3000-6000 BTC loan - Hookah Lounge - 9/18/12 Update

[dank]

You have to keep in mind I have invested BTC into other commodities, plus I still had money in my bank account, it's not like I really needed the 4 BTC.

[1714811920]

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[1714811920]

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[fgervais]

Quick protip, seperate your personnal and business funds.

[repentance]

Quick protip, seperate your personnal and business funds.

Let's be honest.  If he's looking to borrow up to $70,000 it would be worth incorporating, but I suspect that dank regards his business ventures as his personal ATM.

[fgervais]

Well it was more re: the 4BTC to repay the outstanding 100BTC loan, the way he worded his reply, using his bank account as a back up fund to cover business debt, while not as bad as parsing other investors cash, is still a no-no. It also goes the other way, with the owner seeing corp funds as personal fund.

But in this case, he said the interest on principal was covered by the the principal of another loan, which despite being covered by personal assets, raises a multitude of red flags for me.

The proper way of going about this is to have the owner inject capital as contributed equity, then leverage that either as cash or receivable investments. You can add personal funds of course, but not only would I advise against doing so willy-nilly, but taking said funds back out might involve requirements depending on your country or state. In my neck of the woods dicking around with this invokes an automatic audit.

In layman's terms, don't piss where you sleep.

Dank, if you can't make sense of what I've written, please (ideally) get an intro business accounting course (45ish hours IIRC) or at least read up and study online, this is the most basic stuff to know in business.

[LoupGaroux]

This layman's term is "co-mingling" and it is more than just a no-no. It is illegal.

[dank]

The purpose of Dank Bank is to provide funds for my life, both business and personal, I try to make this clear in the description.  I do live very minimally, though, I don't spend investments on personal items.

My mistake for stating I used 4 BTC of a new deposit for an existing loan, I had the money to cover it, just not in my wallet.

[jwzguy]

The purpose of Dank Bank is to provide funds for my life, both business and personal, I try to make this clear in the description.  I do live very minimally, though, I don't spend investments on personal items.

My mistake for stating I used 4 BTC of a new deposit for an existing loan, I had the money to cover it, just not in my wallet.

It's not at all clear from the description that the purpose was to provide funds for your personal life.

Your mistake was in doing it, not in stating it. Not cool, Dank.

[Vod]

The purpose of Dank Bank is to provide funds for my life, both business and personal, I try to make this clear in the description.  I do live very minimally, though, I don't spend investments on personal items.

My mistake for stating I used 4 BTC of a new deposit for an existing loan, I had the money to cover it, just not in my wallet.

Dank Bank's purpose is to rip people off eventually.  You cannot make enough money to cover what you are paying out, yet you still want to have extra income for yourself.  Immoral people like you should be proactively put in jail before you can steal.   

[dank]

The purpose of Dank Bank is to provide funds for my life, both business and personal, I try to make this clear in the description.  I do live very minimally, though, I don't spend investments on personal items.

My mistake for stating I used 4 BTC of a new deposit for an existing loan, I had the money to cover it, just not in my wallet.

It's not at all clear from the description that the purpose was to provide funds for your personal life.

Your mistake was in doing it, not in stating it. Not cool, Dank.

What's the purpose of holding a business accountable separately from it's owner?  I've said pretty clear that Dank Bank is for investors to invest into me as person.  Personal life items (food, gas, laundry, rent) are expenses in my life that I need to even run Dank Bank.  And I wouldn't have any of those if it wasn't for Dank Bank, which I thank my investors for, for supporting me as a person when others haven't.

The purpose of Dank Bank is to provide funds for my life, both business and personal, I try to make this clear in the description.  I do live very minimally, though, I don't spend investments on personal items.

My mistake for stating I used 4 BTC of a new deposit for an existing loan, I had the money to cover it, just not in my wallet.

Dank Bank's purpose is to rip people off eventually.  You cannot make enough money to cover what you are paying out, yet you still want to have extra income for yourself.  Immoral people like you should be proactively put in jail before you can steal.   

Are you serious?  We should lock away all those people before they commit a crime!  Then they'll never do it!

That's grotesque.  I have been making plentiful money to pay my obligations, and I intend to do so continuously.

[Chang Hum]

The purpose of Dank Bank is to provide funds for my life, both business and personal, I try to make this clear in the description.  I do live very minimally, though, I don't spend investments on personal items.

My mistake for stating I used 4 BTC of a new deposit for an existing loan, I had the money to cover it, just not in my wallet.

It's not at all clear from the description that the purpose was to provide funds for your personal life.

Your mistake was in doing it, not in stating it. Not cool, Dank.

What's the purpose of holding a business accountable separately from it's owner?  I've said pretty clear that Dank Bank is for investors to invest into me as person.  Personal life items (food, gas, laundry, rent) are expenses in my life that I need to even run Dank Bank.  And I wouldn't have any of those if it wasn't for Dank Bank, which I thank my investors for, for supporting me as a person when others haven't.

