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381  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: July 30, 2012, 01:33:00 AM
The crux of a Ponzi scheme, what makes it a Ponzi scheme, is that investors are intentionally mislead about where their money is going. They are told that it is being invested when in fact it is being used to enrich the scammer and to pay off earlier investors. They are told the fund is increasing in net worth when in fact it is getting more and more in the red. They are nothing like slot machines or investment risk. They are pure scams.

When you lie to someone to get their money, it doesn't matter whether they "understand the risks" or not. I understand the risk that I might get hit by a car when I cross the street, that doesn't justify someone intentionally running me over.

Hi Joel,  I'll have to add this, but do you believe the Government always tells you the truth about what they're doing with your money?

382  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: July 30, 2012, 01:10:26 AM
http://www.federalreserve.gov/

You had better add this one.

That's unfair - they print money and rely on new tax payers to pay off the old ones.  That's so obviously a Ponzi scheme it can't be one.
383  Economy / Long-term offers / Re: -= RUSTYRYAN's DEPOSITS - PAYING 3.0% WEEKLY INTEREST =- on: July 30, 2012, 01:06:04 AM
Micon, thank you for your concern.  However, I am sure you can appreciate every time you play a hand of poker you might win or lose.  In this case (actually in several cases) I put up small stakes to see what would happen.  In the same way, I might go to a movie and at the end I may have received my money's worth, but I don't get my money back.
384  Economy / Long-term offers / Re: -= RUSTY's DEPOSITS - Paying 3.0% Weekly Interest =- on: July 30, 2012, 12:36:17 AM
You have set a record of sorts - least evidence, and fewest posts - I feel like depositing some coins - can I have a deposit address?

Just for the record, I am not endorsing RustyRyan's deposits, and only threw in a few coins to see how it runs.  i.e. research funding.
385  Economy / Long-term offers / Re: Who Pays What? on: July 29, 2012, 09:31:02 PM
And, to herald the other change - when this kicked off it was based around a deposit taking/lending coin model.  Obviously people are doing other things with coins on deposit, so the bad-debt metric is going to get replaced with something more closely related to the stated use of the coins, including how transparently that is disclosed.
386  Economy / Long-term offers / Re: -= RUSTYRYAN's DEPOSITS - PAYING 3.0% WEEKLY INTEREST =- on: July 29, 2012, 09:12:21 PM
While working with RustyRyan today it became obvious that start-ups present an interesting issue: with no deposits or liabilities, they tend not to produce meaningful metrics.



Yes, and I suggest a minimum of 100 BTC on deposit before a rating gets published.  I added some ideas in the WPW thread.
387  Bitcoin / Meetups / Re: Look at a pirate, eye to eye if you dare. on: July 29, 2012, 08:49:13 PM

- PatrickHarnett (runs PiratePassThrough Bond or is affiliated with one)


Proudly offering one of the worst pass-though schemes via Starfish - i.e. use someone else.
Shareholder in the original PPT.x GLBSE based rotating bond program.

And I chose not to fly 20-ish hours to Vegas in economy - my commitments to my day job kept me in NZ.
388  Economy / Long-term offers / Re: Starfish BCB - Loans and Deposits (deposit rate 1.0%/week from 1 August) on: July 29, 2012, 09:09:55 AM
No - I'll be doing them all on the Friday.  It's not particularly difficult to change, as the 70-ish accounts simply get the balance on the chosen day converted to the new rate, but with the 15 or so that I pay weekly, it is fairer to pay the higher rate for all accounts for the extra few days (it works out to be an extra 40 coins).
Thank you Patrick, but i do not understand the calculation.

I'f im correct we are entitled to 4 days at 1.5 % and 3 days at 1 %?  
So: 1.015^(4/7)*1.01^(3/7)=1.012854119...
You grant us 1.015 which means there is a difference of 0.002145881...
And the extra 40 coins divided by the difference
leads to the conclusion that deposits have grown to roughly 18640 BTC?  Shocked

Sorry for beeing so picky, but I'm slightly confused  Grin

Kind regards

I did half a week on 16k at 0.5%.

If I wanted to be picky, "being" only has one "e"  (lol)  No problem.
389  Economy / Long-term offers / Re: NCKRAZZE's Deposits - Low Risk Deposits with Guaranteed Payback Weekly @ 2.5% /w on: July 29, 2012, 08:07:08 AM
The Micon stamp of approval - I'm envious, I don't have one.
390  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: July 29, 2012, 08:05:59 AM
Now I'm going to start feeling sorry for Micon.  I must be very stupid (as he noted above) and he is turning into a parody of what he vainly tried to prevent.

(yes - this is as close as I get to trolling - but this has turned into one of the more entertaining threads in my household.  i should get MNW and Phinneas to look in, or even LouxGaroux for some more serious dissection of the thread.)

Must be a real pain in the arse to realise that real economic activity can deliver 2%/week or more.  On that basis, Micon shouldn't be in the bitcoin world at all.
391  Economy / Long-term offers / Re: -= RUSTY's DEPOSITS - Paying 3.0% Weekly Interest =- on: July 29, 2012, 07:58:12 AM
You have set a record of sorts - least evidence, and fewest posts - I feel like depositing some coins - can I have a deposit address?
392  Economy / Long-term offers / Re: Who Pays What? on: July 29, 2012, 04:00:52 AM
While working with RustyRyan today it became obvious that start-ups present an interesting issue: with no deposits or liabilities, they tend not to produce meaningful metrics.  Therefore, having a minimum size makes sense. 

