Ian Bakewell

[vampire]

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

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

[MoonShadow]

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

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

Probably not.

[repentance]

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. 

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.

[Jutarul]

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.

[lebing]

*Warning incoming flames*

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

[🏰 TradeFortress 🏰]

*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.

[lebing]

*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.

[🏰 TradeFortress 🏰]

*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.

[repentance]

*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.

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. 

[🏰 TradeFortress 🏰]

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.

[Wardrick]

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.

[🏰 TradeFortress 🏰]

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.

[Bowjob]

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.

[🏰 TradeFortress 🏰]

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

[Bowjob]

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

[JordanL]

*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.

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.

[oakpacific]

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.

[Justin00]

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 ?

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.

[greyhawk]

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

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.

[usagi]

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.

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.