Bryan Micon's List of Non-BCST Ponzi's Still Running (with credit rating)

[bitlane]

Wife Of Starfish - Wendy Harnett (if you want to check I'm a real person)

Bikini Pics, or it never happened

She normally wears one-piece - maybe we'll do "private onsen" when we've in Beppu in November.

(and the btw - micon's done it now - Wendy's annoyed)

Oh shit...I'm busted....damn text size in replies...LOL

[WifeOfStarfish]

Wife Of Starfish - Wendy Harnett (if you want to check I'm a real person)

Bikini Pics, or it never happened

Sorry Pitlane, no bikini shots (I'm 46!!!) I do have a photo of my hip replacement scar if that is of interest...

[bitlane]

Wife Of Starfish - Wendy Harnett (if you want to check I'm a real person)

Bikini Pics, or it never happened

Sorry Pitlane, no bikini shots (I'm 46!!!) I do have a photo of my hip replacement scar if that is of interest...

Don't worry. I am 38 and dig old chicks (I have to say that since I am also married...lol....and don't have much of a choice these days)

[Buffer Overflow]

Sorry to break it to you Wendy, but Patrick and I have been gay lovers for the pass 6 months. We have strong feelings for one another. Sorry you had to find out like this.

[PatrickHarnett]

Wife Of Starfish - Wendy Harnett (if you want to check I'm a real person)

Bikini Pics, or it never happened

Sorry Pitlane, no bikini shots (I'm 46!!!) I do have a photo of my hip replacement scar if that is of interest...

Don't worry. I am 38 and dig old chicks (I have to say that since I am also married...lol....and don't have much of a choice these days)

I thought you were younger, but hey, well get the Skyline and Supra on the track and have some fun.  BufferOverflow and Wendy as reserve drivers.

[Bitcoin Oz]

So Micon, what else would you have PatrickHarnett disclose to show it is not a ponzi?

Anything sufficient to do these four things would be enough for me:

1) Determine that claimed profits are in fact profits from investments.

2) Realistically assess the risk to investors.

3) Assure investors that there's a mechanism in place so that if they do take losses, they'll be able to reasonably assure themselves that those losses were due to legitimate investment losses and not just him deciding to keep people's money.

4) Assure investors that there's a mechanism in place such that if there are reductions in the total worth of all investments, losses will be taken proportionately by all investors instead of processing full payouts to those who happen to withdraw first and leaving essentially nothing for those who don't withdraw at the right moment.

It's not a matter of whether it's a Ponzi or not really. There are lots of scams that aren't Ponzis. The idea is to show that it's a legitimate loan or investment. If there was something that was otherwise a legitimate investment but couldn't do at least two of these four things, rational people would not invest in it.

Thanks for the list Joel.  

1: Given confidentiality, and a lack of audit processes, it might be difficult to confirm.  I could get various people to verify the loans/rates/payments that they've made and similarly the list of dividends received over time from GLBSE and other investments that pay regular returns.  To provide the full list, demonstrating how 200 coins/week are generated I would expect people to pick on holes and deliberate omissions rather than the overall picture.

2: That's a good idea, and I do assess the risk of the loans and investments that I make.  I probably have one of the better databases of credit risk, but I still have some that have been spectacular failures (Rebate springs to mind).

3: Normally I take the losses, and not my customers.  Not aware of anyone that has had a loss on their deposit yet.  If anyone can provide a counter example that would be useful.

4: See #3 above.  People depositing to Starfish are not really exposed to the underlying.  When I consider some of the real-life bank runs I have observed, there can be queuing.  I think that if someone wanted to force the issue and required me to liquidate all my assets at a loss (rather than an orderly wind out) then they should accept that as their choice.  I have discussed that with several people recently and it is a feature of most investment funds/deposit schemes that coins are put to work, not simply lying around.