This ties into some of the other size dimensions that are relevant here, and that is the size of the deposit-taking operation.  For example, you might be looking at a deposit, and someone with 100 coins from one person might have a different profile to someone with 100 deposits for the same value.  Similarly, someone with 5000 coins under management might be seen as having a more stable profile, maybe not. 

In any event, collecting data on the size of business (total and # of customers) is relevant for some people, just the same way bad-debts are not relevant for those that do not provide loans (and might artificially increase a rating). 
  • Possible size breaks would be 100/500/1000/2500/5000/10000.
  • Possible customer number levels could at 10 and double 10/20/40/80/160

This might change the ratings slightly, but the idea is posted for feed back from whichever side you're on.
393  Bitcoin / Mining support / Re: 7970 not accepting drivers? on: July 29, 2012, 03:28:11 AM
Watching as I am escrow on this deal.  I presume it is a dual output card.  Have you had this system working with other GPUs?  If it's not going to run - or too hard, you could return the card.
394  Economy / Long-term offers / Re: Starfish BCB - Loans and Deposits (deposit rate 1.0%/week from 1 August) on: July 29, 2012, 12:35:44 AM
This is a BTW post.  While deposit rates are going to drop to 1%/wk, to align with the weekly interest payment cycle it will not actually occur until Friday 3rd.
Will the rates drop on 1 August for compounding accounts?

No - I'll be doing them all on the Friday.  It's not particularly difficult to change, as the 70-ish accounts simply get the balance on the chosen day converted to the new rate, but with the 15 or so that I pay weekly, it is fairer to pay the higher rate for all accounts for the extra few days (it works out to be an extra 40 coins).
395  Economy / Long-term offers / Re: Starfish BCB - Loans and Deposits (deposit rate 1.0%/week from 1 August) on: July 28, 2012, 11:15:46 PM
This is a BTW post.  While deposit rates are going to drop to 1%/wk, to align with the weekly interest payment cycle it will not actually occur until Friday 3rd.
396  Economy / Lending / Re: Bryan Micon's List of BTC Ponzi Schemes that should not be listed as "Lending" on: July 28, 2012, 11:12:46 PM


What you might notice, is that some people run a diversified portfolio of investments, and maintain returns such as myself.  You should also notice, people do their research before shouting from the roof tops that everything is evil.  I feel like you are some sort of christian missionary trying to save the natives.

if you are exposing your portfolio to BS&T or one of the unfortunately many pass-throughs, then you are supporting the largest ponzi scheme.

Let me help you here because this is all public.  I have a BS&T account, and have had it since December.  I know who Pirate is, and enough about what he is doing, but I wouldn't disclose that, because trade secrets are just that, secret.  In addition, I know of several methods that I have explained to various forum members over the past year of how to make good returns without resorting to scams.

Within my bitcoin business, I do not have any customer exposed to BS&T, that is purely with my own funds.

If you wish to claim Starfish BCB is some kind of scam, please feel free to express that opinion here.
397  Economy / Long-term offers / Re: -= RUSTY's DEPOSITS - Paying 3.0% Weekly Interest =- on: July 28, 2012, 11:07:27 PM
I have provided the pro-forma pm and details and Rusty has declined for now.  I have replied to him that it would probably be a good exercise for him to go through it anyway.
I've messaged you back regarding CR.

Information received.  Rusty has provided some extra information that I think he should include in his OP regarding asset backing and BTC income.  Also, at this time, with no deposits or liabilities, the ratios are not useful (it's a chicken and egg situation).
398  Economy / Currency exchange / Re: TheBitMint - Buy Bitcoins With PayPal on: July 28, 2012, 10:53:59 PM
An issue that I've just been advised of is that there is a new claim to be added to the list.  While the loan agreement I'm doing is at the charitable end of the scale, if people haven't sorted out their issues with this yet, the payment process isn't open ended.

And, yes, I have requested a list of valid claimants and address to pay direct.
399  Economy / Long-term offers / Re: Who Pays What? on: July 28, 2012, 10:47:48 PM
any comment on identification requirements patrick ?

Seeing as you are championing this thread, you would need to lead the call if you felt it would help secure lenders and borrowers.

I agree that ID requirements would be good, as would people providing additional information about their business models and supporting assets (credit ratings).  However, this is voluntary and I can not force anyone to do that.  However, if people make it clear to different deposit takers the level of disclosure they need, then that will improve this section.

In a similar vein, I am often asked for recommendations, but that is a bit more complicated.  Not sure what the general consensus is.
400  Economy / Currency exchange / Re: TheBitMint - Buy Bitcoins With PayPal on: July 28, 2012, 10:07:27 PM
TheBitMan

If you legitimately have the amount due to your creditors "frozen" in your paypal account there is no reason why you would not take this offer.  Unless of course you have already spent the bulk of the funds (on clothes) and don't have frozen funds in nearly the amount you owe.

If that is that case then you still need to consider this or another loan.  If you have/get a job there is no reason you could not payback the amounts you owe in the 5 months time.

Regardless, the people you owe did not extend a loan to you.  Now that you have a respected member of the community considering a loan to you I'm sure we all would strongly suggest you do what is necessary to acquire those funds and start paying people back as soon as possible.

BCB - working on it.
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