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Messages - DoM P

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1
Still waiting for the fund report...  :(
Will be working on it next week.

Definitely could be a noob question, but for people who sold and didn't receive dividends... is that a pebble in the ocean now or...?
There has never been any dividend payment program with CryptoCoins. It's a hedge fund that pays holders with its value, hopefully rising.

2
Thanks Dom.
To clarify, the issue for me is not your integrity, it's the single point of failure argument.
Possibly one way to address this for CCF would be to ensure there is always a buywall/sellwall in place - i.e. you keep them up until you are ready to update them. That way, the risk is shifted onto you as well as holders. If the market moves, it's up to you to change the walls if you don't want to end up out of pocket. It may not be that simple in practice, but perhaps some variation on this.
Anyway, I wish you the best with your family and look forward to seeing you round here again.
I agree about the SPOF. But the solution you offer would not cost me as a fund manager. If there are buy orders at the wrong price, since it's the fund's money that is used to buy, the fund's investors would be paying for that, too.
I need to make sure there's no SPOF. I can do that my automation.

3
Thank you for your update. I’m in Nxt for the long term, but sold my CCF at the lower price simply because I was extremely concerned about the ongoing lack of communication and was not convinced you’d be coming back or maintaining the fund in the medium term.

With that in mind, there’s a broader question here about whether you intend to stay around in Nxt and what kind of involvement your personal circumstances allow, and what mechanisms you have in place if the situation continues. Some clarity around that (including your role as treasurer for CFC) would be helpful.

Hello Cassius,
As I stated earlier in my Mea Culpa post, I've had to face a really bad series of difficult events, most of which had nothing to do with Cryptos or the fund whatsoever. But there are only 24 hours per day, and there's so much I could fit in. That's the reason for my absence, if not the excuse.
So, to answer your questions:

1. The fund will continue to exist, and is still being managed by my partner. This means that investments have been and will still be done. We need to talk about how to get around the single point of failure that I so obviously became. It's hard, because we're a small startup and don't have the money to hire a second DoM P...

2. I am still in Nxt. I invested about half of my savings in Nxt because I believe in this, and that hasn't changed a bit.

3. About the treasurer role, I must say I offered Dave to abandon the role if trust was lost, and, for now, he declined. I still need to get around to make that proposition officially, though. This said, I did have communication problems, but I would still rather die that steal money from the community (and this is no exaggeration). So it it safe with me, just as it has always been.

4. I hope my series of problems is coming to an end, though I do not dare hoping this too loudly... My mother is still slowly dying 1500 km from me, I am still out of a job, and my wife broke her sacrum and can barely move for at least one month. Those are the last 3 personal problems I need to cope with, so I think I'll get around to reprogram the accounting file to fit the new situation. I'll be helping my mother out for a week starting tomorrow, but that shouldn't stop me from connecting.

I hope this answers your questions. Please say so if they don't.

How could the investors know that? Last reporting was done in December last year, so you kept your clients in the dark about the fund performance.

IMHO the future of this fund depends on re-establishing the missing transparency. Reporting must be done ASAP!

You are right. I will work on that asap.

We had high hopes on you. Get yourself together and write at least an apology letter. Hard earned money you burned here
I apologize again.
You can find this letter here :
https://nxtforum.org/asset-exchange-general/cryptocoins-the-first-crypto-hedge-fund-bridging-euro-and-asset-exchange/msg165878/#msg165878

And just because of this people certainly lost money. I would have sold back in February when the bitcoin was at ~220-240$ but I was unable to, because of your lack of a buywall. There wasn´t any other buyers, because you´ve been absent and nobody did know whats going on.

I´m curious about your solution to this.

The only solution I can think of as of now is to make the fund rise again.
For this, we have recently added new tools thanks to Bitfinex, where we can short with large enough volumes, even when bitcoin falls.
This is actually one of the technical problems I am facing with the accounting, because I don't know how to incorporate these positions into our file. My problem, not yours. But that's why it's taking time.

DomP made a mistake in communication and you don't trust him any more ? Ok don't invest any more in Cryptocoins.

Investment is a risk. You can't win every time. DomP is not a scamer, he don't run away and he try to do the best. If his best is not enough for you, run away. It's normal

Personaly, I don't invest in Cryptocoins more as I could. I know that the project is not easy. And Cryptocoins is not his single project.
With the actual performance, I don't want to invest more in Cryptocoins. I'll see and I'm waiting on results for the moment.

