Bitcoin Forum

https://bitcointalk.org/index.php?action=profile;u=63614

https://btcjam.com/listings/2063

I see this aseop fellow lent him 244 BTC. Tsk tsk tsk.

Hasn't been online since the 4th, he shorted 600 BTC at $34.50. His due date is today without a word from him. I think we're got a runner here. Also dodged a bullet; I was considering loaning him BTC. Cripes.

Let me offer you a moment of silence..
http://linapps.s3.amazonaws.com/linapps/photomojo/lintvnews.com/photos/2012/09/g4214-america-remembers-sept.-11/84562-a-moment-of-silence-7e8f8.jpg

Regarding his btcjam loan, this was on the 16th: "yeah i fucked up on the btcjam thing, didnt realize the payments would start immediately, so some see me as in defaultfolder ... so usually I am working maintenenca on the rigs or out in the oilsands, working out on a friends farm right now modifying some trailers"

I have lent him around 120 BTC worth in assets.

Looks like some shenanigans are going around with his BAKEWELL asset - selling shares reserved for growth and maintenance.

He borrowed money to gamble on futures!?  :o

Dude needs to get some help. 

Three Avalons will only enable his addiction.

$20k borrowed and $70k owed for a 3 month loan. Ouch!

He didn't borrow to gamble on futures - he borrowed to use in fiat.  But of course with repayment in BTC it works out as though he HAD gambled on futures.

I loaned him 60 BTC myself.  I definately didn't get a payment either.

Damn MS, that sucks.

Time for an intervention and some tough love.

Good thing he's easier to find than pirate.

^ Don't let Rassah see that car.

Did he? I only saw him put that in the sig AFTER he got the loan.

Never short more than what you can make from your long.

That's it for Ian then. Scammer tag please. Though I do believe he intended to pay back.. The rally forced him into hiding.

Pretty good compilation of his contact information:

https://bitcointalk.org/index.php?topic=150830.msg1606156#msg1606156 (https://bitcointalk.org/index.php?topic=150830.msg1606156#msg1606156)

He is busy deleting his posts right now, I don't know what did he delete though.

Last Active:   Today at 11:43:35 PM

Signature:
Well that didn't work out

His total number of posts get reduced from 555 to 548 after he signed in, I wonder what he deleted.

Perhaps we'll see some settlement. I see TF selling Ian's debt for 99 BTC.. Ouch.

I checked; he deleted his youtube videos on his channel, and a number of his other accounts listed here have gone blank too. On a lark I also went back and checked some of the stuff he was posting about me back when he was scamming me, CPA and BMF. You know, stuff like "Usagi is a double talking scammy fuck who should come with a warning." (Quote from: ianbakewell on October 16, 2012, 12:49:57 AM) and posts where he was lying about his financial position, and lying about CPA saying it was bankrupt and telling others to stop paying their CPA premiums.

That makes what Ian did here even worse. He pretended to be a shining example of decency and honesty. He pretended that everyone could trust him. He even shat on me for stuff that wasn't my fault because he thought it would make people trust him even more. And in the end when things got tough he took stock of his surroundings, and he fucking cashed out. That's right, he borrowed as much money as he could and he walked off.

I have half a mind to go after him myself just to slap him in the face. He doesn't owe me any money (although it's looking more and more like he lied about BMF's BAKEWELL shares now).

He's full on deleted himself back to 25 posts, no doubt trying to erase all traces of his dealings.

This should serve a lesson to even members who have not lost due to Ian.  A public thread on this forum is no certainty of proof of debt.  He can't delete PM's. 

Great.

I highly doubt even if you have full info that you can do anything to him.

Probably not.

Without access to the original PMs, you can't be sure they haven't been edited.  Quoting people helps preserve the communication record although the introduction of self-moderated threads pretty much means that people need to open duplicates to ensure the record is preserved.

