Topic: Starfish BCB - Loans and Deposits - page 6. (Read 60461 times)

Source?
If the average performance of any of the funds I invest in was that poor I'd have pulled my cash out long ago 

His ratings were focused on those offering them & not their particular offerings & the first thing to ascertain by him would be a real life ID I assume, with passport, driver's license, SS for US issuers, utilities bills in the same name & all confirmed by a rigorous Skype proof of docs recorded session, for those borrowers who are now in default I expect he would be prepared to release this info to those who lent to them so that ppl can take action against them if they wish otherwise what was the point, I will request this for those who ripped me off soon.

Other than finding a new thread to troll badly, i fear you would be "shocked" if you bothered to read enough to understand the process of credit ratings.

Also, those educated hedge fund guys do a good job at losing value and only a random 1/3rd actually beat a simple index tracker.  If you wanted a nice and safe regulated market, no one would have bothered to come to Bitcoin.  If people like unregulated, wild-west, high stakes than this is the place to be.

the "average" hedge fund managed by a well-educated, certified professional typically grow at 3% per year.

Bitcoin "investments" claim to be capable of 5-7% per week, then typically collapse a month later with the 'manager' disappearing with all the 'investors'' money.

Truly, it's the dirty fiat currency that has the problem here.

Although Moody's and S&P were hammered in 2009 for not downgrading US debt sooner, they do a very thorough review of a company's financials  before issuing a rating.  I would be shocked if Patrick's review was more than a couple of PM's.  "Hey man, is your investment going to collapse?"  "No, dude."  "Good enough, AAAA+++ rating for you!"

If Patrick had only classified his investment thing as a managed hedge/mutual fund, with returns based on his investment skills as opposed to fixed interest "savings account" style returns, none of this would have been a problem. Losses would have had to be taken by the customers instead of Patrick, and his returns would have been consistent with the average hedge fund (lesson: don't invest in hedge funds, people. You'll save time by just flushing your money down the toilet).

I noticed Greece was rated BBB- yesterday.  Their bond holders were told to expect a 50% reduction in principal several months ago.

Pirate didn't pay anything back, and it was obvious from the start that he had no intention of paying anything back. Patrick has been paying back at a pretty regular rate...

Patrick is realistically guilty of massively understating risk (in the case of both his own fund and his ratings of other funds), but I don't know of any major BTC investments that haven't lost money lately.

Best of luck to patrick in getting this shitstorm sorted out, I've lost somewhere in the region of 80BTC to the GLBSE situation myself  

Given the recent information provided by Patrick, I rate his ability to repay AAA-

He got money from investors and he claims he has legitimate losses due to loans that went bad, indirect Pirate-related losses, and GLBSE operational stoppage. It's possible he's lying about the extent of his losses, but we all knew that he would eventually sustain those kinds of losses if he wasn't scamming. He is splitting losses from high-risk loans with his investors. Even if he walked away from all his obligations now, it still wouldn't be clear this was a scam. (As opposed to Patrick just being rather naive and causing his equally-foolish investors to suffer heavy losses due to making obviously bad loans.)

In other words, what he is claiming happened is precisely what we all said would happen if he wasn't scamming. Pirate didn't start by claiming to be making high-risk loans. Pirate didn't start by claiming he had suffered losses due to bad loans.

This again, huh?  pirate started like this.  Super helpful, big apologies and promises, the forum heaping praise on him and scorn on doubters.  Then he split with all the money. A month later, he'll get a scammer tag.

You are all going to let it happen again, and you'll be absolutely blown away for the umpteenth time this has happened.  It's as if you have no pattern recognition at all.

Sometimes that's not enough - that's why I've poured a heap of money into this as well as having spent a lot of time extracting coins out of people and will continue to do so.

Sheesh Pat!! I commend your efforts!!!!

It appears to have screwed things up pretty convincingly.  I was going to compile a table covering things, but text will work just as well as I have had responses (and non-responses) from various people this week.

I had invested >5000 BTC (excluding anything pirate related because that's outside the mandate for Starfish) and have been in communication with some of the issuers this week.  One is straight out of business so despite having one of the best dividend formulas on the market, 1500BTC is effectively gone there.  A couple of others appear to have done their best to also fail (another 600), and I understand there is a recovery effort for one of the other investments that I hold covering 1100BTC.  There's around 1000BTC that still seems supported by decent issuers.  

In the interests of recovering client funds I also went through the bullshit AML process that GLBSE put up yesterday.

The loan book is approximately 8800BTC and broken down as follows:
 - People known to be dodging responsibilities (3): 400BTC
 - People suspected of dodging responsibilities or being slow to payback (7): 1350BTC
 - Tied to sale of another asset - working with client to resolve (1): 800BTC
 - Good people continuing to make repayments (: 1200BTC
 - Accounts that were then tied to Pirate (and also slow) (5): 5000BTC - Most of this is via HK and Nckrazze, but of which I've discussed options with during the past few weeks and is being paid back although slowly.
 - And not counted is an account where the person is probably in prison (that might get collected eventually).
 - So >6k should still be recoverable.

Overall, however, with the demise of different companies on GLBSE and people running from their obligations (defaulting) it looks like the repayment schedule will continue but will face a deficit of about 25%.  That is, there is probably around 9000BTC tied up to cover the 12000BTC outstanding.  This also means I will be making pro-rata payments on all accounts from now on, even if you haven't requested a withdrawal.

Out of curiosity, how badly has the GLBSE situation affected your repayment schedule?
I put some of the coins I took out of starfish before it collapsed into GLBSE - probably not an improvement overall 

Isn't that an oxymoron?

An unusual post to greet me this morning.  I did think it was a bit out of character, but I tend to ignore the insults here anyway.  However, I appreciate your post.

I understand that you might consider me a scammer, but I've given up trying to correct that.  Inept I would probably also disagree with.  Dealing with a large number of dis-honest people in bitcoin land - definitely especially now Nefario has decided to kill off the value held in GLBSE investments.

*Applause*

Well done fellow, you just went up in my estimation. I appreciate you have only been trying to help people stop getting scammed but the way you were doing it was just too much to handle, especially with all the goons and trolls circling around this place trying to whip everyone up for their amusement.

I hereby apologize to Patrick and the community for this drunken post.  I can understand if some people lose respect for me because of this.

Even if I think Patrick is a scammer or inept, I should not type such angry words just to be mean.  I take full responsibility for my actions.  Gonna tighten up my game.

I'm raising my hand on this one and fully admitting I was wrong. 

Sorry community and to Patrick directly.

What a giant shit-storm. If you continue paying back Pat, I'll be truly impressed.

Not just saying this because I have coins with you, but because it's just one thing after another!

 

I am aware some people have provided me GLBSE addresses for repayments.  If you think the address I hold is a GLBSE address, please pm me a fresh address.