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Messages - satoshi

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1
Nxt Asset Exchange / STSH: November 2015 update
« on: November 16, 2015, 10:53:29 am »
Hi Guys,

Sorry for the late reply, I haven't logged in recently.

STSH issuer account:
NXT-KUQ3-SYHL-E4BE-B2BL5
Current account value is approximately 25,000 NXT

STSH was started as diversified portfolio with steady and consistent payouts 1 NXT/week, mining was only one of the avenues for revenue generation. But somehow after first couple of months got sucked into ltcgear fiasco, and by the end of november 2014 ltcgear became the main moneymaker for STSH, even after december 2014 when ltcgear stopped making payments I still continued to believe in them and made some payments using my own funds.

Fast forward to November 2015 and it has become clear that ltcgear is a classic scam, they are making payments now but after charging more fees from there existing clients and there are several dozen people who have made the new payments and are happy with there new payments. I think ltcgear will keep milking as long as they can find new suckers.

I am going through some tough time personally and financially. Even NXT has lost 80% of its value since the time STSH was started. Nothing against NXT its just the phase of my life I am going through.

Over the next few months I will be closing this asset. More details when I have personal funds and fresh mindset to execute this procedure. Currently I am not active in crypto, neither NXT so I don't have any exact plan of when or how it will be executed.

My apologies for the way things panned out, I didn't intend or wish to cause loss to anyone but inspire of best of my intentions it has come to this.

I am sorry and please forgive me.


2
its sad but true. ltcgear proved to be bigger scam than anyone anticipated. We didn't even get paid for one full week after ltc2nxt3

.00001 % has become the reality. I still managed to redeem more than 60% of this asset using my personal resources. My personal finances are currently depleted. I still plan to redeem the remaining assets but I need some more time. Consider me on a leave of absence for next few months.

I 'll be back....


3
You are right Seb.

The chances of recovery from ltcgear are minimal now. This means I have to cover from my own resources.

But even aside from ltcgear, the amount of uncertainty in BTC, stock markets and world currencies is very volatile right now. SO far as it is affecting my offline investments also.

I will ask for some more time 4 to 8 weeks hopefully for improvements in overall market environments.
The questions I am looking at right now:
What kind of buyback plan I am going to have?
How long will it last?
There is glimmer of hope of at least legal recovery from ltcgear?
There are buyers for pennies on dollar price would I want to liquidate my ltcgear assets? will it be worth it, both financially and morally?


These and other questions I need to answer for myself.

I hope you forgive this latest delay also.

4
This and the other 2 ltc2nxt account did clear out last month. I am not planning to pay the mantainence fee upfront.

Although option to convert to physical boards is available, I don't plan to use it. I signed up for cloud mining.

For last several weeks I had been patiently waiting for the Q&A session.

Will update when there is solid actionable info from ltcgear.

Thanks

5
Very true.

I started out with risks spread out but eventually got sucked into the hype which wasn't sustainable.

After this public humiliation and heavy losses, I plan to adopt a more humble and practical approach.

Bgcaffe is a good example to follow.  ;D

Hi,

You need to spread your risk in future, mining assets and many crypto based ventures that promise large returns mostly fail as they are not sustainable or just scams.

Hi Seb,

Thanks for nudge.

I am still working on my redemption plans for STSH and I plan to honour my commitment.

Interestingly ltcgear had gotten quite active over the last few weeks but no concrete words yet. Any recovery from ltcgear will make my job much easier and faster recovery for asset holders.

My extreme apologies for lingering on with this closure. But now I am asking for last extension till end of August to resolve the issue. You guys stuck with me so long, please hold on for a few more weeks, I still believe something good will come out of this.

Thanks

6
Hi Seb,

Thanks for nudge.

I am still working on my redemption plans for STSH and I plan to honour my commitment.

Interestingly ltcgear had gotten quite active over the last few weeks but no concrete words yet. Any recovery from ltcgear will make my job much easier and faster recovery for asset holders.

My extreme apologies for lingering on with this closure. But now I am asking for last extension till end of August to resolve the issue. You guys stuck with me so long, please hold on for a few more weeks, I still believe something good will come out of this.

Thanks

7
Nxt Asset Exchange / Re: ltc2nXt3 ::account cleared
« on: June 11, 2015, 06:16:40 am »
There is a still sliver of hope
finally ltc2nxt3 account has cleared.


 still waiting for detailed update from ltcgear.com, currently the account owes 85 BTC, hopefully we can receive our payments after deduction instead of upfront payment.
I will update once again when there is a detailed update from ltcgear

same applies for ltc2nxt and ltc2nxt2. I will start updating each thread separately when I start receiving payments from ltcgear and I restart distributing regular NXT dividends.

8
The ltcgear saga still continues, in one of my accounts it states that I have to pay 50 BTC annual maintenance fees, I am owed about 60 BTC plus remaining 2015 payouts. I am not paying, nor do I have 50 BTC but the ltcgear saga still continues. On litecoin forum there are some people who have paid this fees but haven't received any payments yet.

I will give next update in couple of weeks or earlier if there is any significant update from ltcgear, if there is ltcgear payout there will be fast lump sum payment. otherwise slow biweekly payments.

My total personal obligation for STSH is approximately 180,000 NXT. I will give detailed payment plans by the end of June. Which is, ironically, one year anniversary for STSH.