And FFS, what's with people borrowing and lending in BTC while the price is exploding.  Don't fucking borrow in BTC unless you take a possible price explosion into account and can cover it and don't fucking lend in BTC unless you're sure that the borrower can repay even if the price explodes.

Do we really have to go through multiple cycles of debt default before people start getting this?  I thought we were trying to avoid the mistakes made in conventional lending markets.

Free markets never run out of fools. There are no barriers - literally.

*Warning incoming flames*

Why is anyone using BTCJAM at all? With the fluctuations in price, this service is at best extremely irresponsible.

It's not about the platform, rather, the borrowers. BTCJAM tends to a lot of scammers through.

Actually, it is about the platform. When the money you borrowed is largely converted into another currency, there is an additional layer of risk. Even if the person has good intentions for paying back the money, they could default simply because of a price swing. If BTCJAM was used ONLY for BTC related invests, that would be one thing, but its clearly not. It's existing implementation is simply irresponsible.

It isn't because you can already tie loans to USD already.

No different from someone going on the lending section and borrowing BTC when they actually want USD.

I think it is partly about the platform. Lenders aren't supposed to contact defaulters directly (assuming they even have reliable contact information for the defaulter) and BTCJam itself can't really bring any meaningful consequences to bear on defaulters (oh noes - they might not let you list again).  There are reasons why BTCJam is such a magnet for people who are poor credit risks, and the way it's set up is one of them. 

Unfortunately, it's quite similar with lending on the forums - unless you have collateral.

A borrower who is going to scam is going to scam, regardless of which platform was used. It's true that BTCJAM attracts people who tends to scam more, but they'd scam regardless.

The disincentive to scam on btcjam is lower through. On the forums, you'd get your ID released. On BTCJAM? Not much.

Whoever got scammed, you're seriously going to sit back and watch him take you for thousands of dollars? If that were me I'd take it into my own hands.

Kinda hard when you live in pretty much the opposite end of the planet? I'm not traveling to Canada for a minimal chance at getting the BTC back.

If you're in Canada and are near where he is, and think you might be able to collect, send me a PM and we'll work something out.

Imo just value BTC at 41.50, then perhaps he'll start paying back.

Doubtful considering that he ran already. And took his BAKEWELL asset with him.

What's with your thread trying to sell Ian's debt? That's pretty bad. Dare say it's impossible to get it back.

You can't let the lenders off the hook, either. People will fund some extremely shady requests. If Synops ends up making good, I will have made a positive return on the BTC I've lent there. I do think that it would be nice if BTCJam did more to help pursue defaulters, but I have no idea as to the legal situation that they are in, or what they can legally share will lenders and/or the public.

I am not sure about the legal matters, can I sign a contract with you which states that if you don't pay my bitcoins back then I can ask some sheriffs to remove you furnitures from your house?

I think in some nations like Germany I can, while in most America states I most likely don't have a chance.

Yes its called kneecapping.

Seriously.. you people (not you oakpacific.. just everyone in general) why the hell do you think people keep doing this ???? can someone take a wild guess ?

Beautyful, is it not?

Now imagine self-moderated thread had already been around earlier. Oh the wonderful cleaning sprees we would see. Hundreds of threads vanishing without a trace. The wailing and gnashing of victim's teeth all throughout the forum.

There's certainly people out there who will do that. I wouldn't, since all I lost was a couple hundred shares of BAKEWELL. But if I was Ian I wouldn't try to run, $100,000 is a lot of money and it is NOT difficult to find someone with the amount of info he posted. He even posted his utility bills here. If he stuck around and tried to work something out people would cut him some slack. We all make mistakes.

But yeah, unless he's moving to Asia running isn't going to solve anything for Ian. It will just make the people after him angry and more likely to do something stupid.

Ian if you're reading this, contact me and I'll help you, but don't try to run, you are making a mistake.