I know the real identity of DomP, and if needed I can reveal it if the Police asks me. But don't worry, he don't run away.

I'm not happy of the result of Cryptocoins BUT I want to defend DomP. The cryptopeople want every thing quickly. The real world is not a "quick rich" schema : we are fucking building a new world. Projects take time. The people who make things can make errors, the only ones who make no mistakes are who make nothing.
We are learning from our errors and our success.

@DomP and the people of cfa consulting : Continue hard working. It's important for the Nxt ecosystem. You made mistakes but it's ok for the moment. Our trust is lower but it's normal. I prefer to support people who admit errors than arrogant people.

Patience and hard working are, with prudence, the master words to build the Nxt economy.

Thanks a lot, Ludom. This was a much appreciated post and helps my morale. As you know, I worked my ass off for Nxt and to build side projects that could actually create value and this trap I fell in did hurt a lot, especially since I had been building trust because I knew it was so important in this world.
That's why, by the way, you wouldn't need to give my name to the police: I never hid it. It's right under my picture, on our web site and on the fund's documentation.
I wouldn't be very hard to find...

I personally trust Dom P too. It was me who but a buy wall at 500. I was confident in Dom P and I won from this deal. I agree that asset issuer breached the contract (no monthly reports given, no buywall) so it is better to restart the fund with new team and compensations to early investors or close it completely.
The fund cannot be restarted by another team. there are not that many experts in trading that know how the AE work. So CryptoCoins will go on, if only with the money we putin ourselves. If people lost trust, which I understand, they can go to other funds like jl777hodl, for example, though it is clearly not the same system.



4
Bought for a friend from AccNr: NXT-JELL-LWTA-E27H-439UT, 14 Shares at 7'149
For myself, AccNr. NXT-2V7G-C8BY-KTYY-CAHNU, 10 Shares at 7'149

Now obviously am scared away and hit by a very big loss.
I didn't say this fund has become a guarantied win with the risk paid from my pocket.
I said I'd work something out for people who sacred away at 500 because of my lack of communication.


On the 17th of December, when 14 shares were bought at that price, Nxt was worth $0.014893, bitcoin $323.74, the euro $1.2336.
This means that you bought 14 * 7149 (Nxt) * ($) 0.014893 * ($) 1.2336 =  1838,78€ worth of CCs.
For that price, you could have bought 1838,78 (€) / ($) 1.2336 / ($) 323.74 = 4,60 btc.

Now, Nxt is worth $0.013009, bitcoin $290.58, the euro $1.0495
Selling at 5262 Nxt per share, you got 14 * 5262 * ($) 0.013009 * ($) 1.0495 = 1005,78€
For that price, you could now buy 1005,78 (€) / ($) 1.0495 / ($) 290.58 = 3.3 btc

Knowing that there were 1% entry fees and 5% exit fees, that makes a net loss of 22%, most of it due to a bad move on the 26th of January.

I understand that I lost your trust, but I just can't repay every little bit you, as an investor, lose because of fluctuations of the market.
If you wish, I can resell these shares at no cost and give you the opportunity to stay with the fund, though I do understand that this offer won't suit you.
But, as an investor, you must be prepared to the risk of fluctuations, that's part of the deal, and that was specifically stressed out in the funds documentation, right from the start.

I am trying to give anyone involved an honest solution, but that specific subject is part from the normal risk.
People who sold off at 500 will recover from that loss, which, on the contrary, was due to me not communicating, and not to normal market fluctuations.

I hope you understand.





