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Cash Domain Gold Pool
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Posted by: jojomataketa
Just received this message from a STAR administrator, Mr Dave Stewart. I wish all admins were like him, honest and hardworking. Thanks, Dave, for being such a great guy!
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Dear Members,
I've decided to close the Cashdomain Gold Pool as of today. This decision was not made lightly nor in haste. Our program had come to a crossroads and I feel that this decision is the fairest course of action for most of our members.
As many of you know, we were quite a going concern for the first year of our operation and it looked like we had devised a good strategy which would carry us through the inherent instabilities of the HYIP world. Unfortunately, last January when the Pegasus/Star Game/TMA group of programs collapsed we lost about 30% of our working capital. We probably could of recovered from this failure had it not been for the crashing of several other large programs which were almost totally dependent on this group. When the dust had finally settled we only had about 20% of our working capital still in play.
Over the 2 1/2 years I have been operating the pool, I have joined 135 different programs in an effort to diversify our funds into a stable and sustainable program. Of those 135 programs only 16 of them ever showed us a profit before they collapsed or disappeared. About 75 programs, most of whom I had actually had personal contact with the administrators, collapsed promising refunds. Only one ever did.
After all these trials and tribulations we were left with one program with less than 5% of our total capital working for us. This program (Steady Growth Traders), which has since changed their name, decided last month that they would no longer be using e-gold and all members would have to open accounts with the new online currency they had chosen. Because of this change, we were faced with huge problems and fees to get out monthly profits to our e-gold accounts for our monthly payouts. The other alternative was to have all our members open accounts with this new online currency and pay them from there. This was unacceptable to me as any of our non-American members were going to pay fees well beyond what they were currently earning from Cash Domain to get those funds into their hands.
On January3 2005, I requested a withdrawal of all our funds from SGT, which they honored. This money has been sitting in our e-gold account while I've tried to decide what to re-invest this money into, that was relatively safe. My feeling is that this money would probably have been thrown away if I put it into the HYIPs that are around today. So after much thought I've decided to use these funds to refund all verified members who have not achieved a 100% return on their spends to Cash Domain. This refund includes the 10% administration fee that I had collected at the time of each spend. If you had invested $100.00 into Cash Domain, I took 10% and added the other $90.00 into the pool.
It now seems that SGT is wavering on the move away from e-gold but I haven't heard anything definite at this point. Because they are a totally private program now, no new accounts will be opened. I still have an account with them, although there's no money in it, and will offer everyone the chance to re-invest with SGT through my account if they are interested. I'll notify everyone in February if this looks feasible.
As of today, all members have received a 100% return on all the funds they put into our pool. There are a few dollars left over which I will be dividing equally among all the verified members and paying out tomorrow. These will be the last payments you'll receive from the Cash Domain group of programs.
I'm very sorry that we have been unable to meet our goals with the pool but am very happy that we were able to have all of our verified members reach a minimum of 100% return on their spends. I'd like to thank everyone for their patience and wish those of you still in the HYIP arena, good luck.
Take care,
Dave Stewart
Posted by: betrdanevr
He gets my vote, too, Jojo! Dave's always been very honest and open and, though it didn't work out well, it's been a pleasure for me too to be in Cash Domain because of his character. He put "transparency" into action way before it became a buzz word lightly tossed around.
Terri
Posted by: golddust
I received 100% + returns on my spends there even if it was only .01/wk! Dave was always honest, took criticism well from know-more-than-you investors, and always tried to play it smart. His reports of HYIP failures and scamsters I believe is quite accurate and reflects the sorry-ass nature of HYIPs. Begs the question- what are we doing here?
I do hope that things will work out for Dave and I would gladly get into any other ventures with him as admin.
golddust