LTCPPT - Litecoin Pirate Pass Through (CLOSED) - page 5.

LoWang

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Quote from: Litecoin on July 04, 2012, 06:13:20 PM

Quote from: coblee on July 03, 2012, 05:08:37 AM

Quote from: BlackBison on July 03, 2012, 05:07:56 AM

So every week you get 4.5btc interest on your 100. That 4.5 is then converted to ltc at that days price and then given to the user. Is this correct?

Correct

Coblee, did you buy tons of Litecoins? All those huge buy orders took the price up on BTC-e. It seems to be very profitable to get dirt cheap Litecoins, push the price up and pay interest in Litecoins.
Just wondering...

Same question here...

Litecoin

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Quote from: coblee on July 03, 2012, 05:08:37 AM

Quote from: BlackBison on July 03, 2012, 05:07:56 AM

So every week you get 4.5btc interest on your 100. That 4.5 is then converted to ltc at that days price and then given to the user. Is this correct?

Correct

Coblee, did you buy tons of Litecoins? All those huge buy orders took the price up on BTC-e. It seems to be very profitable to get dirt cheap Litecoins, push the price up and pay interest in Litecoins.
Just wondering...

payb.tc

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i just came up with this idea myself today but after a forum search i see that coblee beat me by 2 days Cheesy

it would be good if deposit/withdrawal was in LTC, but you just have to manage the exchange risk somehow.

...and that would all be a lot easier if there was a litcoinica.com for shorting LTC.

BlackBison

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Quote from: Endgame on July 03, 2012, 07:54:43 AM

I think its a great idea coblee. But I agree with the guy who said that deposits and interest need to be paid in litecoins

well I would like this too, but it cannot happen at this point unless someone sets up a pirate-style operation using ltc instead of btc. or a ponzi-scheme.

you cannot operate a pass through to pirates btc fund as the risks are just too huge for coblee, with minimal rewards. look at the recent ltc/btc price swings..

Endgame

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I think its a great idea coblee. But I agree with the guy who said that deposits and interest need to be paid in litecoins

coblee

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Quote from: BlackBison on July 03, 2012, 05:07:56 AM

So every week you get 4.5btc interest on your 100. That 4.5 is then converted to ltc at that days price and then given to the user. Is this correct?

Correct

BlackBison

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Activity: 250

Merit: 250

So every week you get 4.5btc interest on your 100. That 4.5 is then converted to ltc at that days price and then given to the user. Is this correct?

coblee

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Quote from: Tachikoma on July 03, 2012, 04:42:07 AM

I would only consider this if the amount is small enough (somewhere around 50BC for me personally).

There is already risk involved because of pass through and the added fact that Litecoin is not really established yet only increases the risk. Don't gamble with what you can't lose and all that. Smaller amounts would work better.

A few people have asked me whether or not I can do a 50 btc deposit. I decided to do it. So PM me if interested.

Tachikoma

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I would only consider this if the amount is small enough (somewhere around 50BC for me personally).

There is already risk involved because of pass through and the added fact that Litecoin is not really established yet only increases the risk. Don't gamble with what you can't lose and all that. Smaller amounts would work better.

coblee

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I updated first post with more info.

coblee

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By the way, until August when Pirate lowers his interest rate, depositors will get 6.5% a week. And your first week interest will be prorated based on which day of the week you deposit.

coblee

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For each week, I will buy LTC from the exchange and average out the exchange rate for all the interest payments.

coblee

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Let's do a test run. For those of you that want to deposit 100 BTC or more, send me a PM. I will get you into this week and I can pay 4.5% interest in LTC on Mondays. And if you need to get your coins back, just PM me.

coblee

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Quote from: Garr255 on July 02, 2012, 06:15:50 PM

Quote from: coblee on July 02, 2012, 06:01:26 PM

Quote from: Garr255 on July 02, 2012, 05:40:36 PM

Quote from: smoothie on July 02, 2012, 05:38:17 PM

Coblee are you paying 4.5% in litecoins?

Yes.

And coblee, this: https://bitcointalk.org/index.php?topic=83904.0;topicseen

That's just another passthrough, right? With the new rates, he will likely reduce his interest payments.