5
Guys, I need to say a few things :

1. CryptoCoins has been managed and is still being managed by a professional trader and at no point during this process has it been left alone. The only thing that suffered was communication and the presence of buy walls, due to both technical and personal problems on my side.
2. CryptoCoins was announced from the start to be a hedge fund bitcoin / euro. The fact that it is being exchanged on the AE doesn't make it a Nxt hedge fund. This means its value must be checked against Bitcoin and Euro, not against Nxt. If Nxt rises, the share's price drops in terms of Nxt. It's mathematical. If bitcoin rises and we've managed the fund well, then the share's price in terms of euros rises. If we are not invested in bitcoins when it rises, then the price stalls in terms of euros and drops in terms of bitcoins. And vice versa.
3. In the CryptoCoins documentation, it is said this fund has an investment horizon of at least one year, preferentially two. This is true for most funds. Funds are not created to be traded like stocks. Investors step in one day, see the price alternatively rise and fall, and, months and years later, step out, hopefully with profit. Expecting a fund to be necessarily profitable after 2-3 months is nonsense.
4. People may want to check that, although we underperformed bitcoin in February, we outperformed it in December and January, and leveled with it in March. All in all, someone who bought CryptoCoins the day of the launch and kept it through has more or less the same value in terms of euros than if he had bought Bitcoins.
5. Since it is my responsibility to have failed at communicating, I will offer a recovery plan for those who scared away at 500 Nxt a share. This will be done on my own money and not from the fund, naturally. I will contact them, but I need to do some more accounting first.
6. I saw people were questioning our investments and suspecting scam. Please do not jump to conclusions. It was asked to see what was done in terms of trades, and I find the request acceptable, but the details have to be worked out, because, naturally, I cannot give direct access to our accounts to anyone outside the fund.
7. People might want to realize that this fund is managed with the same quality for all investors, and that the number one investor, with over 90% of the cash, is... me. So if anyone gets scammed, I'll be first. As a matter of fact, I even sent 1M Nxt straight from my account to the fund's so have have Nxt liquidity.
8. I am still working out many problems I have, and that is why I am not spending much time communicating. But my partner still trades for the fund on a daily basis.


Again, I apologize for the lack of communication and I am working hard to straighten out the situation.

6
Accounting manually done.
Sorry, really sorry for the hassle.

The buy wall is back, and should cover all pending and coming orders.

7
Dom P, you are killing your asset and the business of your partner. Please do something or get a replacement. In the past it took only a couple days to put the buy wall back.

Im sorry if you are having hard time, but all your group is losing a lot of credibility because of those miss comunications and actions.

Hello,

I fully understand. Will do my best to do it all tomorrow...

8

And yet no buy wall appearing anywhere...

btc and nxt price rising and sell wall keeping price, no one beliefs that

Dom P hope you are well if you can't keep on with this fund you are supposed to be a team with at least 6 members listed in the website, please tell someone else to do this for you.

thanks

Hello, Still here.
Having a hard time recovering from all of this.
Working on it.

9
But please, can you have someone in your office just leave a note if you are not going to be in within a 10 day period? :)
That's the problem: I am the one supposed to do the communication... And I failed doing so.
This calls for some changes in our organization and I am thinking about it already...

10
Sorry to hear about your personal problems, but your actions as an asset manager are inexcusable. You caused your investors to lose money as a direct result of your actions.

You're clearly not qualified to run an asset. This isn't some hobby, you're playing with people's money here, and your lack of respect for that is not acceptable.

If I did, I am sorry. And I would ask such an investor to tell me how much he or she lost so I can see if I can cover the said loss.
Though I wonder how such a loss happened because of my lack of communication : the fund was still managed during that time.


11
M E A   C U L P A


I want to sincerely apologize to all of you who got worried about CryptoCoins.

First, I want to tell you that you didn't lose any money, and that the fund was still managed by my partner during my absence.
I sent enough Nxt to the CryptoCoins account to be able to reestablish a buy wall shortly. This is to prove the money is here and available.

Now what happened?
This is a matter I usually don't discuss in public, but since the fund is public, I feel it is necessary to go a little bit into details.

Quote from: my shitty life here
This all started with an ordinary flu, that was followed by a long series of painful events: It happens that my mother is most probably living her last year, which is bothering me much, as you may imagine. Cancer. Long, painful, and demanding. I live about 1500 km away from her and reaching out to her is no easy task. In the mean time, my father, aging also, has been stuck into an administrative maze (he lives in France, that's the country's specialty) and I had to spend countless hours (plus trips) to help him out. As if this were not enough, my brother, mentally ill, has had a couple of crisis these past 2 months, which led me to spend even more time discussing with him, especially when he ended up with a few centimeters of water in his flat because of a pipe rupture that totally freaked him out.
To top it all, my client ran out of projects for me (I am now out of a job and need to find one fast) and BTer got hacked. Again. (We had no fund there but our Excel accounting file was getting prices from their API. Everything needs to be done manually until I adapt the system).
Every time I was trying to stick my head out of the water, another event struck... :(

I did not tell you this as an excuse. These were, to me, perfectly good reasons to have a hard time fulfilling my duties, but absolutely not to leave you all in the dark. So, once again, I apologize.

Not having behaved as professionally as I personally would have wanted any service provider to behave with me, I understand that many of you want out. That is why you will see a sell wall appear shorty, at a price that shouldn't be very far from the current sell wall. I still have to adapt our accounting to know precisely the value of the fund, though.