Also, thank you for noting there are many more scams than ponzis.  There are many scams on these forums, and I have had a decent number of people that have stolen funds from me either by simply running away with coins through to more elaborate identity theft.  However, I also have some other people I do good business with, some deals returning up to 5% a week (occasional), but more generally in the 2% to 2.5% per week range.  

I will add that currently I don't need any more funds to run the current business, and extra funds simply add more drag on profitability.  That's why I have limits on accounts in both number and value.

Just out of curiosity what collateral did JRO list in his credit rating ? Does he have assets that creditors can place a lien on ?

[WifeOfStarfish]

Sorry to break it to you Wendy, but Patrick and I have been gay lovers for the pass 6 months. We have strong feelings for one another. Sorry you had to find out like this.

S'ok - I appreciate the ''heads up'' (as we say down here). Wondered where the new tricks came from after 26 years of same old, same old...

[P4man]

Sad to see someone who has lost all faith in humanity. Is this an american thing?

Patrick is all of  "humanity"? And for the record, Im not American, not even anglo saxon.

Here down under we still give people the benefit of the doubt

Really? So you can get a loan at a bank without providing any evidence of creditworthiness? You would trust anyone knocking on your door with  your money?

Where I live anyone taking in other people's deposits have to demonstrate their trust and creditworthiness. In the bitcoin world, this is 100x more important.

Why is is so hard to believe there are honest people in the world?

Its not hard to believe at all. Doesnt mean its smart to assume everyone is honest until proven otherwise, particularly if you are deciding who to hand your money to.

Patrick donates more than $500 a month to our local homeless shelter and I get PISSED OFF (note the caps Bitlane) when his integrity is questioned.

Im not saying patrick has no integrity, or even that he is a scammer, but its worth mentioning Madoff gave millions to charity. It doesnt prove a thing.

What Im questioning is Patricks judgement, and thats because of his utter failure to detect Pirate and half a dozen other scams and ponzis and give them undue credibility (not too mention, a lot of money) with his bogus credit rating system, vocal support and financial insurance. It has caused a lot of people to lose a lot of money, and will continue to do so.

[bitlane]

I thought you were younger, but hey, well get the Skyline and Supra on the track and have some fun.  BufferOverflow and Wendy as reserve drivers.

Just because I act like an immature, spoiled kid.....doesn't...er... never mind

..and yes. I love my Skyline GT-R.

[WifeOfStarfish]

I thought you were younger, but hey, well get the Skyline and Supra on the track and have some fun.  BufferOverflow and Wendy as reserve drivers.

Just because I act like an immature, spoiled kid.....doesn't...er... never mind

..and yes. I love my Skyline GT-R.

Respect for the GTR. I drive a Mk 6 Golf GTI.

[PatrickHarnett]

Im not saying patrick has no integrity, or even that he is a scammer, but its worth mentioning Madoff gave millions to charity. It doesnt prove a thing.

What Im questioning is Patricks judgement, and thats because of his utter failure to detect Pirate and half a dozen other scams and ponzis and give them undue credibility (not too mention, a lot of money) with his bogus credit rating system, vocal support and financial insurance. It has caused a lot of people to lose a lot of money, and will continue to do so.

I can respect your question - I have made a judgement based on information that I had available.  i invested my own funds and, due to my link with the PPT.x series of assets on GLBSE, provided an early opportunity for people to invest in BS&T if they didn't have the necessary minimum.  Other people came afterwards and ran much larger pass-throughs.  

In the absence of any other bogus rating system, the unwary will fall for the more obvious scams, and I'm quite happy to consider improvements to the one I offer.  no one needs to adhere to it, and (again) it is simply a starting point for people looking to park funds.  I'm not aware of anyone that has come to me saying they have lost money because of it.

I repeat again, I know who Pirate is (which is why I have funds loaned to him), and I have a good understanding of the mechanics that would produce 5%+/week returns.

[PatrickHarnett]

Just out of curiosity what collateral did JRO list in his credit rating ? Does he have assets that creditors can place a lien on ?