9
In the next phase most likely the next redemption period in June.

First all small investors will be taken care of and then I will proceed to medium and bigger investor.

I am sorry things fell apart at ltcgear so fast (after ltc2nxt3 launch), but life goes on, we need to find a way forward.



I bought some shares under 100 ltc2nxt3 from others! Can I redeem it?

10
I have to be realistic and move to plan B, which means I have to come with a new plan to fulfil my obligation. Including June 2015 dividends I still owe 18 NXT per STSH asset.

With current low NXT prices, this objective should be achievable within next 90 days.

I am analysing some options right now, I will update with the date of first payment soon, rough eta mid may 2015.


11
Nxt Asset Exchange / state of cloud mining companies...
« on: April 26, 2015, 05:59:21 am »
With depressed valued of bitcoin and other crypto currencies and with advent of bigger more powerful mining equipment, some people are claiming cloud mining is dead.

In my opinion, this is over simplification of facts. The biggest problem we face is depressed values of bitcoin. As a true believer in the benefits and innovation of crypto currencies, I believe Bitcoin and NXT are here to stay, but we must survive through this phase of depressed prices.

Realistically with current btc difficulty levels we need the price to be around USD 275 to have positive cash flows.

iHash will remain dormant for a while, there are two scenarios for ihash becoming active again.

1- Sustained BTC price closer to USD 300 will make cloud mining industry active again, this will allow iHash to be reborn again.
2- ltcgear.com starts paying again, this will allow not only new dividends but past dividends also.

Next iHash update will be around May 31st.


12
Nxt Asset Exchange / situation with ltcgear.com
« on: April 26, 2015, 05:25:20 am »
The fact of the matter is that the situation is looking grim.

Although the website is being updated with a weekly expected payout (which translates to obligation from the owner of ltcgear.com) also there are several people at litecointalk.org who are holding on to a glimmer of hope.....

I have successfully redeemed close to 22,000 ltc2nxt3 shares to asset holds (44% of all ltc2nxt3 in existence).
For remaining ltc2nxt3 assets redemption, I would need to buyback from my own pocket which will be a much longer process.

As a first step, I would like to offer redemption for small asset holders, if you own less than 100 ltc2nxt3, purchased directly from asset issuer. Please pm me by May 31st, you will receive your payout @ 15 NXT per ltc2nxt3 by June 15.

Towards the end of May, I will make next announcement for next phase of ltc2nxt3 redemption.

Thanks

 

13
STSH is not abandoned, as I mentioned previously this one has my personal guarantee by default, I will pay stated dividends till June 30, 2015.

Currently 10 NXT per STSH asset is due including April 2015 dividends.

Overall crypto asstes market is still very bearish, so I am just holding tight. Not planing any new assets soon.

There will be some payment coming from STSH towards the end of April 2015, stay tuned.

14
no payments have been made by ltcgear yet!!!

15
Asset redemption phase is complete, currently there are no more assets to redeem.

Hopefully ltcgear payments will come soon, in case of no payments, for remaining asset holders exit strategy will be announced on April 15th.

Thanks

16
Nxt Asset Exchange / there is still HOPE
« on: March 15, 2015, 03:32:52 pm »

Thank you everyone for your kind words and support.  I have used up almost all of SuperNet and NxtVenture assets for redemption purposes.

Believe it or not, I am still a believer.

I think chances of a ltcgear payment is more than 50%

If there is a payment from ltcgear, dividends will be distributed soon, if no payment is received, I will provide exit strategy for remaining ltc2nxt3 assets by Mid April.


17
yes, please send them to NXT-5FJE-ZUVA-4YQM-B538L and drop me a pm.

18
Nxt Asset Exchange / short term concerned, long term optimistic
« on: March 06, 2015, 04:50:44 am »
Although I am still 50/50 on ltcgear, I am much more worried about the bigger picture.

I am seeing millions of BTC related funds gone missing through different exchanges with no repercussions.

There is a consistent bear market over the last couple of months. (not good for trading )
NXT AE is also feeling these affects.
There is some life in BTC around $270 per BTC, in lower to mid 200s range BTC mining wasn't much profitable for anyone. (not good for mining)

I understand the troubles with ltcgear but there are other subtle difficulties in crypto world that I can't put my finger on.
Thats why I am not launching any new ventures and staying in observe and hold position, which is affecting the payouts currently.

In worst case scenario, I want to honour my word.

I am not running away, just trying to manage an unstable situation with the best of my abilities.

With long term perspective, I am still optimistic about the benefits of BTC and crypto technology, but when it will turn around I am not sure.

-Satoshi

 

19
My apologies for delay in March dividend. Call me a fool, but I am still not giving up on for ltcgear.

But just wanted to emphasise the point that I have my personal commitment to STSH, if everything fails, I still plan to pay the dividends earned till June 2015, there might be delays but I will fulfil this commitment even if I have to do it from my own pocket.

Hopefully the ltcgear situation becomes clear in next couple of weeks and I can proceed with my payment plans.

20
My apologies for the delay in posting update.

Aside from some personal offline commitments, the price of BTC being below $250 for the most of month of feburary and delays in ltcgear payments.

Things are looking brighter, with BTC touching $270 and some renewed hopes from ltcgear, I hope things get back to normal in a couple of weeks.

 

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