The purpose of Dank Bank is to provide funds for my life, both business and personal, I try to make this clear in the description.  I do live very minimally, though, I don't spend investments on personal items.

My mistake for stating I used 4 BTC of a new deposit for an existing loan, I had the money to cover it, just not in my wallet.

Dank Bank's purpose is to rip people off eventually.  You cannot make enough money to cover what you are paying out, yet you still want to have extra income for yourself.  Immoral people like you should be proactively put in jail before you can steal.   

Are you serious?  We should lock away all those people before they commit a crime!  Then they'll never do it!

That's grotesque.  I have been making plentiful money to pay my obligations, and I intend to do so continuously.

How are you making plentiful money? is it just from depositors at Danks bank at the moment or have you branched into something else?

[dank]

I will not reveal my trade secrets, at this time.

[Vod]

That's grotesque.  I have been making plentiful money to pay my obligations, and I intend to do so continuously.

That's because your bank has failed to take off and you have only 7 customers.

If you had as many customers as pirate, for example, there is no way your little design business would make enough to pay the ponzi interest rates you advertise. 

Your intent is to steal, that is what makes you immoral.

[Vod]

I will not reveal my trade secrets, at this time.

Another sign of a ponzi.

[greyhawk]

I will not reveal my trade secrets, at this time.

Witnessed

Ponzi Indicators
[...]
2.  Provides no evidence of business activity
They refuse to show what they are investing their capital, what products(s) or services they are selling, and who the customers are.  By contrast a mining corporation will be able to provide pictures of hardware and statistics of how many BTC generated per month.

[Chang Hum]

I will not reveal my trade secrets, at this time.

You already have hilariously in the quote below.

I use my investors' funds within the specified time frame to make a positive return.  I don't just pay interest with new deposits.  I used 4 BTC of new deposits to repay Onichans 105 BTC principle, maybe you consider that a ponzi, but a real ponzi would have used 105 BTC.

[dank]

That's grotesque.  I have been making plentiful money to pay my obligations, and I intend to do so continuously.

That's because your bank has failed to take off and you have only 7 customers.

If you had as many customers as pirate, for example, there is no way your little design business would make enough to pay the ponzi interest rates you advertise.  

Your intent is to steal, that is what makes you immoral.

If I had that many investors, I wouldn't have a 7% weekly return rate; in fact, I wouldn't even have a 2.5% return rate.

Why would you disoblige me based off your assumption that I'm not an honest person, when I've demonstrated nothing but the opposite?

I will not reveal my trade secrets, at this time.

You already have hilariously in the quote below.

I use my investors' funds within the specified time frame to make a positive return.  I don't just pay interest with new deposits.  I used 4 BTC of new deposits to repay Onichans 105 BTC principle, maybe you consider that a ponzi, but a real ponzi would have used 105 BTC.

In terms of the BTC I had in my wallet, yes, I used 4 BTC of it.  In terms of all my money which came from Dank Bank, no, I've invested it into many other things including money which made up that 4 BTC difference.  Please don't bring up something I said when I already corrected my error in doing so.

Post hoc ergo propter hoc, greyhawk.

[Chang Hum]

That's grotesque.  I have been making plentiful money to pay my obligations, and I intend to do so continuously.

That's because your bank has failed to take off and you have only 7 customers.

If you had as many customers as pirate, for example, there is no way your little design business would make enough to pay the ponzi interest rates you advertise.  

Your intent is to steal, that is what makes you immoral.

If I had that many investors, I wouldn't have a 7% weekly return rate; in fact, I wouldn't even have a 2.5% return rate.

Why would you disoblige me based off your assumption that I'm not an honest person, when I've demonstrated nothing but the opposite?

I will not reveal my trade secrets, at this time.

You already have hilariously in the quote below.

I use my investors' funds within the specified time frame to make a positive return.  I don't just pay interest with new deposits.  I used 4 BTC of new deposits to repay Onichans 105 BTC principle, maybe you consider that a ponzi, but a real ponzi would have used 105 BTC.

In terms of the BTC I had in my wallet, yes, I used 4 BTC of it.  In terms of all my money which came from Dank Bank, no, I've invested it into many other things including money which made up that 4 BTC difference.  Please don't bring up something I said when I already corrected my error in doing so.

Post hoc ergo propter hoc, greyhawk.

I just think its really amazing someone sent you 105 BTC

[Vod]

I just think its really amazing someone sent you 105 BTC

+1

[dank]

It's not that amazing that those who understand me have faith in me.

I've scheduled meetings with two business counselling programs over the next two weeks.

[Chang Hum]

It's not that amazing that those who understand me have faith in me.

I've scheduled meetings with two business counselling programs over the next two weeks.

Yes I'll concede that it's not that amazing that those who understand you have faith in you, I'm glad you're getting counselling.