Yes, that would have been good to have - but he managed to raise a lot of capital on the basis of vapour-assets.  (definitely no rating given)

[Justin00]

.

[bitlane]

oooo random skyline thread

what typa GTR do we all you have ?

I had a 33 GTST (wrote it off at race track) and then a 33 GTR (sold it a year or two ago.. didnt drive much as was to pussyish after crashing the other one)

1989 R32 GT-R....a REAL Skyline GT-R

[Justin00]

can't argue with the truth.

oooo random skyline thread

what typa GTR do we all you have ?

I had a 33 GTST (wrote it off at race track) and then a 33 GTR (sold it a year or two ago.. didnt drive much as was to pussyish after crashing the other one)

1989 R32 GT-R....a REAL Skyline GT-R

[Micon]

Hi PatrickHarnett's wife.  Nothing personal, just hate scams and feel the need to protect BTC.  Your husband is running a scam, and while it may be hard to accept it is the truth.

PatrickHarnett - back on topic - care to enlighten us as to where the ~$200k USD on deposit with you is working for the investors?

Total liabilities (Deposits + other commitments) = 13,500
Total assets (cash, BTC, investments) = 29,400
Net assets 15,900BTC

July 2012 activity (updated 1 August 2012)
 - 14 loans repaid  (approx 7800BTC)
 - 32 loans current (approx 8800 BTC)
 - 66 deposits (total approx 15400)
 - deposits repaid during the month (at call) >3600

Total liabilities (Deposits + other commitments) = 19,700
Total assets (cash, BTC, investments) = 37,100
Net assets 17,400BTC

Also how much cash?  BTC?  what are "investments" ?  can we see some Block chain verification, or real world verification on how this money is used to generate more monies?

[/quote]

[Buffer Overflow]

Your husband is running a scam, and while it may be hard to accept it is the truth.

Jesus, you certainly know how to insult someone. What are you actually trying to achieve here on this forum? Apart from annoy everyone.

[PatrickHarnett]

And back to more serious stuff - no, I will not be revealing my customer details and transactions.  I do not know of any entity that would so blatantly breach customer confidentiality in such a way.  If you wish to believe it is all a scam, reason isn't going to sway your opinion and I've already directed people to this thread for information regarding your warning.

[Bitcoin Oz]

Hi PatrickHarnett's wife.  Nothing personal, just hate scams and feel the need to protect BTC.  Your husband is running a scam, and while it may be hard to accept it is the truth.

PatrickHarnett - back on topic - care to enlighten us as to where the ~$200k USD on deposit with you is working for the investors?

Total liabilities (Deposits + other commitments) = 13,500
Total assets (cash, BTC, investments) = 29,400
Net assets 15,900BTC

July 2012 activity (updated 1 August 2012)
 - 14 loans repaid  (approx 7800BTC)
 - 32 loans current (approx 8800 BTC)
 - 66 deposits (total approx 15400)
 - deposits repaid during the month (at call) >3600

Total liabilities (Deposits + other commitments) = 19,700
Total assets (cash, BTC, investments) = 37,100
Net assets 17,400BTC

Also how much cash?  BTC?  what are "investments" ?  can we see some Block chain verification, or real world verification on how this money is used to generate more monies?

[/quote]

Bitcoin mining returns a lot more than Patrick is that a scam too ?

[Micon]

And back to more serious stuff - no, I will not be revealing my customer details and transactions.  I do not know of any entity that would so blatantly breach customer confidentiality in such a way.  If you wish to believe it is all a scam, reason isn't going to sway your opinion and I've already directed people to this thread for information regarding your warning.

1)  you write numbers in an OP and claim "transparency" 

2)  you give other scammers high credit ratings and somehow convinced the mods to sticky it.

3)  your shameful actions are shameful.  I will be here to disrupt your scams and debunk them at every turn.