Thanks, clearer and I understand better.

I'm obviously being thick today.

How do I get USD from these?  I don't see how the mechanics works.

Oh well - I'm not too upset.  and anyway, Patrick Star is the smartest starfish in Bikini Bottom.

Oh, you want me to send the coins to you?  I wasn't going to do that, just have them sit under a rock somewhere.  (hence no assumption about what you would have done)

As for a gazillion - I had to pick something.  I could have said some or even several.  How about 10?

Sorry psy, I think I could tell you I've taken a gazillion coins out of BS&T and and have you pay me 1% of that number, but that's not how it works.  Wouldn't it be better if everyone took their coins out of BS&T increasing demand for deposits that your would satisfy for a higher price for a short term gain?

Anyway, the particular deal I was thinking of is only for 350 coins.  It's an interest only deal and paying quite nicely.  It's not the only loan I've adjusted the interest rates down on, and I had one of those complete this week after three months.

Because it can be good business.

Last month I lowered the interest rate I was charging on a perpetual loan.  Amongst other things, my expected payoff over the life of that client is now much higher.

Thought I should sub in here at some point.  Yes, I find Mr Benz slightly unorthodox at times, but he is polite and has been paying back his loan diligently.  I have extended some coins to him and while he is still relatively new (a few weeks) I advised him I didn't want to be exposed to an unreasonable level and he accepts that.  I anticipate that we will continue to do business, and as someone interested in his growth plans it makes sense for me to watch what's going on.

His plans are to use the resources available to him to build a reasonably sized mining farm and he shouldn't be picked on because he is enthusiastic - I can think of several other people (respected/less respected members of the forum and straight out scammers) who have that trait.

I resent that - I'm not a shark.

Damn, I'll have to work on being a mean POS - just for that, I'm going to burn your legs down, and maybe slap you with a chicken.

Bump - received a skype contact from Mr coinexchanger - seems they are still alive.

Yes, I got some details last night (my time) and considered the risk profile.  I advised them I was uncomfortable doing this loan and have deleted the information.

They might be genuine, but for 150BTC I do not need to be the one to find out.

Nothing - the problem was with the double sale of PPT.E.  Rather than screw up the whole shareholding structure, the six members of PPT agreed to personally (jointly and severally) underwrite the difference if a default occurred.  We have personally pre-paid nearly 4000 coins into PPT, and the remainder (a contingent liability) is unpaid.

The insurance is designed to pay out 3840 coins based on 25% of 12,000 bonds at a value of 1.28 per bond on issue at any one time.  This is similar to how agreed value insurance works - no gimmick, a simply payoff.  While some people like to play the part of detractors, PPT bonds remain one of the higher value Pirate Pass Through products in the bitcoin market place.

(as a real life example, I have an insurance value on my car (currently $14k) so if it is stolen, I get an agreed value.  However, it is actually worth more than that (possibly double), and I've actually spent much more than that - so I pay a premium to my insurance company and in the event of claim, I get a small percentage back.  I do not get to see the cash the company holds to pay my claim, nor do I think it is a gimmick that a company is offering insurance)

I waited for two ticks past the hour, but Burt says the sales went through starting six seconds past the hour.  So not bad.

That was one of the things I noticed.  He has his ticket - so get on the plane already.  He doesn't have funds for when he arrives, and I don't know what he's doing when he gets there.  If he's got a dodgy employer that doesn't pay, and doesn't meet anyone at destination who can help, why pay near USD200 of interest to some "stranger".

Yes, received the PM, read the thread, saw the post in Starfish BCB, reviewed posting history.

Have asked for ID and want answers to some fairly obvious questions.  Also want collateral sent to one of my escrow agents in Europe.

Basically, I think this is a bad loan waiting to happen, but want to see how serious they are in getting the required stuff organised.

Close-out notice: Notification from Giga, funds released to Cobra.

I don't think the people reading this thread actually know some of the nice things the legal system does.  I attended a neat compliance seminar some years ago where it was spelt out quite clearly that:  If you were under investigation or helping with an investigation, innocent or not, if you told anyone including your employer, another legal representative of the Government, or even your spouse that you were being investigated (or helping), you could be jailed.

One of the traps was not knowing if the discussion docs for possible policy were actionable (ie, they could prosecute you for breaching a guideline), or actual law/policy.

At the lower end of the scale, because the company I was with didn't file a correct FSL return, and I was commuting to/from Australia, I could have been arrested (personally) and jailed until the issue was sorted out - fortunately I could run my section remotely and it got sorted out. 

I have a few prongs of interest in this case.
1: I used to run a business in Australia governed by their financial services act (and am aware of the non-disclosure rules that exist in some of the Australian legislation).
2: I have legal proceedings against someone running though the legal system in Sydney for an unpaid debt.
3: I use CryptoExchange as my exchange of choice and haven't encountered problems like those mentioned above.
4: I have recently completed a review of how people resolve legal issues (it was a meta study looking at five different countries).

On #4, of the thousands of people surveyed, there was no mention of a successful resolution from trying to pressure someone via an internet forum.  Seeking help from police, citizens advice, Government departments, lawyers, friends/family, employers, self-help and others were covered.  But the approach adopted here - no mention.

And on #2 above, in retaining legal counsel I needed to provide ID, and there are sworn documents filed, but it is an expensive and drawn out process.

No, it was well before bitcoins.  Simply a transfer of money from one country to another.  We had raised funds in New Zealand from local investors and were sending it to Australia where the operational business was located.  Due to the size of the particular transfer it was flagged for inspection.  When it cropped up, we were asked to prove what we were doing and it was fairly simple to resolve via a phone call because the people involved knew each other.  That is, one of the other directors was an ex-head of corporate banking from one of the main trading banks, and he knew the head of retail banking at the bank we were using (because he had employed him some time earlier).

When doing IMTs (international money transfers) there are several places it can get stopped.  As an example, I shifted some AUD back to NZD , did all the paperwork, paid the fees and had my receipt etc, went back to my office in Melbourne and noticed I had made an error.  Walked back to the bank, fixed the error and the funds went through correctly - definitely not instant, and having a receipt doesn't necessarily prove the transaction is made.  Also, the receiving bank can hold the funds before depositing it into your account - that's part of the SWIFT system.  ie, out of your account to the bank - transfer of value/fx - receiving bank account, distribution to recipient = four accounts and plenty of places it can be scrutinised.

Having been subject of a money laundering inquiry from a bank previously, subscribing.  Helped that one of the people I was working with was the ex-boss of the head of currency that had manually held up the transaction.