I'd agree with that.  His identity's too well known and the amount too large for him to just vanish - would assume one or more of the larger debtors will either take matters into their own hands (unlikely unless they're Canadian), go to the police (it's a large enough amount to get an investigation going - and I expect the forum would undelete some of his posts if necessary) or start negative publicity (website in his name so any Google of him finds it, contacting anyone likely to know him etc).

Being unable to repay the debts isn't a crime.  Stealing the investors' hardware plus that part of the debt he's able to repay IS.

I own zero shares now, so have no skin in this (took a tiny loss selling off what I happened to hold).  And he's in the wrong continent for me to do a lot anyway (though if he had owed me a lot I'd be going the law-enforcement route - as I don't have contacts to allow the more personal/effective method in Canada but can file a complaint from anywhere).

At least cadaver washing like for instance Jared Kenna's would work a lot better then.

I am requesting theymos to tag him and restore the deleted content.

PS: I'm not invested nor affiliated with him in any way, but I think that him removing his traces after scamming the community is a bad precedent

Who's that? It sounds like a porn name.

Everytime this happens, people say the same things: "You better watch out! Pain is coming!" and "It's not gonna be hard to track him down!". Really? REALLY? What justice was served to Tom Williams? Bitcoinica? Alberto Armandi? Trendon Shavers?

Please stop enabling scammers by not spending the necessary energy, time and funds on pursuing justice against them.
Please stop enabling scammers by *only* posting about what happened on a forum instead of actually calling the police, visiting them in person, suing, etc.

Speaking of whom: https://bitcointalk.org/index.php?action=profile;u=35827 (https://bitcointalk.org/index.php?action=profile;u=35827)

Last Active:    March 23, 2013, 04:30:53 PM

I tagged him and restored all of his deleted posts to Archival.

The restoring part is a huge step in the right direction.

If forum policy becomes "you may delete your own posts but if you get scammer tagged everything you deleted is undeleted by default" things'd be much neater.

Now, all he has to do is wait for this "bubble" to burst and then apologize... *cough*

He didn't seem competent enough even back when glbse was about. Sorry... Rule #1: don't ever cash out borrowed coin.

+1 on the policy

There's not really any evidence that past scammers have had to "vanish" in order to avoid consequences, though.  I'm not saying that people shouldn't take whatever actions they can reasonably afford, but I think they need to keep their expectations about what results those actions might bring realistic.

I really wish that the ability to edit/delete posts was time limited and/or there was a way to confine it to the first post in a thread in certain forums.

CEO of Tradehill (a former Bitcoin exchange that was forced to shut down after losing $100K).


Probably wants to ensure no one wants to meet him in person ;)

I don't believe Ian's intent was to default.  Hopefully he will return on his own and attempt to make amends. 

So why does Ian Bakewell get all his posts undeleted and Usagi didn't?  Usagi had 10 times the number of threads about his fraud back then - there was no shortage of forum attention.  Usagi also deleted his personal website making this forum the only place where the information was archived.  I guess the belief that mods only care about the frauds where they were victims is true.

This has nothing to do with Usagi. This thread refers to Bakewell alone. If you want to start bitching, go make your own thread.

I don't believe Ian initially wanted to scam the coins, however after the ~5x rally he couldn't afford to pay back and just thought "fuck it", deleting all his posts and changed it to closed :P

This, and as I said above I'm not affiliated nor invested with Bakewell. I've not invested a single bitcent in him, and expect that no mods/admins are invested in him either. It's just that the case is clear here.

Sadly, I loaned him 60 BTC.

...Oops. I didn't know of that when I requested theymos to undelete his post, for all it's worth.

You're wrong.  Follow the blockchain.

Wonder if he'll return the 30,000 G.SDICE shares he "borrowed" (base value 191 BTC).

https://bitcointalk.org/index.php?topic=162873.0

So what happens with the frozen asset on Bitfunder?

https://bitfunder.com/asset/BAKEWELL

I'm not seeing anything out of the ordinary, care to expound?

nothin'.

Exactly.

And vanishing... and deleting all of his posts...