DoM P

12
Hello all.

A quick post to tell you all I'm sorry to have stopped communicating for so long.

Personal problems, a pile of them, fell upon me and I was clearly not up to it.
I am just came back from a long trip and will tell you more tomorrow, after I catch up with emails and PMS, and the rest.

Sorry.

Nothing to worry about the fund, though: it was managed by my partner all this time.


13
Nxt Client Helpdesk / Re: NRS server has exited
« on: February 04, 2015, 09:19:30 pm »
The problem with the Wesley client is that it masks everything that happens behind the scene. Therefore if something goes wrong we don't know what it is.
Let's do this:
1. Try to find where NXT is installed on your workstation (program files ? program files (x86) ?), then find the nxt.log in the root folder of NXT and post it here.
2. If you cannot find the log, install NXT from the zip distribution and try to reproduce the problem. Then post the nxt.log

Here's the file : http://s000.tinyupload.com/index.php?file_id=00949485286482370931
There were plenty of them, I just uploaded the lastest one.

Thanks

14
Nxt Client Helpdesk / Re: NRS server has exited
« on: February 04, 2015, 05:37:24 pm »
I am having this problem for a few weeks now, and it seems to be getting worse.
On Windows 7, Wesley's client, when I launch the client, it seems to be doing stuff for a little while (of varying duration), then shows the message "NRS server exited"
I click OK, and the client closes.
I used to think I needed to reboot to work around this issue, but it appears that I can relaunch the client right after that, over and over, up to the point it gets working.
This morning, it worked on the sixth attempt.

I talked to Ronny, from CCEDK. He has the same problem also.

Any idea?
If this problem spreads, it's going to look really bad for Nxt...


15
Sorry everybody.
I combined a painful flue and a series of technical problems with my clients (same problem on 2 computers) Message "NRS server exited..."
The accounting was done each day, but I just couldn't put the orders up.

Sorry.
I need to find a way to automatize this. If someone has an idea, I'm all for it...


16
The Buywall is gone  ;)
No worry. Someone sold it all.
With the high volatility these past few days, someone tried to arbitrage, even though there was little to no gain in doing so...
I think the guy who did that is the one responsible for this... ;)
So now, we're out of Nxt nad in the process of buying some.
The wall will be set back shortly.

Sorry for the inconvenience...

17
Nxt General Discussion / Re: Price speculation
« on: January 20, 2015, 03:24:25 pm »
Would you be so kind as to explain why this would be evil?
My personal values are the exact opposite of yours.

People who put their money into a bank and live spending only percents produce nothing but consume a lot. Who does the work instead of them?

Capital.
The money doesn't stay in the bank, it lent to entrepreneurs so they get a chance to produce. No capital = no enterprise = no production = everybody gets poor.

 
Christ, the reason we are all here (including you CFB :) ) is so that we can hopefully make some money to provide better for our families and ourselves while at the same time improving the world.  There's nothing bad or evil about that.

The fact that we are all here to make more money doesn't mean that we are all good guys. We live comfortable lives only because 1000 others in Asia suffer malnutrition.

No!
I live a comfortable life because :
1. My parents worked hard to ease my life
2. The population of my country saved a lot, and thus created tons of usable capital
3. I worked hard to study and still work hard to earn money.

At no point I profit, nor anyone else, from malnutrition from Asia.
As a matter of fact, if Asia were richer, I would be richer too, because our exchanges would have more added value.

18
Nxt General Discussion / Re: Price speculation
« on: January 19, 2015, 11:49:03 pm »
not enough cow-bell?

Money that generates extra value simply by holding it is an evil.
Money that generates 0% of value is a little evil.
Money that loses its value is a very little evil.

Money that doesn't have value at all will be non-evil. At least induction says so. Demurrage money is a step in right direction but we could make a bigger step...  :)

Would you be so kind as to explain why this would be evil?
My personal values are the exact opposite of yours.

19
Nxt General Discussion / Re: Price speculation
« on: January 19, 2015, 03:51:41 pm »
Guys, what do you think about http://en.wikipedia.org/wiki/Demurrage_%28currency%29?

Don't we have a demurrage currency? People pay to use the network and it goes to those who upkeep it?

Or are you talking about cutting a percentage of the forging fees into a pool to pay developers/marketers?

Or I have it completely wrong.

That's exactly that.

20
Nxt General Discussion / Re: Price speculation
« on: January 19, 2015, 03:35:29 pm »

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