Topic: Starfish BCB - Loans and Deposits - page 24. (Read 60537 times)

Please note the discussion and in particular the following assessment at: https://bitcointalksearch.org/topic/m.1153048

I've been doing a couple of loans the past few days and bitcoinland appears to be settling down a bit.  I've also allowed a few new accounts based on specific requests.  Therefore, I'm re-opening deposits for accounts up to 100BTC.  As usual, funds will be applied to loans and investments in low risk ventures (including fixed rate bonds and some mining because they still generate decent returns). 

Patrick is awesome, took care of my btc and gave good return, now withdrawn with no problems, thank you.

As discussed directly with you, and as set out above, a request to extract 16,000 BTC would take a long time.  In order to generate returns to pay interest takes time and effort and perhaps it isn't appreciated that there are not simple quick tricks generating income.  I have a diversified portfolio of investments, a good mix of customers and carry the risk from bad loans and the timing of requests.  As such, it also requires me to carry higher liquid funds than something like a bricks and mortar bank.  Also, as I have said above, the past two weeks have seen many more coins sent out than received.  That is a mix of nervousness from people wanting to put coins under their mattress, my decision to largely halt deposits (although I have allowed some), and meeting commitments from my own funds.

I am not going to set a "specific" upper bound as to do so would likely see it breached at some time in the future (say if the ten largest depositors decided to leave).  If this is not acceptable, please send a withdrawal request and I will process it as rapidly as possible.

All of my (admittedly small) withdrawals have been done within 24 hours.

I sent a PM to Patrick on August 30, 2012, 04:52:17 PM asking to withdraw 105 BTC, and received a reply on August 30, 2012, 05:10:49 PM saying "Done".  With a smiley face too!

Thanks for the great service Patrick. 

Can you give a specific upper bound?
What if you received a withdraw request from everyone, today?

Just on liquidity - because I was asked about this while processing a withdrawal just now, here's a summary of the last two weeks:

22 deposits for 1624BTC
21 withdrawals for 4053BTC

While deposits are not exposed to BS&T, being backed by a mixture of long-term investments, assets and stocks on GLBSE, I do have a personal account with BS&T and that is no secret.  I also have the wind out of the PPT.x series of bonds to take care of and that is making life more complicated this week as I have been honouring the commitments I have there and that has sucked a lot of my spare coins.  I also consider my decision to restrict deposits over the past two weeks was the correct one to take, although that makes things tighter than I would have liked.

I was asked directly today if I could provide a maximum pay-back time for deposits.  As mentioned above, some of the backing is in the form of loans and these are various terms, some running monthly, some three months and I have some that run six months.  Those are no able to be recalled on a moment's notice.  The other important issue is that the liquidity in GLBSE is quite limited even for good quality stocks.  Little buy interest means it is difficult to sell a large position and I notice DeadTerra was having this issue recently too. 

To date meeting withdrawal requests has still been achieved reasonably quickly (basically within a day).  If I was to receive a request for 2k from one of my largest depositors, I do not see a good reason why that would or could extend beyond a couple of weeks allowing me to sensibly move or liquidate some assets.  If everyone asked for their funds back (16k), that would take a lot longer.

Very comforting (and not surprising to me atleast) to see your exposure to BS&T is on the low end % of your totals. Hope all works out well there.

In the mean time, business continues.

If it helps in your demand assessment, I will likely be requesting a 75-125BTC loan some time here in the next few days. I'll have my books closed out by Sunday at the latest, so will know by then. Also, need to catch up on what your current rates are, etc.

Cheers

Updated balance list at https://bitcointalksearch.org/topic/m.981017

Total on deposit 20503.  At the request of/and as a favour to three users, this includes 4173 tied up in BS&T.

Thanks - added.

I added 5.5 more to my deposit...

Going slightly back on topic, I am looking at restarting new accounts and deposits for the non-BS&T business that is occurring, and adding some liquidity back into the lending section.  Without quite knowing what the demand is, I'll see what materialises in the inbox.

Sounds really exciting. I'll continue to send coins in. I actually have a goal of hitting 100 coins with you. I'm working towards it 

About half-way there-ish it seems!!! 

I think that will be ok.  I wanted to slow things down a bit while the BS&T process was rumbling through and until the lending/securities/debt markets were in a high degree of turmoil.  

Over the past week or so I've paid out somewhere around 9000 coins, but received many less so I do have one withdrawal request partly paid and recalling a loan to cover the difference (and I have advised the customer of this).  Just means things are a little more interesting than usual.

Edit: Partial withdrawal fulfilled - had an early repayment.

Are we still allowed to send you deposits up to 100 BTC? Or is that on hold? 

Updated balance list at https://bitcointalksearch.org/topic/m.981017

20,051 in deposits.