Market Discussions

#2 Updated 27/08/2015

Account Updated

I have been trying to keep up with this thread by reading the last post nearly everytime it pops up. I just noticed that my 500mil deposit falls into a now tiered interest system, I think it was 0.17%? I deposited my funds at a promised 0.5% daily compound roi, and am not sure when these changes took place. I'm guessing your "updated -date" posts were referring to changes in the op? Am I on a separate tiered daily roi, at my original promised 0.5%?

More detailed posts than updated, perhaps the updated terms or modified parts, would be a better choice from now on?

Join the Illegal Investment chat channel if you want to ask more questions. A few of us like to stick in it to talk and to ask questions to Illegal if needed :)

As you've stated earlier in the thread Koniforous, the exponential curves on Illegal's former business model was never going to be something sustainable in the long run. But finalising the restructured rates "in discussion with myself and trusted friends" seems like a slap in the face of legitimate patrons before the changes, even if these changes make for a more sustainable venture going forward. I was quite interested in risking bank on the then returns. Now, I'm not so sure.

Illegal, I think one of the reasons this restructuring came about so fast is the prior planning before this all started. It really doesn't bode well for investor confidence if you're going to keep changing terms on the fly. It's your headache, yes, but you may be better off restructuring entirely - and this time, set periodic, realistic caps on total deposits, instead of only figuring it out later after the fact when your profit margin isn't in line with your accumulated funds, then having to, as you state, "reserve the right to withdraw funds from any account to the account holder if I feel the amount is too large for myself".

That said... no cap, no history, suddenly lowered interest rates across the board to overall single digit percentages to keep things "sustainable".... looks too much like a ponzi scheme.

Just to highlight another point, I noticed some hours ago eve-mogul again displayed a negative value to your daily profit. It's very miniscule (6mil), but then sometime later it shows everything as zero as though the API was pulled off. It's back on again with a positive value now. I'll give the benefit of the doubt that perhaps eve-mogul has some quirks, but why does seem to be happening to you with that site? As you work on your "new trading strategies" will this have a cascading effect that will be detrimental to people who've banked with you?

Which brings me to another point. Right now you've also admitted to having six accounts, all of which you're keeping PLEXed. At today's rates you're looking at around a 6bil expediture every month (which could incur more in the foreseeable future). Granted, it's not a lot, but it's in the equation in the overall scheme of things.




Pardon me, but if I added just one "r" somwhere in this sentence it becomes a statement that is truly chilling.




Some questions are better off being out here for open discussion than funneled into a channel where information is passed on or exchanged and the details of which may be forgotten. Unless of course, that is the intention? You're a first time poster wearing the same jacket with a similar tinge of rouge on your cheeks, and your first post on these forums is to tell people to ask more questions elsewhere than put it here? Why should I trust you? Am I paranoid much? Yes, but so be it.


Ending off - I would love nothing more than for this to be legit and all my drivel and concerns is proven wrong. Really. But I just can't shake off some feelings about this venture. At best, it's a non-optimised venture still in its infancy subject to changes. At worse... people can figure that out for themselves.

Thank you for your response.

I did understand that previous account holders may not be happy with the changes but from all them that I have spoken to they think the changes are a great direction are happy to see that things are getting reworked into a more structured system that will be better for the future.
They were also all offered a BROKER account as a thank you for being part of Illegal Investments from the start.
The day I announced the changes to them I had one withdrawal (103m) and 11.5b in deposits.


I understand again, the restructure coming about so soon was because the amount at which Illegal Investments was getting accounts and large account deposits was crazy. In just over a week we had 30b (just under) in deposits.


I'm running this 'bank' for fun. I enjoy the social and management side to it all, my gameplay is this bank and the trading I do along side it. I have no interest in destroying my gameplay and I also hope to build up a reputation and expand Illegal Investments financial empire.


In the last few days I have been offloading old stock I've had laying around that I never updated that much, I listed them all at Jita value regardless of their location so some of these items were giving me a loss.
The account holders will not be affected, the loss from these items are my own loss, I also trade with my own isk and the loses are taken onto myself.

I do have plans in the future when I have made a large amount of isk trading an with other financial endeavors to "deposit" a large amount of isk with a 3rd party and use that as a kinda of insurance that will pay out to account holders if something happened. I'm thinking more along the lines of, I died in RL or something as I have no intention of running away with the isk.


I make more than enough isk to plex the accounts, after making the interest for the account holders the isk is put back to work making me some isk. The isk from that is circulated again and again.



I have taken your suggestion on board regarding the public posting of ideas for discussion, in the future I will make a new post on the thread detailing the exact plans and expected outcomes.


Thank you


II

I understand your points. In any case, since I'm riding out of putting money in to this one, I don't believe there's anything more for me to add. Just a concerned outsider looking in and making those concerns known.

Illegal, should you in fact be running an honest venture, then I wish you the best of luck. Keep having fun with whatever you're doing and hope everything comes out positive in the end for everyone.

Corporation account are allowed. The CEO of the Corporation is the only one who is able to withdraw funds though.
This is for safety reasons on your side.


II

Is this Ponzi still going strong?
The only reason I can think you guys are investing here is to gamble and see if you can make a few quick bucks before it collapses.
Good luck all! :)

Regarding your first sentence. I was tired of updating orders even trading with my own ISK which is why I changed my trading style so that I don't have to update orders.

I believe I can sustain this for quite a while, I have had talks with friends regarding this. The main point is to always remain ahead, we need to see the issue before it arises so we can make changes to the service to make sure it remains sustainable.
I have no intention of walking away with the ISK as to me running the operation is much more enjoyable than just trading as I was doing previously.

I currently hold about 25b in Broker accounts and 5b in other accounts.

I do expect my profits to increase as I get used to my new setup and spread out to other markets as I've been focusing on Amarr and a little bit of Dodixie while I experiment with things.


I believe the most important part of this operation is to be open and honest. If there is an issue that is arising, posts and mails will be used to get feedback and opinions and a solution will be put into place.


The current plan for interest rates are,
Small Deposits - Low interest
Medium Deposits - Normal Interest
Large Deposits (50b-1000b) Low interest

The details are still being discussed and nothing is set in stone but this is the general idea.
So to maximise ROI medium sized accounts would be the way to go.

Again this is rough and still being worked on but that will hopefully give you an idea how Illegal Investments will handle large accounts.


II