Topic: Starfish BCB - Loans and Deposits - page 11. (Read 60537 times)

Because they still hope to get their money back and believe that such complaints will reduce their chances. For one thing, those who owe money can pretty much walk away without consequences. Also, the more people who complain that they're not getting their money back, the more other people who will apply pressure for early withdrawals, reducing the chances that those who are already waiting will actually get money back. It makes perfect sense that victims, so long as they still hope to get some money back, won't complain. The last thing they want to do is make the line they're on longer.

Those complaints serve the same purpose, so what else do you think needs to be done? It's obvious there's a problem if people are saying they haven't gotten their money back yet.

Agreed. Saving people from themselves has never been successful. Some lessons can only be learned the hard way. Can team ponzi please go troll other threads that need there attention. Patrick hasn't earned it.

No one said "providing a service" was foolish, not even providing a service like you did. The foolishness was in believing all the ponzi operators and scammers and anonymous lenders that claimed no exposure, and your assumption you would get the vast majority of those loans back, even though many of them would default along with the ponzi's they invested in and even though you probably have zero leverage over them.

Put differently, you were a fool to believe your own credit ratings.

I think you are at fault with c). Bitcoin may be deflationary in itself, but there is no way to predict if Bitcoin's total worth in $ is deflationary. That would be equal to guaranteeing a profit on long Bitcoin positions. Bitcoin is still young and volatile, and carries a non trivial risk in the medium term future. This does justify a high interest rate, as even high % APR in BTC does not guarantee the credit's worth in $. High interest on credits leads to high interest on deposits.

A corollary of this thought is, reasonably intelligent (and honest) credit takers are speculating on falling BTC prices (if they convert the BTC to fiat), or they would take a credit denominated in $.

Note I don't disagree with you in general, but clearly your argument c) is flawed because it does not take into account the high risk of BTC positions.

Bitcoin is and always will be a scammers wetdream. As Bitcoin grows the scams will only every increase.

The only way, and I really mean the only way for people to learn is, to get burnt. Some may learn quickley, others perhaps 2 or 3 times, other won't learn ever.

No offense intended, but you are totally wasting your time trying to "protect bitcoin from scams."
By all means keep trying, but your fighting an uphill battle.

Just seems strange no one in this thread seems to be complaining about not getting there money back... the only ones complaining are the ones who weren't involved ??

but with 1 or 2 other lenders, people are complaining they have not received anything back and the lenders don't seem to be saying anything... and all you people don't seem to worried about that.

It's too late for them, we did before they defaulted!


Save fools money, to stop the ongoing propagation of scams that will ruin bitcoin for everyone else

Micon and co -  why don't you all go after people who are not making any attempts to give people back money ?
What are you peoples hoping to achieve in this thread ?

so you're basically saying not to bet that you will bet all of your obligations because you shot off all the coins on other ponzi schemes lik Hashking, Pirate, and NckRazze. 

Did you personally profit from this program Patrick?  do you think it's fair if you did?

Exactly, just like everyone who invested with Pirate. In fairness to Patrick, his issue was a bit more subtle -- not realizing that he had much more Pirate exposure than he thought. Though lots of people were telling him exactly that.

a) Banks are financed without borrowing money at 168% a year
b) Banks charge interest between 3% and 29% (in the case of expensive credit cards, if you paid the minimum payment at this rate on a $5000 credit it would take 41 years to clear)
c) Patrick by comparison charges 281% Apr which is far worse then 10 times the most expensive credit card when you factor in that it's being lent from a deflationary currency.
d) Regarding banks, their business model is comparatively closer to making sense and have you watched the news in the last 5 years? who's going to print bitcoins for Patrick.

This is my third post explaining the situation clearly I think it's funny I haven't had a response picking apart my argument!!

I think foolish is the operating word here, their trolling has grown tiresome to look at already. To the trolls, you do realize if you have a bank account, you take your money and place it in savings. What do you think the bank does with that money? They invest it in a very diversified set of securities so that you can get your small % of interest. That is essentially what patrick does, I suggest you get out your big poster boards and stand outside bank of america and wells fargo and yell at them about how big of a ponzi they are running.

Interesting to see that there are now some minor bets going on.  The three month date is rather arbitrary and I would suggest people don't waste their time/effort/money on it.  Having accepted deposits and catering to the demand of people that didn't want to get into the loan or investing market directly means (and has always meant) coins would be put into various places.  That includes HashKing and Nckrazze.  It also included a JRO investment (which was suspended a few weeks ago) and some other GLBSE where recent panic has tanked prices or scared away liquidity.  There are also those loans that were not pass-throughs that have decided to simply refuse to repay due to ineptitude of the people concerned.

I do read the interesting array of comments, fair or misguided, but the effort in trying to explain rationale has been proven to be largely pointless.  I did honour a bunch of PPT obligations in August that severely affected the spare coins that I had available (allocating about 10,000 coins), and I continue to turn down lending business that would actually help support the repayment of funds more quickly.  Not because of the likes of Puppet, Micon or many others that like to claim how foolish I am providing a service, but because of my obligations to people that have entrusted funds too me.  So for now, the payment process will continue as outlined.

There was nothing lucky about pirate (and hashking, and all the others). It was common sense. The same common sense that says Patrick was running a ponzi (pass through) even though he may not have realized it. The market is full of ponzis attracting depositors that will gladly borrow money at a lower interest rate than what is offered by those ponzi's. If patrick is not a scammer than he was.. not very smart to not see this coming.

You mean he kicked the crap out of the cat.

Those witnesses were shills. It's well known Pirate doubled back later and kicked that cat onto a craps table.

I heard Pirate paid a couple of small accounts back. Not only that, in Las Vegas witnesses said that he passed a cat without kicking it.

I don't think Patrick's a scammer, but I can still recognize a bad argument when I see one.

Lots of honest scammers on here apparently. Did you know they also give back any extra change they are given by cashiers?

The thing is, Patrick is no longer accepting deposits, and is still paying off his debts.

Why would a scammer ever do that?  Wouldn't he just cut and run at this point?

1)  It's money I invested as a high risk gamble due to bitcoins nature and can afford to loose it.

2)  I very doubt Patrick was running a Ponzi and just trusted Pirate to much like many established members of this forum

3)  "Nada nada chatting s@#t" *Got lucky on the Pirate collapse and thinks he's a hero  

Edit:  Like special skills to free bitcoin from scams yeah right.  One lucky hand with the Pirate collapse and he thinks has the nut's on the bitcoin economy.