liquidation and proportionate payouts is the best and fairest way to solve this.

I would argue that how reasonable this is depends on the volume of withdrawals requested compared to the size of the fund. Are you able to provide these figures? Clearly if everyone withdrew, then proportional is the only way to go, whereas if withdrawals were a single bitcoin, that seems very unreasonable from the perspective of the withdrawer.

Full disclosure: I requested a withdrawal on the 24th of September.


hero member
Activity: 686
Merit: 500
Wat
I had a passport and I had private information, as well as some details of the operation. At that time (before all these defaults) it seemed like a reasonable investment, not low risk but reasonable. Though now I realize that it was naive to think like that and it was my mistake.
Part of why I have a transparent and open fund is for the investors to chip in and give me their opinions, it's easy to see scams in hindsight but not always so easy to identify them early on.

//DeaDTerra
Mybitcointrade was one of the most obvious scams on the forums, and and reading any intelligent poster's comments on it could have told you that.  You are lucky you got 600 of your coins out when you did.

Look at the assets DeadTerra has issued/run:
REBATE - Scam
ZIP.A - Scam
GIPPT - Insurers invested money to insure a scam in the same scam they were insuring, and are having trouble paying back the insurance
Gamma Bitcoin Fund - Invested in obvious scams

GSDPT is probably your first decent issue as it is backed by a reputable business.  Hopefully it will break the trend of scam pass throughs you have run.


I have a real issue with scammers using more respected members to sell their securities. Look how many people vouched for JRO and Pirate. Alberto Armandi being vouched for by Meni Rosenfeld. BFL hiring Inaba Huh

Its similar to buying an existing bitcoin service and then proceeding to steal all the coins.
hero member
Activity: 840
Merit: 1000
I had a passport and I had private information, as well as some details of the operation. At that time (before all these defaults) it seemed like a reasonable investment, not low risk but reasonable. Though now I realize that it was naive to think like that and it was my mistake.
Part of why I have a transparent and open fund is for the investors to chip in and give me their opinions, it's easy to see scams in hindsight but not always so easy to identify them early on.

//DeaDTerra
Mybitcointrade was one of the most obvious scams on the forums, and reading any intelligent poster's comments on it could have told you that.  You are lucky you got 600 of your coins out when you did.

Look at the assets DeadTerra has issued/run:
REBATE - Scam
ZIP.A - Scam
GIPPT - Insurers invested money to insure a scam in the same scam they were insuring, and are having trouble paying back the insurance
Gamma Bitcoin Fund - Invested in obvious scams

GSDPT is probably your first decent issue as it is backed by a reputable business.  Hopefully it will break the trend of scam pass throughs you have run.
donator
Activity: 1064
Merit: 1000
All private messages and emails will be answered properly tonight.
//DeaDTerra
donator
Activity: 1064
Merit: 1000
hundreds of bitcoins "lost" later.....

I hope you all know that basically DeadTerra used you guys to fund his gambles with you guys taking all the risk and paying for it during the down weeks while he skimmed off the positive weeks. Cheers DeadTerra, congratulations.
That's the down side of investing Bitcoins, it's hard to evaluate risks as you don't actually know the person behind the project or his/her intentions. Which makes it hard to do a profit/risk analysis and sometimes, things go wrong. I am sorry for this but to blame the massive default and security market crash on me seems a bit steep don't you think?
Gamma said he would process withdraws in the order they were received.  He should commit to this since I withdrew well before the closing of the fund.

Yes, I agree.
I am sorry but I can not honor that as the circumstances has changed. It would simply not be fair to the rest of I let a couple of individuals withdraw and let the rest of the investors sit stuck in the boat while we liquidate, you must see why that would not be fair?
Hence I would argue for that liquidation and proportionate payouts is the best and fairest way to solve this.

hundreds of bitcoins "lost" later.....

I hope you all know that basically DeadTerra used you guys to fund his gambles with you guys taking all the risk and paying for it during the down weeks while he skimmed off the positive weeks. Cheers DeadTerra, congratulations.

This way of fund management, regarding to transparency and communication, is way ahead of recent events. I loved to invest in GBF until some greedy, so called individuals teared a deep black hole into btc. Thanks for that, bitches.

DeadTerra went and invested in mybitcointrade even after I warned him that it was a complete scam. Even a small amount of due diligence would lead you to the assumption that it was either a ponzi or a stock generation type scam. This isnt fund management it is gambling with OPM.