Of course he will. But the "system" I was referring to is his web site front end and his automatic payout and probably tracking system back end.

Depends on how much interest there is, I might create a web front end for this. But initially, I think a published Google doc showing anonymous accounts is probably good enough.

Garr255

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What's a GPU?

Quote from: coblee on July 02, 2012, 06:01:26 PM

Quote from: Garr255 on July 02, 2012, 05:40:36 PM

Quote from: smoothie on July 02, 2012, 05:38:17 PM

Coblee are you paying 4.5% in litecoins?

Yes.

And coblee, this: https://bitcointalk.org/index.php?topic=83904.0;topicseen

That's just another passthrough, right? With the new rates, he will likely reduce his interest payments.

Of course he will. But the "system" I was referring to is his web site front end and his automatic payout and probably tracking system back end.

coblee

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I created a poll. Please vote. And please don't pick the last option just because you think it's funny.

coblee

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Quote from: smoothie on July 02, 2012, 06:04:57 PM

Quote from: coblee on July 02, 2012, 06:03:44 PM

Quote from: smoothie on July 02, 2012, 05:45:50 PM

Quote from: Gladamas on July 02, 2012, 05:42:51 PM

Quote from: coblee on July 02, 2012, 04:00:04 PM

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Why wouldn't someone just invest in a PPT that pays >6.5%/week, then turn the BTC dividends into LTC?

What might be useful is if you accepted deposits in LTC.

And paid out in LTC as well...

I would love to accept deposit in LTC. Problem with that is if LTC appreciates in value with respect to BTC, and then if you wanted to withdraw in LTC, I would have to take a loss to buyback those LTC.

I guess that's the risk you take making a service like this. That's how the game is played. You will need to give your users options like this otherwise it only benefits you.

Sorry, it's not in my best interest to have a situation where I would not want LTC to appreciate in value.

I would think what I'm offering benefits both me and depositors since they get more than pirate's regular account interest (which is 3.9%) and they get a constant stream of LTC every week without having to deal with mining or buying LTC at an exchange.

smoothie

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LEALANA Bitcoin Grim Reaper

Quote from: coblee on July 02, 2012, 06:03:44 PM

Quote from: smoothie on July 02, 2012, 05:45:50 PM

Quote from: Gladamas on July 02, 2012, 05:42:51 PM

Quote from: coblee on July 02, 2012, 04:00:04 PM

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Why wouldn't someone just invest in a PPT that pays >6.5%/week, then turn the BTC dividends into LTC?

What might be useful is if you accepted deposits in LTC.

And paid out in LTC as well...

I would love to accept deposit in LTC. Problem with that is if LTC appreciates in value with respect to BTC, and then if you wanted to withdraw in LTC, I would have to take a loss to buyback those LTC.

I guess that's the risk you take making a service like this. That's how the game is played. You will need to give your users options like this otherwise it only benefits you.

coblee

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Quote from: smoothie on July 02, 2012, 05:45:50 PM

Quote from: Gladamas on July 02, 2012, 05:42:51 PM

Quote from: coblee on July 02, 2012, 04:00:04 PM

Interest rate will probably be 4.5% a week. The risk is if pirate defaults, you will lose your bitcoins. Of course there's also risk of me running away with your coins. But I hope people trust me enough not to do that.

Why wouldn't someone just invest in a PPT that pays >6.5%/week, then turn the BTC dividends into LTC?

What might be useful is if you accepted deposits in LTC.

And paid out in LTC as well...

I would love to accept deposit in LTC. Problem with that is if LTC appreciates in value with respect to BTC, and then if you wanted to withdraw in LTC, I would have to take a loss to buyback those LTC.

coblee

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Quote from: Garr255 on July 02, 2012, 05:40:36 PM

Quote from: smoothie on July 02, 2012, 05:38:17 PM

Coblee are you paying 4.5% in litecoins?

Yes.

And coblee, this: https://bitcointalk.org/index.php?topic=83904.0;topicseen

That's just another passthrough, right? With the new rates, he will likely reduce his interest payments.

Topic: LTCPPT - Litecoin Pirate Pass Through (CLOSED) - page 5. (Read 12041 times)