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Topic: Scammer tag: PatrickHarnett - page 11. (Read 39288 times)

legendary
Activity: 2506
Merit: 1010
November 13, 2012, 05:07:47 AM
The integrity that comes from taking an unpopular position because you believe it is correct and because you believe it is what the community needs to hear.

I'm sorry I've been holding back from commenting on this thread (as I've never had any business dealings with Patrick and thus this topic is really none of my concern) but now with that comment I must interject.

This logic of yours is NOT what the community needs to hear.

If someone says they have funds to personally cover any losses and then doesn't actually cover said losses there's not much left to argue about here.
legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
November 13, 2012, 04:49:05 AM
What integrity?
The integrity that comes from taking responsibility for your own bad judgment and admitting when you are in the wrong rather than hurling insults and accusations at the people who try to point it out to you. The integrity that comes from taking an unpopular position because you believe it is correct and because you believe it is what the community needs to hear.
hero member
Activity: 756
Merit: 522
November 13, 2012, 04:07:24 AM
He's not going to argue with me ever again, given that he's never going to have a good response to the 40% and 50% "coincidence".
I made it quite clear that 40% over three years was something I felt people could agree was a *minimum*. And I said that 50% if the default position when a harm appears to be equally caused by both sides. And I also argued that the 50% default position could be adjusted if one side expected to get a greater share of the profits because it's reasonable to make it bear a greater share of the harm.

But you're clearly much more interested in turning this into an insulting match or questioning my integrity than in ever facing the possibility that maybe, just maybe, some of this is your fault.


What integrity?
legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
November 12, 2012, 08:49:08 PM
I think we will need to agree to disagree on this point. I think the moral responsibility rests on the person who makes the claim, not the person who believes it.
They're not mutually exclusive. And I don't think anyone believes that you can't hold someone responsible for believing a false claim and acting on it.


I want to hold them responsible too.
They were responsible for the decision they made, but why should you hold them responsible? Surely the loss of their coins is bad enough. And surely this thread is about holding Harnett to account?
What?! If the loss of their coins is just compensation for the harm their mistake did, then Patrick wouldn't owe anyone anything and this thread would have no point. The point of this thread is to resolve the claim that Patrick owes his investors money.

I do not excuse anyone who believed that Patrick's business model was sound and risked people's money on that basis.
I don't excuse anyone who risked other people's money either. They should also be held to account. Scammer tags applied, etc.

But what of those who risked their own money? Do they really need to be pilloried for making a stupid decision?
Yes, they do, because their stupid decision harmed others.

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Surely the man who lead them down that road should be the one blamed for what happened. The road lead to disaster, and they should both have foreseen that, but Harnett was the one walking ahead, saying "Follow me, follow me."
The idea that Patrick was the leader and his investors mere followers is just comical. That's simply not how it happened.

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You say you have no wish to absolve Harnett of responsibility, but when you say that both parties in this transaction are equally culpable for the loss of coins, then you paint the whole thing with a brush of moral ambiguity. When you say to the gentleman who has had his coins stolen "More fool you for believing him!" then you automatically absolve Harnett of at least some responsibility.
No, not true at all. If I ever suggested that, it was unintentional.

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In my mind there is a victim and a culprit here. People lost a lot of coins so that Harnett could gamble with their money. I think that what he did was wrong and it was his responsibility to make sure he could do what he said he could before he claimed it. That's an issue of personal ethics and my moral compass, and as I said it's maybe something that we will have to disagree on.
Ahh, so you do wish to excuse those who are equally culpable. That's too bad. Because Patricks and Hashkings and Pirates will always come along and if we don't hold the other people accountable for making precisely the same mistake with precisely the same consequences, we'll repeat this fiasco again and again.

But don't say that I'm trying to excuse people. I'm trying to hold *more* people accountable than you are.

full member
Activity: 210
Merit: 100
November 12, 2012, 08:29:37 PM
However, I place roughly equal blame on those who believed that what Patrick was claiming was possible.

I think we will need to agree to disagree on this point. I think the moral responsibility rests on the person who makes the claim, not the person who believes it.


I want to hold them responsible too.

They were responsible for the decision they made, but why should you hold them responsible? Surely the loss of their coins is bad enough. And surely this thread is about holding Harnett to account?

I do not excuse anyone who believed that Patrick's business model was sound and risked people's money on that basis.

I don't excuse anyone who risked other people's money either. They should also be held to account. Scammer tags applied, etc.

But what of those who risked their own money? Do they really need to be pilloried for making a stupid decision? Surely the man who lead them down that road should be the one blamed for what happened. The road lead to disaster, and they should both have foreseen that, but Harnett was the one walking ahead, saying "Follow me, follow me."

His carelessness was not mere personal carelessness. By being careless with other peoples money, he abused the trust that they placed in him.

You say you have no wish to absolve Harnett of responsibility, but when you say that both parties in this transaction are equally culpable for the loss of coins, then you paint the whole thing with a brush of moral ambiguity. When you say to the gentleman who has had his coins stolen "More fool you for believing him!" then you automatically absolve Harnett of at least some responsibility.