I had a passport and I had private information, as well as some details of the operation. At that time (before all these defaults) it seemed like a reasonable investment, not low risk but reasonable. Though now I realize that it was naive to think like that and it was my mistake.
Part of why I have a transparent and open fund is for the investors to chip in and give me their opinions, it's easy to see scams in hindsight but not always so easy to identify them early on.

//DeaDTerra
hero member
Activity: 900
Merit: 1014
advocate of a cryptographic attack on the globe
Gamma said he would process withdraws in the order they were received.  He should commit to this since I withdrew well before the closing of the fund.

Yes, I agree.
hero member
Activity: 686
Merit: 500
Wat
hundreds of bitcoins "lost" later.....

I hope you all know that basically DeadTerra used you guys to fund his gambles with you guys taking all the risk and paying for it during the down weeks while he skimmed off the positive weeks. Cheers DeadTerra, congratulations.

This way of fund management, regarding to transparency and communication, is way ahead of recent events. I loved to invest in GBF until some greedy, so called individuals teared a deep black hole into btc. Thanks for that, bitches.

DeadTerra went and invested in mybitcointrade even after I warned him that it was a complete scam. Even a small amount of due diligence would lead you to the assumption that it was either a ponzi or a stock generation type scam. This isnt fund management it is gambling with OPM.
donator
Activity: 477
Merit: 250
hundreds of bitcoins "lost" later.....

I hope you all know that basically DeadTerra used you guys to fund his gambles with you guys taking all the risk and paying for it during the down weeks while he skimmed off the positive weeks. Cheers DeadTerra, congratulations.

This way of fund management, regarding to transparency and communication, is way ahead of recent events. I loved to invest in GBF until some greedy, so called individuals teared a deep black hole into btc. Thanks for that, bitches.
hero member
Activity: 686
Merit: 500
Wat
hundreds of bitcoins "lost" later.....

I hope you all know that basically DeadTerra used you guys to fund his gambles with you guys taking all the risk and paying for it during the down weeks while he skimmed off the positive weeks. Cheers DeadTerra, congratulations.

Thats hardly fair. The entire deposit and securities market has collapsed and glbse is facing an SEC investigation. There is further loss of confidence because of other things going on with glbse as well. If you are only invested in mining people face losing 50% of their return with the block halving also so its better to buy in after that event, if at all.




legendary
Activity: 1304
Merit: 1015
Gamma said he would process withdraws in the order they were received.  He should commit to this since I withdrew well before the closing of the fund.
hero member
Activity: 714
Merit: 504
^SEM img of Si wafer edge, scanned 2012-3-12.
hundreds of bitcoins "lost" later.....
Actually, he got screwed on a couple of investments. He put a lot of time and effort in, and things were actually going very well before all investments as a whole went bad. When that happened, he voluntarily forewent his share of the profits for a number of weeks. He's one of the few investors I know that actually operated the fund in a transparent and clear way, trying to do what was right for the investors.

Of course, you could have also invested in a less transparent venture, like pirate, or hashking, or whatever other investment that went total bankrupt…
legendary
Activity: 1834
Merit: 1019
hundreds of bitcoins "lost" later.....

I hope you all know that basically DeadTerra used you guys to fund his gambles with you guys taking all the risk and paying for it during the down weeks while he skimmed off the positive weeks. Cheers DeadTerra, congratulations.
legendary
Activity: 1304
Merit: 1015
I requested a withdraw before the closing of the fund so I should get paid first.
full member
Activity: 195
Merit: 100
Hi, I hope this closing will generate some profits and not all losses.

btw, you should edit your first post and remove:

"
Availability (Room for investment):

1000 BTC
"

Or do you still want investors?
donator
Activity: 1064
Merit: 1000
Hi DeadTerra

I'm really sorry and disappointed that you have decided to close down your Gamma Bitcoin Fund.

Do I understand that it's your intention to repay our current balance fully over the next couple of months?
Hello,
I understand that fully and there's not much else I can do then say I am sorry!
I intend to liquidate all the asset and pay out the amount liquidated proportionally.
//DeaDTerra
full member
Activity: 234
Merit: 101
Hi DeadTerra

I'm really sorry and disappointed that you have decided to close down your Gamma Bitcoin Fund.

