Just picking up a point that Joel made, it's not simply a case of bad loans (people refusing to pay or those that invested into Pirate and then defaulted). There are also a range of GLBSE assets that have been used to generate income since the start of the year. Some have proven to be very good, others have tanked recently and I'm not keen to sell those at a huge loss unnecessarily, and others have been much more at the scammy end. In looking after this, it's not a case of taking a knee-jerk reaction and panicing and yes, to-date I have taken significant losses. That wasn't helped by losing 8000+BTC of some other obligations that I had relating to PPT, but being one of the few who made good on those promises is separate to this thread. I have also injected a large quantity of cash into the system to cover obligations.
Today, seeing the GLBSE is doing whatever it's doing reinforces the non-panic approach.
As for Micon, he's looking for something in particular, and if he bothered to actually understand what was written in this thread he would have realised I have answered his question, just not the way he would like me to. As a non-customer, he's not entitled to a better answer than that.
Topic: Starfish BCB - Loans and Deposits - page 8. (Read 60500 times)
In addition to the consistent weekly payments that I've been getting, I just noticed that a largish payment arrived in my wallet on 10/3.
Largish payments have been appearing in my wallet since this whole thing started. I am very close to being paid off, complete with interest. I had money invested with pirate and hashking and sold those debts immediately when it hit the fan. I choose to keep my Starfish debt because Patrick seemed very trustworthy and am very glad I did. Thank you Patrick. 
It seems to me the refusal to answer the question "when will everyone be paid back in full" is directly related to "I'm still paying you guys interest"
he is adding debt on top of debt he cannot pay any time soon, if ever.
His only alternative is to disclaim debt that he might be able to pay back. However, I definitely agree that more communication would be better. It's entirely possible he's actually trying to assume a larger share of the burden for the bad loans than is fair. But if he wants to convince people of that, he needs to make a clear and complete case. (Because it's also very easy to say "80% of my loans went bad, and I'll split that cost with my investors" when only 15% of the loans went bad to basically steal from your investors.) Transparency helps credibility, but if you're lying, you take the risk you'll get caught in the lie.he is adding debt on top of debt he cannot pay any time soon, if ever.
However, if he's going to ask his investors take the all or most of the burden for a bad loan, I believe they have the right to know who defaulted. And if those who defaulted want to claim that he's lying, they should be given that opportunity so the investors can assess whether they're actually being treated fairly.
he is adding debt on top of debt he cannot pay any time soon, if ever.
This is standard practice. When you cannot reimburse a loan on time, you get late penalties on top of that. People report getting almost 40% of their investment back during the last 4 weeks, while the added interest would be a mere 1%. Doing that increases the cost of the loan for Patrick, but does not make the debt grow, added interests are fortunately much smaller than what is reimbursed during the same period.
I've trolled this thread a bit, I must say looking at the way the deposit lists going down I'm starting to think maybe crazy money loosing business but not a scam?
It can be very hard to tell the difference. It depends how much of the payback deficit is caused by genuine investment and operating losses. His investors had substantially the same information he did, so it's not unreasonable for them to bear the losses. That is, after all, the purpose of investors. (And I think we all understand that the line between a loan and an investment is thoroughly blurred at interest rates this high. It was clear he was loaning the funds out and clear that there's always a risk of bad loans.)Joel,
It seems to me the refusal to answer the question "when will everyone be paid back in full" is directly related to "I'm still paying you guys interest"
he is adding debt on top of debt he cannot pay any time soon, if ever.
And I think we all understand that the line between a loan and an investment is thoroughly blurred at interest rates this high. It was clear he was loaning the funds out and clear that there's always a risk of bad loans.
I think it depends on the agreement between the loaner and BCB. The fact that there is high risk that one side of the contract might default doesn't make the line more blurry. IMHO.
I've trolled this thread a bit, I must say looking at the way the deposit lists going down I'm starting to think maybe crazy money loosing business but not a scam?
It can be very hard to tell the difference. It depends how much of the payback deficit is caused by genuine investment and operating losses. His investors had substantially the same information he did, so it's not unreasonable for them to bear the losses. That is, after all, the purpose of investors. (And I think we all understand that the line between a loan and an investment is thoroughly blurred at interest rates this high. It was clear he was loaning the funds out and clear that there's always a risk of bad loans.)
I've trolled this thread a bit, I must say looking at the way the deposit lists going down I'm starting to think maybe crazy money loosing business but not a scam?
