Sythe Deposits

it would only be official if staff did it.

but going off this comment he doesn't really want staff to run it

First I'd like to state that I'm willing to fully manage the deposits


simply get TBT thread stickied, and do a screening process to have more people help out, and have a mod work hand n hand with them to give out the ranks, with the total amount the user has in the deposit, like how donator rank amount works, simple as that.

 

It would be a personal business. They would insure people with lets say rsgp and sell that gp. If a scam occurs in the future they would reimburse that gp that was scammed. 100mil tomorrow isn't worth 100mil today. So lets say rsgp loses value $0.01 per week. Grave takes rsgp at $0.25/ mil. Today to get insured for $100 he would accept 400mil and sell that 400mil for $0.29 or whatever his price is. He would make $116 off a 400mil sale. Now assume the person scams 400mil 2 weeks later. That would mean Grave would have to pay out 400mil and if we say it dropped $0.02 since the deposit he would be paying out $0.23/ mil. Resulting in $92 payout and $24 profit for grave.

This wouldn't work as a team business because they would have to agree too much on prices, deposits, etc.

This isn't being done for site betterment its to make a buck or two for themselves. The only thing making it verified would do is increase the activity.

Don't take my estimates on rsgp price but it does follow a similar trend

 

of course it's for his own personal gain, that's all hes about, ik how it works, my statement was this service is already going, so ethier join up, make your own, or shut up.

 

In the past its been suggested it would be done for betterment of safe trading but nobodies bothered mentioning the true profit potential it holds because its always been suggested to be managed by staff. I assumed he's still going off those threads and referring to the laziness of managing it.

Donations should be proof they won't join up, making your own makes it difficult unless it is backed by Sythe/ Matthew where they can say this member has successfully insured x amount. Shutting up would make the suggestions forum pointless.

Also you said

I just wanted to show why he doesn't.

 

I already suggested this, it got locked and I was told I could do it myself... so I do to whoever wants.

I support official system tho.

 

i agree with you fully poonjabber and i din't mean shut up about suggestions, just this idea

 

The amount of framing reports would go through the roof

 

Id support this but it opens up a lot of scam opprotunities maybe it should only be for certain members. Just a thought but if not for certain members then no support.

 

Sythe bonds have been mentioned before
(http://www.sythe.org/approved-suggestions/1371009-unofficial-sythe-bonds.html)

The only downside I can see personally is that if someone has the intentions to scam, they aren't going to invest the cash anyways, and for others it just ties up cash. It would leave a lot of responsibility on sythe, and a wipe would affect him hugely, as it would lose a load of cash. If it was done with real USD, he would get charged taxes and he's not a bank. For these reasons, NO SUPPORT.

http://www.sythe.org/digital-curren...or-black-tux-user-bonds-protection-trust.html
TBT run's the service privately himself. You could do that.

 

I love the idea of adding more trust to the site, but this cannot possibly work due to some RaS threads not having enough evidence, taxes on the money received, and keeping scams down (as this could increase them due to the illusion of additional security as mentioned).

Grave, I'm totally with your management of everything, as you have definitely proven your trustworthiness on here and via RSU. But it is a lot of money for one person to handle, as well as the additional taxes and etc...

If we could devise a system that could efficiently handle all aspects of the trust as well as move around or account for all the potential taxes involved, then I support this idea. Until then, I suggest we rework the idea and get back to the drawing board.

 

You guys are pissing me off. We would actually technically lose money because they would be in dollar values and when they get their money back, it would be of the value of RSGP the day they deposited it. Also, there's no way I would hold numerous amounts of cash. It's the opposite: I'd send $5,000 to Matthew, have him hold it, and then slowly sell off chunks and get my money back, without any profits. The only reason I stated I'm willing to manage it was because I knew it would get locked with the reason of not being practical or being a waste of time for staff members. I would actually prefer it if someone else managed it.

Amount I've profited off running my donation services: $0, probably negative

I pay at a higher payout rate than we buy gold. When I do credit card method I take a risk of losing all the money. When we run promotions and give out free donation ranks, I lose money. My workers and I dedicated our time for free to process these. I charge no additional "fees" as profit.

 

That's just bad, why even bother trading if you're making nothing? The free donation ranks you gave were promotional methods and to get certain females on your dick, credit card method is just stupid but that's your own business and it's not even listed as a donation method, but if you're referring to gold then most people also take the risk not just you.

You wouldn't lose money, unless you're doing it wrong. I don't see you buying gp for the price you sell it and this would really just be another way of buying gp.

You have profited, its just your stupidity of donating it to random people which you are counting as expenses. This is still a business and will be profitable similar to donations and many will eventually take out bonds to collect money pools.

This idea isn't going to better the site, it will only harm the trading forum, instead of working on ways to pay people back we should be working on ways to make scams not occur in the first place.

 

Always going to be denied.