Do I understand that it's your intention to repay our current balance fully over the next couple of months?
donator
Activity: 1064
Merit: 1000
I write this with sadness in my heart as it has not been an easy decision to make. I have decided to close Gamma Bitcoin Fund.
This decision is something I have thought of over a long time now and is a decision I have been avoiding.
I have decided to close the fund now for several reasons,

I don't have the time anymore to run the fund at a standard which I would like to have, I don't have time to actively look for deals and investment anymore which has started to show in the profits. This is partly due to the increase of pressure from both my school and my part time job. I love working with Bitcoins and I have absolutely loved working with and for Gamma Bitcoin Fund, I have learnt a lot and gained tons of experience and knowledge, as well as met tons of great people and made some good friends. One year has now gone since I first started the fund in small scale, it has turned from a small hobby project into a massive investment fund. I regret nothing and I hope that you as investor have been happy with having me as the manager of your funds. It's sad that it had to end at such a sad note. As said time is scarce and I feel that I can no longer provide a service that anyone would be interested in hence it has lost it's value and I should stop offering it.

It is not only a matter of time and my private life but also about how the market and the community has changed. Almost all the lenders has closed shop or defaulted, there has been a great sense of recklessness and disrespect towards the Bitcoins the lenders were managing, taking huge risks without considering the consequences. This has led to a lending/security negative community with very aggressive members, which I dislike. I understand this reaction, but it should never be aggressive, the best is to be critical and discuss/debate with the issuer/manager not attack that person. I don't feel like I am ready for the potential consequences of masses of angry investors invading my private sphere, so I am going to be moving into more private investments with people I feel that I know and trust. Though I must say most of you have been very nice to me and I have gotten a great amount of trust and respect, for this I am forever grateful and I hope you don't feel let down. I must say though that with all of this lending and security chaos I think we can learn something, the idea of critically analysis and transparency. I think it's a lesson we all must learn, we must strive towards openness and transparency, open books and open investments. It's the only way to regulate and maintain a manageable risk level.

I feel after the recent events I can't trust any other lender to do my job or to take care of parts of my investment and with the development of SEC and GLBSE, I am not sure if I can even trust GLBSE anymore. The risks are just too high, as I can't know the risks and I can't control them, I feel that it's better to close down shop now before something happens. I knew that running a Bitcoin fund might be a gray zone are but as that gray zone seem to get darker and darker, I feel like it might be time to get out before someone decides to close down on all the issuers and lenders, for now I will be a bystander until the situation has cleared up regarding the legal aspect of running a fund.

I will not run nor hide, if anyone is angry,sad etc then I will be here to answer your questions and discuss this with you all, I care about you all and I thank you for the trust you have given me. The least I can do is to listen and talk to you all Smiley Sorry about this whole thing, and the way it had to end. It was not planned but I believe that as the circumstances are as they are, it's best for us all to wrap it up.

Don't fear though, I will still be around and I will be working on my different projects. The Arbitrage will keep running and will keep being developed, so will the venture fund (which is really starting to take shape) and GSDPT. Whenever I can I will try to open up my projects to share my profit and my work with the community and of course you guys, for whoever wants to join, but this will probably be further into the future when things are clearer and I have more time on my hands.

So how to close things down?
This is just a plan as always I appreciate your comments and feedback,
The plan is to slowly liquidate to reduce losses, by only accepting sales at the higher end of the spread on GLBSE. As previously done. This liquidates about 5% a week (so far of course this depends on what assets are held), as well as close all accounts and settle all illiquid debt. I don't want to rush this process as that would mean larger loses, so the plan is that majority of the assets will be liquidated within a couple of months. This I think is both reasonable and realistic. The payouts will be proportional to the amount of BTC you have in GBF and will be paid once a threshold is reached, say 5-10%. Meanwhile the Bitcoins will be held in our margin/arbitrage bot, to generate some profit to negate the loses.
This means that everyone that has requested withdraws so far unfortunately is going to have to wait and be paid proportionally, this is the reason why I have not paid out withdraws this week as it would be unfair to the people that still had their BTC in the fund, I know this is going to cause a lot of anger, but I think it's fairest this way.
The logbooks will not be daily but weekly and will reflect the amount liquidated, payouts will keep being on weekends.

Best Regard
//DeaDTerra

Please note that the amount paid it will be done by the following forumla:
account balance/total balance * amount liquidated, this might not equal to account balance.
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