In my mind there is a victim and a culprit here. People lost a lot of coins so that Harnett could gamble with their money. I think that what he did was wrong and it was his responsibility to make sure he could do what he said he could before he claimed it. That's an issue of personal ethics and my moral compass, and as I said it's maybe something that we will have to disagree on.
legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
November 12, 2012, 08:04:21 PM
No, but you can fault a party for making an impossible claim.
Absolutely. And I do fault Patrick for making impossible claims.

In this case, there was a shared mistaken belief on which the agreement was based, without which neither party would have entered into the agreement.

You speak as if this shared mistaken belief came out of nowhere. It came out of Harnett's mouth. Yes, it was a shared belief, but if Harnett didn't make the proposal then the deal wouldn't have been made. Harnett made various assurances. He assured the impossible. We can't blame him for not making good on his impossible claim, but we can fault him for making it in the first place surely?
Yes, and I do. However, I place roughly equal blame on those who believed that what Patrick was claiming was possible. It is substantially the same mistake. There's no significant information that Patrick had that those who invested with him didn't have that had any relevance to the question of whether his basic business model was sensible.

Those who invested with Patrick made precisely the same fundamental mistake Patrick made, in precisely the same way, causing precisely the same harm. I want to hold them responsible too. You seem to think I'm trying to excuse some fault on Patrick's part. Absolutely not -- I do not excuse anyone who believed that Patrick's business model was sound and risked people's money on that basis.
full member
Activity: 210
Merit: 100
November 12, 2012, 07:06:18 PM
It's bizarre that you are claiming that the fact he attempted to do the impossible somehow absolves him of some responsibility, or that the responsibility is shared.
It's common sense. You can't fault a party for failing to do something impossible.


No, but you can fault a party for making an impossible claim. If I lie to you, are you equally at fault if you believe it? Maybe you do believe that, but I don't. I think the liar bears the moral responsibility for lying. Maybe Harnett didn't deliberately set out to deceive anyone, but he made various untrue statements. He made the statements. He bears the responsibility for making them.

In this case, there was a shared mistaken belief on which the agreement was based, without which neither party would have entered into the agreement.

You speak as if this shared mistaken belief came out of nowhere. It came out of Harnett's mouth. Yes, it was a shared belief, but if Harnett didn't make the proposal then the deal wouldn't have been made. Harnett made various assurances. He assured the impossible. We can't blame him for not making good on his impossible claim, but we can fault him for making it in the first place surely?
legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
November 12, 2012, 04:51:11 PM
It's bizarre that you are claiming that the fact he attempted to do the impossible somehow absolves him of some responsibility, or that the responsibility is shared.
It's common sense. You can't fault a party for failing to do something impossible.

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It's his fault for trying to do the impossible, after all - he devised the whole ill-fated scheme!
And others equally failed to realize that it was impossible. I agree that he bears fault for that, that's why it's a common mistake.

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The people who gave him money weren't doing so as part of a joint venture with him. That was not the deal. The deal was "Give me money and I will give you a fixed interest, and you can withdraw your principal at any time." and not "Invest with me and we will share risk and profit equally."
I agree that was the deal. The question is what shared beliefs was the deal premised on because those are part of the deal. (Unless the deal specifically addresses them.)

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He broke the deal. It may have been unavoidable, but that doesn't matter. He was running a business. His depositors were his customers. He made an assurance to them and he broke it. The deal was never structured as a joint venture, it was never described as a joint venture, and it shouldn't be regarded now as a joint venture.
The deal was premised on the shared mistaken belief that the business model was fundamentally sound and that the loans were free from significant correlated risk. Read the transcript. An agreement predicated on a shared mistaken belief is actually no agreement at all if it turns out that shared mistaken belief is false.

In this case, there was a shared mistaken belief on which the agreement was based, without which neither party would have entered into the agreement. The question is how to allocate the harm that flows from that shared mistaken belief.

legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
November 12, 2012, 04:36:52 PM
He's not going to argue with me ever again, given that he's never going to have a good response to the 40% and 50% "coincidence".
I made it quite clear that 40% over three years was something I felt people could agree was a *minimum*. And I said that 50% if the default position when a harm appears to be equally caused by both sides. And I also argued that the 50% default position could be adjusted if one side expected to get a greater share of the profits because it's reasonable to make it bear a greater share of the harm.

But you're clearly much more interested in turning this into an insulting match or questioning my integrity than in ever facing the possibility that maybe, just maybe, some of this is your fault.
full member
Activity: 210
Merit: 100
November 12, 2012, 04:10:27 PM

The rest of your post simply repeats the claims you've made elsewhere -- that Patrick's at fault for failing to do the impossible and make a fundamentally unsound business model work.


It's bizarre that you are claiming that the fact he attempted to do the impossible somehow absolves him of some responsibility, or that the responsibility is shared.