I want to know what date he plans on completing this by. I want to know for 2 reasons:
I imagine this depends on how many of his creditors default on their debts to him.
I just today received 20% of my principal back from Patrick, and over the last 4 weeks have received a total of almost 40% back. I don't see why he would continue paying back his lenders if he was running a scam. It looks to me like Patrick is trying his best to repay what he owes when he can.
Received a large payment today, ~20% of my deposit. I'm confident Patrick will pay the rest back in an acceptable timeframe.
Same here. I submitted my withdrawal request two weeks ago, and this is the second chunk I received. I'm also still receiving interest. Patrick's situation is clear, and I'm content with how he's handling things.
Received a large payment today, ~20% of my deposit. I'm confident Patrick will pay the rest back in an acceptable timeframe.
How can Micon "prove" I have "no intention of paying back" if you keep revealing that I've sent you coins.
Keep on paying the interest & repayments Patrick. It's so glaringly obvious it's irritating Micon. He hates it. He wants it fail. He wants it to be bad as possible. All the time cowering behind this thin veil of ' I'm not the law, but I represent justice' show.
As Micon isn't a depositor of yours (though you could deposit some coins and become one Micon), to irritate him more I would just ignore every post of his.
Every interest repayment irritates him that fraction more, forcing him to pretend it's not irritating him. While we all sit back and laugh at his expense. LOL
Hey Micon, got an interest repayment last night. Doesn't bother you though does it.
Received a large payment today, ~20% of my deposit. I'm confident Patrick will pay the rest back in an acceptable timeframe.
How can Micon "prove" I have "no intention of paying back" if you keep revealing that I've sent you coins.
Received a large payment today, ~20% of my deposit. I'm confident Patrick will pay the rest back in an acceptable timeframe.
It's actually in the thread and was stated ages ago.
Customers are free to contact me directly if they wish to discuss their accounts and payments - others can read the thread.
Customers are free to contact me directly if they wish to discuss their accounts and payments - others can read the thread.
I understand you are dodging the question, and you have never accurately stated in this thread when you expect to have everyone paid back in full.
no date ever given.
I'm trying to prove that this guy, Patrick, once so beloved by the mark community, has no intention to pay back.
He is paying back, and in a very acceptable rate. And even if he weren't, you won't do anything to prove it other than talk, as proven in Vescudero's thread, if not apparent elsewhere. You don't even know that he's paying back and at what rate because you even haven't spoken to depositors who submitted withdrawal requests. You don't need to, because it won't change anything for you. Hell, Victor proved you wrong about every single one of your accusations, and you are still accusing him of planning to run a scam, even after he stated he is no longer interested in the deposit taking business.
Look, you found a good publicity opportunity with BTCS&T. You noticed the uproar, the 5000 BTC bet of Vandroiy and all the warnings of prominent members and thought it was a slam dunk. Good for you. Why ruin it now? This is too manic.
It's actually in the thread and was stated ages ago.
Customers are free to contact me directly if they wish to discuss their accounts and payments - others can read the thread.
Customers are free to contact me directly if they wish to discuss their accounts and payments - others can read the thread.
1) to better manage the expectations of those with BTC tied up in this scam
and
2) to bet against him paying it back in the timeframe he states
and
2) to bet against him paying it back in the timeframe he states
I think you need to get out the house a bit more. What's wrong with you? Get a life.
again, off topic, personal attack so again I'll re-iterate the question so it isn't lost here:
PatrickHarnett - when do you believe you will complete the process of repaying all of your investors in full? please give your best estimate of the date.
1) to better manage the expectations of those with BTC tied up in this scam
and
2) to bet against him paying it back in the timeframe he states
and
2) to bet against him paying it back in the timeframe he states
I think you need to get out the house a bit more. What's wrong with you? Get a life.
https://bitcointalksearch.org/topic/m.981017
Updated early as I will be offline tomorrow. Weekly interest and other payments have been queued.
Two fixes this week -
1: the interest calculation as pointed out by Dooglus for accounts in process of withdrawal is corrected.
2: the payments on 14Sept were not correctly picked up in the balances table (understated by approx 48BTC).
Updated early as I will be offline tomorrow. Weekly interest and other payments have been queued.
Two fixes this week -
1: the interest calculation as pointed out by Dooglus for accounts in process of withdrawal is corrected.
2: the payments on 14Sept were not correctly picked up in the balances table (understated by approx 48BTC).
[in most respectful internet voice]
PatrickHarnett - when do you believe you will complete the process of repaying all of your investors in full? please give your best estimate of the date.
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