It's his fault for trying to do the impossible, after all - he devised the whole ill-fated scheme!

The people who gave him money weren't doing so as part of a joint venture with him. That was not the deal. The deal was "Give me money and I will give you a fixed interest, and you can withdraw your principal at any time." and not "Invest with me and we will share risk and profit equally."

He broke the deal. It may have been unavoidable, but that doesn't matter. He was running a business. His depositors were his customers. He made an assurance to them and he broke it. The deal was never structured as a joint venture, it was never described as a joint venture, and it shouldn't be regarded now as a joint venture.
hero member
Activity: 756
Merit: 522
November 12, 2012, 03:19:50 PM
JoelKatz

MOE-PR is obviously not a smart guy.  What do you keep arguing with him. 

This thread is exhausting.

It's kind of like a train wreck or a traffic accident.  You really don't want to watch but you somehow can't turn away.



You have to be really fucking retarded to have missed the simple fact that once caught, the shill quietly moved on to pestering Deprived.

He's not going to argue with me ever again, given that he's never going to have a good response to the 40% and 50% "coincidence".

Not that it makes any difference, both of them, Katz and Harnett, are ruined for anything in BTC worth the mention.

Might as well start making new accounts.
BCB
vip
Activity: 1078
Merit: 1002
BCJ
November 12, 2012, 02:06:49 PM
JoelKatz

MOE-PR is obviously not a smart guy.  What do you keep arguing with him. 

This thread is exhausting.

It's kind of like a train wreck or a traffic accident.  You really don't want to watch but you somehow can't turn away.

legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
November 12, 2012, 01:47:34 PM
If Patrick made this blatant promise for his potential customers, and then later he provided evidence contradicting his initial promises, than a scammer tag should be issued. The investors should open a thread in this section and present the necessary evidence to prove the intention of fraud.
The Kraken fund may be a slam dunk case of fraud. The Kraken fund began operations after it was quite clear that Pirate was in massive default and very unlikely to ever pay back another penny. Yet the Kraken fund bought Pirate debt, and Patrick was clear about it being guaranteed by him personally. (All of this was known to the investors too, but the fault in this case is not equal. In this case, the investors mistake really was to rely on Patrick's promise. There was nothing Patrick didn't know at the time.)

You don't see how this totally undermines your argument in the MP/PH situation?
No, I don't.

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One of the foundations of your argument is that neither PH/MP knew PH was exposed to pirate.  Doesn't his behaviour with Kraken suggest that MAYBE he DID know he was exposed to pirate but chose to lie about it to raise more funds?
Kraken came much later. This loan was August 10. Kraken was September 30. In between those two dates, Pirate defaulted.

The rest of your post simply repeats the claims you've made elsewhere -- that Patrick's at fault for failing to do the impossible and somehow making a fundamentally unsound business model work.
hero member
Activity: 756
Merit: 522
November 12, 2012, 06:56:43 AM
I give this graph an AAA+ rating.

I think this graph shows our common mistake in thinking PatrickHarnett has even basic math training. How the fuck do they do high finance in New Zealand, some sort of icon-clad cash register a la Idiocracy?
hero member
Activity: 952
Merit: 1009
November 11, 2012, 11:10:29 PM
I give this graph an AAA+ rating.
vip
Activity: 756
Merit: 503
November 11, 2012, 09:55:27 PM
From the Kraken fund newsletter:

30 September 2012



5 October 2012



14 October 2012

hero member
Activity: 745
Merit: 501
November 11, 2012, 08:57:14 PM
http://www.4shared.com/zip/9Lj1yWKB/krakenreports.html

Archive containing all PDF reports received.
vip
Activity: 756
Merit: 503
November 11, 2012, 08:30:48 PM
The PDF newsletters he sends.

Would you please share this PDF newsletter? Judging by that graph I can only conclude that Patrick is completely clueless to produce pie charts or he is producing misleading data. It is important to verify the data which comes along with the newsletter to define what exactly that graph means.
hero member
Activity: 756
Merit: 522
November 11, 2012, 07:26:45 PM
Now wait just one cotton pickin' minute here.

Even with absurdly generous terms (like repaying 40% of premiums, with no past or future interest, over three years) I don't think Patrick and his wife will make the lifestyle sacrifices they would need to in order to pay back debts that are likely not enforceable in any court of law.

If he isn't even on track and committed to paying back 40% in 3 years, which is ridiculously little in a very long time, I'd say he clearly deserves to be branded a scammer.

A 50% refund would certainly be one equitable resolution of the mistake. It's not the only one.

Roughly speaking, if he's on track for 50% within a year, that'd be reasonable in my view.

Testing the waters with some bs offer of 40% on the 6th, then moving to 50%, then trying again the 40% line on the 8th....

How to ruin a reputation for dummies. Ask Joel Katz.

Where do you get your talking points you scammy fuck you?

For shame.
hero member
Activity: 745
Merit: 501
November 11, 2012, 06:57:53 PM
The PDF newsletters he sends.
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